Bitcoin (
BTC
) has been fluctuating within a wide range of $56,552 and $73,777 for a number of days. Predicting the breakout direction is challenging due to the random and volatile nature of trading within the range. Therefore, it is advisable to wait for the price to break out before making significant bets.
Traders are exercising caution in the short term in light of the uncertainty. According to Farside Investors data, Bitcoin exchange-traded funds have experienced outflows over the past four days. Additionally, CoinShares’ “Weekly Asset Fund Flows” report revealed outflows of $600 million from digital asset investment products, the largest since March 22.
On the other hand, Cointelegraph’s analysis of Deribit derivatives data indicates that Bitcoin whales and market makers are maintaining an optimistic outlook despite the dip. Several analysts have also expressed a positive perspective during Bitcoin’s drop below $65,000.
Will Bitcoin bounce back from its strong support, propelling the altcoins higher? Let’s take a look at the charts of the top 10 cryptocurrencies to find out.
Bitcoin Price Analysis
Bitcoin reached the lower end of its $64,602 to $72,000 range on June 18. The failure of the bulls to initiate a strong recovery from this level suggests that the bears are maintaining their selling pressure. The downsloping 20-day exponential moving average ($67,249) and the relative strength index (RSI) below 40 indicate that the bears have the upper hand. If the $64,602 level is breached, the BTC/USDT pair could plummet to $60,000. However, the bulls are unlikely to surrender the $64,602 level without a fight. A rebound from the current level and a rise above the 20-day EMA would signal the beginning of a robust recovery, potentially propelling the pair to $70,000.
Ether Price Analysis
Ether (
ETH
) remains range-bound between moving averages, hinting at a potential breakout. If the price breaks above the 20-day EMA ($3,586), the ETH/USDT pair could climb to $3,730. Conversely, if the price turns down and breaks below the 50-day simple moving average ($3,436), it would indicate that the bears are in control, potentially leading to a drop to psychological support at $3,000 and eventually to $2,850.
BNB Price Analysis
BNB (
BNB
) fell below the immediate support of $590 on June 18 but managed to hold above the critical support at $560, suggesting a lack of aggressive selling at lower levels. The bulls are attempting a recovery and a push above the moving averages. If successful, the BNB/USDT pair could rally to $617. However, a turnaround from the overhead resistance could prompt the bears to sink the pair below $560, targeting $536.
Solana Price Analysis
Solana (
SOL
) fell below the descending channel pattern on June 18, but the bulls stepped in to buy the dip, as evidenced by the long tail on the day’s candlestick. The downsloping 20-day EMA ($152) and the RSI in negative territory suggest that the bears are in control. If the price turns down from the current level or the 20-day EMA, the bears will aim to pull the SOL/USDT pair to the critical support at $116. However, a turn upward and a rise above the resistance line would negate this bearish view, potentially propelling the pair to $176.
XRP Price Analysis
XRP (
XRP
) turned down from the 50-day SMA ($0.51) on June 17 but found support at $0.46 on June 18. The flattening 20-day EMA ($0.50) and the RSI just below the midpoint suggest a minor advantage for the bears. A break and close below the $0.46 support would indicate the bears’ dominance, potentially leading to a decline to $0.41. On the other hand, a move above the 50-day SMA would favor the bulls, prompting a defense of the zone between $0.46 and $0.41.
Dogecoin Price Analysis
The bears pushed Dogecoin (
DOGE
) below the strong support at $0.12 but failed to sustain the lower levels, indicating strong defense from the bulls. Buyers will attempt to initiate a relief rally, facing resistance at the 20-day EMA ($0.14). A decline below $0.12 could trigger a downtrend to $0.08, while a rally above the 20-day EMA would extend its stay inside the $0.12 to $0.18 range.
Toncoin Price Analysis
The bulls couldn’t maintain Toncoin’s (TON) rebound off $7.67 on June 16, suggesting a lack of demand at higher levels. The bears maintained their selling pressure, pulling the price below the 20-day EMA ($7.23) and the uptrend line on June 19. A turn upward from the 50-day SMA ($6.67) and a break above the uptrend line would signal that the breakdown may have been a bear trap, pushing the TON/USDT pair to $7.67.
Cardano Price Analysis
Cardano (
ADA
) signaled a resumption of the downtrend after plummeting and closing below the strong support at $0.40 on June 18. A recovery attempt is expected to face strong selling at the moving averages. A turn down from the moving averages could prompt a drop below $0.35, targeting $0.28. Conversely, a move above the moving averages would suggest the end of the corrective phase.
Shiba Inu Price Analysis
Shiba Inu (
SHIB
) broke below the $0.000020 support on June 17, indicating bearish control. A rebound attempt is likely to meet resistance at $0.000020, potentially leading to a decline to $0.000014. However, a move above the moving averages would suggest solid buying at lower levels.
Avalanche Price Analysis
Avalanche (
AVAX
) plunged below the $29 support on June 17, signaling a bearish resolution. If the price turns down from $29, a drop to $20 is likely. Alternatively, a move above the 20-day EMA ($31.71) could result in a short squeeze.
This article does not provide investment advice or recommendations. All investment and trading decisions carry risks, and readers should conduct their own research before making any decisions.