Bitcoin (BTC) price has generally moved up in April, so far. Danny Scott, CEO of the Bitcoin exchange CoinCorner, suggested that Bitcoin could earn an average return of 51 percent in April and rise to $ 83,000, as in the last 10 years. This could enable miners to hold their positions rather than sell at current levels.
Although the undisputed leader of the market is Bitcoin, there are also important movements in altcoin prices. In this context, Cointelegraph analyst Rakesh Upadhyay analyzed 4 altcoin prices and Bitcoin that could perform well in the short term.
BTC / USDT – Bitcoin teknik analytics
The fact that the bitcoin price has repeatedly tested the $ 60,000 resistance and failed within a few days shows the profit taking of short-term traders. After these moves, there was a decline to the 20-day exponential moving average (EMA) ($ 56,669).
Daily chart of the BTC / USDT pair. Source: TradingView
The horizontal moving averages (MA) and the relative strength index (RSI) not moving above the bearish trend line indicate that the bears are aggressively defending the $ 60,000 to $ 61,825 resistance zone.
If the bulls can push the price above this zone, they can trap the bears, creating a possible short pressure. This possibility could push the BTC / USDT pair to the $ 69,540 target and then to the top $ 79,566.
On the other hand, if the bulls fail to cross the $ 60,000 resistance again, the likelihood of a break below the 20-EMA increases. The pair could then retest the 50-day simple moving average (SMA) ($ 53,961). This is a critical support because if there is a break below here, a change in the short term trend may be observed.
ETH / USDT – Ethereum price analysis
Range-dependent movement in Ether (ETH) price broke up on April 2. The price then spiked to an all-time high of $ 2,144. As the bulls failed to sustain the highs, a decline came again below the previous resistance level of $ 2,040.
Daily chart of the ETH / USDT pair. Source: TradingView
The bulls are currently trying to push the price above the overall resistance zone between $ 2,040 and $ 2,144. If successful, the ETH / USDT pair could gain momentum and the journey towards $ 2,618 could begin.
The bullish 20-day exponential moving average (EMA) ($ 1,869) and the relative strength index (RSI) in the positive zone show that the bulls dominate.
On the other hand, if the price loses its strength and falls below the 20-EMA, the bullish momentum will turn out to be weakening. The pair could consolidate between $ 1,289 and $ 2,040 if the breakdown comes below the 50-day simple moving average (SMA) ($ 1,756).
BNB / USDT – Binance Coin technical analysis
The Binance Coin (BNB) price hit an all-time high on April 2, but the bulls were unable to sustain the higher levels. Subsequently, the price dropped below $ 348.69. Although this indicates that the bears were trying to trap the bulls, a slight recovery was observed as of April 5.
Daily chart of the BNB / USDT pair. Source: TradingView
The bulls are not allowing the price to drop below the $ 315 support. This is a positive sign. Because it reveals that the bulls are accumulating with every small drop and they are not waiting for a deeper correction to come, which will provide an opportunity to buy.
If the bulls can push the price above the all-time high of $ 373.79, the BNB / USDT pair could begin the next leg of the uptrend and advance to $ 400 and then $ 430. Rising moving averages (MA) and the relative strength index (RSI) near the overbought zone increase the likelihood of upward movement.
On the other hand, if the price breaks down from the current level and then the general resistance line at $ 315, the bullish momentum will turn out to be weakening.
DOT / USDT – polkadot price analysis
Polkadot (DOT) price broke above the downtrend line on April 2 and hit an all-time high of $ 46.80 as of April 3. As evidenced by the long wick in the candlestick on that day, high levels of profit take occurred.
Daily chart of the DOT / USDT pair. Source: TradingView
Bulls, which increased their purchases of price thinking, pushed the price above $ 42.28. As of April 5, it fell below this line.
The 20-day exponential moving average (EMA) ($ 37.19) is bullish and the relative strength index (RSI) is in the overbought territory. So as of now the market is under the control of the bulls.
If the bulls can push the price above $ 46.80, the DOT / USDT pair can continue its upward trend and move up to $ 53.50.
This positive view will become invalid if the price falls below the moving averages.
EOS / USDT – EOS Teknik analiz
EOS price climbed above the overall resistance of $ 5.60 on April 1 and closed at $ 6.25 as of April 2. This was the highest close since June 29, 2019. So, after a long time, the altcoin started to attract investors once again.
Daily chart of EOS / USDT pair. Source: TradingView
The bears pulled the price back below the $ 5.60 breakout level as of April 3, but the bulls’ move resulted in a rebound. Then the price climbed above $ 5.60.
If buyers can keep the price above $ 5.60 for about three days, it is possible for a new uptrend to start. If the bulls push the price above $ 6.50, the EOS / USDT pair could gain great momentum. Subsequently, the pair could rise to $ 7.64 and then to $ 8.69.
The 20-day exponential moving average (EMA) ($ 4.85) has begun to rise and the relative strength index (RSI) is in the positive zone. So there are bulls at the wheel right now.
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