Bitcoin (BTC) broke above the symmetrical triangle on April 8. However, the bears dragged the price back into the triangle on April 9. This could indicate bears attempting to trap the bulls. A small positive for buyers is their attempts to purchase the dip towards the 20-day exponential moving average at $68,497. Here’s the price movement for Bitcoin, Ethereum (ETH), and Binance Coin (BNB)!
BTC and ETH Price Analysis
If the cryptocurrency’s price rebounds from the 20-day EMA, the BTC/USDT pair might attempt another surge above the general resistance at $73,777. In such a case, the pair could climb to $80,000 and then to $84,000. Conversely, if the price falls below the 20-day EMA, bears might sense an opportunity and pull the pair down to the uptrend line. A break and close below the triangle could signal the start of a correction phase towards $60,000 and eventually to the 61.8% Fibonacci retracement level at $54,298.
Ethereum (ETH) saw a sharp decline from the general resistance at $3,679 on April 9, which could indicate that bears are not ready to give up. Bulls are trying to halt the decline at the 20-day EMA ($3,479). If the cryptocurrency’s price rises from the moving averages, bulls could make another attempt at the $3,679 level. If this resistance is cleared, the ETH/USDT pair could ascend to the general resistance at $4,100. On the contrary, a drop below the moving averages could mean the range-bound action between $3,056 and $3,679 might extend for a few more days. A break below $3,056 could tilt the trend in favor of the bears.
Binance Coin Insights
Binance Coin (BNB) fell below the downtrend line on April 8, but bulls prevented the price from falling below the 20-day EMA. This could indicate buying on each dip. The 20-day EMA is gradually rising, and the relative strength index (RSI) is in the positive zone, suggesting that the path of least resistance is upwards. If buyers can keep the price above the triangle, the BNB/USDT pair could rise to $692 and then attempt an ascent towards the model target at $795. However, bears might have other plans. They could try to defend the downtrend line and push the price down to the uptrend line. A break below this support could signal the start of a correction towards $460.
