Bitcoin (BTC) has been trading in a large range from $56,552 to $73,777 for days. It is difficult to predict the direction of the breakout with certainty, as range trading can be random and volatile. Therefore, it is better to wait for a price breakout before setting up big bets.
Traders are becoming cautious in the short term due to uncertainty. According to data by Farside Investors, spot Bitcoin ETFs have seen outflows over the past four days. Also, CoinShares “Weekly Asset Fund Cash Flow” report shows Outflow was $600 million from digital asset investment products, the largest since March 22.
However, analysis of Deribit derivatives data shows that Bitcoin whales and market makers are not panicking and “remained optimistic throughout the price drop.” Some analysts also maintained a bullish view during Bitcoin’s drop below $65,000.
Will Bitcoin rebound from its strong support, pulling altcoins higher? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
BTC technical analysis
Bitcoin hit the bottom of the range between $64,602 and $72,000 on June 18. The failure of the bulls to initiate a strong recovery from this level shows that the bears are still maintaining selling pressure.
BTC/USDT Daily Chart | Source: TradingView
The downward sloping 20-day exponential moving average ($67,249) and the relative strength index (RSI) below 40 suggest that the bears have the upper hand. If the $64,602 level breaks, the BTC/USDT pair can drop to $60,000.
However, the bulls are unlikely to give up the $64,602 level without a fight. If the price turns up from the current levels and rises above the 20-day EMA, this will signal the start of a strong recovery. The pair could then rise to $70,000.
ETH technical analysis
Ether (ETH) remains stuck between the moving averages, suggesting a sharp breakout could be imminent.
ETH/USDT Daily Chart | Source: TradingView
If the price breaks above the 20-day EMA ($3,586), the ETH/USDT pair can rally to $3,730. This is an important level for the bears to defend as a break above it would open the door for a possible rally to $3,977.
Conversely, if the price turns down and breaks below the 50-day simple moving average ($3,436), this will signal that the bears are in charge. The pair could then drop to the psychological support of $3,000 and eventually $2,850.
BNB technical analysis
BNB (BNB) fell below the nearest support at $590 on June 18, but the bears could not challenge the critical support at $560. This shows that there is no strong selling at lower levels.
BNB/USDT Daily Chart | Source: TradingView
The bulls are trying to start a recovery and push the price above the moving averages. If they do that, the BNB/USDT pair could rise to $617. This is an important level to watch because if it rises above it, it will indicate that the correction period has ended. The bulls will then attempt to push the price to $722.
Conversely, if the price turns down from the overhead resistance, the bears will attempt to sink the pair below $560. If they do, the next stop could be $536.
SOL technical analysis
Solana (SOL) fell below a descending channel pattern on June 18, but bulls bought the dip, as can be seen from the long tail on the daily candlestick.
SOL/USDT Daily Chart | Source: TradingView
The downsloping 20-day EMA ($152) and RSI in the negative zone suggest that the bears are in control. If the price turns down from the current levels or the 20-day EMA, the bears will attempt to drag the SOL/USDT pair to the critical support at $116. This level is expected to attract strong buying from the bulls.
This pessimistic view will be negated in the near term if the price increases and breaks through the resistance line. The pair could then rise to $176.
XRP technical analysis
XRP (XRP) turned down from the 50-day SMA ($0.51) on June 17 but found support at $0.46 on June 18.
XRP/USDT Daily Chart | Source: TradingView
The 20-day EMA ($0.50) is flat and the RSI is just slightly below the midpoint, signaling a slight advantage for the bears. The bulls will have to push the price above the 50-day SMA to tilt the odds in their favor.
On the other hand, a break and close below the $0.46 support will show that the bears have overwhelmed the bulls. The XRP/USDT pair could then slide to $0.41. The bulls are expected to strongly defend the zone between $0.46 and $0.41.
DOGE technical analysis
The bears dragged Dogecoin (DOGE) below the strong support at $0.12 but could not sustain the lower levels. This shows that the bulls are defending the $0.12 level strongly.
DOGE/USDT Daily Chart | Source: TradingView
Buyers will try to initiate a mild recovery, but are likely to face strong selling pressure at the 20-day EMA ($0.14). If the price turns down from the 20-day EMA, the sellers will again try to push the DOGE/USDT pair below $0.12. If successful, the pair could initiate a further decline to $0.08.
On the other hand, a bounce above the 20-day EMA would suggest that the pair could extend its stay within the $0.12 to $0.18 range for a while longer.
TON technical analysis
Bulls failed to sustain Toncoin (TON)’s recovery from $7.67 on June 16, suggesting low demand at higher levels.
TON/USDT Daily Chart | Source: TradingView
The bears maintained the selling pressure and dragged the price below the 20-day EMA ($7.23) on June 18 and the uptrend line on June 19. The ascending triangle pattern will be negated if the price maintained below the uptrend line. That could initiate a decline to $6.
Conversely, if the price rallies sharply from the 50-day SMA ($6.67) and breaks above the uptrend line, it will signal that the breakdown could be a bear trap. That could push the TON/USDT pair down to $7.67.
ADA technical analysis
Cardano (ADA) signaled a continuation of the downtrend after the price fell sharply and closed below the key support level of $0.40 on June 18.
ADA/USDT Daily Chart | Source: TradingView
One small positive is that the bulls bought on the dip to the $0.35 support level. Buyers will try to initiate a recovery but are likely to face strong selling pressure at the moving averages. If the price turns down from the moving averages, the bears will attempt to sink the ADA/USDT pair below $0.35. If they can, the pair could drop to $0.28.
Conversely, if the buyers push the price above the moving average, this will indicate that the correction period may have ended.
SHIB technical analysis
Shiba Inu (SHIB) broke below the $0.000020 support on June 17, signaling that the bears are in control.
SHIB/USDT Daily Chart | Source: TradingView
The price dropped to the 78.2% Fib retracement level at $0.000017 on June 18, where the bulls stepped in. The SHIB/USDT pair is attempting a recovery, likely facing strong selling pressure at $0.000020. If the price plummets from $0.000020, the bears will attempt to drag the pair down to $0.000014.
This bearish view will be invalidated in the near term if the price rises and breaks above the moving average. Such a move would indicate solid buying at lower levels.
AVAX technical analysis
Avalanche (AVAX) plunged and closed below the $29 support on June 17, signaling that the consolidation had resolved in favor of the bears.
AVAX/USDT Daily Chart | Source: TradingView
The selling continued on June 18 and the price fell to $25, where buyers were trying to stem the decline. The price could rise to the breakout level of $29, which is likely to see a tough fight between the bulls and the bears.
If the price turns down from $29, it will show that the bears have flipped this level as resistance. That increases the possibility of a drop to $20.
If the buyers want to get back in, they will have to push the AVAX/USDT pair above the 20-day EMA ($31.71). If they do, the bears could become trapped, leading to a short squeeze.
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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
SN_Nour
According to Cointelegraph
