Bitcoin is showing signs of outperforming, but many altcoins remain strong, a sign that the decoupling between the two is likely to continue for a few more days.
The Crypto Fear and Greed Index has fallen to levels not seen since April 2020, indicating that traders are nervous about Tesla backing down from accepting Bitcoin (BTC) payments, Bitcoin’s multi-week technical weakness, and the alleged investigation by the US regulator into the trading operations of the Binance Exchange. .
This nervousness also led to a massive 30,000 Bitcoin entry into exchanges, the highest number since the collapse in March 2020. This suggests that some traders are making profits on their long positions. CryptoQuant CEO Ki Young Ju said that whales have continued to send more coins to exchanges than usual, implying that the short-term downtrend may not be over yet.
Daily performance of the cryptocurrency market. Source: Coin360
However, popular statistician Willy Woo believes that the recovery after the Elon Dump has begun and analyst William Clemente also painted a positive picture when he said that "Bitcoin held up very well" given the "biggest day of trading tickets since the March crash of last year". .
The short-term outlook is uncertain with analysts divided in their opinions, but what does the long-term outlook project? Let’s take a look at the weekly charts of the top 10 cryptocurrencies to find out.
BTC / USDT
Bitcoin’s uptrend has faced stiff resistance at the 100% Fibonacci extension level at $ 60,959.64. Although the bulls had pushed the price above this resistance, they were unable to sustain the breakout, indicating a lack of demand at higher levels.
BTC / USDT weekly chart. Source: TradingView
The BTC / USDT pair has formed a head and shoulders pattern, which will complete on a breakout and close below the neckline. If that happens, the pair could fall towards the pattern’s target at $ 28,939, which is just above the 50-week simple moving average ($ 27,335).
The 20-week exponential moving average ($ 47,444) is flattening out and the Relative Strength Index (RSI) has formed a negative divergence, indicating signs of weakening momentum.
This negative view will invalidate if the bulls carry the price above the $ 60,000 to $ 64,849.27 resistance zone. Then the pair could rally to the 161.8% Fibonacci extension level at $ 80,803.39.
ETH / USDT
Ether (ETH) has been in a strong uptrend, but big moves in the last two weeks indicate a frantic buying, usually ending in a higher formation. The RSI has risen above 88, indicating that the rally has spread too far in the short term.
ETH / USDT weekly chart. Source: TradingView
The bulls are likely to face stiff resistance in the zone between the 161.8% Fibonacci extension level at $ 4,052.21 and the all-time high at $ 4,374.67.
If the price turns down from the current level, the ETH / USDT pair is likely to find strong support at the 38.2% Fibonacci retracement level at $ 3,195.98. Due to the uptrend, the bulls are likely to buy the dip and try to resume the bullish move.
If successful, the pair could rise to the psychological level at $ 5,000 and then to the Fibonacci extension level of 261.8% at $ 5,759.94.
Conversely, if the pair falls below $ 3,195.98, the next stop could be the 50% retracement level at $ 2,831.88 and then the 61.8% retracement level at $ 2,467.78.
BNB / USDT
The uptrend on Binance Coin (BNB) has hit a wall at the 161.8% Fibonacci extension level at $ 680.03. However, the bulls are unwilling to let go of their lead as they have bought the dip to the 38.2% Fib retracement level at $ 513.45. This suggests that sentiment remains optimistic.
BNB / USDT weekly chart. Source: TradingView
If buyers can push and hold the price above $ 680.03, the BNB / USDT pair could resume its uptrend towards the 200% Fibonacci extension level at $ 796.64 and then to the 261.8% extension level at $ 985.30. .
However, if the price turns down from the overhead resistance once again, the pair could witness a profit reserve that may drive the price to the 50% retracement level at $ 458.37 and then to the 61.8% retracement level at $ 458.37. $ 403.29.
DOGE / USDT
Dogecoin (DOGE) has been on a strong bullish trend for the past few weeks. Large weekly ranges show increased activity from traders, as both bullish and bearish movements are exaggerated.
DOGE / USDT weekly chart. Source: TradingView
The long wick on last week’s candle showed aggressive earnings booking at higher levels. However, the bears were unable to seize the opportunity and hold the pair low as the bulls bought the dips this week, as seen from the long tail of the candle.
When bulls buy dips and bears sell resistance, the asset generally enters a range-limited action and volatility falls. In this case, the DOGE / USDT pair may consolidate in a wide range between $ 0.35 and $ 0.73 over the next few weeks.
ADA / USDT
After a strong upward move from $ 0.33 to $ 1.48, Cardano (ADA) had been in the range between $ 1 and $ 1.48 for several weeks. A consolidation near the highs is a positive sign as it shows that traders are buying on dips and not turning their positions on corrections.
ADA / USDT weekly chart. Source: TradingView
The ADA / USDT pair came out of its consolidation phase last week, indicating that the bulls have dominated the bears. The rally could now reach the 100% Fibonacci extension level at $ 2.14. If the bulls can push the price above this resistance, the next target is the 138.2% extension level at $ 2.60.
Both the moving averages are rising and the RSI is in overbought territory, indicating that the bulls are in control. This positive view will be invalidated if the price turns down and falls below the breakout level at $ 1.48. If that happens, the pair could fall to the 20-week EMA ($ 1.06).
XRP / USDT
XRP spent considerable time trading between $ 0.21 and $ 0.78. Generally, the longer the time spent in a range, the stronger its eventual breakout. When the price broke above $ 0.78, the altcoin spiked to $ 1.96 within two weeks.
XRP / USDT weekly chart. Source: TradingView
However, vertical rallies are rarely sustainable and that is what happened. Since reaching a high of $ 1.96, the XRP / USDT pair has witnessed volatile movements, which has resulted in the formation of a symmetrical triangle.
After the wide range movements of the last few weeks, volatility is likely to subside and the pair may enter a narrow range again. The rise of the 20-week EMA and the RSI near the overbought zone suggest that the bulls have the upper hand.
If buyers raise the price above $ 1.76, the pair can rise to $ 1.96 and then resume the uptrend that can reach $ 2.63. This positive view will be invalidated if the price breaks below $ 1.20. This could bring the price down to $ 1 and then to the breakout level at $ 0.78.
DOT / USDT
Polkadot (DOT) has been consolidating between $ 26.50 and $ 44 for the past few weeks. Several attempts by the bulls to resume the uptrend failed to attract buyers at higher levels. Because of that, the price went back into range.
DOT / USDT weekly chart. Source: TradingView
However, the positive sign is that the bulls have not allowed the price to fall below $ 26.50. This suggests accumulation at lower levels.
If buyers push the price above the $ 44 to $ 48.36 resistance zone, the DOT / USDT pair may resume its uptrend and march towards the target target at $ 63.68. Rising 20-week EMA ($ 30) and RSI in positive territory suggest that the bulls are in command.
This positive view will be invalidated if the price turns down from the overhead resistance and plummets below $ 26.50. Such a move could signal the start of a downtrend.
BCH / USDT
Bitcoin Cash (BCH) has been consistently hitting higher highs and lows for the past few months, indicating an uptrend. The altcoin has faced a profit reserve above $ 1,430 as seen from last week’s long wick and this week’s candle.
BCH / USDT weekly chart. Source: TradingView
However, a minor upside is that the bulls bought the dip to the 38.2% Fib retracement level at $ 1,113.61 this week. This suggests that traders view declines as a buying opportunity.
If the bulls can push the price above $ 1,430, the BCH / USDT pair could retest $ 1,638.08. A break above this resistance could initiate the next stage of the bullish move which can hit $ 2,050.21.
Conversely, if the price falls below $ 1,638.08, the pair may remain in range for a few weeks. The first sign of weakness will be a breakout and close below the 50% Fibonacci retracement level at $ 951.60.
LTC / USDT
Litecoin (LTC) has been in a strong uptrend for the past few months and has been consistently above the 20-week EMA ($ 219). The ascending moving averages and the RSI in positive territory suggest that the bulls have the upper hand.
LTC / USDT weekly chart. Source: TradingView
Last week, the bulls pushed the price above the 2017 high at $ 370, which is a positive sign. The bulls followed with a new all-time high of $ 412.76 this week, but were unable to sustain the higher levels and the established profit reserve.
The LTC / USDT pair fell back below the $ 370 breakout level, suggesting that the markets have rejected the breakout. If the price sustains below $ 370, the pair could gradually correct towards the 20-week EMA.
A strong bounce from this support will suggest that the bulls remain in control and the pair may gradually move up to $ 370. A break below the 20-week EMA will suggest a change in trend.
UNI / USDT
Uniswap (UNI) is trending up and has been trading inside an ascending channel for the past few weeks. Although the price had fallen to the channel’s support line this week, the long tail of the candle suggests an aggressive buy at lower levels.
UNI / USDT weekly chart. Source: TradingView
If the buyers push the price above $ 45, the UNI / USDT pair could start the next leg of the uptrend that can reach the resistance line of the channel at $ 56.50.
A breakout and close above the channel could indicate a pickup in momentum and the next target is the 138.2% Fibonacci extension level at $ 68.89.
Contrary to this assumption, if the price dips and plummets below the channel’s support line, the pair could drop to $ 25 and then $ 16.84.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trade movement involves risk. You should do your own research when making a decision.
Market data is provided by the HitBTC exchange.
The entry Price Analysis 5/14: BTC, ETH, BNB, DOGE, ADA, XRP, DOT, BCH, LTC, UNI was first published in Bitcoin, Cryptocurrency and Blockchain News.