Traders hope $60K Bitcoin price boosts momentum in ETH, SUI, TAO and NOT
2024.08.11 15:48
Bitcoin (BTC) recovered sharply from the intra-week lows of below $50,000, signaling aggressive buying at lower levels. Although this is a bullish sign, veteran trader Peter Brandt believes the selling is not done yet. Brandt said in a X post that there is a 50% possibility of Bitcoin falling below $40,000.
However, the Bitcoin bull-bear market cycle indicator, which had turned negative, has again flipped bullish. CryptoQuant founder and CEO Ki Young Ju said in a post on X that several Bitcoin onchain cyclical indicators that were on the “borderline have now shifted back to signaling a bull market.”
Crypto market data daily view. Source: Coin360
Bitcoin’s recovery has attracted buying in select altcoins that have turned around and are attempting to start a new up move. If Bitcoin maintains above $60,000, the altcoin rally is expected to gain momentum.
What are the overhead resistance levels in Bitcoin that need to be crossed for the cryptocurrency recovery to pick up pace? If an up move begins, let’s look at the top 5 cryptocurrencies that may lead the markets higher.
Bitcoin price analysis
Bitcoin soared on Aug. 8 and reached the moving averages, indicating that the bulls aggressively purchased at lower levels.
BTC/USDT daily chart. Source: TradingView
The bears are trying to stall the recovery at the moving averages, but a positive sign in favor of the bulls is that they have not ceded much ground to the sellers. That improves the prospects of a break above the moving averages. If that happens, the BTC/USDT pair could rise to $70,000. The bears are expected to mount a vigorous defense in the $70,000 to $73,777 zone.
On the contrary, if the price turns down from the current level and breaks below $59,500 it will suggest that the bears are trying to make a comeback. The pair could then slide toward the solid support of $55,724.
BTC/USDT 4-hour chart. Source: TradingView
The moving averages have completed a bullish crossover on the 4-hour chart, and the RSI is above the midpoint, indicating that the bulls have a slight edge. Buyers will have to drive the price above $62,745 to gain strength. The pair may then climb to $66,850 and later to $70,000.
If bears want to prevent the up move, they will have to drag the price back below the moving averages. The pair may slump to the strong support of $55,724, where buyers are likely to step in.
Ether price analysis
Ether (ETH) is trying to recover to the breakdown level of $2,850, which is likely to witness a tough battle between the bulls and the bears.
ETH/USDT daily chart. Source: TradingView
If the price breaks above $2,724, the ETH/USDT pair could reach the downsloping 20-day EMA ($2,864). This is an important level to watch out for because a sharp fall from the 20-day EMA will suggest that the sentiment remains negative. The bears will then try to pull the price below $2,552.
Contrary to this assumption, if the price rises above the 20-day EMA, it will signal that the bulls are back in the game. The pair may rise to the 50-day SMA ($3,162) and then to $3,400.
ETH/USDT 4-hour chart. Source: TradingView
The moving averages on the 4-hour chart are close to completing a bullish crossover, and the RSI is in the positive zone, signaling that the trend is turning positive. There is a minor resistance at $2,724, but if crossed, the pair may reach the solid overhead resistance of $2,850.
This positive view will be invalidated in the near term if the price turns down and breaks below $2,550. That could sink the pair to $2,300, where the bulls will try to arrest the decline.
Sui price analysis
Sui (SUI) surged above the moving averages and the downtrend line on Aug. 8, indicating a potential trend change in the near term.
SUI/USDT daily chart. Source: TradingView
The moving averages are on the verge of completing a bullish crossover, and the RSI is in the positive territory, signaling that bulls are in control. If buyers retain the price above the downtrend line, the SUI/USDT pair could rise to $1.17 and thereafter to $1.44.
The moving averages are the crucial support to watch out for on the downside. A break and close below the moving averages will suggest that the bears continue to sell on rallies. The pair may then slump to $0.60.
SUI/USDT 4-hour chart. Source: TradingView
The 4-hour chart shows that the bears are trying to stall the relief rally at the $0.95 resistance. The 20-EMA is the crucial support to watch out for on the downside. If the price rebounds off this level, it will signal that the bulls remain in command. That will increase the likelihood of a break above $0.95. The pair may then climb toward $1.15.
Contrarily, if the price breaks below the 20-EMA, it will suggest that the traders are booking profits. The bears will then try to sink the price below $0.80 and gain the upper hand.
Related: Bitcoin metric calls ‘local bottom’ as traders eye sub-$60K BTC price
Bittensor price analysis
The bulls pushed Bittensor (TAO) above the moving averages on Aug. 8, indicating that the selling pressure could be weakening.
TAO/USDT daily chart. Source: TradingView
A positive sign in favor of the bulls is that they have not allowed the price to slip back below the moving averages. This suggests that the bulls are trying to flip the moving averages into support. A break above $320 could open the doors for a rally to $367. This level is again likely to attract sellers.
This optimistic view will be negated in the near term if the price plunges and maintains below the moving averages. The TAO/USDT pair may then drop to $243 and subsequently to $200.
TAO/USDT 4-hour chart. Source: TradingView
The 4-hour chart shows that the bulls are trying to keep the price above the 20-EMA. If they succeed, it will signal that the sentiment has turned positive and traders are buying on pullbacks to the 20-EMA. There is a minor obstacle at $320, but if the bulls overcome it. the pair may rise to $367.
If bears want to prevent the up move, they will have to yank the price back below the 20-EMA. The pair could then slump to the 50-SMA and, after that, to $243. A break below this level will tilt the advantage back in favor of the bears.
Notcoin price analysis
The bears tried to pull and sustain Notcoin (NOT) below the $0.009 support on Aug. 5, but the bulls held their ground.
NOT/USDT daily chart. Source: TradingView
The NOT/USDT pair reached the 20-day EMA ($0.012) on Aug. 6, but the bulls are finding it difficult to overcome the barrier. However, the price has been clinging to the 20-day EMA, increasing the possibility of an upside breakout.
If buyers kick the price above the moving averages, it will suggest that the bears are losing their grip. The pair may then reach $0.018.
On the other hand, if the price turns down from the current level and breaks below $0.009, it will signal the start of a downward move to $0.005.
NOT/USDT 4-hour chart. Source: TradingView
Both moving averages have flattened out, and the RSI is just below the midpoint, indicating a slight advantage for the sellers. The bears will try to pull the price to $0.010, which is likely to act as a support.
The advantage will tilt in favor of the bulls if they push and maintain the price above $0.013. That will signal the start of a new up move toward $0.15. Conversely, a break below $0.010 will suggest that bears are in control.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
