By Mark Ackman
Bitcoin and certain alternative cryptocurrencies are approaching their upper resistance levels, which suggests that buyers are still dominant in the cryptocurrency market.
This is additionally indicative of the fact that prices may be on the verge of rising further. Does this mean then that Bitcoin and specific alternative cryptocurrencies are about to begin the next phase of their upward trend?
Furthermore, at what point is it likely that the market surge will encounter resistance?
Understanding Bitcoin’s Price Movement
During an uptrend, traders usually purchase the retracements to the 20-period exponential moving average, which is currently at $26,371. This price movement of Bitcoin is apparent over the last two days.
The ascending 20-period EMA and RSI level over 63 suggest that buyers have the upper hand in the market. To solidify their position, buyers will aim to push the price above the $28,868 threshold.
In the event of a successful breakthrough, the BTC/USDT pair has a high chance of skyrocketing to $30,000. This will eventually be followed by further advancement to the pivotal resistance level of $32,500.
However, in this region, the sellers will likely attempt to impede the upward trend. This is because surpassing the $32,500 mark may pave the way for a significant rally toward $40,000.
The clock is ticking for the Bitcoin sellers, as they would need to lower the price under the 20-period EMA. This is to be done before retesting the $25,250 breakthrough level.
Should this level prove to be ineffective in supporting the price, the BTC/USDT pair could experience a sharp decline. It could fall below the $20,281 200-period simple moving average.
Decoding Ether’s Price Action
This week Ether rebounded from the support level of $1,680, indicating that buyers are drawn to lower prices. This has resulted in the price being trapped within the range of $1,680 to $1,857.
The Exponential Moving Average at $1,720, along with the RSI level close to 58, indicates that the bulls are in control of the market.
In the event that buyers successfully push the price above the $1,857 mark, the ETH/USDT pair may potentially surge to $2,000.
It can then rise above this level and the rapid increase could eventually lead to a $2,000 level.
If sellers aim to deter the bullish uptrend, they would need to swiftly bring down the price below the support level of $1,680.
In such an event, the ETH/USDT pair could experience a decline to $1,600 and potentially drop even further to $1,461.
BNB Price Update
Earlier this week BNB fell below the $316 level of the 20-day EMA. However, the selling pressure from the sellers was not sustained, as the buyers quickly bought the token when the price dropped.
This eventually drove the price above the 20-period exponential moving average. The buyers will now attempt to push the price of the assets above the downtrend line resistance level.
If successful, the BNB/USDT pair could potentially surge toward the overhead resistance zone which lies between $338 and $346.
The sellers are anticipated to intensely protect this position as a breach above it could lead to a potential rally towards $400.
Alternatively, if there is a reversal in the price of BNB from its present level, this would indicate that the overall sentiment is negative.
In such an instance, the pair could potentially decline to the 200-day SMA which is currently at $290.
XRP Price Forecast
XRP gained momentum and managed to surpass the resistance level ranging from $0.49 to $0.51. The buying spree continued, pushing the XRP/USDT pair above the vital resistance level of $0.56.
If the price is sustained above $0.56, it would suggest the beginning of a new upward trend. The pair could possibly climb to $0.65 and eventually to $0.80.
A Closer Look at Cardano’s Price Movement
Cardano went below $0.35, 20-day EMA, but it was a bear trap as the price rebounded and surged beyond the moving averages.
The buyers managed to surpass the nearby resistance level of $0.39. This may open the way for a potential upward movement toward the level of resistance formed by the pattern’s neckline.
If the price continues to be pushed above the neckline, it may indicate a completely bullish setup. A new upward trend may commence with a $0.60 pattern target.