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Even with Wednesday's pullback, Bitcoin and most major altcoins are finding buyers on minor dips to underlying support levels, signaling that the trend remains bullish.

Bitcoin (BTC) remains on a strong footing after bears failed to capitalize on the rejection near the psychological mark at $50,000. 

The recent price rise in Bitcoin has not enticed longer-term investors to part with their holdings and Glassnode data shows that the Bitcoin supply held by long-term holders has hit a new all-time high of 12.69 million BTC. This tops the previous record achieved in October 2020.

MicroStrategy’s recent Form 8-K filing with the United States Securities and Exchange Commission shows that the company bolstered its Bitcoin holdings by 3,907 BTC between July 1 and Aug. 23. The company bought at an average price of $45,294. This brings MicroStrategy's total holdings to 108,992 BTC with an average price of $26,769.

However, not everyone is bullish in the short term. John Bollinger, the creator of the popular technical analysis Bollinger Bands indicator, sounded a note of caution to traders and suggested that they “take some profits or hedge a bit.” He said there was no confirmation of a fall yet, but if it happened, hodlers could use the lower levels to buy more.

After today's minor correction, could Bitcoin and altcoins resume their up-move? Let’s analyze the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin broke above the psychological barrier at $50,000 on Aug. 23, but the long wick on the day’s candlestick showed profit-booking at higher levels. The selling continued on Aug. 24 and today, which pulled the price down to the support line of the rising wedge pattern.

The bulls are currently defending the support line. If the rebound sustains, the bulls will have another go at the overhead resistance zone of $50,000 to $50,500. If they clear this hurdle, the BTC/USDT pair may rally to the resistance line of the wedge.

A breakout and close above the wedge will suggest strength and could attract further buying. That may clear the path for a rally to $60,000. The rising 20-day exponential moving average (EMA) ($46,014) and the relative strength index (RSI) in the positive zone indicate an advantage to buyers.

This positive view will invalidate if bears sink the price below the 200-day simple moving average ($45,977). That may result in a decline to $42,451.67.

ETH/USDT

The bulls pushed Ether (ETH) above the overhead resistance at $3,335 on Aug. 23 and Aug. 24, but they could not sustain the higher levels. This suggests that bears are defending the level aggressively.

The ETH/USDT pair dropped to the 20-day EMA ($3,080) today, but the long tail on the candlestick shows buying at lower levels. If the price sustains above the 20-day EMA, the buyers will take another shot at pushing the pair above $3,335.

If they can pull it off, the pair may resume its uptrend, which could reach $3,670 and then $4,000. On the contrary, if the price again turns down from $3,335, a few days of consolidation is possible. The first sign of weakness will be a break and a close below $3,000. If bears sustain the price below this level, the pair could drop to the 200-day SMA ($2,352).

ADA/USDT

Cardano (ADA) witnessed profit-booking near the psychological level at $3 on Aug. 24, but a positive sign is that bulls are not giving up much ground. The long tail on Aug. 24 and today’s candlestick suggests accumulation at lower levels.

If the price rebounds off the current level or the breakout level at $2.47, it will indicate that the sentiment remains positive and bulls are buying on dips. The bulls will then try to resume the uptrend by pushing the price above $3. If they manage to do that, the ADA/USDT pair may rise to $3.50.

On the other hand, if the price once again turns down from the overhead resistance, the pair may consolidate between $3 and $2.47 for a few days. A break and close below $2.47 could pull the price down to the 20-day EMA ($2.20). The bears will have to sink the price below this support to gain the upper hand.

BNB/USDT

After the strong up-move on Aug. 23, Binance Coin (BNB) made an inside-day candlestick pattern on Aug. 24. This suggests indecision among the bulls and the bears. Currently, the buyers are attempting to resolve the uncertainty in their favor.

If bulls push and sustain the price above $509.72, the BNB/USDT pair could start its northward journey toward $600. The rising 20-day EMA ($420) and the RSI in the overbought zone suggest that buyers have the upper hand.

Contrary to this assumption, if the price turns down from $509.72, the pair may drop to the breakout level at $433 and consolidate between these two levels for a few days. A break and close below the 20-day EMA could result in a decline to $385.47 and then to the 200-day SMA ($358).

XRP/USDT

The long wick on XRP’s Aug. 23 candlestick shows that bears are attempting to stall the recovery in the $1.30 to $1.35 zone. This may have led to profit-booking from short-term traders, resulting in a drop to the 20-day EMA ($1.08).

The bulls are likely to defend the breakout level at $1.07 aggressively. If the price rebounds off this support, the XRP/USDT pair could rise to the downtrend line and above it to $1.35. A breakout and close above this resistance will signal the resumption of the uptrend.

Contrary to this assumption, if the bears sink the price below $1.07, the pair could drop to the 200-day SMA ($0.86). Such a move will suggest that the bullish momentum has weakened and the pair may trade in a range for a few days.

DOGE/USDT

Dogecoin (DOGE) turned down from the downtrend line on Aug. 24 and dropped to the 20-day EMA ($0.28). Although bulls have defended the support, the failure to achieve a strong rebound suggests a lack of aggressive buying.

If bears sink the price below the 20-day EMA, the DOGE/USDT pair could drop to the next support at $0.21. Such a move will suggest that the recent breakout above $0.29 was a bull trap. The pair could then remain range-bound between $0.21 and $0.29 for a few days.

The flattening 20-day EMA and the RSI just above the midpoint also suggest a consolidation in the short term. Conversely, if the price turns up from the current level and rises above the downtrend line, the pair may rally to $0.35. A breakout and close above this resistance could open the gates for an up-move to $0.45.

DOT/USDT

The failure of the bulls to push Polkadot (DOT) above the overhead resistance at $28.60 for the past few days attracted profit-booking on Aug. 24. The price dropped close to the 20-day EMA ($23.84), but the buyers are attempting a rebound.

The bulls will now make one more attempt to thrust and sustain the price above the overhead resistance. If they manage to do that, the DOT/USDT pair will complete a V-bottom, which has a pattern target at $46.83.

On the contrary, if the bounce fizzles out and bears sink the price below the 20-day EMA, it will suggest that the bullish momentum has weakened. The pair could then drop to $18 and remain range-bound action for a few more days.

SOL/USDT

Solana (SOL) is currently correcting the sharp up-move of the past few days. This suggests that traders are booking profits. The critical support to watch on the downside is the breakout level at $58.38.

The upsloping 20-day EMA ($59) and the RSI in the overbought territory indicate that bulls have the upper hand. If the price rebounds off $58.38, it will suggest that traders continue to accumulate on dips. The bulls will then make one more attempt to resume the uptrend.

A breakout and close above $82 may start the next leg of the up-move. On the other hand, if the price turns down from $82, the SOL/USDT pair could remain range-bound for a few days. A break and close below $58.38 will suggest that bears are making a strong comeback.

Related: Bitcoin erases BTC price dip but $48.2K is now key to avoid bull trap

UNI/USDT

The long wick on the Uniswap (UNI) candlestick showed that bears continue to defend the overhead resistance at $30 on Aug. 23. That may have attracted profit-booking from short-term traders on Aug. 24, which pulled the price below the moving averages.

If bulls fail to sustain the price above the moving averages, the UNI/USDT pair could drop to $23.45. A strong bounce off this level will suggest that traders are buying on dips. That could keep the pair range-bound between $23.45 and $30 for a few more days.

The flat moving averages and the RSI near the midpoint suggest a few days of consolidation. A breakout and close above the $30 to $31.25 overhead resistance zone will signal the start of a new uptrend.

BCH/USDT

Bitcoin Cash (BCH) turned down from the $700 to $714.76 overhead resistance and slipped below the 200-day SMA ($657) on Aug. 24. The bulls are currently attempting to defend the 20-day EMA ($632), which is a positive sign.

If the price rebounds off the current level and rises above the 200-day SMA, the BCH/USDT pair could rise to the overhead resistance zone. A breakout and close above this zone could open the doors for a rally to $806.87.

Conversely, if bears sink the price below the 20-day EMA and the $619 support, the pair could witness a deeper correction to $588 and then $550. Such a move will point to a few days of consolidation.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Select altcoins are likely to move higher even as Bitcoin price takes a breather after hitting $50,000 for the first time in months.

Bitcoin (BTC) rallied above the psychological hurdle at $50,000 today for the first time since May 15. The sharp rally of the past few days has turned the sentiment bullish with many expecting the resumption of the bull run.

Morgan Creek Digital co-founder Anthony Pompliano told CNBC on Monday that Bitcoin could make a blow-off top, similar to the one seen in 2017 when the price had surged from “$10,000 to $20,000 in 18 days.”

The Crypto Fear & Greed Index has risen to 79, indicating extreme greed. Just a month back, the indicator was showing a reading of extreme fear at 22. This shows how the sentiment has changed completely within a few days.

In other news, on August 22, PayPal announced that it will provide cryptocurrency services to the residents of the United Kingdom. This step increases the penetration of digital assets because PayPal has over 2 million active users in the U.K.

Will Bitcoin and altcoins continue their up-move or will profit-booking set in? Let’s study the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin has been trading inside a rising wedge pattern for the past few days. The bulls flipped the $48,000 level to support on Aug. 22 and pushed the price above the psychological level at $50,000 today.

The BTC/USDT pair could now rise to the resistance line of the wedge where the bears may mount a stiff resistance. If the price turns down from this resistance, the pair could drop to the support line of the wedge.

This is an important level for the bulls because if it cracks, the pair could start a deeper correction to $42,451.67.

On the contrary, if buyers drive the price above the wedge, the bullish momentum could pick up and the pair may rally to the $58,000 to $60,000 resistance zone. The upsloping moving averages and the relative strength index (RSI) in the overbought zone indicate that bulls are in control.

ETH/USDT

The bears tried to stall Ether’s (ETH) advance at the overhead resistance at $3,335 on Aug. 21 but the bulls did not allow the price to sustain below $3,200. This suggests that sentiment remains bullish and traders are buying on minor dips.

The bulls are currently attempting to sustain the price above the overhead resistance at $3,335. If they succeed, the ETH/USDT pair could resume its uptrend and rally to $3,670 and then to the psychological level at $4,000.

Alternatively, if the price turns down from the current level, the pair may drop to $3,000. If this level holds, the pair may consolidate between $3,000 and $3,335 for a few more days.

A breakdown and close below $3,000 will be the first sign that bulls are losing their grip. That may result in long liquidation, dragging the price down to the 50-day simple moving average ($2,547).

ADA/USDT

Cardano (ADA) has been in a strong uptrend for the past few days. After hesitating near the previous all-time high at $2.47 on Aug. 20 and 21, the bulls resumed the rally on Aug. 22.

The next target objective on the upside is the psychological barrier at $3. Vertical rallies are rarely sustainable, hence the ADA/USDT pair may enter a minor consolidation or correction near $3.

If bulls can flip the $2.47 into support during the next pullback, it will signal strength. That will increase the likelihood of the resumption of the uptrend. The next target on the upside is $3.50.

Conversely, if bears sink and sustain the price below $2.47, it will indicate that the bullish momentum has weakened.

BNB/USDT

Binance Coin (BNB) broke above the overhead resistance at $433 on Aug. 20, indicating the start of a new uptrend. The bears tried to pull the price back below the breakout level on Aug. 22 and trap the aggressive bulls but failed.

The bulls resumed their buying today and pushed the price above the minor resistance at $460. The BNB/USDT pair may face minor resistance at $520 but if bulls can overcome this hurdle, the next stop could be $600.

On the way down, the critical level to watch is $433. If this level holds, the trend will continue to favor the bulls. The first sign of weakness will be a break and close below $433. Such a move will suggest that supply exceeds demand.

XRP/USDT

The bears tried to stall XRP’s recovery at $1.28 on Aug. 21 but the shallow correction on Aug. 22 indicates that bulls are not closing their positions in a hurry. The bulls will now try to propel the price above the overhead resistance at $1.35.

If they succeed, the XRP/USDT pair could pick up momentum and rally to the next stiff resistance at $1.66. The bears had aggressively defended this resistance in May, hence the pair may again witness a minor correction or consolidation near it.

Contrary to this assumption, if the price turns down from $1.35, the pair could drop to $1.07. A bounce off this support could keep the pair range-bound between the two levels for a few more days. The trend may turn in favor of the bears if the price slips and sustains below $1.07.

DOGE/USDT

Dogecoin’s (DOGE) rebound off the breakout level at $0.29 hit a wall at $0.33 on Aug. 20. This suggests that bears have not given up and are attempting to stall the recovery. The price is currently stuck between the breakout level at $0.29 and the overhead resistance at $0.35.

The rising 20-day exponential moving average ($0.28) and the RSI in the positive zone indicate that bulls have the upper hand. If the price sustains above $0.29 for a few more days, the buyers will again try to resume the uptrend by thrusting the DOGE/USDT pair above $0.35.

If they succeed, the pair could start its journey toward the next target objective at $0.45. This level may again pose a stiff challenge for the bulls. The trend will indicate weakness if the price slips and sustains below $0.29.

DOT/USDT

Polkadot (DOT) has been facing stiff resistance at the $28.60 level for the past three days. Although bulls pushed the price above the resistance on Aug. 21, they could not sustain the higher levels.

The long tail on the Aug. 22 candlestick suggests that bulls are buying on dips. They will make one more attempt to clear the obstacle at $28.60. If they succeed, the DOT/USDT pair will complete a V-shaped bottom. The pattern target of this setup is $46.83.

If the price turns down from the current level, the pair may drop to the 20-day EMA ($23.40). A strong rebound off this level will suggest that sentiment remains positive. The bulls will then try to push the price above $28.60 and start a new uptrend.

On the other hand, a break below the 20-day EMA will indicate that the pair may remain range-bound for a few more days.

SOL/USDT

Solana (SOL) hit a new all-time high at $82 on Aug. 21 but the bulls could not sustain the higher levels. This suggests that traders are booking profits after the sharp rally of the past few days.

The first support on the downside is $68. If the price rebounds off this level, the bulls will again try to resume the uptrend. If they drive the price above $82, the SOL/USDT pair could rally to $100.

Alternatively, if the support at $68 cracks, the pair could retest the breakout level at $58.38. If bulls flip this level into support, the pair may consolidate the gains for a few days before trying to resume the up-move. However, if bears pull the price below $58.38 it will suggest a possible change in trend.

Related: Google bans 8 ‘deceptive’ crypto apps from Play Store

UNI/USDT

Uniswap (UNI) turned down from the overhead resistance at $30 on Aug. 21, suggesting that bears are defending this level aggressively. Although sellers tried to pull the price below the 20-day EMA ($27.11) on Aug. 22, the bulls had other plans.

The UNI/USDT pair again rebounded off the 20-day EMA, suggesting that the sentiment remains positive and bulls are viewing the dips as a buying opportunity. The bulls will now again try to push the price above the $30 to $31.25 overhead resistance zone.

If they succeed, the pair could start a new uptrend that could reach $37 and then $45. On the contrary, if the price turns down from the overhead zone and breaks below the 20-day EMA, the pair may drop to $23.45.

A bounce off this level could keep the pair range-bound between $23.45 and $30 for a few more days.

BCH/USDT

The bears are attempting to defend the zone between $700 and $714.76 but the positive sign is that the bulls are not buckling under pressure and are buying Bitcoin Cash (BCH) on dips to the 20-day EMA ($630).

If buyers thrust the price above $714.76, the BCH/USDT pair could rally to $806.87 and then to $864.28. This zone is likely to act as stiff resistance but if bulls do not give up much ground, the possibility of a break above $864.28 increases.

Contrary to this assumption, if the price turns down from the current level or $714.76, the bears will again try to sink the pair below the 20-day EMA. If they manage to do that, the pair could drop to the 50-day SMA ($541).

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Bitcoin has resumed its move toward $50,000 and this is likely to send altcoin prices higher.

Wells Fargo, in partnership with NYDIG and alternative assets manager FS Investments, has registered a new investment fund dubbed “FS NYDIG BITCOIN FUND I,” which will offer the bank’s wealthy clients an opportunity to gain indirect exposure to Bitcoin (BTC). 

In another sign of growing institutional interest, filings submitted to the U.S. Securities and Exchange Commission by BlackRock show a 6.71% stake in Marathon Digital Holdings and a 6.61% stake in Riot Blockchain. BlackRock’s total investments in both the publicly traded Bitcoin mining firms are roughly valued at $384 million.

Coinbase CEO Brian Armstrong announced on Aug. 20 that the company’s board had approved a proposal to add $500 million worth of crypto to the balance sheet and allocate 10% of the profits earned into crypto purchases in the future.

With this move, Coinbase will become the first publicly-traded company to hold Ether (ETH), decentralized finance tokens and proof-of-stake assets on its balance sheet.

The institutional interest in crypto continues to grow and that may bode well for the sector in the future. Let’s study the charts of the top-10 cryptocurrencies and determine the critical levels to watch out for.

BTC/USDT

Bitcoin had been witnessing a tough tussle between the bulls and the bears near the 200-day simple moving average ($45,692) for the past few days. The bears pulled the price below the 200-day SMA on Aug. 17 but they could not break the 20-day exponential moving average ($44,183) support.

Aggressive buying at the 20-day EMA pushed the price back above the 200-day SMA on Aug. 19. The rising 20-day EMA and the relative strength index (RSI) near the overbought territory indicate that bulls are in control.

If buyers sustain the price above $48,144, the BTC/USDT pair could pick up momentum and rally to $51,500 where the bears may again mount a stiff resistance. If bulls can arrest the subsequent decline above the 200-day SMA, it will signal strength and increase the prospects of the continuation of the uptrend.

A breakout of $51,500 could lay the tracks for a possible up-move to $60,000. This bullish view will invalidate if the price turns down and breaks below the breakout level at $45,451.67.

ETH/USDT

Ether turned down from $3,335 on Aug. 16 and the bears tried to pull the price below the breakout level at $3,000 on Aug. 17 and 18. Although the price dipped below this support, the bears could not sustain the lower levels, indicating strong buying by the bulls.

The ETH/USDT pair rebounded off the 20-day EMA ($2,981) on Aug. 19, suggesting that bulls are aggressively defending this support. The buyers will now try to push the price above the overhead resistance at $3,335. If they manage to do that, the pair could start its journey toward $4,000.

Contrary to this assumption, if the price turns down from $3,335, the pair could again drop to $3,000 and consolidate in this tight range for a few more days. A break and close below $3,000 will be the first sign that bulls are losing their grip. The pair could then drop to the 50-day SMA ($2,311).

ADA/USDT

The bulls flipped the $1.94 level to support on Aug. 17 and 18. This attracted further buying and the bulls pushed Cardano (ADA) above the all-time high at $2.47 today.

The ADA/USDT pair could now rally to $2.73 where it is again likely to face stiff resistance from the bears. If bulls bulldoze their way through this resistance, the pair could reach the psychological barrier at $3.

Although the trend favors the bulls, the RSI near 80 shows the rally is overextended in the short term. If the price slips and sustains below $2.47, the bears will try to pull the pair down to $2.20. A break below this level will suggest that the momentum has weakened in the short term. The pair could then drop to the 20-day EMA ($1.87).

BNB/USDT

Binance Coin (BNB) turned down from the overhead resistance at $433 on Aug. 17 but the bulls did not allow the price to break below the 20-day EMA ($384).

A strong rebound off the 20-day EMA has pushed the price above the stiff resistance at $433. If bulls sustain the price above $433, the BNB/USDT pair could start its northward march toward $520 and then to $600.

The rising moving averages and the RSI in the overbought territory indicate that the path of least resistance is to the upside. This bullish view will be negated if the price turns down and breaks below the 20-day EMA. That could result in a decline to $340.

XRP/USDT

XRP broke above the downtrend line of the descending channel and the overhead resistance at $1.07 on Aug. 13, which completed a rounding bottom pattern. The bears tried to pull the price back below $1.07 but the bulls foiled their attempt.

The strong rebound off $1.07 on Aug. 18 shows that the bulls successfully flipped this level into support. The XRP/USDT pair could now rally to $1.70. This level could act as stiff resistance but if bulls overcome this hurdle, the pair may rally to $1.96.

Alternatively, if the price turns down from $1.35, the bears will try to pull the pair below $1.07 and the 20-day EMA ($1.01). If they succeed, the pair could drop to the 200-day SMA ($0.84). Such a move will suggest that traders offloaded their positions at higher levels.

DOGE/USDT

Dogecoin (DOGE) broke and closed above the $0.29 resistance on Aug. 14, which cleared the path for a rally to $0.35. The bears mounted a stiff resistance at this level on Aug. 16 and pulled the price back to the breakout level at $0.29.

The bulls successfully defended the breakout level at $0.29 on Aug. 21, suggesting that the sentiment is positive. If buyers thrust the price above $0.35, the DOGE/USDT pair could rally to the next overhead resistance at $0.45.

Conversely, if the price turns down from the current level or $0.35, the bears will again try to sink the pair below the 20-day EMA ($0.27). If they manage to do that, the pair could decline to the next support at $0.21.

DOT/USDT

Polkadot (DOT) turned down from the 200-day SMA ($27.52) on Aug. 17 but the correction was short-lived as the bulls bought the dip on Aug. 18. The buyers have pushed the price above the 200-day SMA today.

The DOT/USDT pair will complete a V-shaped bottom if it rises and closes above the $28.60 resistance. This setup has a target objective at $46.83.

However, such a move may not be easy because the RSI has risen deep into the overbought territory, indicating that the rally is overextended in the short term. That could result in a minor correction or consolidation in the next few days.

If the price rebounds off the 20-day EMA ($21.86), the bulls will again try to propel the price above $28.60. Alternatively, a break below the 20-day EMA will suggest that the pair may extend its range-bound action in the near term.

SOL/USDT

Solana (SOL) rose above the $44 resistance on Aug. 13. The bears tried to pull the price back below the breakout level on Aug. 14 but failed to sustain the lower levels. This shows that bulls were in no hurry to dump their positions.

The SOL/USDT pair broke above the all-time high at $58.38 on Aug. 16 and has continued its journey higher. The strong rally of the past few days has pushed the RSI above 89, suggesting that the up-move is overextended in the short term.

This could result in a few days of consolidation or a minor correction where the price may retest the breakout level at $58.38. If bulls flip this level into support, the rally may resume and reach the psychological mark at $100.

The bears will have to pull and sustain the price below $58.38 to weaken the bullish momentum.

Related: Bitcoin attacks last resistance before $50K with BTC price daily close now crucial

UNI/USDT

The failure of the bulls to sustain Uniswap (UNI) above the overhead resistance at $30 attracted profit-booking, which dragged the price lower on Aug. 16. Although bears pulled the price below the moving averages on Aug. 18 and Aug 19, they could not sustain the lower levels.

The strong rebound off the 20-day EMA ($26.60) on Aug. 19 suggests that the sentiment remains positive and the bulls are buying on dips. The bulls will now again try to push the price above the overhead resistance at $30.

If they succeed, the UNI/USDT pair could start a new uptrend. The first target on the upside is $37 and if this level is crossed, the pair could retest the all-time high at $45.

Conversely, if the price turns down from $30, the pair may drop to the 20-day EMA. A break and close below this level could pull the price down to $23.45.

BCH/USDT

Bitcoin Cash (BCH) broke above the 200-day SMA ($651) on Aug. 13 but the bulls could not build upon this advantage. Sensing an opportunity, the bears pulled the price back below the 200-day SMA on Aug. 17 but could not crack the support at the 20-day EMA ($613).

This suggests that the sentiment has turned positive and traders are buying on dips. The bulls pushed the price back above the 200-day SMA on Aug. 19 and will now try to thrust the BCH/USDT pair above $714.66.

If they can pull it off, the pair could rally to $800 and then to $864.28. On the other hand, if the price turns down from the current level or the overhead resistance and breaks below the 20-day EMA, the pair could slide to $546.83.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.