Bitcoin (BTC) is trying to pull back and it seems that the whales are helping it. Coin metrics data shows that whale addresses holding at least 1,000 bitcoins have accumulated in recent days. The total number of these addresses increased from 7.95 million bitcoins on January 24 to 8,096 million on February 10.
Another sign that investor sentiment could be positive is that the cryptocurrency exchange stack has crossed $27 billion for the first time, according to web analytics platform CryptoQuant. In comparison, bitcoin holdings on exchanges continue to decline, indicating that investors are hiding their holdings.
Daily indicators in the cryptocurrency market. Source: Coin360
Although Bitcoin is closely related to US stock markets in the short term, Zhu Su, co-founder of hedge fund Three Arrows Capital (3AC), believes that its performance in 2022 will be different. Zhu suggested that Bitcoin and Ethereum (ETH) are candidates for buying, while the S&P 500 is a candidate for selling.
After the recent recovery in bitcoin and altcoins, is it time for a minor correction or consolidation? Let’s check out the charts of the top 10 cryptocurrencies to find out.
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Bitcoin / US Dollar
Bitcoin dropped from the upper resistance level to $45,456 on February 10, indicating that the bulls continue to aggressively defend the level. On a less positive note, the bulls did not allow the price to break below the 50-day simple moving average (SMA) ($42,427).
BTC/USDT daily chart. Source: Trading View
This indicates that the bulls are trying to turn the 50 day simple moving average into support. The 20-day exponential moving average (EMA) ($41,317) and the RSI in positive territory suggest slight buying leadership.
If the price rebounds from the current level, the bulls will make another attempt to push the BTC/USDT pair above $45,456. If they succeed, the bullish momentum could increase and the pair could rise to $48,000 and then $52,088.
Contrary to this assumption, if the price drops from the current level or from $45,456, the bears will increase their chances and try to pull the pair below the 20-day moving average. If this happens, the pair could drop to $39,600.
Ether / US Dollar
Ether broke and closed above the 50-day simple moving average ($3,171) on February 9, but the bulls failed to build on this strength. The price reversed through the 50-day simple moving average on February 10, indicating that the bears are trying to catch the aggressive bulls.
ETH/USDT daily chart. Source: Trading View
However, the positive sign is that the bulls have prevented the price from breaching the channel again. If the price pulls back from the 20-day moving average ($2959), buyers will once again attempt to push the ETH/USDT pair to beat the overhead.
The area between the 50-day SMA and $3,400 could be a major obstacle. If buyers overcome this hurdle, the pair can start a new draw.
Contrary to this assumption, if the price enters the channel again, this means that sentiment is still negative and traders are selling on the rise. After that, the pair may decline to the important support level at $2,652.
BNB / US Dollar
Binance coin (BNB) is struggling to break the descending trend line of a sinking channel. This indicates that the bears are doing their best to defend the resistance.
BNB/USDT daily chart. Source: Trading View
The 20-day flat EMA ($410) and the RSI near its midpoint indicate an equilibrium between supply and demand. If the price breaks below the 20 day EMA, it will increase the chances of BNB/USDT staying in the channel for a few more days. The pair may drop first to $390 and then continue to decline to $357.40.
Conversely, if the price drops below the current level, the bulls will make another attempt to push the pair through the channel and the 50-day simple moving average ($448). If it succeeds, the pair may gradually rise to $500.
XRP / US Dollar
Ripple (XRP) takes profits after the recent rally. The price could drop to the breakout level of $0.75 where buyers can enter to stop the decline.
XRP/USDT daily chart. Source: Trading View
The 20-day EMA is rising ($0.73) and the RSI is in positive territory, indicating that the bulls are gaining the upper hand. Buyers will now attempt to defend the support at $0.75.
If the price pulls back from this level, buyers will once again attempt to run the XRP/USDT pair above $0.92 and challenge the psychological resistance at $1.
This uptrend will become invalid in the short term if the price drops below the 20 day EMA. Such a move could open the door to a drop to $0.6
