Price Analysis 11/8: BTC, ETH, BNB
After August 10th’s CPI print, Bitcoin and altcoins are attempting to flip stiff overhead resistance levels to support to prepare for the next leg up. Volatile assets, including the cryptocurrency markets, responded positively to the CPI print. Compared to Bitcoin (BTC), the altcoins are enjoying a stronger rally. This has pulled Bitcoin’s dominance near its yearly lows while Ethereum (ETH) is close to its yearly high.
Bitcoin turned down from $24,245 on Aug. 8 and dropped to the 20-day exponential moving average (EMA) ($22,966) on Tuesday. The bulls aggressively bought the dip on Aug. 10 and are attempting to push the price above the overhead resistance at $24,668.
BTC/USDT daily chart. Source: TradingView
If they succeed, the pair could pick up momentum and rally to $28,000. The bears may mount a strong resistance at this level but if bulls overcome this barrier, the pair could rally to $32,000. The gradually upsloping 20-day EMA and the relative strength index (RSI) in the positive territory indicate the path of least resistance is upwards.
Ethereum turned down from $1,818 on Aug. 8 but the bears could not sink the price below the 20-day EMA ($1,637) since then. This indicates strong demand at lower levels.
ETH/USDT daily chart. Source: TradingView
The ETH/USDT pair rebounded off the 20-day EMA on Wednesday and has cleared the overhead hurdle at $1,818. If buyers sustain the price above this level, the pair could rally to the $2,000 level and then to $2,200. The rising moving averages and the RSI in the positive territory indicate that bulls have the upper hand right now.
BNB turned down from the overhead resistance zone of $338 to $350 on Monday, but the bears could not sustain the lower levels on Aug. 10. This indicates that bulls are aggressively buying the dips.
BNB/USDT daily chart. Source: TradingView
The bull's will once again attempt to clear the overhead zone. If they were to succeed, the BNB/USDT pair could pick up momentum and rally towards the $414 support zone. Although the rising moving averages indicate an advantage to bulls, the overbought zone on the RSI indicates that a minor pullback or a consolidation is possible soon.