Home Cryptocurrency BTC, ETH, BNB, XRP, ADA, DOT, UNI, LTC, LINK, THETA

BTC, ETH, BNB, XRP, ADA, DOT, UNI, LTC, LINK, THETA

by Gordon James

According to CoinShares, institutional crypto inflows in the first quarter totaled $4.5 billion, up 11% from the fourth quarter of 2020. This suggests that institutional investor interest is increasing, but quarter-on-quarter growth has slowed from the 240% recorded in Q4. The growth rate will slow down in the second quarter of 2020.

When the price of bitcoins increases, more funds are needed to maintain the level. As a result, bitcoin (BTC) and other allcoins could experience a major correction if institutional inflows do not pick up in the coming days.

Daily indicators for the crypto-currency market. Source : coin360

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The next correction could test the resolve of institutional investors. And while these investors may have deep pockets, some of them may have gotten into crypto just for a quick speculative profit. There is always the possibility that investors will dump their positions if bitcoin begins a correction.

While this may accelerate the decline, lower levels are likely to attract investors who missed the bus earlier. If this assumption is correct, market volatility could remain high in the coming days.

Let’s analyze the charts of the top 10 cryptocurrencies to see if a possible correction is imminent here as well.

BTC/USDT

Bitcoin’s inability to break through the difficult overhead resistance zone between $60,000 and $61,825.84 seems to have caught the attention of traders with short-term profit dynamics. This brought the price back below the 20-day exponential moving average ($56.863) today.

Daily chartBTC/USDT. Source: TradingView

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If price remains below the 20-day EMA, the bears could feel an opening and likely attack critical support at the 50-day simple moving average ($54.333). If this support is broken and the bears manage to keep the price below the 50-day SMA, the selling could intensify.

The next downside support is at $50,460. If this level also weakens, the BTC/USDT pair could fall to $43,006.77. The drop in the moving averages and relative strength index (RSI) below 52 suggests that the bulls may be losing their grip.

Contrary to this assumption, when the price bounces off the 50 SMA, the bulls will make another attempt to push the pair to a new all-time high. If successful the pair could move towards the next target of $69,540 and then $79,566.

ETH/USDT

The ether (ETH) rose from 2. April to a new all-time high, but was unable to take off and continue its rise. This showed hesitancy on the part of the bulls, and although they managed to get the price up on the 6th. April at a new high of $2,150, the rally has since stopped.

Daily ChartETH/USDT. Source: TradingView

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This may have frustrated traders, who seem to have reset their positions today, leading to a decline to the 20-day EMA ($1,904). If the ETH/USDT pair rebounds strongly from the 20-day EMA, it would indicate demand at lower levels.

The bulls will then make another attempt to push the price above $2,150. If successful, the pair can begin its journey to the next target at $2,618.14.

This positive outlook is considered invalid if the bears allow price to fall below the 20-day EMA and support. Such a move indicates a possible change in sentiment that could push the price down towards the trend line.

MLRD. BARR.

Binance Coin (BNB) is in a strong uptrend. Today the bears tried to pull it back below the breakout level at $348.69, but the long tail of the candle shows that the bulls were aggressively buying this decline.

Daily chart NBB/USDT. Source: TradingView

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The rising moving averages and the RSI near the overbought zone show that the bulls are firmly in play. If buyers can use $348.69 as support, the NBB/USDT pair could begin the next leg of an uptrend that could take it to $500 and then $530.

On the other hand, if the price drops below $348.69, it would mean that higher levels would attract profits for traders. Bullish momentum could weaken if bears push price below the 20-day EMA ($314).

XRP/USDT

The breakout of the XRP above the $0.65 level. The $8.5 million prize finished 5th. April in an inverted head and shoulders pattern, with a price target of $1.11. The altcoin reached this target on the 6th. April, when it reached an intraday peak of $1.11.

Daily chart XRP/USDT. Source: TradingView

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Traders following technical analysis seem to have taken profits near the price target, leading to a strong pullback today.

The bulls are trying to stop the correction near the 50% Fibonacci retracement level at $0.84, as the long tail of the candle shows. If buyers can sustain a rally, it will mean accumulation at lower levels and the prospect of a breakout above $1.11 remains.

On the other hand, if XRP/USDT breaks below $0.84, the correction could deepen to the 61.8% Fibonacci retracement level at $0.77. Such a deep correction could delay the start of the next phase of the uptrend.

ADA/USDT

Cardano (ADA) filed on the 6th. April is trying to move higher, but the long wick of the daily candle suggests a lack of demand at higher levels. The bears have seized this opportunity today and are trying to push the price down to $1.03.

Daily chartADA/USDT. Source: TradingView

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The bulls will likely aggressively defend support at $1.03. If price recovers strongly to this level, the bulls will try to push price above the moving averages. If they do, the ADA/USDT pair could stay in this range for a few more days.

The flat EMA at 10 days ($1.18) and the RSI near the midpoint suggest a balance between supply and demand.

This neutral view will be negated if support at $1.03 is broken. In this case, the pair could start its journey to $0.80 support and then to $0.70.

POINT/DATE

If the bulls fail to push the price above the all-time highs of the 5th and 6th. April at $146.80, short-term traders might take profits. This may have pushed the Polka Dot (DOT) back below the $42.28 breakout level today.

DOT/USDT Daily Chart. Source: TradingView

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The bulls are currently trying to defend the 20-day EMA ($38). If they manage to bounce back strongly from this support, this will mean accumulation at lower levels. Buyers can then try again to break the record. If successful, the DOT/USDT pair could reach $53.50.

Conversely, a weak rebound indicates weakness and a lack of urgency for traders to buy aggressively. This gives the Bears a chance to pull the price below the moving averages. If this happens, the pair could drop to $26.50.

UNI/USDT

Uniswap (UNI) tried to break above resistance at $32.50, but failed. This indicates a lack of buyers at the higher levels. Bears are now trying to push the pair below the $27.97 support zone at $25.50.

daily chart UNI/USDT. Source: TradingView

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If successful, the UNI/USDT pair could begin its journey to the next support at $22 and then $18.

However, the 20-day EMA ($29.59) and the RSI near the midpoint suggest a balance between supply and demand. If the bulls manage to defend the support zone, the pair is likely to stay in a range for a few more days.

LTC/USDT

Litecoin (LTC) collapsed on the 5th. April above the resistance line of the symmetric triangle and let the 6 out. This was followed by another upward move in April, which took the price to strong resistance at $246.96.

Daily chartLTC/USDT. Source: TradingView

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The bulls’ inability to break above $246.96 may have attracted profits from short-term traders and selling aggressive bears. This has pushed the price to the Triangle Breakout level today.

If the LTC/USDT pair bounces aggressively from this level, it suggests that the bulls are on the lows. Buyers will then make another attempt to climb the wall at $246.96. If successful, the pair could begin its journey to $307.42.

On the contrary, if the bears push the price below the moving averages, the pair could slide towards the triangle support line.

COMMUNICATION/USDT

Chainlink (LINK) broke on the 5th. April above $32 resistance and continued at 6. April continued its upward trend, but the bulls failed to break through the all-time high of $36.93. This suggests that the bears have not given up yet and are active at higher levels.

Daily chartLINK/USDT. Source: TradingView

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The currency pair LINK/USDT fell below the $32 level today. The bulls are trying to defend the 20-day EMA ($29.85). If they succeed and push the price above $32 in the coming days, this will mean accumulation at lower levels.

The bulls may try to push price back above $36.93. Conversely, if the bears are pushing price below the moving averages, this would suggest that the recent breakout above $32 was a bullish trap. The pair could drop to $24.

THETA/USDT

After trading in a narrow range for the past few days, THETA rose today and tried to break through the upper resistance of $14 at $14.96. The Bears foiled this attempt, however, as evidenced by the long wick on today’s candle.

Daily chartTHETA/USDT. Source: TradingView

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If successful, the THETA/USDT pair could enter the next leg of the uptrend with $17.65 and then $22.50 as targets. The 20-day EMA ($11.13) has begun another rally and the RSI has risen above 68, suggesting that momentum favors the bulls.

However, it is unlikely that the Bears will give up so easily. They will try to stop the uptrend in the upper resistance zone. If they are successful, the couple can extend their stay in range by a few more days.

The views and opinions expressed herein are those of the author and do not necessarily reflect those of Cointelegraph. Every investment and every stage of trading involves risk. You should do your own research before making a decision.

Market data is provided by the HitBTC exchange.

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