The bulls tried to resume the up move in Bitcoin, but the bears aggressively sold at $25,211 and brought the price down to the 20-day exponential moving average (EMA) ($23,483). This resulted in the formation of an intraday candlestick pattern on August 15.
BTC/USDT daily chart. Source: TradingView
The gradually rising 20-day EMA and the RSI in the positive territory indicate an upside for the buyers. If the price bounces off the 20-day EMA, it will suggest that the bulls are buying the dips at this level. That could improve the prospects for a breakout and close above $24,668.
If that happens, the pair could start its march north towards $28,000, where the bears may once again present a strong challenge.
Another possibility is for the bears to sink the price below the 20-day EMA. If that happens, the pair could drop to the 50-day simple moving average (SMA) ($22,037) and then to the uptrend line.
Ether repeatedly rallied above the psychological resistance at $2,000 for the past two days, but the bulls were unable to sustain the higher levels. This suggests that the bears pose a tough challenge at this level.
ETH/USDT daily chart. Source: TradingView
The ETH/USDT pair could drop to the breakout level at $1,700. This is an important level to watch because if the bulls give support at $1,700, it will increase the probability of a break above $2,000. If that happens, the pair could rally to the downtrend line.
The rising 20-day EMA ($1,756) and the RSI in positive territory indicate that the bulls are in control. In order to invalidate this bullish view, the bears will have to sink and hold the price below the 20-day EMA. That could sink the pair to the 50-day SMA ($1,465).
BNB’s upside move hit a snag at the overhead resistance at $338. The bears will now try to sink the price to the immediate support at the 20-day EMA ($306).
BNB/USDT daily chart. Source: TradingView
If the price bounces off this support, the buyers will make another attempt to push the BNB/USDT pair above the $338-$350 resistance zone. The rising 20-day EMA and the RSI in positive territory indicate that the path of least resistance is to the upside.
This positive view could be invalidated in the short term if the price turns down and breaks below the 20-day EMA. If that happens, short-term traders may rush out and that could push the pair towards the 50-day SMA ($266).
The bulls attempted to push XRP above the overhead resistance at $0.39 on Aug 13-14, but the bears held their ground. This may have attracted short-term traders booking profit, which pushed the price below the 20-day EMA ($0.37).
XRP/USDT daily chart. Source: TradingView
If the bears sink the price below the 50-day SMA, the XRP/USDT pair could remain range bound between $0.30 and $0.39 longer. The flat 20-day EMA and the RSI near the midpoint also suggest a short-term consolidation.
Conversely, if the price bounces off the moving averages, it will indicate that the lower levels are attracting buyers. The bulls will once again try to break above the hurdle and push the pair to $0.48 and then $0.54.
The bulls pushed Cardano (ADA) above the overhead resistance at $0.55 on Aug. 13 but failed to maintain the momentum on Aug. 14. This suggests that the bears are active at higher levels.
ADA/USDT daily chart. Source: TradingView
The price turned down on August 15 and reached the breakout level of $0.55. The zone between $0.55 and the 20-day EMA ($0.53) is likely to attract strong buying by the bulls. If the price bounces out of this zone, the buyers will again try to resume the up move and push the ADA/USDT pair to $0.63 and then $0.70.
Conversely, if the price turns down and breaks below the 20-day EMA, it will suggest that the break above $0.55 may have been a bull trap. Afterwards, the pair could drop to the 50-day SMA ($0.49).
Solana (SOL) rallied to the overhead resistance at $48 on Aug 13, but the bulls were unable to break above this barrier. The bulls again tried to break through the upper hurdle on Aug. 15, but the bears did not budge.
SOL/USDT daily chart. Source: TradingView
If the SOL/USDT pair breaks below the 20-day EMA ($42), the next stop could be the support line. This is an important level for the bulls to defend because a break and close below it could invalidate the bullish ascending triangle pattern. The pair could then drop to $32.