Price analysis 4/12: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, LTC

cointelegraph.com:

The March consumer price index climbed marginally by 0.1%, below economists' expectation of a 0.2% increase and February’s advance of 0.4%. Although inflation is showing signs of slowing, the year-on-year CPI increased by 5%, well above the Federal Reserve’s 2% target. 

The FedWatch Tool shows a 67% probability of a 25 basis point rate hike in the Fed’s May meeting but by the end of the year, the majority of the market participants have come to expect rates to be lower than the current level.

An expansive monetary policy is usually positive for risky assets. In addition, crypto traders will focus on Bitcoin’s (BTC) halving which is set to occur next year. That is also likely to be a positive for cryptocurrency prices. While the near-term picture is uncertain, the long-term remains bullish.

Will traders book profits in the near term, pulling Bitcoin and altcoins lower or will the rally extend further?

Let’s study the charts of the top-10 cryptocurrencies to find out.

Bitcoin is witnessing resistance near $30,550 but a positive sign is that the bulls have not given up much ground. This suggests that the buyers are not rushing to the exit.

The bears are unlikely to give up without a fight. They will try to yank the price below the 20-day exponential moving average ($28,163), which remains the key support level to keep an eye on. If they are successful, the selling could pick up and the BTC/USDT pair may slump to the support at $25,250.

Conversely, if the price continues to move up from the current level or rebounds off the 20-day EMA, it will signal strong demand at lower levels. That will enhance the prospects of a rally to $32,400, which is likely to behave as a formidable resistance.

Ether (ETH) snapped back from the 20-day EMA