Bitcoin and altcoins gave back the gains from last week’s relief rally and today’s drop below $20,000 suggests that the bears are determined to push the market back to its yearly lows.
US stock markets have given back some of the gains made in the past week and that has pushed Bitcoin to psychological support at $20,000. This suggests that investors are nervous about buying risky assets at higher levels.
Meanwhile, during a chat with the hosts of the Bankless Podcast on June 23, Mark Cuban said that the cryptocurrency bear market could end after the price gets so cheap that investors go and start buying or an app launches. with utility that attracts users.
Several analysts expect Bitcoin to continue falling and eventually bottom out between $10,000 and $12,000. However, John Bollinger, the creator of the popular Bollinger Bands trading indicator, said that the monthly charts suggest that the price of Bitcoin has reached “a logical place to bottom”.
Could the bears keep up the selling pressure and push crypto prices lower? Let’s study the charts of the top 10 cryptocurrencies to find out.
BTC/USDT
Bitcoin dipped below $22,000 on June 26 and gradually slid to immediate support at $19,637. This suggests that the bears are still in command and every rally is being sold.
If the price drops below $19.637, the BTC/USDT pair could risk falling to the crucial support at $17.622. This is an important level to watch because a break and close below it could start the next leg of the downtrend. The pair could then drop to $15,000.
On the other hand, if the price bounces off $19,637, it will suggest demand at lower levels. Then, the buyers will try to push the price above the 20-day exponential moving average ($22,393). If they are successful, the pair could rally to the 50-day simple moving average ($26.735).
ETH/USDT
Ether (ETH) turned down from the 20-day EMA ($1,268) on June 26, which suggests that the sentiment remains negative and traders are selling on the rallies.
The falling moving averages and the RSI in the negative zone indicate that the bears are in control. The sellers will try to push the price below the immediate support of $1,050. If successful, the ETH/USDT pair could drop to the June 18 intraday low of $881.
A break below this support could signal a resumption of the downtrend. The next support on the downside is at $681.
Contrary to this assumption, if the price bounces off $1,050, it will suggest demand at lower levels. The buyers will then make another attempt to push the price above the 20-day EMA and start the ride towards $1,500 and then $1,700.
BNB/USDT
The buyers failed to push and sustain Binance Coin (BNB) above the 20-day EMA ($238) on June 24-28. This resulted in a profit booking that brought the price to the strong support at $211.
The 20-day EMA has started to turn down once again and the RSI has dipped into negative territory. This suggests that the bears have the upper hand. If the price drops below $211, the BNB/USDT pair could drop to the critical support at $183. If this support collapses, the pair could resume its downtrend and plummet towards $150.
Conversely, if the price bounces off $211, it will suggest that the bulls are attempting to form a higher low. A strong bounce could increase the prospects for a break above $250. The pair could then rally to the 50-day SMA ($273).
XRP/USDT
Ripple (XRP) dipped below the breakout level of $0.35 on June 28, which suggests that the bears continue to aggressively sell higher.
The 20-day EMA ($0.35) is flat, but the RSI has dipped below 40, which suggests that the bears have a slight edge. The sellers will try to drive the price to the vital support of $0.28. This is an important level to watch because if it breaks, the XRP/USDT pair could start the next leg of the downtrend.
Conversely, if the price turns up from the current level or $0.28, it will suggest that the bulls are buying at lower levels. That could keep the pair range bound between $0.28 and the 50-day SMA ($0.38) for a few days.
ADA/USDT
The bears thwarted repeated attempts by the bulls to push Cardano (ADA) above the 20-day EMA ($0.50) in recent days. This suggests that the bears are defending the level aggressively.
The price could drop to the strong support zone of $0.44 to $0.40. If the price bounces hard off this zone, it will suggest that the bulls are piling on the dips. The buyers will once again try to push the price above the moving averages. If they can pull it off, the ADA/USDT pair could start an up move towards $0.70.
This positive view could be invalidated in the short term if the bears sink the pair below the support zone. If that happens, the pair could signal a resumption of the downtrend. The next support is at $0.33.
SOL/USDT
The narrow range trade in Solana (SOL) resolved to the downside with a break below the 20-day EMA ($37). The bears are attempting to push the price below the immediate support at $33.
If successful, the SOL/USDT pair could drop to $27 and then retest the June 14 intraday low of $25.86.
Contrary to this assumption, if the price bounces off $33, it will suggest that the bulls are attempting to form a higher low. Then, the buyers will try to break the overhead hurdle at $43. If that happens, the pair could signal a possible trend reversal. The pair can then rally to $60, where the bears can once again mount a strong defense.
DOGE/USDT
Dogecoin (DOGE) turned down from the 50-day SMA ($0.08) on June 27 and broke below the 20-day EMA ($0.07) on June 28. This suggests that the bears have not given up and continue to sell on rallies.
The bears will try to sink the price to $0.06. If this level breaks, the next stop could be a retest of the critical level at $0.05.
Alternatively, if the price turns up from the current level or the support at $0.06 and breaks back above the 20-day EMA, it will suggest that the bulls are attempting to form a higher low. The bullish momentum could pick up on a break above $0.08. The DOGE/USDT pair could then attempt a rally to the psychological level of $0.10.
DOT/USDT
Repeated failures to push and sustain the price above the 20-day EMA ($7.93) may have tempted short-term traders to book profits on Polkadot (DOT). The price turned down from the 20-day EMA and fell to $7.30 on June 28.
Both the bulls and bears are battling for supremacy near the $7.30 level. If the bears win, the DOT/USDT pair could drop to the crucial $6.36 level. The bulls are expected to defend this level aggressively because a break below could signal a resumption of the downtrend.
Conversely, if the price bounces off the current level, the buyers will once again try to make a close above the 20-day EMA. If they manage to do that, the pair could rally to the 50-day SMA ($8.97).
SHIB/USDT
Shiba Inu (SHIB) dipped below the 50-day SMA ($0.000011) again on June 28, which suggests that the bears are active at higher levels. Although the price dipped below $0.000010, the bears have not been able to take advantage of this advantage.
This suggests that selling is exhausting at lower levels. The bulls will once again try to push the price above the 50-day SMA and challenge the resistance at $0.000012. A breakout and close above this level could open the doors for a possible rally to $0.000014.
The 20-day EMA ($0.000010) has leveled off and the RSI is just below the midpoint, which indicates a balance between supply and demand. If the price falls below $0.000009, the advantage could tip in favor of the sellers. Afterwards, the pair can drop to $0.000007.
LEO/USD
UNUS SED LEO (LEO) broke out and closed above the resistance line of the descending channel on June 25, but the bulls were unable to push the price above $6. That may have attracted the profit booking of the traders to short term, which caused the price to return to the channel on June 27.
The 20-day EMA ($5.57) is sloping up and the RSI is in the positive territory, which suggests that the bulls have the upper hand. The buyers are again trying to overcome the overhead hurdle at $6. If successful, the LEO/USD pair could rally to $6.50 and then to the pattern target of $6.90.
Contrary to this assumption, if the price breaks back below $6, it will suggest that the bears are vigorously defending this level. Sellers will then try to sink the price below the 20-day EMA and challenge the 50-day SMA ($5.24).
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should do your own research when making a decision.
Market data is provided by the exchange HitBTC .