Analyst Who Called 2023 Crypto Breakout Says One Altcoin Ready for Massive Rally, Updates Outlook on Bitcoin and Ethereum

February 17, 2023 The Daily Hodl

Price analysis 2/15: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, LTC

February 15, 2023 Coin Telegraph

Bitcoin and select altcoins have rebounded sharply off their support levels, a possible sign that traders are buying the recent dip in the market.

Bitcoin (BTC) is leading the cryptocurrency markets on the path to recovery. Although the United States Consumer Price Index (CPI) print for January was marginally higher than expectations, it did not dent the enthusiasm of bullish crypto trader.

A positive response to seemingly negative data is a sign that the sentiment is bullish and traders are looking for buying opportunities.

However, some analysts are cautious due to the strengthening of the U.S. dollar index (DXY). They believe that a sustained rally in the DXY could limit the upside in cryptocurrencies.

*Daily cryptocurrency market performance. Source:* *Coin360*

Usually, long-term downtrends are followed by a base formation. During this phase, several analysts remain skeptical about a rally but the price action continues to surprise them. Although data is important, short-term traders should focus more on price action and devise a suitable strategy.

What are the critical levels to keep an eye on? Let’s study the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin bounced off the $21,480 level on Feb. 14 and reached the 20-day exponential moving average ($22,235). This shows that buyers are trying to arrest the correction near the 38.2% Fibonacci retracement level of $21,228. A shallow pullback is an indication that traders are buying on minor dips.

If bears want to strengthen their position, they will have to aggressively defend the $22,800 level and sink the price below $21,228. If they do that, the BTC/USDT pair may extend the correction to the 50% retracement level at $20,294. The deeper the correction, the longer it is likely to take for the next leg of the up-move to begin.

Conversely, if bulls drive and sustain the price above $22,800, the pair could rally to $23,500 and then to $24,255. The bears are expected to fiercely guard this zone. If the price turns down from it, the pair may remain range-bound between $21,228 and $24,255 for a few days.

ETH/USDT

Ether (ETH) continues to trade between the moving averages. The strong rebound off the 50-day simple moving average ($1,483) on Feb. 14 displays demand at lower levels.

The flattening 20-day EMA ($1,569) and the RSI near the midpoint suggest a balance between supply and demand. A break above the 20-day EMA will tilt the advantage in favor of the buyers. The ETH/USDT pair could then retest the solid overhead resistance at $1,680.

On the contrary, if the price turns down from the current level and plummets below the 50-day SMA, it will signal advantage to bears. That may start a deeper correction to the next strong support at $1,352.

BNB/USDT

BNB (BNB) plunged below the 50-day SMA ($293) on Feb. 13 but the bears could not build upon this advantage. The long tail on the day’s candlestick shows strong buying near $280.

The 20-day EMA has started to turn down and the RSI is in the negative territory, indicating that bears have a slight edge. The next drop to $280 increases the risk of a breakdown. Below this support, the BNB/USDT pair could extend its decline to $260.

If the price turns up from the current level and rises above the 20-day EMA, it will indicate solid demand at lower levels. That could enhance the prospects of a rally to the neckline of the bullish inverted head and shoulders (H&S) pattern.

XRP/USDT

XRP (XRP) jumped up from the strong support at $0.36 on Feb. 14 and reached the 50-day SMA ($0.38). The bears are likely to sell the relief rally to the moving averages.

If the price turns down from the current level, it will suggest that bears are selling on rallies. That may result in a retest of the support at $0.36. This is an important level for the bulls to defend because if it cracks, the XRP/USDT pair will form a head and shoulders pattern. This bearish setup has a target objective of $0.29.

Alternatively, if the price rises above the moving averages, it will indicate that the pair may oscillate between $0.42 and $0.36 for a while longer.

ADA/USDT

Cardano (ADA) attracted solid buying at the 50-day SMA ($0.34) as seen from the long tail on the Feb. 13 candlestick. The bulls followed it up with another strong up-move on Feb. 14 which rose above the 20-day EMA ($0.38).

If the price sustains above the 20-day EMA, the bulls will try to propel the ADA/USDT pair above the neckline of the inverse head and shoulders pattern. If they succeed, the pair could pick up momentum and soar above the immediate resistance at $0.44. The next major hurdle is $0.52 and if this is crossed, the rally may extend to the pattern target of $0.60.

Contrarily, if the price turns down and breaks below the 20-day EMA, it will suggest that bears are trying a comeback. They will have to sink the price below $0.34 to gain the upper hand.

DOGE/USDT

Repeated attempts by the bears to sustain Dogecoin (DOGE) below the 50-day SMA ($0.08) failed in the past few days. This shows strong demand at lower levels.

The bulls will now try to sustain the price above the 20-day EMA ($0.08). If they manage to do that, the DOGE/USDT pair could rise to the overhead resistance zone between $0.10 and $0.11. The bears are expected to defend this zone with all their might.

Another possibility is that the price turns down from the 20-day EMA. If that happens, it will suggest that the bears are trying to flip the 20-day EMA into resistance. The pair could then fall to the 50-day SMA and eventually to the strong support at $0.07.

MATIC/USDT

The bears pulled Polygon (MATIC) below the 20-day EMA ($1.19) on Feb. 13 and Feb. 14 but they could not sustain the lower levels. This shows that the bulls are not willing to give up their advantage.

If bulls thrust the price above the downtrend line, the MATIC/USDT pair could attempt a rally to $1.35. Such a move will enhance the prospects of the continuation of the up-move. If $1.35 is scaled, the rally may extend to $1.75.

Instead, if the price turns down sharply from the downtrend line, it will suggest that bears are selling on every minor rally. The next dip below the 20-day EMA may open the gates for a possible slide to $1.05.

SOL/USDT

Solana (SOL) has been stuck between the moving averages since Feb. 9. which suggests indecision among the bulls and the bears.

The flattish 20-day EMA ($22.21) and the RSI at the midpoint also do not give a clear advantage either to the bulls or the bears. This indicates that the SOL/USDT pair may swing between the downtrend line and the 50-day SMA for some time.

If the price breaks below the 50-day SMA, the selling may intensify and the pair is likely to slump to $15. Conversely, if bulls kick the price above the downtrend line, the pair could complete a 100% retracement and rise to $39.

DOT/USDT

The bears tried to pull Polkadot (DOT) below the 50-day SMA ($5.76) on Feb. 13 and Feb. 14 but the long tail on the candlestick shows strong buying at lower levels.

The bulls will try to build upon this advantage and thrust the price above the 20-day EMA ($6.32). If they can pull it off, the DOT/USDT pair could start its journey toward the overhead resistance at $7.25. This will form an inverse H&S pattern, which will complete on a break above $7.25. This reversal setup has a pattern target of $10.28.

Instead, if the price turns down and breaks below the 50-day SMA, it will suggest that bears have flipped the 20-day EMA into resistance. That could start a deeper correction to $4.35.

LTC/USDT

The long tail on Litecoin’s (LTC) Feb. 13 candlestick shows that the bulls are buying the dips to the 50-day SMA ($86). Buyers continued their purchase on Feb. 14 and cleared the 20-day EMA ($93) hurdle.

The price is stuck between $102.53 on the upside and $88 on the downside. The flattish 20-day EMA and the RSI above 57 point to a possible range-bound action in the near term.

A consolidation near the local highs is a positive sign as it suggests that stronger hands continue to hold on to their position as they anticipate the up-move to resume. A break above $102.53 could clear the path for a possible rise to $115.

This positive view could be negated in the near term if the price turns down and plummets below $88. The pair may then tumble to $81 and later to $75.

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin Ready for New Leg Up As Ethereum Flashes ‘Perfect’ Price Pattern: Popular Analyst

February 13, 2023 The Daily Hodl

Biggest Movers: SHIB, LTC Rebound From Recent Losses on Saturday

February 11, 2023 Bitcoin.com

Price analysis 2/10: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, DOT, LTC, AVAX

February 10, 2023 Coin Telegraph

Avalanche

The SEC’s crackdown on Kraken has sent a shockwave through the crypto sector. Is this week’s correction a buy the dip opportunity or a sign of worse things to come?

On Feb. 9, United States Securities and Exchange Commission (SEC) chair Gary Gensler explained why the regulator had cracked down on Kraken cryptocurrency exchange, forcing it to stop its crypto staking program for U.S. clients. This news may have rattled crypto investors and they sold aggressively. Bitcoin (BTC) crashed about 5% on Feb. 9 and several altcoins also followed suit.

The fresh round of selling has traders wondering whether the bear market has resumed or if the dip should be interpreted as a buying opportunity. This question may be troubling to investors, but for now the correction looks to be a normal corrective phase where cryptocurrencies give back some of the gains made in January. However, it would be prudent to wait for the correction to end and a bottom to be confirmed before considering fresh purchases.

Former BitMEX CEO Arthur Hayes said in a Feb. 7 blog post that Bitcoin may continue its bull run in the first half of the year but may face challenges in the latter half. Along with Bitcoin and Ether, Hayes is also bullish on altcoins but he said the trick is to get the timing right.

What are the important support levels to watch out for Bitcoin and altcoins in the near term? Let’s study the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

The $22,800 support cracked on Feb. 9 and Bitcoin plunged to the strong support near $21,480. A lack of a strong bounce off this level suggests that the correction may deepen further.

Below $21,480, the selling could accelerate and the BTC/USDT pair could fall to the moving averages. The relative strength index (RSI) has slipped into the negative territory, indicating that bears are trying to gain the upper hand in the near term.

The moving averages have completed a golden cross but the bulls need to flip the 200-day simple moving average ($19,722) into support if they want to remain in the game.

A strong rebound off the zone between $21,480 and the 200-day SMA will suggest that bulls are trying to form a higher low. The pair could then gradually move back toward $24,255. The bulls will have to surmount the $25,211 resistance to suggest that the downtrend is over.

ETH/USDT

The bears did not allow Ether (ETH) to sustain above the $1,680 level which may have tempted short-term bulls to book profits.

The moving averages have completed a golden cross, indicating a potential trend change but the bears are unlikely to give up without a fight. The sellers will try to pull the price below the moving averages and trap the aggressive bulls. If they can pull it off, the selling could intensify and a collapse to $1,200 is possible.

Instead, if the price turns up from the moving averages, it will indicate that bulls are trying to flip the 200-day SMA ($1,442) into support. The bulls will then make another attempt to thrust the price above $1,680 and gain control. The ETH/USDT pair could then start its northward march toward $2,000.

BNB/USDT

BNB (BNB) nose-dived back below the breakout level of $318 on Feb. 9, which shows aggressive selling at higher levels. This clears the path for a possible dump to the 200-day SMA ($287).

The bulls are likely to defend the moving averages with vigor. If the price rebounds off this support with force, the BNB/USDT pair could form an inverse head and shoulders pattern, which will complete on a break and close above the neckline. This bullish reversal setup has a target objective of $440.

On the other hand, if the price breaks below the moving averages, the selling could intensify and the pair may tumble to $240.

XRP/USDT

After staying above the 200-day SMA ($0.39) for several days, XRP (XRP) plummeted below the support on Feb. 9. This suggests that bears are trying to take charge.

The 50-day SMA ($0.38) had acted as a strong support on Jan. 18 and the bulls are again trying to protect the level. If the price jumps up from the current level and rises above the 200-day SMA, it will hint at strong demand at lower levels. The buyers will then aim to overcome the barrier at $0.43 and start an up-move toward $0.51.

Conversely, if the 50-day SMA gives way, it will signal that bears are back in the driver’s seat. The XRP/USDT pair could then drop to $0.33.

ADA/USDT

The 200-day SMA ($0.39) acted as a strong obstacle for Cardano (ADA). Though the bulls pushed the price above the resistance on several occasions, they failed to build upon the strength.

The price turned down and slipped below the support at $0.38 on Feb. 9. Sellers will try to pull the price to the 50-day SMA ($0.33), which is likely to act as a strong support. If the price rebounds off the 50-day SMA with strength, it will suggest that bulls are attempting to form a higher low.

On the upside, buyers will have to overcome the zone between the 200-day SMA and $0.42 to hint at a potential trend change. That could increase the possibility of a rally above $0.44.

DOGE/USDT

Dogecoin (DOGE) plunged below the $0.09 support on Feb. 9 and reached the 50-day SMA ($0.08). This dip has pulled the RSI into the negative territory, indicating that the momentum has shifted in favor of the bears.

The bulls will have to defend the zone between the moving averages with all their might because if they fail to do that, the DOGE/USDT pair could drop to the important support near $0.07. If the price rebounds off this level, the pair may consolidate between $0.07 and $0.10 for a few days.

If the price rebounds off the current level with strength, it will indicate that the bulls are striving to flip the 200-day SMA ($0.08) into support. If they do that, the pair could start its journey back toward $0.10.

MATIC/USDT

Buyers pushed Polygon (MATIC) above the $1.30 overhead resistance on Feb. 8 and 9 but could not sustain the breakout. This shows that bears sold the rise above $1.30.

However, a positive sign is that the bulls have not ceded much ground to the bears. This suggests that shallow dips are attracting buyers. This enhances the prospects of a rally above $1.30. If that happens, the MATIC/USDT pair could surge to $1.45 and then to $1.70.

Contrarily, if the price once again turns down from the overhead resistance, it will suggest that bears continue to fiercely guard the $1.30 level. The bears will have to sink the price below $1.16 to make way for a retest of $1.05.

LTC/USDT

Litecoin (LTC) turned down from $102.50 on Feb. 8. This shows that the failure to break above the resistance may have tempted short-term traders to book profits.

The bulls will try to arrest the decline at the immediate support of $88 while the bears will attempt to pull the LTC/USDT pair to the 50-day SMA ($84). A deeper decline will indicate that the momentum has weakened and that could delay the resumption of the uptrend.

If bulls want to resume the uptrend, they will have to quickly push the price back above $98. That will signal a positive sentiment, indicating that traders are buying on dips. The bulls will then again attempt to overcome the barrier at $102.50 and start the next leg of the uptrend toward $115.

DOT/USDT

The failure of the bulls to propel Polkadot (DOT) above $7.25 may have attracted selling by short-term traders and that has pulled the price to the 200-day SMA ($6.33).

Buyers will try to arrest the decline in the zone between the moving averages and make this a higher low. If they succeed, it will suggest that the DOT/USDT pair has started a bottoming formation. A break and close above $7.25 could attract further buying and open the doors for a possible rally to $10.

On the contrary, if the price plummets below the 50-day SMA ($5.59), it will suggest that bears are back in control.

AVAX/USDT

Avalanche (AVAX) turned down from the overhead resistance at $22 and reached the 200-day SMA ($17.88). Buyers are expected to defend the zone between the moving averages.

If the price rebounds off the current level, the bulls will make one more attempt to push the price above $22. If they manage to do that, the AVAX/USDT pair is likely to pick up momentum and rally to $30.

Another possibility is that the price rebounds off the moving averages but fails to climb above $22. That could result in a consolidation for a few days. The bears will have to sink the price below the 50-day SMA to gain the upper hand.

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Price analysis 2/8: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, DOT, LTC, AVAX

February 8, 2023 Coin Telegraph

ada

Bitcoin and major altcoins are witnessing a tough battle between the bulls and the bears, indicating indecision in the near term.

The United States Federal Reserve Chairman Jerome Powell said on Feb. 7 that the “disinflationary process, the process of getting inflation down,” has started but it is still in its very early stages.

He cautioned that strong data would be met with more rate hikes. Though the comments are mixed, they triggered buying in the S&P 500 and Bitcoin (BTC) on Feb. 7 as investors speculated that the Fed may soon end its rate hikes.

Bitcoin’s strong rally in January and signs of ebbing inflation seem to have turned around investor sentiment. CoinShares data on Jan. 30 shows that institutional investors pumped $117 million into digital investment products. That sent the total assets under management to $28 billion, a sharp 43% increase from its November 2022 low.

Although the sentiment seems to have turned around, bear markets rarely end without a retracement of the rise from the low. The price needs to form a higher low followed by a higher high to confirm a potential trend change.

What are the critical support levels on Bitcoin and altcoins that could arrest future declines? Let’s study the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin slid below $22,800 on Feb. 6 but the bulls purchased this dip. That started a rebound above $23,000 on Feb. 7 but the buyers could not sustain the higher levels.

The bulls are unlikely to have it easy because the bears will try to pose a strong challenge on every rise toward $24,000. Although the upsloping moving averages suggest advantage to buyers, the negative divergence on the relative strength index (RSI) signals that the bullish momentum is slowing down.

Sellers are trying to trap the aggressive bulls by pulling the price below the 20-day exponential moving average ($22,568). If they manage to do that, the BTC/USDT pair may give back a part of its recent gains and dive to $21.480. Buyers are likely to defend the zone between $21,480 and the psychologically critical level of $20,000.

ETH/USDT

Ether (ETH) rebounded off the 20-day EMA ($1,600) on Feb. 7. The bulls tried to solidify their position by driving the price above the $1,680 resistance on Feb. 8 but they could not sustain the breakout.

This shows that the bears are active near the $1,680 resistance. The sellers will try to sink the pair below the 20-day EMA. If they succeed, the ETH/USDT pair could drop to $1,500. The sellers will have to crack this support to seize control.

Conversely, if the price turns up and rises above $1,700, the pair may signal the start of the next leg of the uptrend. There is a minor resistance at $1,800, but the potential of a rally to $2,000 increases if the bulls do not allow the price to dip back below $1,680.

BNB/USDT

The bulls successfully defended the breakout level of $318 on Feb. 6, which is a positive sign as it shows that buyers are not waiting for a deeper correction to buy. The bulls will now try to push BNB (BNB) above $338.

If they can pull it off, the potential for a rally to $360 improves. The bears are expected to mount a strong defense at this level but if this barrier is surmounted, the BNB/USDT pair could extend the up-move to $400.

Conversely, if the price turns down and plummets below $318, it will signal that bears sold on rallies. That may trap the aggressive bulls and increase the risk of a fall to the 50-day simple moving average ($284).

XRP/USDT

The bulls pushed XRP (XRP) back above the 20-day EMA ($0.40) on Feb. 7 but are struggling to sustain the higher levels. This suggests that the bears are not ready to let bulls have their way.

The bears will try to pull the XRP/USDT pair to the strong support near $0.36. This is an important level to keep an eye on because a slide below it will suggest that the pair may extend its consolidation between $0.30 and $0.42 for a few more days. Trading inside a range is usually random and volatile.

If bulls want to seize control, they will have to thrust the price above the $0.42 to $0.44 resistance zone. After this zone is cleared, there is no major resistance until $0.51, hence the pair may travel this distance in a short time.

ADA/USDT

Cardano (ADA) jumped up from the immediate support at $0.38 on Feb. 7, indicating that lower levels are attracting buyers.

Although the risk from the negative divergence on the RSI remains, the upsloping moving averages suggest that bulls have the upper hand. There is a minor resistance at $0.41 but if this level is crossed, the ADA/USDT pair may touch $0.44. The bears will again try to stall the up-move at this level.

Contrary to this assumption, if the price turns down and plunges below the 20-day EMA, it will suggest that the bulls are tiring out. The bears will then try to sink the price to the 50-day SMA ($0.32).

DOGE/USDT

Dogecoin (DOGE) rebounded off the 20-day EMA ($0.09) on Feb. 7 but the shallow rise showed a lack of aggressive buying at lower levels. The price turned down on Feb. 8 and is testing the support at the 20-day EMA.

If this level gives way, the sellers will try to strengthen their position by pulling the DOGE/USDT pair to the 50-day SMA ($0.08). This is an important support for the bulls to defend because if it gives way, the selling could accelerate and the pair may tumble to the crucial support at $0.07.

On the upside, the bulls will have to pierce the resistance zone between $0.10 and $0.11 to clear the path for a possible rally to $0.15.

MATIC/USDT

Polygon (MATIC) turned up from $1.17 on Feb. 6, which is a positive sign because traders did not wait for the price to touch the 20-day EMA ($1.13) before buying.

The negative divergence on the RSI remains intact but the solid rebound on Feb. 7 shows strong demand at lower levels. This improves the prospects of a break above $1.30. If this level is scaled, the MATIC/USDT pair is likely to pick up momentum and surge to $1.45 and thereafter dash to $1.70.

The long wick on the Feb. 8 candlestick shows that bears are fiercely defending the $1.30 level. Sellers will now try to strengthen their position by pulling the price below the 20-day EMA.

LTC/USDT

In an uptrend, the bulls usually buy the dip to the 20-day EMA as it offers a low-risk trading opportunity. Litecoin (LTC) bounced off the 20-day EMA ($94) on Feb. 7, signaling that the uptrend remains intact.

There is a minor hurdle at $102.50 but if that is crossed, buyers will try to propel the LTC/USDT pair to $107. This level may again act as a roadblock but if buyers do not allow the price to dip below the 20-day EMA, the prospects of a rally to $115 increase.

Alternatively, if bears want to gain the upper hand, they will have to sink the price below the 20-day EMA. If they manage to do that, several stop losses may get triggered. The pair could then start a deeper correction to the 50-day SMA ($83).

DOT/USDT

Polkadot’s (DOT) retest of the breakout level was successfully defended by the bulls on Feb. 7. This shows that buyers are trying to flip the resistance line into support.

The bears are offering stiff resistance near $7. But the rising 20-day EMA ($6.41) suggests that the sentiment remains positive. If buyers drive the price above $7.12, the DOT/USDT pair could travel to $8, which is likely to again act as a strong hurdle.

The first sign of weakness will be a break and close below the 20-day EMA. That may encourage short-term traders to book profits and open the doors for a possible decline to $6 and then to the 50-day SMA ($5.52).

AVAX/USDT

Avalanche (AVAX) bounced off the 20-day EMA ($19.28) on Feb. 7, indicating that lower levels continue to attract buyers. However, the bulls are struggling to sustain the higher levels, signaling that bears are selling on rallies.

The AVAX/USDT pair is stuck between the 20-day EMA on the downside and $22 on the upside. Usually, a consolidation near an overhead resistance is a positive sign as it shows that bulls are not rushing to the exit. If buyers drive the price above $22, the pair may start its journey toward $30.

Contrary to this assumption, if the price breaks back below the resistance line, it will suggest that the bulls have given up and are booking profits. The pair could then slide to the 50-day SMA ($15.61).

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Trader Who Called Exact Bitcoin Bottom Updates Outlook on BTC, Reveals Monster Price Target for Litecoin (LTC)

February 7, 2023 The Daily Hodl

Biggest Movers: GRT Hits Highest Point in 9 Months, LTC Snaps Losing Streak

February 7, 2023 Bitcoin.com

Altcoin That’s Significantly Outperformed Bitcoin and Ethereum May Be Ready for Parabolic Rally, Says Top Analyst

February 7, 2023 The Daily Hodl

Price analysis 2/3: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, DOT, LTC, AVAX

February 3, 2023 Coin Telegraph

Avalanche

Strong U.S. jobs data for January could not pull Bitcoin and select altcoins lower, indicating a strong bullish undercurrent.

Bitcoin’s (BTC) rally in 2023 has been boosted by expectations that the United States Federal Reserve will slow down the pace of its rate hikes as inflation has started cooling down. Some even anticipate a rate cut by the end of the year. That assumption received a jolt on Feb.3 when the U.S. employment data for January beat expectations and unemployment hit its lowest level since May 1969.

If markets do not react negatively to news perceived as bearish, it’s a sign that the sentiment has turned positive. Traders may then shift their focus to the next important economic data release. Trading firm QCP Capital said in its latest market update that the Consumer Price Index print on Feb. 14 could move markets. They believe the risks to the data are to the upside.

The current crypto bear market seems to have driven the institutional investors to the sidelines. According to a new survey conducted by JPMorgan, 72% of institutional traders said they do not plan to “trade crypto/digital coins” in 2023. Only 14% of the respondents showed an inclination to trade this year.

Will Bitcoin and altcoins witness profit booking in the near term? Let’s study the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin bounced off the $22,800 support on Feb. 1, indicating that bulls are buying the dips to this level. The bulls pushed the price above $24,000 on Feb. 2 but they could not sustain the higher levels.

The rising moving averages and the relative strength (RSI) in the overbought zone indicate that the path of least resistance is to the upside. If the price turns up from the current level or $22,800, the BTC/USDT pair could surge to $25,000. This level is likely to act as a formidable barrier.

The first sign of weakness will be a break and close below the 20-day exponential moving average ($22,279). That could trigger the stops of several short-term traders and the pair could then fall to $21,480.

ETH/USDT

Buyers propelled Ether (ETH) above the overhead resistance of $1,680 on Feb. 2 but they could not sustain the breakout. The price gave up all the gains on the day and closed below $1,680.

The upsloping 20-day EMA ($1,571) and the RSI in the positive territory indicate that bulls are in control. They may again attempt to overcome the overhead barrier at $1,680 and start the journey to $2,000. The $1,800 level may provide some resistance but it is likely to be crossed.

If bears want to gain the upper hand, they will have to sell aggressively and yank the price back below the 20-day EMA. If they can pull it off, the ETH/USDT pair may decline to $1,500 and if this support cracks, the pullback could eventually reach $1,352.

BNB/USDT

BNB’s (BNB) tight-range trading between the 20-day EMA ($306) and the overhead resistance at $318 resolved to the upside on Feb. 2.

Although bears sold the rally on Feb. 2, a positive sign is that the buyers did not allow the price to slide back below the breakout level of $318. This suggests that the bulls are trying to flip the $318 level into support. If they can pull it off, the BNB/USDT pair could skyrocket to $360 as there is no major barrier in between.

If bears want to halt the up-move, they will have to pull the price back below the 20-day EMA. The pair could then drop to the 50-day simple moving average ($276).

XRP/USDT

XRP (XRP) once again turned down from the $0.42 resistance on Feb. 2, indicating that bears are trying to protect this level.

The price is getting squeezed between the 20-day EMA ($0.40) and $0.42. This suggests a breakout may be around the corner. The gradually upsloping 20-day EMA and the RSI in the positive territory indicate that bulls have the upper hand. This increases the possibility of a break above $0.42. If that happens, the XRP/USDT pair could soar to $0.51.

Contrary to this assumption, if the price turns down and breaks below the 20-day EMA, the decline could extend to the 50-day SMA ($0.37).

ADA/USDT

Attempts by the bears to sink Cardano (ADA) below the 20-day EMA ($0.37) failed on Feb. 1. The bulls fiercely defended the level as seen from the long tail on the candlestick.

The negative divergence on the RSI points to weakening momentum but the upsloping 20-day EMA suggests that buyers have the edge. If the price turns up from the current level, the bulls will again try to catapult the ADA/USDT pair toward the overhead resistance at $0.44.

On the contrary, if the price turns down and breaks below the 20-day EMA, it will signal that traders may be booking profits. That could open the doors for a potential drop to the 50-day SMA ($0.31).

DOGE/USDT

The long tail on Dogecoin’s (DOGE) Feb. 1 candlestick shows that the bulls aggressively purchased the dip to the 20-day EMA ($0.08). However, buyers failed to build upon this strength and overcome the barrier at $0.10.

The DOGE/USDT pair is stuck between the 20-day EMA and $0.10. The gradually upsloping 20-day EMA and the RSI in the positive territory indicate that buyers have a slight edge. If the price once again rebounds off the 20-day EMA, the bulls will try to overcome the resistance at $0.10. If they manage to do that, the pair could rise to $0.11.

On the other hand, if the price slips below the 20-day EMA, the pair could drop to the 50-day SMA ($0.08). This is an important level for the bulls to defend because if it cracks, the pair could retest $0.07.

MATIC/USDT

Polygon (MATIC) turned up from the breakout level of $1.05 on Feb.1 and reached above $1.25 on Feb. 2. The long wick on the day’s candlestick suggests that short-term traders may have booked profits at higher levels.

A positive sign is that the bulls did not cede ground to the bears and are attempting to push the price to the target objective at $1.30. This level may again act as a strong barrier but if buyers bulldoze their way through, the MATIC/USDT pair could reach $1.70.

Alternatively, if the price turns down sharply from the current level, the MATIC/USDT pair could drop to $1.05. This is an important level to keep an eye on because a bounce off it could keep the pair range-bound between $1.05 and $1.30 for a few days.

LTC/USDT

Litecoin (LTC) continued its northward march and skyrocketed above the psychological level of $100 on Feb. 1. This rise may have tempted short-term traders to book profits.

The LTC/USDT pair could enter a minor correction but the bulls are likely to buy the dip to the 20-day EMA ($90). If the price turns up from the current level or rebounds off the 20-day EMA, the bulls will try to extend the up-move to $107.

This positive view could invalidate in the near term if the price turns down and breaks below the 20-day EMA. Such a move will indicate that the bulls may be rushing to the exit. The pair could then slump to $81 and later to $75.

DOT/USDT

Polkadot (DOT) bounced off the 20-day EMA ($6.21) on Feb. 1 and broke above the overhead resistance of $6.84 on Feb. 2. The bulls could not maintain the higher levels as seen from the long wick on the Feb. 2 candlestick.

A positive sign is that the bulls did not allow the price to break back below the resistance line. This indicates that traders are trying to flip this level into support. Buyers will have to sustain the price above $7 to gain control. The DOT/USDT pair could then surge to $8 where it may face strong resistance from the sellers.

If bears want to regain control, they will have to quickly sink the price back below the 20-day EMA. The pair could then enter a corrective phase and plummet to $5.50.

AVAX/USDT

Avalanche (AVAX) soared above the overhead resistance at $22 on Feb. 2 but the long wick on the day’s candlestick shows that bears are selling on rallies.

The rising moving averages suggest that bulls are in command but the negative divergence on the RSI indicates that the momentum may be weakening. If buyers do not give up much ground from the current level, the likelihood of a break above $22 increases. The AVAX/USDT pair could then attempt a rally to $30.

Contrarily, if the price slips below $20.50, the pair could reach the resistance line. The bears will have to sink the pair below this support to tilt the advantage in their favor.

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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