Price analysis 2/18: BTC, ETH, BNB, XRP, ADA, SOL, AVAX, LUNA, DOGE, DOT

2 years ago

Bitcoin (BTC) sold disconnected on with the U.S. equity markets connected Feb. 17 connected reports that Russia expelled Bart Gorman, the 2nd highest-ranking American authoritative from the U.S. Embassy successful Moscow and U.S. President Joe Biden cautioned that the menace of a Ukrainian penetration by Russia remains “very high.”

Although the near-term correlation betwixt Bitcoin and the U.S. equity markets remains high, Pantera Capital CEO Dan Morehead said successful a caller newsletter that the “markets volition decouple soon.” Morehead mentioned that the U.S. Federal Reserve’s complaint hikes volition beryllium antagonistic for bonds, stocks and existent property and cryptocurrencies whitethorn beryllium the “best place” to parkland capital.

While traders are fixated connected the near-term terms action, Jurrien Timmer, the manager of Global Macro astatine Fidelity Investments, dismissed it arsenic noise. Timmer highlighted the similarities successful the maturation of Bitcoin and Apple networks and concluded that Bitcoin could rally supra $100,000 successful the agelong term.

Bitcoin and respective large altcoins are astatine a captious juncture. Could bulls clasp the cardinal enactment levels? Let’s analyse the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin plunged beneath the moving averages connected Feb. 17, indicating that bears are successful nary temper to relent and are selling connected rallies. The terms is adjacent $39,600, which is an important level for the bulls to defend.

The comparative spot scale (RSI) has slipped into the antagonistic territory and the 20-day exponential moving mean ($41,635) has started to crook down. This suggests that bears are attempting to summation the precocious hand.

A interruption and adjacent beneath $39,600 could summation the selling unit and the BTC/USDT brace whitethorn driblet to $36,250.

If the terms rebounds disconnected the existent level, the bulls volition again effort to propulsion the brace supra the moving averages. If they succeed, the brace could gradually rally toward $45,821 but buyers volition person to wide this hurdle to awesome a imaginable alteration successful trend.

ETH/USDT

Ether (ETH) turned down from adjacent to the neckline of the processing inverse caput and shoulders signifier connected Feb. 16. This suggests that bears are trying their champion to invalidate the imaginable reversal setup.

The ETH/USDT brace could present driblet to the beardown enactment astatine $2,652. This is an important level for the bulls to support due to the fact that a interruption beneath it could unfastened the doors for a further downside to $3,476.

Contrary to this assumption, if the terms rebounds disconnected the existent level, the bulls volition again effort to propulsion and prolong the terms supra the neckline. If that happens, it volition suggest the commencement of a caller up-move. However, the prospects of specified a determination look bleak astatine the moment.

BNB/USDT

Binance Coin (BNB) turned down from the 50-day elemental moving mean ($430) connected Feb. 16 and broke beneath the 20-day EMA ($408) connected Feb. 17.

The BNB/USDT brace has been consolidating betwixt $390.50 and $445.40 for the past fewer days. The flattish 20-day EMA and the RSI conscionable beneath the midpoint suggest a equilibrium betwixt proviso and demand.

This equilibrium volition tilt successful favour of the bears if the terms breaks and sustains beneath $390.50. That could unfastened the doors for a imaginable driblet to $357.40. Conversely, a interruption and adjacent supra $445.40 could unfastened the doors for a imaginable rally to $500. Until then, the range-bound enactment is apt to continue.

XRP/USDT

The nonaccomplishment of the bulls to prolong Ripple (XRP) supra $0.85 whitethorn person led to profit-booking by short-term traders. That pulled the terms down to the beardown enactment astatine $0.75.

The buyers are apt to support the portion betwixt the moving averages. If the terms bounces disconnected this enactment zone, the XRP/USDT brace could emergence to $0.85. A interruption and adjacent supra this level could situation the absorption astatine $0.91. The gradually rising 20-day EMA and the RSI adjacent the midpoint suggest a insignificant vantage to buyers.

This affirmative presumption volition invalidate if the bears propulsion the terms beneath the 50-day SMA ($0.73). Such a determination could trigger respective stop-losses, resulting successful a imaginable diminution to $0.65 and past $0.60.

ADA/USDT

Cardano (ADA) has been sandwiched betwixt the 20-day EMA ($1.09) and the intelligence enactment astatine $1 for the past fewer days. This tight-range trading is apt to effect successful a beardown directional determination wrong the adjacent fewer days.

The downsloping moving averages and the RSI successful the antagonistic portion bespeak that the way of slightest absorption is to the downside. If the bears descend and prolong the terms beneath $1, the ADA/USDT brace could resume its downtrend. The brace could past diminution to $0.80 and aboriginal to $0.68.

Contrary to this assumption, if the terms rises from the existent level, the bulls volition effort to thrust the brace supra the moving averages. If they bash that, the brace could rally to the absorption enactment of the channel.

SOL/USDT

Solana (SOL) turned down from the 20-day EMA ($103) connected Feb. 16 and the bears volition present effort to propulsion the terms beneath the insignificant enactment astatine $90.72. If that happens, the diminution could widen to the beardown enactment astatine $80.83.

The gradually downsloping 20-day EMA and the RSI successful the antagonistic territory bespeak that bears person the precocious hand. A interruption and adjacent beneath $80.83 could awesome the resumption of the downtrend. The SOL/USDT brace could past driblet to the enactment enactment of the channel.

On the contrary, if the terms rebounds disconnected the existent level, the buyers volition effort to propel the brace supra the 20-day EMA and situation the absorption enactment of the descending channel. A interruption and adjacent supra this level volition awesome that the downtrend could beryllium over.

AVAX/USDT

Avalanche (AVAX) broke and closed supra the downtrend enactment connected Feb.16 but the bulls could not physique upon this advantage. Strong selling by the bears astatine higher levels has pulled the terms backmost beneath the downtrend line.

The bulls are attempting to support the moving averages. If the terms rebounds disconnected the existent level, the buyers volition effort to propulsion and prolong the AVAX/USDT brace supra the downtrend enactment and $98.77. Such a determination volition suggest a rally to $117.53.

Conversely, if the terms breaks beneath the moving averages, the uptrend enactment volition beryllium tested. A interruption and adjacent beneath this enactment could accelerate selling and the brace whitethorn driblet to $76.14 followed by a diminution to $65.

LUNA/USDT

Terra’s LUNA token broke and closed supra the 20-day EMA ($55) connected Feb. 15, but the bulls could not prolong the higher levels. This whitethorn person attracted selling by the short-term traders, which has pulled the terms backmost beneath the 20-day EMA.

Both moving averages are sloping down and the RSI is successful the antagonistic zone, indicating that bears person the precocious hand. If the sellers propulsion the terms beneath $49, the LUNA/USDT brace could driblet to the beardown enactment astatine $43.44. The buyers are expected to support the portion betwixt $43.44 and $37.50 aggressively.

Alternatively, if the terms rebounds disconnected the existent level, the bulls volition marque 1 much effort to propulsion the brace supra the 20-day EMA. If they succeed, the brace could rally to the downtrend enactment of the channel.

DOGE/USDT

Dogecoin (DOGE) turned down from the 50-day SMA ($0.15) connected Feb. 16, suggesting that bears are selling connected alleviation rallies to this resistance.

There is simply a insignificant enactment astatine $0.13. If the terms bounces disconnected this level, the bulls volition again effort to propulsion the DOGE/USDT brace supra the 50-day SMA. If they succeed, the brace could emergence to the overhead absorption astatine $0.17.

The flattish 20-day EMA ($0.14) and the RSI successful the antagonistic portion bespeak a insignificant vantage to sellers. If the terms slips beneath $0.13, the brace could driblet to the beardown enactment astatine $0.12 wherever the buyers are apt to measurement successful to apprehension the decline.

DOT/USDT

Polkadot (DOT) turned down from the 20-day EMA ($19.82) connected Feb. 17, indicating that the sentiment remains antagonistic and traders are defending the overhead absorption levels.

The bears volition present effort to propulsion the terms to $16.81 which is an important enactment to ticker retired for. If the terms rebounds disconnected this level, the bulls volition again effort to thrust the DOT/USDT brace supra the downtrend line. If they succeed, the brace could emergence to $23.19.

Alternatively, if bears propulsion the terms beneath $16.81, the selling could intensify and the brace could widen its diminution toward the adjacent enactment astatine $10.37. The downsloping moving averages and the RSI successful the antagonistic territory bespeak the way of slightest absorption is to the downside.

The views and opinions expressed present are solely those of the writer and bash not needfully bespeak the views of Cointelegraph. Every concern and trading determination involves risk. You should behaviour your ain probe erstwhile making a decision.

Market information is provided by HitBTC exchange.

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