Bitcoin (BTC) is currently forming two successive Doji candlestick patterns on the weekly charts, indicating indecision in the market. However, the positive sign is that the price is sustaining above the 20-week exponential moving average ($28,072), suggesting that the bulls still have control. In this article, we will analyze the current market conditions for Bitcoin and several altcoins and provide insights on their potential price movements in the near future.
Bitcoin Analysis
Bitcoin has been trading near the 20-day EMA ($29,447) for the past two days, demonstrating a lack of clear direction between the bulls and the bears. The flattish moving averages and the relative strength index (RSI) near the midpoint further confirm this indecision. As a result, the BTC/USDT pair is likely to remain range-bound between $28,585 and $30,150 until a breakout occurs.
If the price drops below $28,585, selling pressure could increase, pushing the pair down to $26,000. On the other hand, a break and close above $30,150 may attract buyers and propel the price towards the $31,804-to-$32,400 resistance zone.
Looking at the four-hour chart, the price is currently stuck between the moving averages, indicating uncertainty about the next trending move. A close below the 50-day simple moving average could tilt the short-term advantage in favor of the bears, potentially leading to a decline towards $29,000 and then $28,585. Conversely, a break above the 20-day EMA would suggest an attempt by the bulls to regain control and may push the pair towards $29,738. If this level is cleared, the rally could continue towards the overhead resistance at $30,350.
Shiba Inu is showing signs of a strong recovery, although it is currently facing resistance near the overhead level of $0.000012. The upsloping 20-day EMA ($0.000009) and the RSI near the overbought zone indicate that bulls are in control. If buyers can maintain their ground near the resistance, it would increase the likelihood of a rally above $0.000012. In that case, the SHIB/USDT pair could surge towards $0.000014 and $0.000016.
However, a slump below $0.000010 could lead to an extended pullback towards the 20-day EMA, which is a critical support level to watch. A break below the 20-day EMA may indicate the end of the recovery phase.
On the four-hour chart, the price has corrected to the 20-day EMA, and the bulls are expected to defend this level. If successful, the pair may make another attempt to break and sustain above the resistance at $0.000011. Conversely, a sustained move below the 20-day EMA would suggest weakening bullish momentum, and the pair could then drop towards the 50-day SMA, which is expected to witness buying interest.
Uniswap has rebounded off the 50-day SMA ($5.79) and risen above the 20-day EMA ($6.09), indicating buyer interest at lower levels. However, the UNI/USDT pair is currently facing strong resistance near the 20-day EMA, suggesting that the bears have not yet given up. A sustained move below the 20-day EMA may intensify selling pressure and push the pair towards the 50-day SMA.
On the flip side, if the price rebounds off the 20-day EMA, it would indicate bullish strength as the buyers attempt to turn this level into support. In that case, the pair may rise above the immediate resistance at $6.35 and potentially reach $6.70. The current balance between supply and demand is reflected in the flattened moving averages on the four-hour chart. A dip below the 50-day SMA would give an advantage to the bears, with a potential target at $5.80. Conversely, a bounce off the 50-day SMA could signal buying on dips and may push the pair towards $6.35.
Maker (MKR) Analysis
Maker has been trading above the breakout level of $1,200, indicating that the bulls are attempting to establish it as a support level. The upward slope of the 20-day EMA ($1,204) and the positive RSI further support the bull’s case. If the price can break above the immediate resistance at $1,284, it could signal the start of a new uptrend, with the potential to challenge the local high at $1,370.
However, to prevent the uptrend, bears need to quickly push the price back below the breakout level of $1,200, which might trigger a decline towards the 50-day SMA ($1,041).
The four-hour chart shows a symmetrical triangle pattern, indicating indecision among market participants. A break above the triangle could lead to an up-move towards the pattern target of $1,463, while a break below the triangle could signal a bearish trend with a target at $986.
XDC Network (XDC) Analysis
XDC has pulled back to the 20-day EMA ($0.062), a significant support level to watch. The flattening 20-day EMA and the RSI just above the midpoint suggest weakening bullish momentum. To regain control, buyers will need to push the price above the overhead resistance at $0.073, potentially starting an up-move towards $0.082.
On the downside, a break and close below the 20-day EMA could lead to a decline towards the 61.8% Fibonacci retracement level at $0.056, which could delay the next leg of the uptrend.
The four-hour chart shows a descending triangle formation, which could complete on a break below $0.061. In that scenario, the pair could initiate a downward move towards $0.054 and eventually reach the pattern target at $0.040. However, if the price continues higher and breaks above the downtrend line, it would invalidate the bearish setup and potentially open the doors for a rally towards $0.082.
Bitcoin is currently consolidating above a key moving average, but the lack of volatility has resulted in low trading volumes. Altcoins like Shiba Inu, Uniswap, Maker, and XDC Network have shown both bullish and bearish indications in their price charts. The next significant moves for these cryptocurrencies will depend on the breakouts and sustainability above or below crucial levels. Traders and investors should closely monitor these developments to make informed decisions.