Bitcoin (BTC) has picked up much of the losses that occurred in January and now the focus of traders is shifting to April, which has historically been a strong month for. According to Coinglass data, Bitcoin closed April red only three times and the worst monthly loss was a 3.46% drop in 2015.
Although history favors the bulls, the Whale Shadows indicator noted that more than 11,000 Bitcoin left a wallet where it lay dormant for seven to ten years. The movement of similarly large amounts of inactive accounts has generally resulted in a major upside, according to independent ma-analyst Phillip Swift.
Along with guarding the crypto markets, traders should also track the performance of the US stock markets for indices as Bitcoin has been closely related to the stock markets over the past several weeks.
Could bulls remove the top hurdle in Bitcoin and pick high heels and extend the strong recovery from the lows? Let’s take a look at the top 10 cryptocurrencies charts to find out.
BTC / USDT
Bitcoin declined from the 200-day simple moving average ($ 48,291) on March 29 and dipped to the 20-day exponential moving average ($ 43,935) today. The long tail on today’s candlestick suggests that buyers are piling up on dips.
The bulls will make another attempt to push the price above the 200-day SMA. If they succeed in doing so, the BTC / USDT pair could rise to $ 52,000 where the bears can once again mount strong resistance.
Alternatively, if the price drops again from the 200-day SMA, it will suggest that bears have set a strong barrier at this level. The pair could then consolidate between the 20-day EMA and the 200-day SMA for a few days.
A break and close below the 20-day EMA will suggest that the bullish momentum has weakened. This could result in a decline to the 50-day SMA ($ 41,461).
ETH / USDT
Ether (ETH) withdrew from the 200-day SMA ($ 3,488) on March 29 but the shallow correction and the sharp recovery suggest strong demand at lower levels.
The rising 20-day EMA ($ 3,098) and the relative strength index (RSI) near the overbought zone indicate that bulls are dominating.
If buyers push the price above the 200-day SMA, the bullish momentum could rise and the ETH / USDT pair could rally to the psychological level at $ 4,000.
Contrary to this assumption, if the price falls again from the upper resistance, it will suggest that bears do not want to give up. The bears will then try to pull the pair below the 20-day EMA. If successful, the pair could fall to the 50-day SMA ($ 2,860).
BNB / USDT
Binance Coin (BNB) broke above the top resistance at $ 445 on March 30 and 31 but the bulls were unable to maintain the higher levels.
The bears pulled the price to the 20-day EMA ($ 413) today but the strong rebound of the level suggests a strong buy of the bulls at lower levels.
If bulls push and maintain the price above $ 445, the BNB / USDT pair could rise to the 200-day SMA ($ 467) and then make a breakthrough to the psychological level at $ 500.
This positive view will be invalidated soon if the price drops from the current level and plunges below the moving averages. The pair could then stay between $ 350 and $ 445 for a few more days.
SOL / USDT
Solana (SOL) witnessed a tough battle between the bulls and the bears near the critical level at $ 122. The long wick on the March 31 candlestick indicated selling at higher levels but the bears could not keep the price below $ 122. today.
This suggests that the bulls aggressively bought on the smallest treble. Buyers pushed the price above the upper resistance at $ 122, indicating the start of a possible new uptrend.
The SOL / USDT pair could now challenge the 200-day SMA ($ 150). If the bulls break this barrier, the next stop could be $ 163.
Conversely, if the price does not continue above $ 122, it will suggest that demand is drying up at higher levels. The pair could then fall to the 20-day EMA ($ 103).
XRP / USDT
Ripple (XRP) formed an in-day candlestick pattern on March 30 that resolved in favor of the Bears on March 31 with a sharp downward move. This suggests that buyers who may have bought at lower levels have closed their positions aggressively.
The 20-day EMA ($ 0.82) is flattening and the RSI has fallen close to the midpoint, suggesting that the bullish momentum may weaken. If the price breaks below the 50-day SMA ($ 0.78), the XRP / USDT pair could slide to the next support at $ 0.70.
Contrary to this assumption, if the price rises from the current level, buyers will try to push the pair above $ 0.86 and again challenge the resistance at $ 0.91. A break and close above this level could open the door for a possible build-up to the psychological level of $ 1.
ADA / USDT
Cardano (ADA) withdrew from the above resistance at $ 1.26, suggesting that the bears are defending the level with vigor. The price could now fall to the 20-day EMA ($ 1.05), which is an important level to watch.
If the price bounces off the 20-day EMA, buyers will make one more attempt to push the ADA / USDT pair above $ 1.26. If they manage to do that, the pair will complete an inverse pattern of head and shoulders. This arrangement will suggest that the pair may have been founded.
The pair could then rally to the upper resistance zone between the 200-day SMA ($ 1.50) and $ 1.63, where the bears can mount strong resistance. This bullish view will be reversed soon if the price breaks and stays below the 50-day SMA ($ 0.95).
MOON / USDT
Terra’s LUNA token was suspended after hitting a new all-time high on March 30, indicating that the Bears were trying to slow the upward trend. However, a minor positive is that the bulls did not allow the price to break below $ 96. This suggests that the bulls are trying to reverse this level in support.
The rising 20-day EMA ($ 95) suggests an advantage to buyers, but the negative divergence on the RSI indicates that the bullish momentum could weaken. If buyers push the price above $ 111, the upward trend could resume. The LUNA / USDT pair could then rise to $ 125.
Contrary to this assumption, if the price falls below the current level or from the upper resistance and breaks below the 20-day EMA, it will suggest that traders are aggressively reserving profits. The pair could then fall to the 50-day SMA ($ 80).
Related: ApeCoin risks another massive sale as APE drops 70% in two weeks – that’s why
AVAX / USDT
Avalanche (AVAX) broke above the above resistance at $ 98 on March 30 and 31 but could not sustain the higher levels. This may have invited a profit reserve from the short-term traders.
Although the bears pulled the price to the 20-day EMA ($ 87), the long tail on the candlestick of the day suggests strong demand at lower levels. The bulls are trying to drive and keep the price above the upper zone between $ 98 and $ 100.
If they manage to do that, the AVAX / USDT pair could gain momentum and collect at $ 120. Conversely, if the price falls again from the upper resistance, it will suggest a strong sell-off at higher levels. That could pull the price to the moving averages.
DOT / USDT
The failure to break above the $ 23 resistance may have attracted a profit reservation from the upcoming traders in Polkadot (DOT). That lowered the price to the 20-day EMA ($ 20) today.
The strong rebound from the 20-day EMA suggests buying on dips. The bulls will now make another attempt to remove the top hurdle at $ 23. If they succeed, the DOT / USDT pair could start a new uptrend and the price could rise to the 200-day SMA ($ 29).
Alternatively, if the price falls and breaks below the 20-day EMA, it will suggest that the bullish momentum may have weakened. That could pull the price down to $ 19 and if this level yields, the next stop could be $ 16.
DOG / USDT
Dogecoin (DOGE) declined from $ 0.15 on March 28 and fell to the moving averages. This is an important support for buyers to defend if they want the bullish sentiment to remain intact.
If the price bounces from the current level with strength, the bulls will try to push the DOGE / USDT pair above $ 0.15. If they succeed, the pair could collect the top resistance at $ 0.17. The marginally rising 20-day EMA ($ 0.13) and the RSI in positive territory indicate a minor advantage to buyers.
This positive view will be invalidated soon if bears sink and keep the price below the moving averages. Such a move could open the door for a possible drop to the critical support zone at $ 0.12 to $ 0.10.
The views and opinions expressed herein are those of the author only and do not necessarily reflect the views of Cointelegraph. Every investment and business move involves risk. You need to do your own research when making a decision.
Market data is provided by HitBTC exchange.