Bitcoin’s sharp rebound from its recent swing low suggests traders are aggressively accumulating BTC and altcoins on major dips.
Bloomberg Intelligence senior commodity strategist Mike McGlone believes that Bitcoin (BTC) is more likely to rally to $40,000 than slump to $20,000. This bullish outlook seems to be shared by traders as Bitcoin initiated a sharp recovery today.
On-chain data also suggests that long-term holders (LTH) have again started accumulating Bitcoin after booking profits during the rally from $10,000 naar $64,000.
The total number of Bitcoin held by these long-term holders is 2.3 million more than what they held at the peak of the 2017 stierenmarkt. This shows the veteran traders remain bullish about the future prospects of Bitcoin.
CoinShares’ Monday “Digital Asset Fund Flows Weekly” report shows institutional investors pulled out $141 million from Bitcoin investment products last week. Echter, Ether (ETH), XRP and Cardano (ER BESTAAT) products witnessed net inflows, suggesting money is exiting Bitcoin and entering select altcoins.
Echter, the outflow from Bitcoin products is minuscule compared to the massive $4.2 billion that was pumped into them in 2021. This shows that most investors have held their positions despite the recent fall.
Let’s analyze the charts of the top-10 cryptocurrencies to determine whether the correction is over or if the prices could fall further.
BTC / USDT
Bitcoin broke below the trendline of the symmetrical triangle on June 7, indicating the uncertainty resolved in favor of the bears. Echter, the long tail on the June 8 candlestick shows strong buying at lower levels.
The bulls continued their purchase today, which seems to have trapped the aggressive bears who may have sold on June 7. Echter, the BTC/USDT pair is still not out of the woods yet because the relief rally is likely to face resistance at the 20-day exponential moving average ($37,925).
Als de prijs daalt van deze weerstand, it will suggest that the sentiment remains negative and traders are selling on rallies. The next leg of the downtrend could begin after the bears sink the price below the $31,000 naar $28,000 ondersteuningszone. Such a move may open the doors for a decline to $20,000.
Echter, de relatieve sterkte-index (RSI) has formed a bullish divergence, indicating the bearish momentum is weakening. The first sign of strength will be a breakout and close above the 20-day EMA, which could extend the relief rally to the 50-day simple moving average ($45,896).
ETH / USDT
Ether once again turned down from the resistance line of the symmetrical triangle on June 7, indicating the bears are aggressively defending the zone between the resistance line and the 50-day SMA ($2,927).
Echter, the long tail on the June 8 candlestick shows the bulls are buying on dips to the support line of the symmetrical triangle. This suggests the ETH/USDT pair could remain stuck inside the triangle for a few more days.
The next trending move could start after the price breaks above or below the triangle. The buyers will have to propel the price above the 50-day SMA to gain the upper hand. alternatief, een pauze hieronder $2,079.94 could signal advantage to the bears.
BNB / USDT
Binance-munt (BNB) broke below the trendline on June 8 but the bears could not sustain the lower levels. The long tail on the daily candlestick suggests that bulls are attempting to defend the trendline.
If buyers push the price above the 20-day EMA ($389), the BNB/USDT pair could rise to the overhead resistance at $433. A breakout and close above this level will complete a bullish ascending triangle pattern, die een streefdoel heeft op $608.60.
In tegenstelling tot deze veronderstelling, if the price turns down from the current level or the overhead resistance and breaks below the trendline, it will suggest that bears have overpowered the bulls. Dat kan resulteren in een daling van $257.40 en dan naar $211.70.
ADA / USDT
Cardano dropped below the 50-day SMA ($1.57) in juni 8 but the bears could not capitalize on this weakness. The long tail on the June 8 and June 9 candlestick shows strong buying at lower levels.
The flattish moving averages and the RSI just below the midpoint suggest a balance between supply and demand.
This balance will shift in favor of the bears if the price breaks below the trendline. The ADA/USDT pair could then drop to $1.24 en dan naar $1.
Integendeel, if the buyers propel the price above the 20-day EMA ($1.64), the pair could rise to the overhead resistance at $1.94. A breakout and close above this level could push the pair to the all-time high at $2.47.
HOND / USDT
Dogecoin (DOGE) broke below the 20-day EMA ($0.36) in juni 7 and fell to the neckline of the head and shoulders pattern. The bulls are trying to defend this level as seen from the long tail on the June 8 candlestick and the strong rebound today.
Echter, unless the bulls push the price above the moving averages quickly, the bears will once again try to sink the DOGE/USDT pair below the neckline. Als ze slagen, the pair could decline to $0.21 en dan naar $0.10.
De marginaal aflopende 20-daagse EMA en de RSI net onder het middelpunt suggereren een klein voordeel voor de beren. This negative view will invalidate if the bulls drive the price above the 50-day SMA ($0.39). The pair could then move up to $0.47.
XRP / USDT
XRP broke below the $0.88 support on June 7, suggesting supply exceeds demand. Echter, the long tail on the June 8 candlestick indicates that bulls are trying to defend the $0.75 naar $0.65 ondersteuningszone.
De aflopende EMA van 20 dagen ($0.99) and the RSI in the negative territory suggest that bears are in control. The relief rally is likely to face stiff resistance at the 20-day EMA. Als de prijs daalt van deze weerstand, the possibility of a break below the support zone increases.
Als dat gebeurt, the XRP/USDT pair could drop to $0.45 en dan naar $0.39. Omgekeerd, als de bulls de prijs hierboven pushen $1.10, it will suggest the buyers are back in the game and a rally to the downtrend line is possible.
DOT / USDT
Stip (PUNT) afgewezen van de 20-daagse EMA ($24.99) in juni 7 and broke below the trendline of the ascending channel. This suggests that the sentiment remains negative and traders are selling on rallies.
If the bulls fail to push the price back into the channel within the next few days, further selling could be expected. The gradually downsloping 20-day EMA and the RSI in the negative territory indicate the path of least resistance is to the downside.
If the DOT/USDT pair breaks below $19.60, the next stop could be the critical support at $15. Omgekeerd, if the pair re-enters the channel, it will suggest strong accumulation at lower levels.
A breakout and close above the resistance line of the ascending channel will signal that bulls are back in the game.
UNI / USDT
Uniswap (UNI) dipped below the $21.50 support on June 8 but the bears could not sustain the lower levels. The long tail on the day’s candlestick shows the bulls are defending the $21.50 agressief niveau.
The buyers will now try to push the price above the 20-day EMA ($26.81). Als ze slagen, the UNI/USDT pair could rally to the overhead resistance at $30. This level may act as a stiff resistance and if the price turns down from it, the pair could remain range-bound between $21.50 en $30 voor een paar dagen.
Integendeel, als de prijs lager wordt dan de 20-daagse EMA, it will suggest the sentiment is negative and traders are selling on every minor rally. That will increase the possibility of a break below $21.50. Als dat gebeurt, the pair could start its journey toward $16.49 en toen $13.04.
SOL / USDT
Solana (SOL) turned down from the 61.8% Fibonacci-retracementniveau op $43.38 in juni 7 but the bears could not pull the price below the trendline. The altcoin rebounded off the trendline on June 8, indicating strong buying on dips.
The rising moving averages and the RSI in the positive zone suggest that bulls have the upper hand.
If buyers thrust and sustain the price above $43.38, the SOL/USDT pair could move up to the 78.6% retracementniveau op $49.97. Such a move will suggest the recent correction is over. Een pauze hierboven $49.97 could clear the path for a retest of the all-time high at $58.38.
This positive view will nullify if the price turns down and plummets below the trendline. Een pauze hieronder $33.60 could result in a decline to $25.70.
BCH / USDT
Bitcoin Cash (BCH) broke below the $616.04 support on June 7, suggesting the bears are in command. Echter, the long tail on the June 8 candlestick indicates that bulls are trying to defend the $500 naar $468.13 ondersteuningszone.
Als de stieren de bovenstaande prijs kunnen dragen $616.04, the BCH/USDT pair could make one more attempt to rise above the downtrend line. Als dat gebeurt, the pair could rally to the 50-day SMA ($917).
Aan de andere kant, if the price turns down from the current level or the downtrend line, then the bears may challenge the critical $468.13 ondersteuning. A break below this level could extend the decline to the next support at $400.
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