Price analysis 8/16: BTC, ETH, BNB, XRP, DOGE, ADA, SOL, MATIC, LTC, DOT
Bitcoin continues to trade inside a narrow range with no clear signs of a breakout from it. Trading platform QCP Capital said in its latest market update that Bitcoin (BTC) may remain quiet for a few more weeks before making its move in September.
Delphi Digital co-founder Kevin Kelly believes that the cryptocurrency markets are in the early stages of a new bull cycle. Based on a study of Bitcoin’s four-year cycle patterns, Kelly expects Bitcoin to hit a new all-time high by the fourth quarter of 2024 and a new cycle peak by Q4 2025.
Similarly, Bitcoin investor and author Jesse Myers also maintains a bullish view for the long term, but he does not expect Bitcoin to reach $100,000 before the next halving. Myers believes that the market will take 12-18 months after the halving to price in the effects.
Will Bitcoin and the major altcoins remain range-bound in the near term, or is a breakout on the horizon? What are the important levels to watch out for? Let’s study the charts of the top 10 cryptocurrencies to find out.
Bitcoin rose above the 20-day exponential moving average EMA of $29,383 on Aug. 14, but the long wick on the candlestick shows selling at higher levels.
The BTC/USDT pair remains below the 20-day EMA, and the relative strength index (RSI) is in the negative territory. This suggests a minor advantage to the bears. The pair could slide to the important support at $28,585.
If the price rebounds off this level with strength and rises above the 20-day EMA, it will signal that the pair may continue to oscillate between $28,585 and $30,350 for some more time.
The bears will come out on top if they sink and sustain the price below $28,585. That could start a decline toward $26,000.
The failure to propel Ether (ETH) above
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