Bitcoin’s failure to retrace the 20-day EMA is seen as a sign that selling in BTC and altcoins remains a threat. Can Bitcoin abandon its targeted action and start a trending move? To learn, cryptocoin.com Finally, we look at analyst Rakesh Upadhyay’s comments on BTC along with some other popular coins (ETH, BNB, SOL, ADA, XRP, LUNA, AVAX, DOT, DOGE).
BTC, ETH, BNB continue to top the list
BTC/USDT. The failure of Bitcoin to break above the 20-day exponential moving average (EMA) ($48,449) suggests that the bears are selling on every minor rally. The bears will now attempt to push the price below the strong support at $45,456. If they are successful, it will suggest a resumption of the downward move. According to the analyst, the BTC/USDT pair could drop to its low of $42,000 first, and if this level is broken, the next stop could be $40,000. Conversely, if the price rises and rises above the 20-day EMA, it will indicate that the bulls are attempting a reversal. The pair could then rise to the 50-day simple moving average (SMA) ($51,938), which could act as a strong barrier. If the bulls push the price above this level, it will suggest a possible change in trend. The pair could then start to rally to $60,000.
ETH/USDT. Ether (ETH)’s recovery from the $3,643.73-$3,503.68 support zone has reached the 20-day EMA ($3,899) where the bears are struggling. The gradually descending moving averages and the RSI in the negative territory suggest that the bears have the upper hand. If the price continues to decline, the bears will again try to push the ETH/USDT pair below the support zone. If they manage to do so, the pair could start a downward journey towards $3,270 and then $2,800. On the contrary, if the bulls push the price above the moving averages, it suggests that the correction phase may be over. The pair could rally to $4,488 later.
BNB/USDT. Binance Coin (BNB) bounced off strong support at $500 and reached the 20-day EMA ($536), where the recovery faced resistance. Both moving averages are bearish and the RSI is in the negative territory, indicating a small advantage for the bears. If the bulls push the price above the 20-day EMA, the BNB/USDT pair could rise to the overhead resistance at $575. According to the analyst, if the price drops from this level, the pair could extend its stay in the $500-$575 range for a few more days. Conversely, if the price breaks from the 20-day EMA, the bears will attempt to push the pair back below $500. If they do, the selling could intensify and the pair could start a new downtrend towards $450.
SOL/USDT. Solana (SOL) has been trading between $167.88 and the 20-day EMA ($180) for the past few days, but this narrow range trading is unlikely to continue for long. Both moving averages are bearish and the RSI is in negative territory, which indicates that the bears are in control. If the sellers push the price below $167.88, the SOL/USDT pair could drop to $148.04 and then $120. Conversely, if the bulls push the price above the 20-day EMA, the pair could rally to $204.75.
ADA/USDT. Cardano (ADA) has been trading close to the 20-day EMA ($1.37) for the past few days, indicating a struggle between the bulls and bears. If the bulls push the price above the 20-day EMA, the ADA/USDT pair could rise to the overhead resistance at $1.59. A break and close above this level could push the pair to the resistance line of the descending channel. The bulls will have to push and sustain the price above the channel to indicate that the downtrend may be coming to an end. According to the analyst, if the price drops from the current level, the bears will try to push the pair back below $1.18 and retest the critical support at $1.
DOGE, XRP, AVAX and others
XRP/USDT. Ripple (XRP) has bounced off $0.80, but bulls are struggling to push the price above the 20-day EMA ($0.87). If the price continues to decline, the bears will try to pull the XRP/USDT pair to the strong support at $0.75. If this level is broken, the pair could start the next leg of the downtrend at $0.60. Conversely, the pair could rise to $1 if the price rises above the moving averages. This level can act as a strong resistance and if the price drops from this level, the pair could stay in the range for a few more days. A break and close above $1 could indicate the end of the downtrend.
LUNA/USDT. Terra’s LUNA token is in an uptrend. Both moving averages are rising and the RSI is in the positive zone, which indicates that the bulls have prevailed. The bulls are trying to push the price above the minor resistance at $93.81. If the price stays above this level, the LUNA/USDT pair could retest its all-time high at $103.60. A break and close above this level could signal a resumption of the uptrend. The pair could climb as high as $135.26 and then reach $150. Contrary to this assumption, if the price breaks from the current level and breaks below the 20-day EMA ($83), it could signal the start of a deeper correction to the 50-day SMA ($66).
AVAX/USDT. Avalanche (AVAX) bounced off the $98 support and climbed above the moving averages on Dec. 31, but the bulls failed to break through the downtrend line. If the bears pull the price below the moving averages, the AVAX/USDT pair could drop to $98. A break below this level could open the doors for a possible drop to $75.50. Conversely, if the price rises above the moving averages, it indicates that sentiment has turned positive and traders are buying on dips. This will increase the likelihood of a break above the downtrend line. The pair could rally to $128 later.
DOT/USDT. Polkadot (DOT) broke above the 20-day EMA ($28) on Jan. 2 and the bulls will now attempt to clear the overhead resistance zone between $31.49 and $32.78. According to the analyst, the 20-day EMA is stable and the RSI has jumped into the positive territory, indicating that buyers are trying to make a comeback. If the bulls push the price above $32.78, the DOT/USDT pair could rally to $40. If the price breaks out of the general zone, it will suggest that the pair could consolidate between $22.66 and $31.49 for a few more days. The bears will have to push and sustain the price below $22.66 to start the next leg of the downtrend.
DOGE – USDT. Dogecoin (DOGE) bounce to the 20-day EMA ($0.17) is facing strong resistance from the bears. The moving averages continue to drop and the RSI is in negative territory, which indicates that the bears are in control. Sellers will now try to push the price down to $0.15. If the price bounces back from this level, the bulls will again try to push the DOGE/USDT pair above the 20-day EMA. If they do, the pair could rally to the overhead resistance at $0.19. A break and close above $0.19 will be the first sign that the bulls are back in the game. According to the analyst, the pair could rally to $0.22 and then $0.24. Alternatively, the downtrend could resume if the price drops below $0.15. The pair could decline to $0.13 and then slide to the psychological low of $0.10.
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