Bitcoin price sets up for an explosive move as ADA, XLM, AAVE and CFX turn bullish

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The long weekend has not produced fireworks in the Bitcoin (BTC) price, which continues to trade within a tight range all the time. is. This suggests that Bitcoin bulls and bears are uncertain about the next directional move.

Bitcoin isn’t the only one stuck in the range. Julian His Timmer, director of global macro at asset manager Fidelity, tweeted on April 7 that the S&P 500 index has remained range-bound for the past nine months, with a breakout coming “sooner or later.” Did.

Bitcoin’s failure to break out of the $30,000 level attracted profit-taking in some altcoins, while others witnessed a shallow rally. This indicates that traders are holding positions in anticipation of a higher move.

Let’s explore the charts of some altcoins that could rise and start an uptrend if Bitcoin goes up. What are the bullish resistance levels for these 5 cryptocurrencies?

Bitcoin price analysis

Bitcoin has been trading in a tight range for the past two days, showing indecision between bulls and bears. Tight ranges are usually followed by increased volatility.

The 20-day exponential moving average ($27,500) is flattening out and the Relative Strength Index (RSI) is slowly sliding down towards the middle. This suggests a balance between demand and supply.

If the price breaks below the 20-day EMA, it could trigger some short-term stop losses and plunge the BTC/USDT pair to the $25,250 breakout level.

Conversely, if the price bounces off the 20-day EMA, it suggests that the sentiment remains positive and traders are buying dips. A move above $29,200 can lead to $30,000 and then $32,500.

The 20-EMA is flattening out on the 4-hour chart and the RSI is just below the midpoint. This gives neither bulls nor bears a clear advantage. This uncertainty is unlikely to last long and directional movement could begin soon. However, it is difficult to predict the direction of breakouts.

Therefore, we recommend waiting until a breakout occurs before establishing a directional bet. The key levels to watch are $29,200 on the upside and $26,500 on the downside. A breakout of either level could initiate a short-term trend move.

Cardano price analysis

The bulls have not allowed Cardano (ADA) to break below the 20-day EMA ($0.37), indicating demand at lower levels.

The rising 20-day EMA and RSI in positive territory suggest that the path of least resistance is upwards. The ADA/USDT pair can rise to the neckline in an inverted head and shoulders (H&S) pattern. Breaking and closing this resistance will indicate a possible trend change. After that, the pair may rally towards the $0.60 pattern target.

If the bears want to stop the move up, the price must return below the 20-day EMA. The pair can then drop to the 200-day simple moving average ($0.35) and then to $0.30.

The 4-hour chart shows that the bulls are pushing the price above the 20-EMA and then trying to cross the barrier at the downtrend line. If they do, it suggests the pullback may be over. After that, a rally to the neckline is likely where the bears are expected to mount a strong defense.

Conversely, if the price faces a refusal at the downtrend line, it suggests that the bear market is active at higher levels. A sell can dip below $0.37 and the pair can plunge to the 200-SMA.

star price analysis

Stellar (XLM) has turned down from the overhead resistance at $0.12 and the price is approaching the 20-day EMA ($0.10). The bulls are likely to buy a drop to the 20-day EMA.

If the price bounces off the 20-day EMA, the bulls will try to clear the overhead hurdle again. If they succeed, the XLM/USDT pair will complete a bullish bottom pattern. This could mark the beginning of a new rise. The currency pair may first rise to $0.15 and then march towards the pattern target of $0.17.

Contrary to this assumption, if the price falls below the 20-day EMA, it suggests that the bulls are losing momentum. After that, the pair could fall to the 200-day SMA ($0.09). This is a win-win situation for the bulls.

The 4-hour chart shows the pair correcting inside a descending wedge pattern. Price bounces off the support line and the bulls next attempt to push the pair above the wedge. If that happens, the pair could rise to $0.11 and then to $0.12.

On the other hand, if the price falls below the support line, it indicates that selling is intensifying. There is a small support at $0.10, but if it breaks, the drop can extend to the 200-SMA.

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Aave price analysis

The AAVE has turned down from the overhead resistance of $82, indicating that the bears are defending this level hard. It has broken below the recent support of the 20-day EMA ($75).

The AAVE/USDT pair can then drop to the 200-day SMA ($73) close to the uptrend line. Buyers may defend this level vigorously. If the price bounces off the uptrend line and breaks out of the 20-day EMA, the pair can reach $82.

If the bulls overcome this barrier, the pair will complete a rising triangle pattern. The target goal for this setup is $100. This bullish view will be invalidated if the price continues to fall and breaks below the uptrend line. After that, it can drop to $68 and then to $64.

The bears have pushed the price up to 200-SMA on the 4-hour chart. The 20-EMA is starting to drop and the RSI is in negative territory, indicating that the bears have the upper hand.

If the 200-SMA breaks down, the pair could fall further to the uptrend line. This is a key level for the bulls to defend as below it will further strengthen the bears.

On the upside, a breakout of the 20-EMA would be the first sign that the bulls are back. After that, the pair can rise to the overhead resistance of $82.

CFX price analysis

Conflux (CFX) has been in a correction phase for the past few days, but the minor positive is that the bulls are trying to defend the 20-day EMA ($0.36).

The CFX/USDT pair could reach the downtrend line if the price bounces off the current levels. This is a key level for the bears, and a breakout of it can lead to a rally to $0.44 and then to $0.49.

Conversely, if the price falls sharply and stays below the 20-day EMA, it suggests the bulls may be rushing for an exit. It could invite further selling and pull the price towards the next support of $0.30. The bulls are expected to buy the decline to this level.

The 4-hour chart shows that the bears are trying to keep the price below the 20-EMA. That could pull the pair towards the 200-SMA, which could act as a major support.

If the price bounces off this level, the bulls will try to push the price to the downtrend line again. This is an important level to pay attention to. A break above this is to signal that the bulls are back in the game.

On the downside, a close break below the $0.30 support could trigger further selling and push the price down to $0.25.