Despite multiple attempts to do so, Bitcoin price (BTC) struggled to break out of a significant resistance level of $ 7,800.
Given the upcoming halving of block rewards in May and the fact that central banks are printing money at an unprecedented price, this is a very interesting time for Bitcoin.
In this article we are going to analyze 10 coins one at a time and determine their expected future movements.
Bitcoin price has been trading within an ascending channel and has been since April 23rd. At the time of writing, it was trading slightly above the midpoint (EQ) of this area. This level is also supported by the 50-hour moving average (MA).
As long as BTC price continues to trade above this level, it is expected to hit the resistance line of the channel again and possibly break out.
If Bitcoin breaks out of this channel, it could hit highs of $ 8,000, which is a longer-term level of resistance – reinforced by the 200-day MA.
Bitcoin chart by trading view
Ethereum price broke out of a long-term descending resistance line on April 16 and has risen since then. The spike has taken the price up to a high of 0.026 taken on April 18th. Since then, the Ethereum has gradually declined.
The price was trading in a symmetrical triangle. While this is viewed as a neutral pattern, due to the fact that it plays out after an upward move, it is more likely that it will act as a continuation pattern causing a price breakout.
If ETH price breaks out it will likely hit the next resistance area which is found at 0.027.
Ethereum chart by trade view
XRP price has been down since February 17th after a descending resistance line. The price does not follow any support lines, but there is a support area at 2550 Satoshis. Once the price hit this area, it started moving up towards the resistance line. Due to the fact that the line is sloping, each upward move was weaker than the previous one – creating numerous lower highs.
The price hit this support area again on April 28th and started another uptrend. The move was preceded by a bullish divergence in the RSI.
At the time of writing, XRP price had hit the 25-day moving average (MA) which is creating resistance for the price. Until XRP breaks above this descending resistance line, its price action is viewed as bearish – and the price is expected to slide back to the 2550 Satoshi support area.
XRP chart by trading view
Bitcoin Cash (BCH)
BCH price started an upward move on March 12th, hitting a high of 0.0380 .. The price has declined since then.
On April 13th, price hit the 0.618 Fib level of the entire move and began creating a descending wedge that is viewed as a bullish reversal pattern. The break out of this wedge was also supported by the developing bullish divergence. However, on April 27, the price collapsed.
At the time of writing, the price was trading between the Fib levels of 0.618 and 0.786 – a likely level that caused a reversal. However, given the above breakdown, it would make more sense to lower the price to as low as 0.0281 decrease and create a double bottom before possibly another upward move begins.
BCH chart by trading view
Bitcoin SV (BSV)
The BSV price has followed an ascending line of support since December 2019 and has been confirmed several times. However, on April 24th, the price broke off that line and has fallen since then. The breakout was also supported by an RSI decline below a 50 line, a sign that the prevailing trend is bearish.
The closest area of support is at 0.0210a, a value also supported by the 200-day moving average. Hence, BSV price is expected to decrease until it hits this level and then possibly start an upward move.
BSV chart according to trading view
The Litecoin price has been trading within a descending channel and has been since April 11th. The price hit the support line of the channel along with the support area of 0.0057 twice twice, the first time in the form of a lower wick, before initiating an upward leap that is still ongoing.
This move was preceded by a bullish divergence in the RSI. Combined with the fact that price is trading in an area likely to initiate a reversal, it is likely that LTC price will do so and initially move towards the resistance line of the channel.
When the price breaks out it is expected to hit the closest resistance area which is found at 0.0064.
Litecoin chart by trading view
Binance Coin (BNB)
Binance coin price followed an ascending support line as of March 13. However, the price broke off that line on April 24 and confirmed it as resistance two days later. This is a bearish sign that is very often followed by a downward move.
If price continues to decline as expected, the closest support area is at £ 0.002 – an area that previously acted as resistance in late March and then as support in early April.
BNB chart by trading view
The EOS price has been trading in a symmetrical triangle since April 5th. Price broke away from that triangle on April 23rd and has fallen since then.
Even after the collapse, the triangle’s resistance line is still valid as the price has been rejected twice since then. Additionally, this line is supported by the 25-day MA which also offers resistance against the price.
From here there are two possible movements:
- First, a break above the resistance line which will bring the price towards the 3750 satoshis resistance area. While this is possible, there are no bullish development differences that would indicate a trend reversal. Additionally, there is strong resistance above the current price.
- Second, a decrease towards the closest support area is possible at 3400 satoshis. For the reasons above, it seems more likely.
EOS chart by trading view
On April 26, the TXZ price hit a high of 37,920 satoshis. This resulted in a double top compared to the all-time high on February 20th. In addition to a bearish reversal pattern, the double top is also associated with bearish divergence in the RSI, making a collapse likely. This possibility is also supported by the fact that the uptrend that started on April 6th was parabolic, which is unsustainable in the long run.
If the price starts falling, which is expected, it could find support in the 25,000 satoshi support area, which is also compounded by the presence of the 200 day MA. Previously there was a small area of support at 28,500 that could trigger a slight jump up.
However, given the long-term bearish pattern and divergence, it would make more sense to bring the price down to a key support area, as well as the 25,000 satoshi area.
XTZ chart by trading view
Chain link (LINK)
The LINK price has been trading in an ascending wedge since April 7th. After hitting a high of 52,600 on April 19, the price began to decline and then broke off the wedge.
The closest area of support is at 44,000 satoshis, possibly compounded by the presence of the 25-day MA, which is slightly below this level of support. While the RSI is oversold it has yet to create some sort of bullish divergence.
Therefore, the price is expected to slide towards this area after possibly confirming the previous support area at 49,000 satoshis as resistance.
LINK chart by trading view
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