Price Analysis For 13/8: BTC, ETH, BNB
Bitcoin and altcoins are carving out bottoming patterns as sentiment across the equities and crypto markets continue to improve.
Bitcoin surged above the overhead resistance at $24,668 on August 11th but the bulls could not maintain the higher levels. This suggests that bears have not yet given up and are still selling on rallies.
BTC/USDT daily chart. Source: TradingView
The price remains squeezed between the 20-day exponential moving average (EMA) ($23,151) and the $24,668 level. Usually, a tight range trading is followed by a range expansion but it is difficult to predict the direction of this breakout with any certainty.
Ethereum attempted to rise above $2,000 on August 12th but the long wick on the day’s candlestick suggests that bears are defending the level with all they’ve got.
ETH/USDT daily chart. Source: TradingView
However, a good sign for bullish sentiment is that the bulls have not lost ground to the bears. This indicates that traders are not hurrying to take profits as they anticipate the up-move to continue.
The upsloping moving averages and the RSI near the overbought territory also suggest an advantage to buyers. If bulls drive the price above the $2,000 zone, the ETH/USDT pair could rally to the downtrend line.
BNB has been facing stiff resistance at the overhead resistance zone between the $338 and $350 levels. Although bears have consistently thwarted attempts by the bulls to clear this hurdle, the buyers have not ceded much ground. This suggests that the bulls are not rushing to the exit as they expect a rally up.
BNB/USDT daily chart. Source: TradingView
A tight consolidation near the overhead resistance increases the chances of a break above it. If that happens, the BNB/USDT pair could rally to $380 and then possibly to $414.
The important support to watch out for on the downside is the 20-day Exponential Moving average EMA ($300 zone). If bears sink the price below this level, the pair could nosedive to $275 and then to the 50-day Simple Moving Average SMA ($261 zone).