Crypto analyst Rakesh Upadhyay says Bitcoin price is struggling to find support at the $52,000 level. However, the analyst predicts that the next phase of consolidation will be beneficial for altcoins. Could Bitcoin start the next leg of its uptrend, pushing certain altcoins, including AVAX Coin, higher? The analyst examines the charts to find out.
BTC, ETH, BNB and SOL Coin analysis
Bitcoin (BTC) price analysis
cryptokoin.comAs you follow from , Bitcoin is consolidating in an uptrend. The bears are trying to stop the rally at $52,000. But the bulls keep the pressure on. A tight consolidation near significant resistance usually resolves to the upside. If the bulls sustain and sustain the price above $52,000, it will indicate the start of the next leg of the uptrend. It is possible for BTC to rally towards $60,000 later.
If the bears want to prevent an upward move, they will need to quickly pull the price below the 20-day EMA ($48,260). If they do this, several short-term investors’ stops may be hit. BTC is likely to decline further towards the 50-day SMA ($44,647).
Ethereum (ETH) price analysis
ETH recovered from $2,717 on February 17. Thus, it showed that the bulls were trying to turn this level into support. ETH broke above the immediate resistance at $2,868 on February 18. Thus, it showed that the uptrend had started again.
Buyers will try to maintain the momentum and push the price towards the psychologically critical $3,000 level. The rally over the last few days has pushed the RSI above 78, indicating the possibility of a minor correction or consolidation in the near term. Sellers will need to push the price below the 20-day EMA ($2,615) to signal a short-term top.
Binance Coin (BNB) price analysis
BNB’s pullback in the uptrend indicates profit booking by short-term investors. Generally, in a strong uptrend, pullbacks do not last more than three days.
The rising 20-day EMA ($330) and the RSI near the overbought zone suggest the bulls are in control. If the price rises and settles above $367, it will indicate a resumption of the uptrend. It is possible that BNB will try to rise to $400 later. Instead, if the price continues to decline and settles below $348, BNB is likely to reach the 20-day EMA. This level is likely to attract buyers again. However, if the bears prevail, it is possible for BNB to fall to the 50-day SMA ($314).
Solana (SOL) price analysis
SOL pulled back to the neckline of the inverted head and shoulders formation on February 17. Moreover, the bulls held their ground. The rising 20-day EMA ($106) and the RSI above 62 indicate that the bulls have the upper hand. There is a minor resistance at $119. However, it is likely to exceed this.
SOL is likely to retest the hard upper resistance at $127 later. If it surpasses this level, it is possible for SOL to reach the formation target of $135. This optimistic view will be negatively impacted in the near term if the price declines and breaks below the 20-day EMA. This is likely to lead to long liquidations, pushing SOL towards the 50-day SMA ($100).
XRP, ADA, DOGE and AVAX Coin analysis
Ripple (XRP) price analysis
XRP has been stuck between the downtrend line and the 20-day EMA ($0.54) for the past few days. This points to indecision between bulls and bears. The 20-day EMA started to gradually turn upwards. Also, the RSI has risen to positive territory. This shows that bulls have the upper hand.
If the price breaks above the downtrend line and closes, it will indicate the end of the correction. XRP will then try to rise to $0.67. Conversely, if the price turns down sharply from the downtrend line and breaks below the 20-day EMA, it will indicate that the bears remain in command. It is possible for XRP to drop to $0.50 later.
Cardano (ADA) price analysis
ADA’s long tail on the February 17 candlestick indicates that the bulls continue to view declines to the 20-day EMA ($0.56) as buying opportunities. The bulls are trying to keep the price above the immediate resistance at $0.62. If they manage to do this, it is possible for ADA to rise to the vital resistance at $0.68. This level will witness a tough battle between bulls and bears. However, if the buyers prevail, the next stop is expected to be $0.90.
Conversely, if the price declines sharply from $0.68, it will indicate that the bears are defending the level fiercely. A break below the 20-day EMA would indicate that the bullish momentum is weakening.
Avalanche (AVAX Coin) price analysis
AVAX Coin fell from $42 on February 15. However, it is a positive sign that the bulls did not allow the price to fall below the 20-day EMA ($38.40). AVAX Coin bulls will again try to break the $42 barrier. Thus, if they are successful, AVAX Coin will complete the reverse H&S formation. It is possible for the token to skyrocket to $50 later. This will be a difficult obstacle for AVAX Coin to overcome.
On the downside, the 20-day EMA is the key support to watch out for. If it breaks this level, AVAX Coin price is likely to slide towards the 50-day SMA ($36.16). Such a move would indicate that the AVAX Coin price could oscillate between $32 and $42 for a while.
Dogecoin (DOGE) price analysis
The bears attempted to pull DOGE back into the symmetrical triangle formation on February 17. However, the bulls maintained the level aggressively. The 20-day EMA ($0.08) started to gradually rise. Also, the RSI is above 63. This shows that the bulls are attempting a comeback. If the bulls break the $0.09 hurdle, it is possible for DOGE to rise to the $0.10 to $0.11 resistance zone.
This positive view will be invalidated in the near term if the price declines and breaks below the moving averages. Such a move indicates that the bears are selling on every small relief rally. The selling is likely to intensify once the bull breaks below the trend line.
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