Price analysis 2/14: BTC, ETH, BNB, XRP, ADA, SOL, LUNA, DOGE, AVAX, DOT
Bitcoin (BTC) is attempting to form a higher low as investors take advantage of lower levels to accumulate. Twitter user PlanC recently highlighted that the balance of addresses having at least two significant incoming transactions but no outgoing transactions has soared to a 57 month high.
However, not everyone is bullish on the future prospects of Bitcoin. Popular analyst Ari Rudd presented three long-term technical setups, which point to further downside in Bitcoin. Rudd believes that Bitcoin could offer a buying opportunity in the $24,000 to $27,000 range.
Data compiled by Bloomberg shows that Bitcoin price has been calmer compared to the Nasdaq 100 index in 2022. There have been only five occasions this year when Bitcoin has moved more than one standard deviation from its average in either direction, while the Nasdaq 100 has seen 12 such moves.
Generally, periods of low volatility are followed by range expansion. Hence, traders may remain cautious because a sharp drop in the Nasdaq 100 could accelerate selling in Bitcoin.
Let’s study the charts of the top-10 cryptocurrencies to spot the critical support and resistance levels.
Bitcoin is attempting to rebound off the 20-day exponential moving average ($41,493), indicating that the sentiment has turned positive and traders are buying on dips.
The bulls will attempt to push and sustain the price above the overhead resistance at $45,821. If they manage to do that, the BTC/USDT pair will complete a bullish inverse head and shoulders pattern.
The pair could first rally to the psychological level at $50,000 and if this level is crossed, the rally may reach the stiff overhead resistance at $52,088.
Contrary to this assumption, if the price turns down from the current level or the
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