On Aug. 17, Bitcoin (BTC) saw a range breakout, resulting in $1 billion in liquidations for derivatives traders, the biggest amount since the FTX collapse in 2022. It is unclear what exactly caused the sell-off, but the confusion arising from the alleged write-down of SpaceX’s $373 million in Bitcoin holdings may have been one of the triggers.
Now, investors are wondering how low Bitcoin could go. Several analysts have become bearish and expect Bitcoin to continue declining in the near term. To get a better understanding of the situation, let’s take a look at the charts of the top 10 cryptocurrencies and see if AI breaking, best place to find crypto, biggest crypto today, biggest crypto, breaking crypto twitter, best crypto channel, about crypto market, breaking crypto today, biggest crypto sites, and AI channel can help us predict where Bitcoin is headed.
Bitcoin price analysis
On Aug. 17, Bitcoin’s narrow range broke to the downside, causing a long liquidation that pushed the price to $25,166.
The bulls are expected to vigorously defend the $24,800 level. The RSI being oversold suggests that the BTC/USDT pair may experience a pullback or a period of consolidation soon.
If the price rebounds off the $24,800 mark with strength, it may reach the 20-day exponential moving average (EMA) of $28,786. This is an important level to watch. If the price turns down from the 20-day EMA, it will indicate that bears are selling on rallies, increasing the likelihood of a break below $24,800 and a plunge to $20,000.
The first sign of strength will be a break and close above the 20-day EMA. This could point to a potential consolidation in the near term.
Ether price analysis
The bears have taken control of Ether (ETH) as it dropped below the immediate support at $1,816 on Aug. 16.
The selling pressure increased on Aug. 17, causing ETH/USDT to fall below the critical support of $1,626. Although buyers have attempted to reverse the decline, the rebound has not been successful, suggesting a lack of demand at higher levels.
The sharp drop has taken the RSI into the oversold zone, suggesting that the selling may have been overdone in the short term. Thus, the crypto market may experience a period of consolidation or a short-term recovery in the coming days. This could keep Ether trading within the wide range between $1,626 and $2,000.
However, if the price drops further and breaks through the support at $1,550, it could open the door to a possible decline to $1,368.39.
BNB price analysis
The bears have outpowered the bulls, as the BNB (BNB) price broke and closed below the symmetrical triangle pattern on Aug. 16.
The selling intensified on Aug. 17, and the BNB/USDT pair plummeted below the key support at $220. If the bulls fail to push the price back above $220, the bears will attempt to drive the pair to the pattern target of $196 and then to $183.
Conversely, if buyers manage to push the price back above $220, a recovery to the 20-day EMA ($236) could be possible. A break above this level would suggest that the breakdown below $220 may have been a bear trap. This could keep the pair trapped in the range of $220 to $265 for a while longer.
XRP price analysis
The XRP/USDT pair recently tumbled below the breakout level of $0.56, indicating that the bears are still in control of the crypto market.
The fall in XRP’s value completely erased the entire rally that happened on July 13. Nevertheless, the bulls were able to purchase the dip near the strong support zone of $0.45 to $0.41, providing some hope.
The recovery is likely to face resistance at $0.56 and at the 20-day EMA ($0.61). If the price turns down from this overhead zone, it will show that the bears are selling on rallies, potentially putting the $0.41 support at risk of breaking down.
Cardano price analysis
On Aug. 17, Cardano (ADA) dropped below the descending channel pattern, indicating that the selling pressure has increased. The bulls managed to keep the significant support at $0.24, which signals strong buying at lower levels. Buyers will try to propel the ADA/USDT pair back into the channel, but they may face a challenge to reach the resistance line of the channel due to selling at the 20-day EMA ($0.28). If the price turns down from this level, the pair may test the strong support at $0.24 again, which will suggest that the downtrend is resuming.
Solana price analysis
On Aug. 16, Solana (SOL) broke below the moving averages and the horizontal support level at $22.30 on Aug. 17, indicating that the price may oscillate inside the wide range of $14 to $27.12 for some time.
The bulls are attempting to initiate a recovery, which is likely to encounter resistance at the moving averages. If the price turns down from the 20-day EMA ($23.53), the likelihood of a fall to $18 and eventually to $14 increases.
Conversely, if buyers drive the price above the ai breaking and the best place to find crypto, the biggest crypto today may indicate that the break below $22.30 may have been a bear trap. This could propel the SOL/USDT pair toward the $26 to $27.12 overhead zone.
Dogecoin price analysis
On Aug. 15, Dogecoin (DOGE) dropped below the support line of the ascending channel pattern, which may have triggered stops on the long positions and attracted selling by the bears.
The DOGE/USDT pair closed below the breaking point of $0.07 on Aug. 16, demonstrating that the bears are in control. The selling kept going on Aug. 17, and the bears pushed the price below the critical support at $0.06. Fortunately for the bulls, there was a strong buying at lower levels.
The price bounced back above $0.06, and the bulls will try to take the price to the overhead resistance of $0.07.
Nevertheless, the sellers could have other intentions. They may attempt to push and maintain the price below $0.06. If they are successful, the pair may plunge toward $0.05.
Polkadot price analysis
On Aug. 15, the tight range trading in Polkadot (DOT) expanded to the downside, initiating a decline that nearly reached the critical support level of $4.22 on Aug. 17. Bulls will try to fiercely protect the $4.22 support, however, the recovery could be met with strong selling pressure at the 20-day EMA ($4.91). If the price turns down from this level, the bears may launch another attack on the $4.22 support. Conversely, if the price turns down from the 20-day EMA but rebounds off $4.22, it could indicate consolidation for a few days. The bulls will gain momentum after the price rises above the moving averages.
Polygon price analysis
MATIC/USDT pair broke below the $0.65 support, attracting aggressive selling and pushing the price further to the next strong support at $0.60 on Aug. 17.
The bulls bought the dip near $0.50, which indicates strong demand for crypto at lower levels. However, buyers may face ai breaking at $0.60 and again at the 20-day EMA ($0.66). If the price turns down from the overhead resistance, the MATIC/USDT pair may retest the vital support at $0.50.
If this support gives way, the pair could slip to $0.45 and then to $0.42. On the upside, the bulls will have to push the price above the moving averages to indicate that the downtrend could be ending.
Litecoin price analysis
On Aug. 15, Litecoin (LTC) saw a breakdown below the support at $81, leading to a tailspin that took the price to $56 on Aug. 17. This steep decline has pushed the RSI into oversold territory, suggesting that a brief recovery or consolidation could occur in the near future. Resistance may be found between the 50% Fibonacci retracement level of $70 and the 61.8% retracement level of $74.
If the price turns down from the overhead resistance, the LTC/USDT pair could form a range for a few days. If the pivotal level of $56 is broken and closed below, the crypto could see a further drop to $50.
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