The war in the Middle East failed to push Bitcoin (BTC) below the $63,000 level. This may have attracted buyers trying to keep the price above $69,000. However, a rapid recovery is unlikely. Macroeconomic newsletter Ecoinometrics said in an article on
Data shared by André Dragosch, head of research at Bitwise Europe, shows that when investors buy and hold BTC for at least three years, the probability of loss drops to 0.70%. Although BTC is down about 50% from its all-time high, its three-to-five-year realized price of $34,780 shows that investors who bought and held during this period are enjoying significant profits.
The big question on traders’ minds is when to buy BTC. BitMEX co-founder Arthur Hayes said in a blog post that every military action by U.S. presidents in the Middle East since 1985 has resulted in monetary expansion by the Federal Reserve. If the current conflict continues, the likelihood of similar action by the Fed increases.
Could buyers push BTC and major altcoins above their resistance levels? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
S&P 500 Index Price Prediction
The S&P 500 Index (SPX) continues to trade between support at 6775 and resistance at 7002, indicating a buy on dip and sell on rally.
The longer the time spent inside the range, the stronger the eventual outflow. If the price declines and breaks below the 6,775 level, it suggests that the bears have dominated the bulls. This could initiate a deeper correction towards the 6,550 level.
Buyers will need to push and hold the price above the resistance at 7,002 to signal the start of the next leg of the uptrend. The index could then rise to the level of 7,290.
US Dollar Index Price Prediction
The US Dollar Index (DXY) climbed above the 50-day simple moving average (SMA) (97.91), indicating aggressive buying by the bulls.
The index could bounce up to the 99.50 level and then to the resistance at 100.54. Sellers should fiercely defend the 100.54 level, as a close above suggests the start of a new uptrend.
This positive outlook will be negated in the short term if the price declines and crosses below the 20-day exponential moving average (EMA) (97.67). This opens the door for a decline towards the 96.21 to 95.55 support zone.
Bitcoin Price Prediction
BTC has formed a symmetrical triangular pattern, indicating a balance between supply and demand.
The bulls are trying to strengthen their position by pushing the Bitcoin price above the resistance line. If they succeed, the BTC/USDT pair could reach the breakout level of $74,508. A close above the $74,508 level will be the first sign that the pair may have bottomed at $60,000.
Alternatively, if the price moves down from the $74,508 level and breaks below the 20-day EMA, it suggests that the bears remain active at higher levels. This may result in the formation of a range of $60,000 to $74,508.
Ether Price Prediction
Ether (ETH) remains range-bound between $1,750 and $2,111, indicating an uphill battle between the bulls and bears.
The bulls will need to close above the $2,111 resistance to take control. If they succeed, the ETH/USDT pair could rebound to the 50-day SMA ($2,427) and, after that, to $3,045.
Contrary to this assumption, if Ether price declines from the $2,111 level, it suggests that the consolidation could continue for a few more days. The bears will be back in control at a close below $1,750. This sets the stage for a collapse to the $1,537 level.
XRP Price Prediction
XRP (XRP) is struggling to break above the 20-day EMA ($1.42), but a positive sign is that the bulls continue to apply pressure.
If buyers push XRP price above the 20-day EMA, the XRP/USDT pair could rise to the 50-day SMA ($1.63) and later to the downtrend line. A close above the downtrend line will signal a potential trend change.
Instead, if the price declines from the 20-day EMA and breaks below the support line, it indicates that the bears remain in control. There is support at $1.11, but if the level gives way, the decline could extend to $1.
BNB Price Prediction
BNB (BNB) has been trading in a range of $570 to $670 for some time, indicating buying at lower levels.
The 20-day EMA ($633) is flattening and the relative strength index (RSI) is gradually increasing. This suggests that selling pressure may be easing. The bulls will attempt to push the BNB price above the $670 level. If they succeed, the BNB/USDT pair could reach the 50-day SMA ($742).
The sellers will likely have other plans. They will attempt to defend the $670 level and bring the price back below the $570 support. If they succeed, the couple could drop as much as $500 in psychological support.
Solana Price Prediction
Buyers pushed Solana (SOL) above the 20-day EMA ($86), indicating demand at lower levels.
Sellers will attempt to stop the relief rally at $95, but if the bulls prevail, the SOL/USDT pair could climb as high as $117. Such a move suggests that the Solana price may have reached its lowest level in the short term.
Contrary to this assumption, if the price declines from the upper resistance, the pair could oscillate between $76 and $95 for some time to come. A break below the $76 support signals the resumption of the downtrend at $67.
Related: Will Bitcoin Crash if Oil Prices Hit $100 a Barrel?
Dogecoin Price Prediction
Dogecoin (DOGE) has been trading between the 20-day EMA ($0.10) and $0.09 support for the past few days.
If the $0.09 level gives way, the DOGE/USDT pair could retest the February 6 low at $0.08. Buyers should vigorously defend the $0.08 level as a close below could trigger the next leg of the downtrend at $0.06.
Bulls will need to propel Dogecoin price above the 20-day EMA to signal strength. The pair could then rise to the breakout level of $0.12, where the bears are expected to intervene.
Bitcoin Cash Price Prediction
Buyers are trying to keep Bitcoin Cash (BCH) above the $443 support, but bears kept up the pressure.
Descending moving averages and the RSI near the oversold zone increase the likelihood of a breakdown. There is minor support at $423, but it is likely to be broken. The BCH/USDT pair could then plunge to $377.
Any rebound from the $443 level should result in a sell-off to the moving averages. Buyers will need to push Bitcoin Cash price above the 50-day SMA ($546) to gain the upper hand.
Cardano Price Prediction
Cardano (ADA) continues to trade inside the descending channel pattern, indicating that bears remain in control.
If Cardano price holds below the 20-day EMA ($0.28), the bears will attempt to pull the ADA/USDT pair below the $0.25 support. If they succeed, the pair could fall to the support line. A strong rebound from the support line suggests that the pair could remain inside the channel for some time to come.
Bulls will need to push and hold price above the downtrend line to signal a potential trend change. The pair could then rise to $0.43.
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