Price Analysis 4/29: BTC, ETH, XRP, BCH, BSV, LTC, EOS, BNB, XTZ, XLM
Bitcoin’s impressive rally has pushed the crypto markets higher, leading traders to wonder if the uptrend will last through the halving event.
The Bitcoin (BTC) whales have not been perturbed by the sharp rallies or the waterfall declines in Bitcoin in the past three years. As Cointelegraph recently reported, some major whales have not moved their Bitcoin holdings for an average period of 4.7 years. This suggests that the early adopters are in for the long game and they believe that the best is yet to come.
The creator of the popular stock-to-flow (S2F) model Plan B has updated his model. This has led to a revision in the forecast of Bitcoin from $100,000 to $288,000 for the period between 2020 and 2024. This puts the new target from the S2F model very close to that of Tim Draper. The venture capitalist recently reiterated his call that the largest crypto-asset on CoinMarketCap would reach $250,000 by the end of 2022 or early 2023.
Daily cryptocurrency market performance. Source: Coin360
However, a prominent Bitcoin whale Joe007 believes that the upcoming halving event has already been priced in, which could result in a crash as traders sell the news. He seems to have built a large Bitcoin short position, which the Bitfinex leaderboard shows as being underwater.
The bulls and the bears will always have opposing views and strong reasoning to support their outlook. While traders should know about these opinions, they should initiate trades based on their principles.
After five small range days, Bitcoin (BTC) made a decisive move today. The strong breakout above the $8,000-$8,175.49 resistance zone suggests that the bulls have asserted their supremacy.
BTC–USD daily chart. Source: Tradingview
If the bulls can sustain the price above $8,175.49, the BTC/USD is likely to pick up momentum and rally to the next target objective of $9,200.
The upsloping 20-day exponential moving average ($7,366) and the relative strength index in the overbought zone suggests that bulls are in command.
Conversely, if the pair turns down from the current levels and dips back below $8,000, it will signal a lack of buyers at higher levels. Therefore, the traders can keep a close watch on the price and book partial profits if they find that the bulls are struggling to hold on to the higher levels.
The trend will turn negative on a break below the support at $7,454.17. Therefore, the stop-loss on the long positions can be trailed higher to $7,400. As the price moves up, the stops can be trailed higher according to the individual’s trading philosophy.
Ether (ETH) is attempting to break out of the resistance line of the ascending channel. If the bulls can push the price above the channel, it will signal that the trend is picking up momentum. The 20-day EMA ($181) is sloping up and the RSI is close to the overbought zone, which also suggests that bulls are in command.
ETH–USD daily chart. Source: Tradingview
Above the channel, the first target to watch out for is $250. If this level is scaled, the rally can reach $289.599.
On the other hand, if the bulls fail to sustain the price above the channel, the ETH/USD pair can dip to the 20-day EMA and extend its stay inside the channel. The trend will turn in favor of the bears on a break below the channel.
Therefore, for now, the stops on the long positions can be kept at $160. If the pair closes (UTC time) above the channel, the stops can be trailed higher to $185.
XRP surged above $0.20570 on April 27, which is a positive sign. This suggests that the bulls have overpowered the bears. The next level to watch out for is $0.24560. If this level is also scaled, the rally can reach the long-term downtrend line at $0.28.
XRP–USD daily chart. Source: Tradingview
The 20-day EMA ($0.195) has started to slope up once again and the RSI is close to the overbought zone, which suggests that bulls are at an advantage.
A pullback in the XRP/USD pair is likely to find support at the breakout level of $0.20570. A bounce off this level will signal that the bulls are buying the dips. However, if this support cracks, it will signal weakness.
A drop below the 20-day EMA will sway the advantage in favor of the bears. Therefore, the traders can trail the stop-loss on the long positions to $0.19.
Bitcoin Cash (BCH) has broken above the overhead resistance at $250, which is a positive sign. This shows that the bulls have overpowered the bears. The next level to watch on the upside is $280.47.
BCH–USD daily chart. Source: Tradingview
The bears are likely to mount a strong defense at $280.47. If the BCH/USD pair turns down from this level, a drop to $250 is possible.
Conversely, if the momentum can drive the price above $280.47, it will invalidate the bearish head and shoulders pattern, which is a positive sign. Above this level, a rally to $350 is possible. If the pair closes (UTC time) above $250, the stops on the long positions can be trailed higher to $220.
Bitcoin SV (BSV) has broken above the tight range of $187.16-$203.40. If the bulls can sustain the breakout, a move to the next overhead resistance at $227 is possible. The bears are likely to defend this level once again.
BSV–USD daily chart. Source: Tradingview
With the 20-day EMA ($193) only sloping up marginally and the RSI in the positive territory, the bulls have a slight advantage. The BSV/USD pair is likely to pick up momentum after it breaks above $227-$233.314 resistance zone.
If the bulls fail to sustain the breakout of $203.40, a drop to the bottom of the range at $187.16 is possible. If this support cracks, the decline can extend to $170. The traders can trail the stops on the long positions from $165 to $185 after the pair closes (UTC time) above $205.
Litecoin (LTC) bounced off the 20-day EMA ($43) on April 27, which is a positive sign. This shows that the sentiment is to buy the dips. The bulls are currently attempting to sustain the price above the overhead resistance at $47.6551.
LTC–USD daily chart. Source: Tradingview
If successful, the LTC/USD pair can move up to $52.2767 and then to $63.8769. The RSI has crossed above the 60 levels and the 20-day EMA has started to curl up, which suggests that the bulls are at an advantage.
However, if the pair reverses direction from the current levels, it can drop to the support at $43.67. The 20-day EMA is also placed close to this level, hence, the bulls are likely to defend this level aggressively. Therefore, the stop loss on the long positions can be trailed higher to $42.
After consolidating near the overhead resistance of $2.8319 for the past few days, EOS has made a decisive move today. The next target to watch out for is $3.1802, which is again likely to act as a stiff resistance.
EOS–USD daily chart. Source: Tradingview
Nonetheless, the trend favors the bulls as the 20-day EMA ($2.66) is sloping up and the RSI has risen above the 60 levels for the first time since mid-Feb. If the bulls can propel the EOS/USD pair above $3.1802, a rally to $3.8811 is likely.
Conversely, if the pair fails to sustain above $3.1802, it could drop to the 20-day EMA, which is likely to act as an important support. Therefore, the traders can trail the stop loss on the long positions to $2.50. The trend will favor the bears if the pair plummets below the critical support at $2.3314.
Binance Coin (BNB) is attempting to break above the $16.8183-$17.4775 resistance zone. If successful, the altcoin is likely to pick up momentum and move towards its first target objective of $21.5 and then $24.
BNB–USD daily chart. Source: Tradingview
The upsloping 20-day EMA ($15.66) and the RSI above 64 level suggests that bulls have the upper hand. The traders can keep the stop-loss on the long positions at $14.50. After the pair sustains above $17.4775, the stops can be trailed higher to $15.50.
However, if the bulls fail to drive the BNB/USD pair above the $16.8183-$17.4775 zone, a drop to the 20-day EMA is possible. A break below this support can drag the price to the next level at $13.65.
The bulls bought the dip on April 27, which is a positive sign. Tezos (XTZ) is currently attempting to rise and sustain above the overhead resistance of $2.8969. If successful, the uptrend is likely to resume.
XTZ–USD daily chart. Source: Tradingview
Above $2.8969, the XTZ/USD pair can rally to $3.2712. The upsloping 20-day EMA ($2.40) and the RSI close to the overbought zone suggests that bulls are in command.
However, if the bulls fail to sustain the price above $2.8969, the pair might consolidate for a few days. The trend will weaken on a break below $2.56, which is the intraday low made on April 27. Therefore, traders can trail the stop loss on the remaining long positions to $2.55.
After three days of consolidation, Stellar Lumens (XLM) broke out on April 27 and resumed its up move. The 20-day EMA ($0.057) is sloping up and the RSI is in the overbought zone, which suggests that bulls are firmly in command.
XLM–USD daily chart. Source: Tradingview
The bears are likely to defend the overhead resistance of $0.073434 aggressively. A minor pullback or a few days of consolidation cannot be ruled out at this level.
However, if the correction is nominal, it will increase the possibility of a break above $0.073434. If successful, the XLM/USD pair can move up to $0.079512 and above it to $0.090. This level has been a major hurdle for the bulls, hence, it might be difficult to cross.
On the downside, the pair has strong support at $0.060. If the bears can drag the price below this level, it would signal that the trend has shifted in favor of the sellers.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.
Market data is provided by HitBTC exchange.