Autor Cointelegraph By Rakesh Upadhyay

Bitcoin (BTC) and most major altcoins are stuck in a tight range with bulls buying near the support and bears selling at resistance levels. Usually, such tight ranges are followed by an expansion in volatility.Although a few analysts have not ruled out a quick drop to low $40,000s, most traders expect Bitcoin to rebound sharply and move up to $60,000.Goldman Sachs said in a note to investors that if Bitcoin continues to increase its market share over gold as a store of value and crosses the 50% mark, then it could rally to $100,000 over the next five years.Daily cryptocurrency market performance. Source: Coin360On-chain analytics provider Glassnode said in its report on Monday that Bitcoin’s illiquid supply has increased to more than 76% of the total circulating supply. According to Glassnode researchers, the drop in liquid supply suggests that price capitulation looks unlikely in the near future.Could Bitcoin surprise with a sharp move down and pull the major altcoins lower? Let’s study the charts of the top-10 cryptocurrencies to find out.BTC/USDTBitcoin’s price is sandwiched between the 20-day exponential moving average ($48,033) and the critical support at $45,456. Although both moving averages are sloping down, the relative strength index (RSI) is attempting to form a positive divergence. This indicates that the selling pressure could be reducing.BTC/USDT daily chart. Source: TradingViewIf bulls push and sustain the price above the 20-day EMA, the BTC/USDT pair could rise to $51,936.33. This level is likely to act as a stiff resistance. If the price turns down from it, the pair could remain range-bound between $51,936.33 and $45,456 for a few more days.A break and close above $51,936.33 will suggest the start of an up-move that could reach $60,000. On the contrary, if the price turns down and plummets below $45,456, the selling could intensify and the pair could then drop to the $42,000 to $40,000 support zone.ETH/USDTEther (ETH) turned down from the 20-day EMA ($3,881) but the positive sign is that bulls are not giving up much ground. This indicates buying on dips. The bulls will now attempt to push the price back above the 20-day EMA.ETH/USDT daily chart. Source: TradingViewIf they do that, it will indicate that the correction could be ending. The ETH/USDT pair could then rise to the 50-day SMA ($4,086), which could again act as a resistance. A break and close above this level will suggest the start of an up-move to $4,488 and then to the all-time high at $4,888.Contrary to this assumption, if the price turns down from the 20-day EMA, a drop to the $3,643.73 to $3,503.68 support zone is possible. This is an important support for the bulls to defend because a break and close below it could open the doors for a possible decline to $3,270 and then to $2,800.BNB/USDTBinance Coin (BNB) has turned down from the 20-day EMA ($530) and is currently taking support at the psychological level at $500.BNB/USDT daily chart. Source: TradingViewIf bears sink and sustain the price below the $500 to $489.20 support zone, the selling momentum could pick up and the BNB/USDT pair could drop to $435.30. The downsloping moving averages and the RSI in the negative territory indicate advantage to bears.Conversely, if the price rebounds off the current level, it will suggest that bulls continue to defend this support. They will then make one more attempt to push the price above the 20-day EMA. If that happens, that pair could rise to $575. SOL/USDTSolana (SOL) turned down from the 20-day EMA ($178) on Jan. 2, indicating that bears are selling on every minor rally. The bears will now try to pull the price below the strong support at $167.88.SOL/USDT daily chart. Source: TradingViewIf they succeed, the SOL/USDT pair could drop to $148.04 which could act as a strong support. If the bounce off this level fails to rise above $167.99, it will indicate that demand dries up at higher levels.That could intensify the selling and the pair could drop to the critical support at $120. The bulls will have to push and sustain the price above the moving averages to signal that the selling pressure could be reducing. The pair could then rally to $204.75.ADA/USDT Cardano (ADA) has been trading between the 20-day EMA ($1.36) on the upside and $1.28 on the downside. This is a minor positive as it suggest that bulls are not willing to cede ground to the bears.ADA/USDT daily chart. Source: TradingViewThe 20-day EMA is flattening out and the RSI is just below 46, suggesting that the selling pressure could be reducing. If bulls thrust the price above the moving averages, the ADA/USDT pair could rise to $1.60 and then to the resistance line of the channel.A break and close above the channel will signal that the downtrend could be over. This positive view will invalidate if the price turns down and breaks below $1.18. That could pull the price to the crucial support at $1.XRP/USDTXRP turned down from the 20-day EMA ($0.86) on Jan. 3 suggesting that the sentiment remains negative and traders are selling on relief rallies.XRP/USDT daily chart. Source: TradingViewThe long tail on the Jan. 4 candlestick shows strong buying in the $0.77 to $0.75 support zone. The XRP/USDT pair could now consolidate between $0.75 and the 20-day EMA for the next few days.A break and close above the moving averages could clear the path for a rally to $1. If bulls clear this hurdle, the pair could start its journey toward the stiff overhead resistance at $1.41. Alternatively, if the price breaks and closes below $0.75, the pair could drop to $0.60 and then to $0.50.LUNA/USDTTerra’s LUNA token turned down from the overhead resistance at $93.81 on Jan. 3 and has reached the 20-day EMA ($83). This suggests that bears are selling on rallies.LUNA/USDT daily chart. Source: TradingViewIf bears pull the price below $81.11, the selling could intensify as short-term traders may rush to the exit. The LUNA/USDT pair could first drop to $76.72 and then extend the decline to the 50-day SMA ($67).Contrary to this assumption, if the price bounces off $81.11, it will suggest that bulls continue to buy on dips. The bulls will then make one more attempt to clear the overhead barrier at $93.81 and push the pair to the all-time high at $103.60.Related: Bitcoin monthly RSI lowest since September 2020 in fresh ‘oversold’ signalDOT/USDTPolkadot (DOT) has been trading between the 20-day EMA ($28) and the overhead resistance at $31.49 for the past few days. The flat 20-day EMA and the RSI just above the midpoint suggests a balance between supply and demand.DOT/USDT daily chart. Source: TradingViewIf the price breaks and closes above the $31.49 to $32.78 resistance zone, it will indicate that the balance has tilted in favor of the bulls. The DOT/USDT pair could then start its northward march toward $40.Conversely, if the price turns down and breaks below the 20-day EMA, the pair could extend its stay inside the range between $31.49 and $22.66 for a few more days. The bears will have to sink and sustain the price below $22.66 to signal the resumption of the down move.AVAX/USDTAvalanche (AVAX) slipped below the moving averages on Jan. 4, indicating that bears are aggressively defending the downtrend line. The flat 20-day EMA ($107) and the RSI just below the midpoint suggest a state of equilibrium between the bulls and the bears.AVAX/USDT daily chart. Source: TradingViewIf the price sustains below the moving averages, the bears will attempt to sink the AVAX/USDT pair below $98. If they manage to do that, the pair could drop to the strong support at $75.50.On the contrary, if bulls drive the price back above the moving average, the pair could rise to the downtrend line. A break and close above this level will signal a possible change in trend. The pair could first rise to $128 and then retest the all-time high at $147.DOGE/USDTDogecoin (DOGE) has been trading in a tight range between the 20-day EMA ($.0.17) and $0.16 for the past few days. This suggests that both the bulls and the bears are not placing large bets and are playing it safe.DOGE/USDT daily chart. Source: TradingViewUsually, tight ranges are followed by sharp moves. The downsloping moving averages and the RSI in the negative zone suggest the path of least resistance is the downside.If the price breaks below $0.16, the bears will attempt to pull the DOGE/USDT pair below the strong support at $0.15. If they succeed, it could result in a decline to $0.13 and then to $0.10.On the other hand, if the price turns up from the current level and rises above the 20-day EMA, the pair could rally to the stiff overhead resistance at $0.19. The bulls will have to clear this hurdle to signal a possible change in trend.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’s (BTC) price action has been uneventful in the first few days of the new year and it continues to languish below the psychological level at $50,000. The Crypto Fear and Greed Index is in the fear zone registering a value of 29/100. On-chain analytics resource Ecoinometrics said stages of extreme fear rarely remain for long, which means “there is a limited downside at 30 days.”Bitcoin continues to garner support from various quarters. Wharton School finance professor Jeremy Siegel said in an interview with CNBC that Bitcoin has replaced gold as an inflation hedge in the minds of Millennials.Daily cryptocurrency market performance. Source: Coin360Savvy investors have been turning to Bitcoin to protect their portfolios against the possible debasement of fiat currencies. Hungarian-born billionaire Thomas Peterffy advocated putting 2% to 3% of one’s portfolio in crypto to hedge in case fiat “goes to hell.”Could Bitcoin shed its range-bound action and start a trending move? Let’s study the charts of the top-10 cryptocurrencies to find out.BTC/USDTBitcoin’s failure to rise above the 20-day exponential moving average (EMA) ($48,449) suggests that bears are selling on every minor rally. Both moving averages are sloping down and the relative strength index (RSI) is in the negative zone, indicating advantage to bears.BTC/USDT daily chart. Source: TradingViewThe bears will now try to sink the price below the strong support at $45,456. If they succeed, it will suggest the resumption of the down-move. The BTC/USDT pair could first drop to the Dec. 4 intraday low at $42,000 and if this level cracks, the next stop could be $40,000. The longer the price sustains below the 20-day EMA, the greater the possibility of a move down. Conversely, if the price turns up and breaks above the 20-day EMA, it will suggest that bulls are attempting a comeback. The pair could then rise to the 50-day simple moving average (SMA) ($51,938), which may act as a strong barrier. If bulls thrust the price above this level, it will suggest a possible change in trend. The pair could then start an up-move to $60,000.ETH/USDTEther’s (ETH) rebound off the $3,643.73 to $3,503.68 support zone has reached the 20-day EMA ($3,899) where the bears are mounting a stiff challenge.ETH/USDT daily chart. Source: TradingViewThe gradually downsloping moving averages and the RSI in the negative zone indicate that bears have the upper hand. If the price continues lower, the bears will again try to pull the ETH/USDT pair below the support zone. If they manage to do that, the pair could start its downward journey to $3,270 and then to $2,800. On the contrary, if bulls push the price above the moving averages, it will suggest that the corrective phase could be over. The pair could then rally to $4,488BNB/USDTBinance Coin (BNB) bounced off the strong support at $500 and reached the 20-day EMA ($536) where the recovery is facing resistance. Both moving averages are turning down and the RSI is in the negative zone, suggesting a minor advantage to the bears.BNB/USDT daily chart. Source: TradingViewIf bulls push the price above the 20-day EMA, the BNB/USDT pair could rise to the overhead resistance at $575. This level may again act as a stiff resistance. If the price turns down from this level the pair could extend its stay inside the range between $500 and $575 for a few more days.Conversely, if the price turns down from the 20-day EMA, the bears will again attempt to sink the pair below $500. If they manage to do that, the selling could intensify and the pair could start a new downtrend to $450.SOL/USDTSolana (SOL) has been trading between $167.88 and the 20-day EMA ($180) for the past few days but this tight range trading is unlikely to continue for long.SOL/USDT daily chart. Source: TradingViewBoth moving averages are turning down and the RSI is in the negative zone, indicating that bears are in control. If sellers pull the price below $167.88, the SOL/USDT pair could drop to $148.04 and then to $120.Conversely, if bulls thrust the price above the 20-day EMA, the pair could rise to $204.75. This level may again act as a resistance but if bulls overcome this hurdle, the pair could rise to the resistance line of the falling wedge pattern. ADA/USDT Cardano (ADA) has been trading close to the 20-day EMA ($1.37) for the past few days, which suggests a stalemate between the bulls and the bears.ADA/USDT daily chart. Source: TradingViewIf bulls propel the price above the 20-day EMA, the ADA/USDT pair could rise to the overhead resistance at $1.59. A break and close above this level could push the pair to the resistance line of the descending channel.The bulls will have to push and sustain the price above the channel to indicate that the downtrend could be over. Conversely, if the price turns down from the current level, the bears will again try to pull the pair below $1.18 and retest the critical support at $1.XRP/USDTRipple (XRP) bounced off $0.80 but the bulls are struggling to push the price above the 20-day EMA ($0.87). This suggests that the sentiment remains negative and traders are selling on rallies.XRP/USDT daily chart. Source: TradingViewIf the price continues to slide lower, the bears will try to pull the XRP/USDT pair to the strong support at $0.75. If this level cracks, the pair could start the next leg of the downtrend to $0.60.On the contrary, if the price rises above the moving averages, the pair could rally to $1. This level may act as a strong resistance and if the price turns down from it, the pair could remain range-bound for a few more days.A break and close above $1 could indicate that the downtrend could be over. The pair could then start its march toward $1.41.LUNA/USDTTerra’s LUNA token is in an uptrend. Both moving averages are sloping up and the RSI is in the positive territory, indicating that bulls have the upper hand.LUNA/USDT daily chart. Source: TradingViewThe bulls are attempting to push the price above the minor resistance at $93.81. If the price sustains above this level, the LUNA/USDT pair could retest the all-time high at $103.60. A break and close above this level could signal the resumption of the uptrend.The pair could first rally to $135.26 and then reach $150. Contrary to this assumption, if the price turns down from the current level and breaks below the 20-day EMA ($83), it could signal the start of a deeper correction to the 50-day SMA ($66).Related: Bitcoin dips below $47K as US dollar surge dampens BTC price performanceAVAX/USDTAvalanche (AVAX) bounced off the $98 support and rose above the moving averages on Dec. 31 but the bulls have not been able to clear the downtrend line. This suggests that bears are defending this level with vigor.AVAX/USDT daily chart. Source: TradingViewIf bears pull the price below the moving averages, the AVAX/USDT pair could drop to $98. A break below this level could open the doors for a possible drop to $75.50. On the contrary, if the price rebounds off the moving averages, it will suggest that the sentiment has turned positive and traders are buying on dips. That will improve the prospects of a break above the downtrend line.The pair could then rise to $128. A break and close above this level could complete an inverse head and shoulders pattern, which has a target objective at $177.50.DOT/USDTPolkadot (DOT) rose above the 20-day EMA ($28) on Jan. 2 and the bulls will now attempt to clear the overhead resistance zone at $31.49 to $32.78.DOT/USDT daily chart. Source: TradingViewThe 20-day EMA is flat and the RSI has jumped into the positive territory, indicating that buyers are attempting a comeback. If bulls drive the price above $32.78, the DOT/USDT pair could rise to $40.If the price turns down from the overhead zone, it will suggest that the pair could consolidate between $22.66 and $31.49 for a few more days. The bears will have to pull and sustain the price below $22.66 to start the next leg of the downtrend.DOGE/USDTDogecoin’s (DOGE) bounce to the 20-day EMA ($0.17) is facing strong resistance from the bears. The moving averages continue to slope down and the RSI is in the negative zone, suggesting that bears are in control.DOGE/USDT daily chart. Source: TradingViewThe sellers will now try to pull the price to $0.15. If the price rebounds off this level, the bulls will again try to push the DOGE/USDT pair above the 20-day EMA. If they do that, the pair could rise to the overhead resistance at $0.19.A break and close above $0.19 will be the first sign that bulls are back in the game. The pair could first rally to $0.22 and then to $0.24. Alternatively, if the price plummets below $0.15, the downtrend could resume. The pair could drop to $0.13 and then slide to the psychological level at $0.10.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.