Altcoins
What lies ahead for Bitcoin and Altcoins
As bears take over overnight, Bitcoin and altcoins face a huge increase in supply pressure. This resulted in a massive liquidation of nearly $900 million this Friday, according to Coinglass.
Amid the crash, Bitcoin lost dominance above the critical $70,000 level and triggered a domino fall in the altcoin market. The total crypto market cap, excluding Bitcoin, fell 8.13% last night, falling briefly below the $1 billion mark.
Currently, markets are rebounding and the long/short ratio presents an optimistic future. By Change machinethe long/short ratio on the largest exchange, Binance, favors the bulls with 66% of accounts long.
With the return of one-sided market optimism, Bitcoin and altcoins could find a reversal point over the weekend.
Bitcoin Price Prediction
Despite falling below $70,000, BTC price maintains a bullish flag in the daily chart. Additionally, the market value is well above the average 50D EMA line with a lower price rejection candle.
The intraday candle shows a Doji candle rising above the 23.60% Fibonacci level. This strengthens speculation of a morning star pattern at a crucial support level to trigger a bull run next week.
Therefore, the week ahead promises a potential spark of buying pressure to break above the overhead trendline. With this, BTC price could reach the $76,000 mark next week.
Dogecoin (DOGE)
The biggest meme coin is holding strong with an ascending channel in action. The 10% overnight decline, followed by a 2.65% intraday decline, challenges the ascending support trendline.
Additionally, the rapid fall is testing the dynamic average line of the 50D EMA. Therefore, several bullish supports are combined to stop the bearish crash.
If the largest coin makes a comeback next week with a bullish reversal, the coins could find an additional boost. Therefore, meme altcoins could see a rebound in the coming week.
Binance (BNB)
Down just 1.49% last night, Binance’s native token BNB remains resilient in the face of the market-wide crash. BNB price action maintains an ascending triangle pattern avoiding a crash below the support trendline.
With a cap at the psychological barrier of $650, BNB price is eyeing a sharp rise next week. Long-tail candles reflect high reversal chances, reinforcing the possibility of a breakout.
According to the trend-based Fibonacci levels, the rally could easily reach the $743 level.
Solana (SOL)
With a less fortunate day than Binance, Solana’s market price fell 11% during the crash. The altcoin is down 25% over the past two weeks, losing the 61.80% Fibonacci level.
With the fall, the SOL price trend is approaching the 50% Fibonacci level, a crucial support level at $130. Currently, the altcoin is at a pivotal stage as it sits at the psychological $150 mark.
If the uptrend manages to rebound next week, the altcoin could resurface above $200. However, a bearish victory at $130 will prove fatal for the altcoin.
Bitcoin Cash (BCH)
The well-known alternative to Bitcoin, BCH price has lost 21% of its market value this week, with a 13% drop last night. The fall creates an evening star pattern in the weekly chart, threatening Bitcoin Cash’s recovery.
The evening star crosses the 38.20% Fibonacci level and even the $550 mark. Currently, BCH price is trading at $535 and is struggling to find a support zone. With the next level in sight at $500 or $410, downside risk is high for Bitcoin Cash.
However, a rebound in Bitcoin may fuel a reversal in BCH to reach the psychological $1,000 mark.