Bitcoin crossed the $63,000 overhead resistance late last week, suggesting the bulls were ready to propel the coin higher. The sudden surge came after Fed Chair Jerome Powell’s speech in Jackson Hole, where he confirmed that the US central bank will soon start cutting interest rates.
Meanwhile, analysts at crypto exchange Kraken have maintained that BTC bulls must sustain the digital coin above $62,500 to avoid a downtrend to $49,600. They have also claimed that the current price action is only a corrective pattern, not a solid bullish reversal.
Bitcoin hasn’t traded outside the $55,718 – $73,756 range in the past seven days, indicating a balance between the bears and the bulls.
Now, let’s study the chart to see what happens when the bulls hold BTC above $62,000 for longer.
Bitcoin Price Analysis
Bears couldn’t defend the 20-day Exponential Moving Average of $60,203 and the 50-day Simple Moving Average of $61,440 on August 21st, prompting Bitcoin to rise above $64,050 as of this writing. If the bulls guard $62,000 this week, BTC might surge above $65,789 and then head toward $71,097 or even $73,756.
The bullish narrative will be invalidated if $60,203 crumbles as the sellers are likely to pull Bitcoin toward the $55,624 support.
Ethereum Price Analysis
ETH has finally crossed the 20-day Exponential Moving Average of $2,698, enhancing the chances of a rally to $2,840. If the bulls maintain the positive momentum after Ethereum crosses $2,840, they might propel the coin’s price to the 20-day Simple Moving Average of $2,951.
On the other hand, Ether could slip below $2,510 and move toward the $2,389 support if the bulls let $2,698 collapse.
BNB Price Analysis
With BNB now trading above the downtrend line, it appears that the bulls are trying to turn that level into a solid support and cause further upward movement. Moreover, the 20-day Exponential Moving Average ($547.86) is rising, and the Relative Strength Strength Index (61.35) has entered a positive zone, giving the bulls a massive advantage. That said, a move to $635.62 is possible if BNB crosses $605.97.
Conversely, if the sellers pull the coin below the downtrend line, it will mean that investor sentiment has become negative. As such, we might see BNB plummeting below the 50-day Simple Moving Average, reaching $460.66.
XRP Price Analysis
XRP has struggled to stay above the $0.60933 resistance since Friday, but the good news is that the buyers have let the sellers pull the token below key support levels. Furthermore, the Relative Strength Indicator (59.87) shows a high probability of an upward move in the coming days.
If the buyers eventually thrust and keep XRP above $0.60933, a rally to $0.64903 could happen. We anticipate significant selling pressure at that level, but if the sellers are defeated, XRP may surge further to $0.68338.
Meanwhile, our bearish narrative is that the Ripple-issued token could plummet to $0.50062 if a rebound doesn’t occur at the 50-day Simple Moving Average of $0.55249.
Solana Price Analysis
The bulls have kept SOL above the 20-day Exponential Moving Average of $147.35 in the past few days, suggesting a cooling selling pressure. Another bullish sign is that Solana’s current price ($159.68) is above the 50-day Simple Moving Average of $155.73. This boosts the bulls’ chances to push the digital asset to $188.22. However, if $147.35 gives way, we foresee a downtrend to $136.56 or even $129.57.
Toncoin Price Analysis
Toncoin has witnessed intense selling pressure over the last three days following news that Telegram CEO Pavel Durov was arrested by the French government on Saturday. Per data from CoinGecko, TON is down 18% in the past seven days and trades below the 20-day Exponential Moving Average of $6.52 at press time. Further selling activity might cause Toncoin to plunge to $4.95.
On the positive side, if the token grows above $6.52 again, a solid rally to $7.86 becomes possible.
