Crypto: Price Predictions 2/18: Btc, Eth, Xrp, Bnb, Sol, Doge, Bch, Ada,...
Technical charts show Bitcoin price hanging on to softening support in the $68,000 to $65,000 zone, and a breakdown below the level could usher in new lows in the $50,000 range.
Bitcoin remains under pressure, and the downside might accelerate if the $65,118 level is breached.
Several major altcoins are attempting a recovery, but the bears remain sellers on rallies.
Bitcoin (BTC) bulls are attempting to hold the price above $67,000, but the bears have continued to exert pressure. A positive sign for the bulls is that select analysts believe BTC may be bottoming out.
Analyst Jelle said in a post on X that all but one of BTC’s major bottoms had formed between the 200-week simple moving average ($58,371) and the 200-week exponential moving average ($68,065). BTC trading near the 200-week EMA suggests that the bottom formation process may have begun.
Similarly, Matrixport said in a post on X that BTC may be making a durable bottom. Matrixport said that when the 21-day moving average of its daily sentiment indicator dips below zero and starts to turn up, it suggests that the selling pressure is getting exhausted. Although that doesn’t rule out a decline in the near term, the readings indicate that BTC could be approaching another inflection point.
Another positive projection for BTC came from Wells Fargo analyst Ohsung Kwon. In a note seen by CNBC, Kwon said additional savings from tax refunds, mostly from high-income consumers, could flow into equities and BTC, bringing back the “YOLO” trade.
Could BTC and the major altcoins overcome the overhead resistance levels? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
BTC has been making higher lows in the short term, but the bulls have failed to push the price above the breakdown level of $74,508.
Buyers are likely to make another attempt to pierce the overhead resistance at the 20-day EMA ($72,282) and the $74,508 level. If they can pull it off, the BTC/USDT pair may rally to the 50-day SMA ($83,129).
Source: CoinTelegraph
