Price analysis 4/14: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, LTC
Bitcoin (BTC) and Ether (ETH) are trading above the psychologically important levels of $30,000 and $2,000 respectively. This suggests that the crypto winter may be on its last legs.
Some analysts are calling for an altseason to begin but it may be too early for that. When most of the crypto bears turn bullish, Bitcoin is likely to turn down sharply and catch the late entrants off guard. That could hurt sentiment in the short term and cause a sell-off in altcoins. After the weak hands are shaken out, the crypto markets may stabilize and begin a sustained uptrend.
Data from on-chain intelligence platform Glassnode suggests that there are significant similarities between the current having cycle and the previous ones. However, Ecoinometrics warned that an economic recession could alter things.
Let’s watch the charts of the top-10 cryptocurrencies to spot the important resistance levels that may start a pullback.
The bears tried to stall the up-move on April 12 but the bulls did not give up. They resumed their purchase on April 13 and cleared the hurdle at $30,550 on April 14.
If buyers sustain the price above $30,550, the BTC/USDT pair may rally to $32,400. The bears are expected to protect this level with all their might.
If the price turns down from this level but does not break below the 20-day EMA ($28,542), it will enhance the prospects of a rally above $32,400. If this level is scaled, the pair may zoom toward $40,000.
On the other hand, if the 20-day EMA cracks, it will suggest that the bears are trying to make a comeback. That could clear the path for a possible drop to $25,250.
Ether (ETH) bounced off the 20-day EMA ($1,870) on April 12, indicating that the bulls are guarding the level with vigor.
The buying continued on
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