Bitcoin (BTC) is close to completing a death cross, where the 50-day simple moving average (SMA) falls below the 200-day SMA. While death crosses are considered bearish, analyst Timothy Peterson wrote on X that Bitcoin has posted a median return of 18% in the two months following eight death crosses since 2015.
Bitcoin whales also seem to be sensing the bullish outlook. Whales holding 10-1,000 bitcoins were aggressively buying on August 5 and August 6. However, the same cannot be said for spot Bitcoin ETF buyers who sold during those two days, according to Farside Investors data, which shows a net outflow.
The panic selling and subsequent recovery in Bitcoin over the past few days suggests that bulls and bears are fighting for dominance. Price action is likely to be volatile in the short term until a new directional move begins.
Will buyers push Bitcoin to $70,000 or will bears push the price to $55,000? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin Price Analysis
On August 7, a bear market took Bitcoin price below $55,724, but the bulls bought the dip and pushed the price up to the moving average on August 8.
The bears are not willing to give up without a fight and are defending the moving averages. If the price continues to decline from current levels, the BTC/USDT pair could retest the solid support at $55,724.
Instead, if buyers are not giving up much ground at the moving averages, it would suggest that any minor dips are being bought, which would increase the likelihood of a rally from $70,000 to $73,777 resistance area.
Ether Price Analysis
Ethereum (ETH) surged on August 8, breaking above the 38.2% Fibonacci retracement level at $2,602 and showing solid buying at lower levels.
Buyers will try to extend the recovery to the $2,850 level, which is expected to act as a strong resistance. If the price breaks below $2,850, it will indicate that bears are looking to turn the level into resistance. Then, the ETH/USDT pair can fall to $2,111, where buyers will try to prevent the decline.
Buying near $2,111 and selling near $2,850 could see a range-bound move for a few days. A break above the 50-day SMA ($3,197) would put the bulls back in the driver’s seat.
BNB Price Analysis
As BNB (BNB) failed to fall below the $460 level, buyers gathered and pushed the price above $495 on August 8.
The falling 20-day EMA ($533) and the RSI in negative territory suggest that the bears have the upper hand. Sellers will attempt to push the price down below $495 and retest the critical support at $460.
A break below $460 and a close below that would signal the start of a downtrend. The BNB/USDT pair could plunge to $400 and then drop to $360. Conversely, a break above the moving average would indicate a longer stay within the range.
Solana Price Analysis
Solana (SOL) rose on August 8th and closed above the 20-day EMA ($157), indicating solid buying at lower levels.
The flat 20-day EMA and the RSI near the midpoint suggest that SOL/USDT may continue to consolidate in the coming days. If the price remains above the 20-day EMA, the SOL/USDT pair may reach the overhead resistance level of $189. This level is expected to be a solid challenge for the bulls.
In a downtrend, a breakout and close below the moving averages would suggest that bears are selling the rally, which could send the pair crashing to $116.
XRP Price Analysis
XRP (XRP) sent an aggressive bullish buy signal as it surged above its moving averages and reached the resistance level of $0.64 on August 7.
The bears are trying to stop the uptrend at $0.64, but the minor advantage for the bulls is that they have prevented the price from falling below the 20-day EMA ($0.57). If the price rises from current levels, a rally above $0.64 is likely. This could lead to the XRP/USDT pair reaching $0.74.
Conversely, a break below and close below the 20-day EMA means the pair could remain in the $0.41-0.64 range for some time.
Dogecoin Price Analysis
Dogecoin (DOGE) continues its downtrend, but is attempting to recover to its moving averages in a bullish market.
Buyers are likely to face strong resistance at the $0.12 level, but if they win, the DOGE/USDT pair could rally to $0.14. Bears are expected to defend this level strongly.
The $0.09 support is an essential level to watch in a downtrend. If the bears push the price below $0.09, the pair could fall to the important support of $0.08. This level is likely to attract strong buying from the bulls.
Toncoin Price Analysis
TON Coin (TON) gained momentum after breaking through the 50% Fibonacci correction level at $5.81 on August 8.
The bulls continued to buy on August 9 and pushed the price above the 20-day EMA ($6.39). This suggests that the bears are losing control. The TON/USDT pair may rise to the 50-day SMA ($7.02) and eventually to the strong overhead resistance at $8.29. Sellers are expected to defend this level strongly.
This pair is likely to remain within a large range between $4.72 and $8.29. A break above or below the range could start the next trend move.
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Cardano Price Analysis
Cardano (ADA) is attempting to rally but is likely to face strong selling at the 20-day EMA ($0.37) and the 50-day SMA ($0.39).
If the bears want to maintain control, they will have to defend the moving averages and push the price lower. The minor support is $0.30, but if this level breaks, the ADA/USDT pair can reach $0.24.
In an uptrend, if buyers push the price above the moving average, the pair may reach the downtrend line. The bulls will need to break this hurdle to signal a potential trend change in the short term.
Avalanche Price Analysis
Buyers pushed Avalanche (AVAX) above $21.80 on August 8, but the price is struggling to hold above that level.
The downward sloping 20-day EMA ($24.16) and the RSI in negative territory suggest that the bears have the upper hand. If the price declines and holds below $21.80, the bears will try to push the AVAX/USDT pair to $19.51 and then $17.29.
Instead, if buyers push the price above the 20-day EMA, it signals that there is solid demand at lower levels. The pair could rally to the 50-day SMA ($26.26) and later to the breakdown level of $29.
Shiba Inu Price Analysis
The Shiba Inu (SHIB) is pulling back towards its moving average, signaling that the uptrend is starting again.
The bears are expected to defend the moving average, as a break above it and close could trigger a rally to the breakdown level of $0.000020. Such a move would signal that the market has rejected the lower level.
If the SHIB/USDT pair breaks below the moving average, it suggests that sentiment is still negative and traders are selling into the rally. Then, the bears will try to push the price down to $0.000010.
This article does not contain any investment advice or recommendations. All investment and trading moves involve risk, and readers should conduct their own research when making decisions.