Autor Cointelegraph By Rakesh Upadhyay

Bitcoin’s (BTC) bounce fizzled out near $24,500 on Aug. 17, indicating that the recovery still faces stiff resistance from the bears. On-chain monitoring resource Material Indicators said the ask liquidity on the Fire Charts was similar to prior local tops.Another reason for caution among crypto investors was that the recovery in the S&P 500 was reaching extreme overbought levels in the near term. Jurrien Timmer, director of global macro at asset manager Fidelity Investments, said that 88% of stocks in the S&P 500 were trading above their 50-day moving average, which was “stunning.”Some were also cautious as Michael Burry, the investor who famously shorted the 2008 housing bubble, almost emptied his equity portfolio in the second quarter of this year in expectation of a sharp fall in the stock markets.Daily cryptocurrency market performance. Source: Coin360While the short-term looks uncertain, corporate investors who usually are in the game for the long term have increased their investments in the blockchain industry, including the crypto space. The top 40 publicly traded companies invested approximately $6 billion into blockchain startups between September 2021 to June 2022, according to a blog by Blockdata on Aug. 17. That is more than three times the $1.9 billion invested by corporations between January 2021 to September 2021. What are the critical levels on the downside that will suggest that the recovery could be faltering? Let’s study the charts of the top-10 cryptocurrencies to find out.BTC/USDTThe bulls attempted to push Bitcoin above the overhead resistance at $24,668 on Aug. 17 but the long wick on the candlestick shows that bears are defending the level aggressively. The price turned down and has reached the 20-day exponential moving average (EMA) ($23,496). This level is likely to attract strong buying by the bulls.BTC/USDT daily chart. Source: TradingViewThe 20-day EMA has flattened out and the relative strength index (RSI) has dropped close to the midpoint, indicating a balance between supply and demand. If the price sustains below the 20-day EMA, the balance could tilt in favor of the bears and the pair may drop to the 50-day SMA ($22,160). Conversely, if the price rebounds off the current level and breaks above $25,200, it will suggest that bulls are back in command. The BTC/USDT pair could then rally to $28,000 where the bears may again mount a strong defense.ETH/USDTEther (ETH) turned up from $1,853 on Aug. 16 and the bulls tried to push the price above $2,000 on Aug. 17. However, the long wick on the day’s candlestick suggests that traders may be lightening positions on rallies.ETH/USDT daily chart. Source: TradingViewThe bears will try to take advantage of the situation and attempt to pull the price to the strong support zone between the 20-day EMA ($1,772) and $1,700. This is an important zone for the bulls to defend if they want to keep the uptrend intact.If the price rebounds off this support zone, the ETH/USDT pair could retest the resistance at $2,030. A break and close above this level could clear the path for a rally to the downtrend line.Instead, if the $1,700 support cracks, the pair could drop to the 50-day SMA ($1,492). That could delay the start of the next leg of the up-move and keep the pair range-bound for a few days.BNB/USDTThe buyers tried to push BNB higher on Aug. 17 but the long wick on the candlestick suggests that bears are active at higher levels. That pulled the price to the 20-day EMA ($307). BNB/USDT daily chart. Source: TradingViewIf the price slips below the 20-day EMA, the BNB/USDT pair could decline to the 50-day SMA ($270). This level may again attract buying and if the price rebounds off it, the pair could consolidate between $270 and $338 for some time.Another possibility is that the price rebounds off the current level with strength. If that happens, it will suggest that the sentiment remains positive and traders are buying on dips. The bulls will then again attempt to clear the overhead resistance zone between $338 and $350. If they succeed, the pair could start a rally to $383 and then to $413.XRP/USDTThe bulls successfully defended the zone between the moving averages and tried to push Ripple (XRP) above the overhead resistance at $0.39 on Aug. 17. The long wick on the day’s candlestick shows that bears are not willing to surrender and they continue to defend the overhead resistance with vigor.XRP/USDT daily chart. Source: TradingViewIf the price breaks and closes below the 20-day EMA ($0.37), the next stop could be the 50-day SMA ($0.35). This is an important level for the bulls to defend because a break and close below it could suggest that the XRP/USDT pair may continue its range-bound action between $0.30 and $0.39 for a few more days.Alternatively, if the price rebounds off the moving averages, the bulls will again try to clear the overhead hurdle at $0.39. If they succeed, the pair could rally to $0.48 and then to $0.54.ADA/USDT Cardano (ADA) bounced off the breakout level of $0.55 on Aug. 16 but the bears continue to pose a strong challenge at higher levels as seen from the long wick on the Aug. 17 candlestick.ADA/USDT daily chart. Source: TradingViewSharp selling by the bears has pulled the price to the important support at the $20-day EMA ($0.53). A break and close below this level will suggest that the short-term advantage has tilted in favor of the sellers. The ADA/USDT pair could then decline to the 50-day SMA ($0.49).Conversely, if the price rebounds off the 20-day EMA, it will suggest strong demand at lower levels. The bulls will then try to resume the up-move by pushing the pair above $0.60. That could open the doors for a possible rally to $0.63 and then to $0.70.SOL/USDTSolana (SOL) attempted a rebound off the 20-day EMA ($42) but the long wick on the Aug. 17 candlestick shows that the bears are selling on every minor rise.SOL/USDT daily chart. Source: TradingViewThe bears will try to sink the price below the support line. If they manage to do that, it will invalidate the developing bullish ascending triangle pattern. The SOL/USDT pair could then decline to $37.50 and later to $34.50.Alternatively, if the price rebounds off the moving averages, it will indicate that bulls may be accumulating on dips. The buyers will then try to push the price above the overhead resistance at $48. If they succeed, the bullish setup will complete and the pair may start a rally to $60.DOGE/USDTThe bears pulled Dogecoin (DOGE) below the breakout level of $0.08 on Aug. 15 but could not sustain the lower levels. The bulls purchased the dip aggressively and resumed the recovery on Aug. 16.DOGE/USDT daily chart. Source: TradingViewThe bears are trying to stall the recovery at $0.09 but if bulls do not allow the price to dip below $0.08, the likelihood of a rally to $0.10 increases. This is an important level to keep an eye on because a break and close above it could signal a potential trend change. The 20-day EMA ($0.07) has started to turn up and the RSI is in the positive territory, indicating that bulls have the upper hand. To invalidate this bullish view, the bears will have to sink and sustain the price below the trendline of the triangle.Related: Fake Manchester United token soars 3,000% after Elon Musk jokes about buying teamDOT/USDTThe bulls successfully defended the 20-day EMA ($8.62) on Aug. 15 and 16 but could not achieve a strong rebound off it. Attempts by the bulls to push Polkadot (DOT) above the overhead resistance at $9 met with stiff resistance on Aug. 17.DOT/USDT daily chart. Source: TradingViewThe bears are attempting to sustain the price below the 20-day EMA. If they succeed, it could trap several aggressive bulls who may have purchased at higher levels. That could sink the DOT/USDT pair to the 50-day SMA ($7.72).Conversely, if the price turns up from the current level and rises above $9, it will suggest that bulls are buying aggressively at lower levels. The bulls will then attempt to push the pair above the overhead resistance at $9.68 and resume the recovery. The pair could then rally to $10.80 and later to $12.44.SHIB/USDTShiba Inu’s (SHIB’s) correction stalled at $0.000015 on Aug. 15 but the bulls are facing stiff resistance at the overhead resistance of $0.000017 as seen from the long wick on the Aug. 16 and 17 candlesticks.SHIB/USDT daily chart. Source: TradingViewThe failure to clear the overhead hurdle may embolden the bears who will try to pull the price to the strong support at $0.000014. This is an important level for the bulls to defend because a break and close below it could weaken the positive momentum. The SHIB/USDT pair could then remain stuck inside a large range between $0.000010 and $0.000018 for a few days.Alternatively, if the price turns up from the current level and rises above the $0.000017 to $0.000018 overhead resistance zone, the pair could rise to $0.000022. If bulls clear this hurdle, the rally could extend to $0.000026.AVAX/USDTAvalanche (AVAX) continues to slide toward the breakout level of $26.38. The bulls are likely to buy the dip and attempt to flip this level into support.AVAX/USDT daily chart. Source: TradingViewIf the price rebounds off $26.38 with strength, the buyers will again try to push the AVAX/USDT pair above the overhead resistance at $31. If they succeed, the pair could rally to $33 and later to the pattern target of $39.05. Contrary to this assumption, if the price breaks below the breakout level, several aggressive bulls may get trapped. That could result in a decline to the 50-day SMA ($22.70) and then to the support line of the ascending triangle.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.Market data is provided by HitBTC exchange.

Bitcoin (BTC) has been witnessing a tough battle between the bulls and the bears near the $25,000 level. A clear winner may not emerge in the short term due to a lack of a catalyst and because there is no major macroeconomic data scheduled for this week in the United States. Data points from Asia or Europe may increase volatility, but they are unlikely to start a new directional move.Anthony Scaramucci, founder and managing partner of Skybridge Capital, in an interview with CNBC, advised investors to ride out the current uncertainty in cryptocurrencies and “stay patient and stay long term.” He expects Bitcoin to reward investors immensely with a sharp uptrend over the next six years.Daily cryptocurrency market performance. Source: Coin360Along with the focus on Bitcoin, investors are also keeping a close eye on Ether (ETH) ahead of its Merge scheduled for Sept. 15. A whale address that had participated in the genesis ICO but had remained dormant for three years has transferred about 150,000 Ether on Aug. 14. This has led to differing views with some speculating that the whale may dump his holdings after the Merge but others believe that the transfers may have been done to stake the huge quantity of Ether.Could buying emerge at lower levels and resume the up-move in Bitcoin and the altcoins? Let’s study the charts of the top-10 cryptocurrencies to find out.BTC/USDTThe bulls tried to resume the up-move in Bitcoin but the bears sold aggressively at $25,211 and pulled the price down to the 20-day exponential moving average (EMA) ($23,483). This resulted in the formation of an outside-day candlestick pattern on Aug. 15.BTC/USDT daily chart. Source: TradingViewThe gradually upsloping 20-day EMA and the relative strength index (RSI) in the positive territory indicate advantage to buyers. If the price rebounds off the 20-day EMA, it will suggest that bulls are buying the dips to this level. That could improve the prospects of a break and close above $24,668. If that happens, the pair could start its northward march toward $28,000 where the bears may again pose a strong challenge. Another possibility is that the bears sink the price below the 20-day EMA. If that happens, the pair could drop to the 50-day simple moving average (SMA) ($22,037) and later to the uptrend line. ETH/USDTEther repeatedly rose above the psychological resistance at $2,000 for the past two days but the bulls could not sustain the higher levels. This suggests that bears are posing a stiff challenge at this level. ETH/USDT daily chart. Source: TradingViewThe ETH/USDT pair could decline to the breakout level at $1,700. This is an important level to watch out for because if bulls flip $1,700 into support, it will increase the likelihood of a break above $2,000. If that happens, the pair could rally to the downtrend line. The upsloping 20-day EMA ($1,756) and the RSI in the positive territory indicate that bulls are in control. To invalidate this bullish view, bears will have to sink and sustain the price below the 20-day EMA. That could sink the pair to the 50-day SMA ($1,465).BNB/USDTBNB’s up-move hit a hurdle at the overhead resistance at $338. The bears will now try to sink the price to the immediate support at the 20-day EMA ($306).BNB/USDT daily chart. Source: TradingViewIf the price rebounds off this support, the buyers will make another attempt to push the BNB/USDT pair above the $338 to $350 resistance zone. The upsloping 20-day EMA and the RSI in the positive territory indicate the path of least resistance is to the upside.This positive view could invalidate in the near term if the price turns down and breaks below the 20-day EMA. If that happens, the short-term traders may rush to the exit and that could pull the pair to the 50-day SMA ($266).XRP/USDTThe bulls tried to push XRP above the overhead resistance at $0.39 on Aug. 13 and 14 but the bears held their ground. This may have attracted profit-booking from the short-term traders, which pulled the price below the 20-day EMA ($0.37).XRP/USDT daily chart. Source: TradingViewIf bears sink the price below the 50-day SMA, the XRP/USDT pair could stay range-bound between $0.30 and $0.39 for some more time. The flattish 20-day EMA and the RSI near the midpoint also suggest a consolidation in the near term.Conversely, if the price rebounds off the moving averages, it will indicate that lower levels are attracting buyers. The bulls will then again try to clear the overhead hurdle and push the pair to $0.48 and later to $0.54.ADA/USDT The bulls pushed Cardano (ADA) above the overhead resistance at $0.55 on Aug. 13 but could not maintain the momentum on Aug. 14. This suggests that bears are active at higher levels.ADA/USDT daily chart. Source: TradingViewThe price turned down on Aug. 15 and reached the breakout level of $0.55. The zone between $0.55 and the 20-day EMA ($0.53) is likely to attract strong buying by the bulls. If the price rebounds off this zone, the buyers will again attempt to resume the up-move and push the ADA/USDT pair to $0.63 and then to $0.70.On the contrary, if the price turns down and breaks below the 20-day EMA, it will suggest that the break above $0.55 may have been a bull trap. The pair could then drop to the 50-day SMA ($0.49).SOL/USDTSolana (SOL) rose to the overhead resistance at $48 on Aug. 13 but the bulls could not overcome this barrier. The bulls again tried to clear the overhead hurdle on Aug. 15 but the bears did not relent. SOL/USDT daily chart. Source: TradingViewIf the SOL/USDT pair breaks below the 20-day EMA ($42), the next stop could be the support line. This is an important level for the bulls to defend because a break and close below it could invalidate the bullish ascending triangle pattern. The pair could then decline to $32.Conversely, if the price rebounds off the 20-day EMA, the bulls will again try to push and sustain the pair above $48. If they manage to do that, the bullish setup will complete and the pair could rally to $60.DOGE/USDTDogecoin (DOGE) bounced off the 20-day EMA ($0.07) on Aug. 12 and broke above the overhead resistance at $0.08 on Aug. 14. This completed the bullish ascending triangle pattern but the bulls could not sustain the breakout.DOGE/USDT daily chart. Source: TradingViewThe bears sold at higher levels and pulled the price back below the breakout level on Aug. 15. A minor positive is that lower levels are attracting buyers, as seen from the long tail on the day’s candlestick. If the price sustains above $0.08, the buyers will try to resume the up-move and push the DOGE/USDT pair to $0.10.Contrary to this assumption, if the price slips below the moving averages and the trendline of the triangle, it will invalidate the bullish setup. The pair could then sink to $0.06.Related: Crypto-focused venture firm Dragonfly acquires hedge fund: BloombergDOT/USDTPolkadot (DOT) rose above the overhead resistance of $9.65 on Aug. 13 but the bulls could not sustain the higher levels. This may have tempted the short-term traders to book profits.DOT/USDT daily chart. Source: TradingViewThe DOT/USDT pair dipped below the breakout level of $9 on Aug. 14 and the price reached the 20-day EMA ($8.63) on Aug. 15. This is an important level to keep an eye on because a break below it could suggest that the bullish momentum has weakened. The pair could then decline to the 50-day SMA ($7.68) and stay range-bound for some time.Alternatively, if the price rebounds off the 20-day EMA, the bulls will try to clear the overhead resistance at $9.68. If they pull it off, the pair could rise to $10.80 and later to $12.44.SHIB/USDTShiba Inu (SHIB) had been trading above $0.000012 since Aug. 7 but the up-move had failed to pick up momentum. That changed with the sharp rally on Aug. 14, which pushed the price above the overhead resistance at $0.000017. SHIB/USDT daily chart. Source: TradingViewHowever, the bears have not given up. They sold the rise above $0.000017 and pulled the price back below the level on Aug. 15. The SHIB/USDT pair could find support at $0.000015 and then at $0.000014. If the price rebounds off either level, the buyers will again try to clear the overhead hurdle. If they succeed, the pair could rally to $0.000022.On the contrary, if the price breaks below $0.000014, it will indicate that the pair could oscillate in a large range between $0.000010 and $0.000018 for a few more days.AVAX/USDTBuyers tried to push Avalanche (AVAX) above the overhead resistance on Aug. 13 but the bears stalled the attempt at $30.35. This suggests that bears are active at higher levels.AVAX/USDT daily chart. Source: TradingViewThe AVAX/USDT pair could decline to the breakout level of $26.38, which is just above the 20-day EMA ($26.34). The bulls are expected to defend this level with vigor. If the price rebounds off $26.38, it will suggest demand at lower levels. The pair could then consolidate between $26.38 and $31 for some time.If bears sink the price below $26.38, several aggressive bulls may get trapped. That could sink the pair to the 50-day SMA ($22.39).Conversely, if the price rebounds off the current level and rises above $31, it will suggest the start of a rally to $33 and later to the pattern target of $39.05. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.Market data is provided by HitBTC exchange.