The recent rejection of Bitcoin spot-price exchange-traded fund (ETF) applications by the United States Securities and Exchange Commission (SEC) initially caused a knee-jerk reaction in the market. However, the shallow fall in Bitcoin and several altcoins suggests that lower price levels are attracting buyers. Short-term speculators have sent coins to exchanges, indicating increased caution, but overall sentiment remains positive.
Bitcoin (BTC):
– BTC is consolidating near the overhead resistance at $31,000.
– A tight consolidation near resistance typically resolves to the upside.
– The 20-day exponential moving average ($28,982) and positive relative strength index (RSI) indicate upward momentum.
– If the price sustains above $31,000, BTC could rally towards $40,000.
Ether (ETH):
– ETH bounced off the moving averages and lower levels are attracting buyers.
– Breaking the overhead resistance at $1,937 may lead to a rise towards $2,000 and $2,142.
– Failure to overcome resistance could result in a drop to $1,700 and $1,600.
BNB, XRP, ADA, DOGE, SOL, LTC, MATIC, DOT:
– BNB slipped below support at $230 but saw aggressive buying.
– XRP found support at $0.44, with resistance at $0.48.
– ADA has been range-bound between $0.24 and $0.30, with resistance at $0.30.
– DOGE defended the support level at $0.06, indicating bullish sentiment.
– SOL broke below support but quickly rebounded, with resistance at $18.70.
– LTC recovered after falling below moving averages, with resistance at $106.
– MATIC attempted to form a bullish pattern but faced selling pressure at higher levels.
– DOT held ground above the 20-day EMA, with resistance at $5.15.
It’s important to note that this article does not provide investment advice and readers should conduct their own research before making any decisions. The views expressed are those of the author and do not necessarily reflect the opinions of Cointelegraph.