Bitcoin and many altcoins are forming bottom patterns as cryptocurrency and equity market sentiment continues to improve.

Bitcoin (BTC) failed to break the $25,000 barrier on August 11 despite two catalysts in the form of “favorable” pressure on the CPI and news that BlackRock – the world’s largest wealth manager – has more than 10 trillion dollars. bitcoin spot investment product.

In comparison, Ethereum (ETH) managed to maintain its recent gains after it was announced that the Goerli testnet had successfully activated proof-of-stake, paving the way for the mainnet scheduled for September 15 or 16. The transition from Ethereum is smooth. Santiment data shows that the number of transactions involving ethereal whales has increased along with the potential accumulation of whales.

Daily dynamics of the cryptocurrency market. Source: Coin360
However, analysts are still divided on the outlook for the current recovery. While some believe that Bitcoin’s rally above $28,000 could be upside, others are not so optimistic and expect the price to decline and resume the downtrend.

Can buyers overcome bitcoin overhead and opt for altcoins? Let’s examine the charts of the top 10 cryptocurrencies to find out.

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Bitcoin/US dollar
Bitcoin surged above the upper resistance level at $24,668 on August 11, but the bulls were unable to sustain the higher levels. This suggests that the bears are not giving up yet and are selling on the rally.

BTC/USDT daily chart. Source: Trading View
The price remains sandwiched between the 20-day exponential moving average (EMA) of $23,151 and $24,668. Typically, a narrow range trade is followed by a range extension, but it is difficult to predict the direction of the breakout with certainty.

In this case, the 20-day EMA is gradually rising and the Relative Strength Index (RSI) is in positive territory, suggesting that the path of least resistance is up.

If buyers push and hold the price above $25,000, upside potential could pick up and take the pair to $28,000 and then to $32,000.

This bullish view could be invalidated in the short term if the price turns down and falls below the 20-day EMA. The pair could then drop to the 50-day Simple Moving Average (SMA) ($21,845).

ETH/USDT
Ether tried to rise above $2,000 on August 11, but the long wick on the daily candle suggests that the bears are defending this level vigorously.

Daily ETH/USDT chart. Source: Trading View
However, the positive sign is that the bulls have not given way to the bears. This suggests that traders are in no hurry to take profits, as they expect the upward movement to continue.

Rising moving averages and RSI near the overbought zone indicate the advantage of buyers. If the bulls push the price above $2,000, the ETH/USDT pair could rise to a downtrend line.

Alternatively, if the price reverses sharply down from current levels, the bears will try to take the pair down to the $1,700 breakout level. Bulls are expected to buy a decline in this support.

BNB/USDT
BNB is facing strong resistance in the upper resistance zone between $338 and $350. Although the bears have repeatedly thwarted the bulls’ attempts to overcome this obstacle, the buyers have not lost ground much. This suggests that the bulls are in no hurry to exit, as they expect an upward move.

BNB/USDT daily chart. Source: Trading View
Tight consolidation near the upper resistance level increases the likelihood of a break above it. In this case, the BNB/USDT pair may try to rise to $380 and then to $414.

The key support to look for on the downside is the 20-day EMA ($300). If the bears take the price below this level, the pair could drop to $275 and then to the 50-day SMA ($261). A break below this support could tip the lead in favor of the bears.

XRP/USDT
Ripple (XRP) is stuck between the upper resistance at $0.39 and the 20-day EMA ($0.37). The bears tried to turn this uncertainty to their advantage on August 9-10, but the bulls bought a pullback and pushed the price above the 20-day EMA.

Daily XRP/USDT chart. Source: Trading View
Buyers tried to

Source: CoinTelegraph

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