Bitcoin (BTC) is finding it difficult to sustain above $60,000 but that has not deterred buying in the spot Bitcoin exchange-traded funds (ETFs). Farside Investors data shows only two days of outflows since Aug. 7, which suggests that investors view the current level as a buying opportunity for the long term.
According to technical analyst SuperBro, Bitcoin has always bottomed out either in July or August during the United States presidential elections year. After that, Bitcoin’s price tends to rally sharply on completion of elections. If history repeats itself, Bitcoin may soar to a new all-time high in November.
Crypto market data daily view. Source: Coin360
Bitcoin needs a solid pick up in demand in the near term to push it above the all-time high, but the Bitcoin whales do not seem to be supportive. Onchain analytics firm CryptoQuant said that Bitcoin whales have reduced the pace of their buying since the all-time high in March.
Could buyers maintain Bitcoin above $60,000, triggering widespread buying in the cryptocurrency sector? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
Bitcoin bulls tried to push the price above the 50-day simple moving average ($61,314) on Aug. 20, but the bears successfully defended the level.
BTC/USDT daily chart. Source: TradingView
A minor positive in favor of the bulls is that they have not given up and are again trying to push the BTC/USDT pair above the 50-day SMA. If they manage to do that, the pair may pick up momentum and soar to $65,660 and thereafter to $70,000. The sellers are expected to pose a strong challenge in the $70,000 to $73,777 zone.
The crucial support to watch on the downside is $55,724. If this level breaks down, the pair could nosedive to $49,000.
Ether price analysis
The bulls again failed to propel Ether (ETH) above the 20-day EMA ($2,707) on Aug. 20, indicating that the bears are selling on rallies.
ETH/USDT daily chart. Source: TradingView
The bears will try to strengthen their position by pulling the price below $2,500. If they do that, the ETH/USDT pair may decline to $2,300. This level is expected to attract buyers because a break below it may sink the pair to $2,111.
The bulls are likely to have other plans. They will attempt to regroup and drive the pair above the 20-day EMA. If they do that, the pair may reach the breakdown level of $2,850. This level is likely to witness a tough battle between the bulls and the bears.
BNB price analysis
BNB (BNB) surged and closed above the downtrend line on Aug. 19, indicating that the bulls are in the driver’s seat.
BNB/USDT daily chart. Source: TradingView
However, the bears are unlikely to give up without a fight. They will try to drag the price back below the downtrend line and the moving averages. If they do that, it will suggest that the breakout may have been a bull trap.
Contrarily, if the price turns up from the downtrend line, it will signal that the bulls have flipped the level into support. The pair may then attempt a rally to $605 and eventually to the formidable hurdle at $635.
Solana price analysis
Solana (SOL) turned down from the 20-day EMA ($147) on Aug. 20, indicating that the bears are defending the level aggressively.
SOL/USDT daily chart. Source: TradingView
If the price continues lower, it will suggest that the bears remain in charge. That will increase the possibility of a break below the immediate support at $136. The SOL/USDT pair may then slump toward $116.
On the contrary, if the price turns up from the current level or rebounds off $136, it will signal buying on dips. The bulls will then attempt to push the price above the 20-day EMA. If they succeed, the pair could rise to the 50-day SMA ($153) and subsequently to $164.
XRP price analysis
XRP (XRP) broke above the immediate resistance of $0.58 on Aug. 19, clearing the path for a rally to $0.64.
XRP/USDT daily chart. Source: TradingView
The 20-day EMA ($0.57) has started to turn up gradually, and the RSI is in the positive territory, indicating that the bulls have a slight edge. If bulls overcome the $0.64 resistance, the XRP/USDT pair is likely to pick up momentum and rally toward $0.74. The bears are expected to fiercely defend the level.
The 50-day SMA is the crucial support to watch out for in the near term. A break below it suggests that the pair may remain stuck inside the $0.46 to $0.64 range for a few more days.
Dogecoin price analysis
Dogecoin (DOGE) attempted to rise above the 20-day EMA ($0.10) on Aug. 20, but the bears did not relent.
DOGE/USDT daily chart. Source: TradingView
However, the bulls have not given up and are again trying to drive the price above the 20-day EMA on Aug. 21. If they can pull it off, the DOGE/USDT pair may rise to the 50-day SMA ($0.11) and after that to the downtrend line.
Instead, if the price turns down from the 20-day EMA, it will suggest that the sentiment remains negative, and traders are selling on minor rallies. The selling could accelerate if the pair breaks below $0.09.
Toncoin price analysis
The bulls repeatedly failed to sustain Toncoin (TON) above the 50-day SMA ($6.79), indicating selling at higher levels.
TON/USDT daily chart. Source: TradingView
The bears will try to pull the price below the 20-day EMA ($6.56). If they do that, the TON/USDT pair may drop to the solid support at $6.05. This level may attract buyers, but if the bears defend the moving averages during relief rallies, it will increase the likelihood of a drop to $5.50.
Contrary to this assumption, if the price turns up from the 20-day EMA and closes above the 50-day SMA, it will signal solid demand at lower levels. That may start a rally to $7.65.
Related: Why is Ethereum (ETH) price down today?
Cardano price analysis
Cardano (ADA) broke above the 20-day EMA ($0.35) on Aug. 21, indicating that the bears are losing their grip.
ADA/USDT daily chart. Source: TradingView
The ADA/USDT pair could reach the 50-day SMA ($0.38) and thereafter the downtrend line. A break and close above the downtrend line will suggest the start of a new uptrend. The pair may rise to $0.52.
Time is running out for the bears. If they want to retain the advantage, they will have to yank the price below $0.31. If they do that, the pair could descend to $0.28 and finally to the critical support at $0.24.
Avalanche price analysis
Avalanche (AVAX) broke above the 20-day EMA ($22.18) on Aug. 21, indicating that the bulls are trying to start a recovery.
AVAX/USDT daily chart. Source: TradingView
There is minor resistance at the 50-day SMA ($24.85), but it is likely to be crossed. The AVAX/USDT pair may then climb to the resistance line of the channel. Sellers will try to defend the resistance line and keep the price inside the channel, but if the bulls prevail, it will signal a potential trend change.
This positive view will be invalidated if the price turns down and remains below the 20-day EMA. That could encourage selling, pulling the pair toward the support line of the channel.
Shiba Inu price analysis
The bulls tried to push Shiba Inu (SHIB) above the 20-day EMA ($0.000014) on Aug. 20, but the bears held their ground.
SHIB/USDT daily chart. Source: TradingView
However, a positive sign is that the bulls have not ceded ground to the bears and are again trying to clear the overhead hurdle. A close above the 20-day EMA will suggest that the selling pressure is reducing. The SHIB/USDT pair may rise to the 50-day SMA ($0.000015) and later to $0.000018.
If bears want to retain their advantage, they will have to yank the price below the $0.000012 support. The pair may then plummet to $0.000010.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.