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On April 14th, the cryptocurrency market experienced a significant downturn, leading to a massive liquidation of nearly $9 billion. Bitcoin lost its dominance over the crucial $70,000 level, triggering a domino effect in the altcoin market. However, there are signs indicating a possible reversal in the market, with the ratio of long to short accounts favoring the bulls. This analysis provides price predictions for Bitcoin, Dogecoin, Binance Coin, Solana, and Bitcoin Cash, highlighting key support and resistance levels.
Bitcoin Price Prediction
Despite falling below $70,000, the price of Bitcoin remains within a bullish flag pattern on the daily chart. The market value is still above the 50-day Exponential Moving Average (EMA), suggesting potential support. Additionally, a Doji candle has formed above the 23.60% Fibonacci level, implying a possible morning star pattern and a potential bull run next week. Based on these factors, the price of Bitcoin could reach $76,000 in the next week.
Dogecoin (DOGE)
Despite a 10% overnight decline and a 2.65% drop within a day, Dogecoin continues to maintain an ascending channel pattern. The altcoin is currently testing the ascending support trendline and the 50-day Exponential Moving Average. If Dogecoin shows a bullish reversal next week, it could provide support for other meme coins. Therefore, meme altcoins may rebound in the coming week.
Binance Coin (BNB)
Binance's native token BNB showed resilience during the recent market crash, dropping only 1.49%. The price action of BNB displays an ascending triangle pattern, avoiding a break below the support trendline. With the psychological resistance level at $650 as the upper barrier, BNB could witness a breakthrough rally next week. The presence of a long-tailed candle further strengthens the potential for a breakout, with a target level of $743.
Solana (SOL)
Solana saw a 11% drop in market price during the market crash and a 25% decline over the past two weeks. The altcoin is approaching the critical 50% Fibonacci support level at $130. Currently standing at the psychological level of $150, Solana is at a crucial stage. If the uptrend resumes next week, the altcoin could break above $200. However, a drop to $130 would have serious implications for Solana.
Bitcoin Cash (BCH)
Bitcoin Cash saw a 21% decline in market value this week, with a 13% overnight drop. The downturn formed a shooting star pattern on the weekly chart, posing a threat to the recovery rally of Bitcoin Cash. The shooting star pattern broke below the 38.20% Fibonacci level and the $550 level. Currently trading at $535, Bitcoin Cash struggles to find a support area. The next levels to watch are $500 or $410, indicating significant downside risks. However, if Bitcoin rebounds, it could trigger a reversal in Bitcoin Cash, potentially reaching the psychological level of $1,000. |
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Post time 20-4-2024 11:23:54