Bitcoin (BTC) experienced a slight dip towards $61,000 on April 17, suggesting a lack of demand at higher price levels. Data from Farside Investors revealed that there has been a net outflow from spot Bitcoin exchange-traded funds (ETFs) on April 12 and 15, indicating a stagnation in demand for Bitcoin ETFs over the past four weeks. However, despite this, the whales in the market have not panicked and are not selling their holdings. In fact, data from research firm Santiment shows that the largest Bitcoin wallet cohorts have been accumulating Bitcoin since March 1.
The whales seem to be holding onto their positions because of the bullish outlook for Bitcoin in the long term. Bitwise Asset Management noted that after the three previous Bitcoin halvings, the cryptocurrency’s prices remained soft for a month but witnessed triple-digit gains a year later.
Now, the question is whether Bitcoin and altcoins will deepen their correction or remain range-bound for a few more days. To find out, let’s analyze the charts of the top 10 cryptocurrencies.
Bitcoin’s price analysis:
The bears are attempting to push Bitcoin below the $60,775 support level on April 17, which would complete a double-top pattern. If they succeed, the BTC/USDT pair may start a downward move to the 50% Fibonacci retracement level of $58,017, followed by the 61.8% retracement level of $54,298. The bulls are likely to defend this zone, but if the bears prevail, the pair may plummet to the pattern target of $47,773. However, if the price turns up from the current level and breaks above the moving averages, it may trap aggressive bears and result in a short squeeze, increasing the chances of a rally above $73,777.
Ether’s price analysis:
Ether (ETH) turned down from the 20-day exponential moving average ($3,301) on April 15 and broke below the $3,056 support level on April 16. If the price remains below $3,056, the ETH/USDT pair may drop to $2,852. This is a crucial level for the bulls to defend because a break and close below it could accelerate selling, leading to a further decline to $2,717 and subsequently to $2,200. On the other hand, if the price rebounds strongly from $2,852, it will signal solid buying at lower levels, and the bulls will make another attempt to clear the 20-day EMA. If they succeed, the pair may attempt a rally to $3,679.
BNB’s price analysis:
After trading between the moving averages for three days, BNB slipped below the 50-day simple moving average ($541) on April 17, indicating that bears have gained control. The BNB/USDT pair could tumble to the strong support at $495, and if that level breaks, it may fall further to $460 and later to $400. However, a break and close above the 20-day EMA ($565) would signal strength and could lead to a rally to the overhead resistance of $635.
Solana’s price analysis:
Solana turned down from $156 on April 15 and reached the crucial support level at $126. This suggests that every recovery attempt is being met with strong selling from bears. The moving averages have completed a bearish crossover, and the relative strength index (RSI) is in the negative zone, indicating that the path of least resistance is to the downside. If the $126 support level cracks, the selling could intensify, and the SOL/USDT pair may plummet to $100. However, if the price turns up sharply from the current level, it will suggest solid demand at lower levels, and the pair may rise to $162. A break and close above this resistance will signal the return of the bulls.
XRP’s price analysis:
XRP’s recovery stalled at $0.52 on April 15, indicating that bears are keeping up the pressure and selling on minor relief rallies. The downsloping 20-day EMA ($0.56) and the RSI near the oversold zone suggest that bears are in control. To start a downward move to the vital support at $0.41, sellers will have to sink the price below $0.46. However, buyers are expected to fiercely defend the $0.46 to $0.41 support zone. Any recovery attempt is likely to face selling at $0.52 and the 20-day EMA. A break and close above this resistance will suggest that the XRP/USDT pair may trade between $0.41 and $0.74 for some time.
Dogecoin’s price analysis:
Dogecoin’s relief rally stalled at the 50-day SMA ($0.17) on April 15, indicating that bears continue to sell on every rise. The 20-day EMA ($0.17) is turning lower, and the RSI is in the negative territory, signaling that bears have the edge. They will once again try to sink the DOGE/USDT pair to the crucial support at $0.12. This level is likely to attract buying, as a break below it could open the doors for a fall to $0.08. The downtrend line is the important resistance to watch on the upside. If buyers overcome this barrier, the pair may rise to $0.20 and later to $0.23.
Toncoin’s price analysis:
Toncoin turned down from the resistance line of the ascending channel on April 15 and fell near the support line on April 15. The rising 20-day EMA ($5.92) and the RSI in the positive zone suggest that the bulls are in control. Buyers will once again try to push the price to the resistance line. If they succeed in clearing this resistance, the TON/USDT pair could gain momentum and surge to $8.56 and then to $10. However, if the price turns down and falls below the channel, it could drop to the 50-day SMA ($4.54).
Cardano’s price analysis:
The failure of the bulls to start a meaningful rebound off $0.46 increases the risk of a breakdown to $0.40 in Cardano. Buyers are likely to defend the $0.40 level vigorously, as a break below it could lead to increased selling and a collapse of the ADA/USDT pair to $0.35. The downsloping 20-day EMA ($0.54) and the RSI in the oversold zone indicate that bears are in control. On the other hand, if the price bounces off $0.40, it will suggest demand at lower levels, and the bulls will gain strength above $0.50. The pair could then rally to the 20-day EMA and later to $0.62.
Avalanche’s price analysis:
Avalanche’s recovery failed to reach the breakdown level of $42, indicating a lack of aggressive buying by the bulls. The downsloping 20-day EMA ($43) and the RSI near the oversold territory indicate that bears are in charge. The support levels to watch on the downside are $29 and $27. If this zone breaks, selling could intensify, and the AVAX/USDT pair could plummet to $20. The relief rally is likely to face strong selling at the downtrend line. However, a break and close above this resistance will indicate the return of the bulls, and the pair could attempt a rally to $50.
Shiba Inu’s price analysis:
Shiba Inu has been trading within a tight range for the past three days, suggesting a lack of aggressive selling or buying at these levels. The bears are expected to test the $0.000017 support level once again. If it breaks, selling could accelerate, and the SHIB/USDT pair may experience a sharp fall towards the next major support at $0.000010. On the other hand, a rise above the downtrend line will indicate that the bears are losing their grip, and the pair may rise to $0.000033, where the bears are expected to pose a strong defense.
It’s important to note that this article does not provide investment advice or recommendations. Readers should conduct their own research before making any investment decisions.