Bitcoin and some altcoins have recovered massively from support levels. This could indicate that traders are buying into recent market declines.
The name of Bitcoin
The name of Bitcoin
The ticker goes down
$23,257
On the road to leading the cryptocurrency market. The U.S. Consumer Price Index (CPI) in January beat expectations slightly, but that didn’t dampen the enthusiasm of bullish crypto traders.
Positive reactions to seemingly negative data indicate that sentiment is bullish and traders are looking for buying opportunities.
However, some analysts are cautious about the rise in the U.S. Dollar Index (DXY). They believe that a sustained rise in DXY could limit the growth of cryptocurrencies.
Base formation usually follows a long-term downward trend. At this stage, some analysts are skeptical about the hike, but the price action continues to surprise them. Data is important, but short-term traders need to focus more on price action and develop appropriate strategies. there is.
What is the critical level of attention? Let’s explore the top 10 cryptocurrency charts to find out.
BTC/USDT
The name of Bitcoin
The name of Bitcoin
The ticker goes down
$23,257
It bounced back from the $21,480 level on February 14 to its 20-day exponential moving average ($22,235). This indicates that buyers are trying to prevent a correction near its 38.2% Fibonacci retracement level of $21,228. A shallow bounce suggests that traders are buying at small losses.
If the bears want to consolidate their position, they should aggressively defend the $22,800 level and drive the price below its $21,228 level. The BTC/USDT pair can then extend the correction to the 50% retracement level of $20,294. The deeper the repair, the longer it may take for the next leg of the ascent to begin.
Conversely, if the bull maintains its price above $22,800, the pair could move to $23,500 and then $24,255. Bears are expected to guard the area heavily. From there, the pair could remain range bound between $21,228 and $24,255 for a few days.
Ethereum/USDT
The name of the ether
The name of Ethereum
The ticker goes down
$1,626
It continues to trade between moving averages. A strong decline from the 50-day simple moving average ($1,483) on Feb. 14 indicates lack of demand.
The 20-day EMA ($1,569) has flattened and the RSI near the midpoint indicates a balance between supply and demand. Breakout buyers will benefit from its 20-day EMA. After that, the ETH/USDT pair could retest its solid overhead resistance at $1,680.
Conversely, a breakdown of prices from current levels and a breakdown below the 50-day simple moving average (SMA) would send a favorable signal to the bears. This could trigger a deep correction to its next strong support at $1,352.
BNB/USDT
BnB has done it
BnB has done it
The ticker goes down
$302
It broke below the 50-day SMA ($293) on February 13, but the bears were unable to capitalize on the gains. The long tail of the candle for that day indicates a strong buy near $280.
The 20-day EMA is falling and the RSI is in negative territory, indicating that the bears have a slight edge. The next drop to $280 increases the risk of bankruptcy. Below this support, the BNB/USDT pair could drop to $260.
If the price rises from current levels and rises above the 20-day EMA, it indicates solid demand at the low level. This could increase the likelihood of a rally at the neckline of a bullish inverted head and shoulders (H&S) pattern.
XRP/USDT
XRP
XRP
The ticker goes down
$0.38
The stock traded up from strong support at $0.36 on February 14, reaching its 50-day SMA ($0.38). The Bears are likely to sell a relief rally to the moving average.
If the price drops from current levels, it looks like the bears are selling into a rally. As a result, we can retest support at $0.36. This is an important level for the bulls as the XRP/USDT pair will form a head and shoulders pattern once it cracks. The target target for this bearish setup is $0.29.
Alternatively, if the price rises above the moving average, it indicates that the pair could move between $0.42 and $0.36 for some time.
ADA/USDT
Cardano ADA
ADA
The ticker goes down
$0.353
It attracted a strong buy to the 50-day SMA ($0.34), as evidenced by the long tail of the February 13th candle. The bulls then staged another strong rally above the 20-day EMA ($0.38) on February 14th.
Should price hold above its 20-day EMA, bulls will try to push its ADA/USDT pair above the neckline in an inverted head and shoulders pattern. If successful, the pair could gain momentum and break out of immediate resistance at $0.44. The next major hurdle is $0.52, above which a rally to a pattern target of $0.60 is possible.
