The news of escalating geopolitical tensions between Iran and Israel had a significant impact on the price of Bitcoin (BTC) on April 19, causing dramatic fluctuations in the market. Despite a temporary dip below $60,000, the bears were unable to keep the price down, indicating a potential shift in favor of the bulls who are striving to establish the $60,000 level as a strong support.
According to Julio Moreno, the head of research at CryptoQuant, the selling pressure in the market may be decreasing as traders’ unrealized profit margins were close to zero around the $60,000 mark. Moreno also noted that the “trader’s realized price” has historically served as a robust support during bull markets.
Traders are now focusing on the long-term prospects of Bitcoin following the halving event. Recent data from CryptoQuant reveals that Bitcoin holders transferred over 27,700 Bitcoin to accumulation addresses within a 24-hour period between April 16 and April 17, setting a new record. An accumulation address refers to a wallet that holds more than 10 Bitcoin but has not seen any previous withdrawals.
To assess the short-term outlook for Bitcoin and select altcoins, let’s examine the charts of the top 10 cryptocurrencies.
Bitcoin Price Analysis:
The long tail on Bitcoin’s April 19 candlestick demonstrates the strong buying pressure from the bulls as they aggressively purchased the dip below the $60,775 support level. The current relief rally has reached the 20-day exponential moving average (EMA) at $66,067, where the bears may pose a formidable challenge. If the price sharply reverses from the 20-day EMA, the $60,775 support level could come under pressure, potentially completing a double-top pattern with a target objective of $47,773. However, if buyers manage to push the price above the moving averages, it would suggest that the BTC/USDT pair may trade within the range of $60,775 and $73,777 for a while longer, with a potential rise to $84,000 if it surpasses $73,777.
Ether Price Analysis:
The bears attempted to push Ether (ETH) below the April 13 low of $2,852, but the long tail on the April 19 candlestick indicates aggressive buying from the bulls on dips. The price is now expected to reach the 20-day EMA at $3,261, where a fierce battle between the bulls and bears is anticipated. If the price reverses sharply from the 20-day EMA, the bears may make another attempt to sink the ETH/USDT pair below $2,852, potentially leading to a further decline to $2,717 and subsequently $2,200. However, if the price surpasses the 20-day EMA, it would signal the end of the correction, with upward movement towards the overhead resistance at $3,679.
BNB Price Analysis:
BNB has been consolidating between $495 and $635 for several days, indicating indecision in the market. If buyers manage to overcome the obstacle at the 20-day EMA at $565, the BNB/USDT pair could rise to the overhead resistance at $635, a critical level for the bears to defend. A break above this level could pave the way for a rally to $692 and potentially even reach the pattern target of $775. Conversely, if the price turns down and breaks below $495, the pair may complete a double-top pattern, leading to a slide to $460 and subsequently $400.
Solana Price Analysis:
Solana has found solid support at $126 in recent days, indicating strong buying activity from the bulls. The ongoing recovery is expected to reach the 20-day EMA at $158, a critical level to monitor. If the price sharply reverses from the 20-day EMA, the bears may attempt to sink the SOL/USDT pair below $126 once again, potentially extending the downtrend to the psychological level of $100. However, if the price continues to rise and surpasses the 20-day EMA, it would suggest that the bears are losing their grip. The $162 level may act as resistance, but it is likely to be overcome, with the pair potentially climbing to $185.
XRP Price Analysis:
XRP has been oscillating between $0.46 and $0.52, indicating the bulls’ efforts to initiate a recovery. The ongoing relief rally is expected to face selling pressure at the downsloping 20-day EMA at $0.55. A sharp reversal from the 20-day EMA would indicate continued bearish activity at higher levels, with the XRP/USDT pair potentially retesting the critical support at $0.46. On the other hand, if the price breaks above the 20-day EMA, it would suggest that the correction may be over, leading to a rise towards the 50-day SMA and continued trading within the range of $0.41 to $0.74.
Dogecoin Price Analysis:
The long tail on Dogecoin’s April 19 candlestick indicates the bulls’ efforts to defend the $0.14 support level. The ongoing recovery is expected to reach the 20-day EMA at $0.17, a significant level to watch. If buyers successfully surpass this barrier, the DOGE/USDT pair could reach the downtrend line, where the bears are likely to sell aggressively. The zone between $0.14 and $0.12 is expected to attract strong buying from the bulls, as a breakdown below this support could lead to intense selling and a decline towards the formidable support at $0.10.
Toncoin Price Analysis:
Toncoin rebounded off the support line of the ascending channel pattern on April 18, indicating the bulls’ determination to defend this level. The bulls pushed the price to $7.23 on April 19, but the long wick on the candlestick suggests aggressive selling by the bears near the resistance line of the channel. This indicates that the TON/USDT pair may continue to trade within the channel for several more days. However, a slide below the channel would signal a potential trend change in the near term, potentially leading to a decline to the 50-day SMA at $4.70. Conversely, a break above the channel would open the doors for a rally to $8.56 and potentially $10.
Cardano Price Analysis:
Despite trading below the $0.46 support for a few days, Cardano managed to stay above the April 13 low of $0.40, suggesting strong support from the bulls. The failure to push the price lower may attract buyers who will attempt to push the price to the 20-day EMA at $0.52. A sharp reversal from the 20-day EMA would indicate that rallies are being sold into, potentially pulling the price towards the $0.46 to $0.40 support zone. A breakdown below this zone could result in a fall to $0.35. Conversely, if buyers manage to push the price above the 20-day EMA, it would suggest that the correction may be over, with a potential rally towards the 50-day SMA at $0.63.
Avalanche Price Analysis:
Avalanche is currently consolidating in a downtrend, signaling the bulls’ efforts to halt the decline. The zone between $32 and $27 is expected to provide strong support. If the price rebounds strongly from this zone, the AVAX/USDT pair could rally towards the downtrend line. Clearing this obstacle would indicate that the correction may be over, with a potential rally towards $50. Conversely, if the price turns down and breaks below $27, it would indicate that the bears have taken control, potentially accelerating the selling pressure and pushing the pair towards $20.
Shiba Inu Price Analysis:
Shiba Inu has been trading near $0.000022, indicating a balance between buyers and sellers. If the price turns down and falls below $0.000020, the SHIB/USDT pair could resume its downtrend towards $0.000017. This level is likely to act as strong support, but if the bears prevail, the pair may complete a 100% retracement of the recent rally leg and decline to $0.000010. On the other hand, if the price rises and maintains above the downtrend line, the advantage would shift to the buyers. The pair could gradually rise towards $0.000033 and potentially attempt a rally to $0.000039.
It’s important to note that this article does not provide investment advice or recommendations. Every investment decision involves risk, and readers should conduct their own research before making any decisions.