Bitcoin fluctuates at 59,000! Analyst: But "these 4 coins" show bullish signs
Recently, the US S&P index rebounded sharply from its intra-week low, and Bitcoin also showed a similar trend. As of this morning (13th) when writing, Bitcoin once stood above $60,000, but currently fell back slightly to around $59,000, with a daily increase of 0.69%.
Rakesh Upadhyay, a senior analyst at the foreign media Cointelegraph, analyzed early this morning that if Bitcoin goes down, $55,724 will be the key short-term support. If it falls below, it may fall back to $49,000 again; on the contrary, if Bitcoin breaks through the 20-day ($61,078) and 50-day ($61,771) moving averages on the daily line, it is expected to challenge the integer of $70,000 again.
In addition to analyzing the trend of Bitcoin, Upadhyay yesterday named four cryptocurrencies that are expected to rise in the near future and provided short-term support and resistance analysis, which is for reference only and not for investment.
Ethereum ($ETH) price trend analysis
Upadhyay noted that Ethereum ($ETH) bulls had attempted to push prices above the 50% Fibonacci retracement level ($2,753) but failed, but prices did not fall below $2,500.
If the ether price can overcome the $2,724 resistance, it could jump to the $2,850 level. This level is expected to attract strong selling from the bears, but if the bulls gain the upper hand, it will be able to challenge the 50-day SMA ($3,145).
However, if Ether drops sharply after hitting $2,850, it means that the bears have turned this point into resistance, which may cause Ether to fall back to the strong support of $2,500 and then fall to $2,300.
Sui ($SUI) Price Trend Analysis
Upadhyay pointed out that on August 8, US time, Sui ($SUI) soared above the important daily moving average and the downtrend line, indicating that the recent trend may change.
From the daily chart, the two daily moving averages are about to complete a golden cross (bullish), and the relative strength index RSI is also in the buy zone, indicating that the bulls are in control of the market. If $SUI can sustain above the downtrend line, it may rise to $1.17 and then to $1.44.
On the other hand, if $SUI falls, the moving average will become an important support to watch out for. A breakout and close below the moving average would indicate that bears continue to sell on rallies and a drop to $0.60 is possible.
Bittensor ($TAO) price trend analysis
Upadhyay pointed out that on August 8, US time, bulls pushed Bittensor ($TAO) above the moving average ($286.77, $283.08), indicating that selling pressure may be weakening.
At present, there is a positive signal in favor of bulls on the daily chart, that is, the price has not fallen sharply at the moving average, which means that bulls are trying to turn the moving average into support. If the market can break through $320 in the future, it may open the door to a rebound to $367, but this point may attract selling again.
However, if the TAO price plummets and sustains below the moving averages, the short-term bullish view will be invalidated. The price could then drop to $243 and below it to $200.
Notcoin ($NOT) price trend analysis
Upadhyay pointed out that on August 5, US time, Notcoin ($NOT) fell sharply and remained below the support level of $0.009, but the bulls still held their positions.
The next day, $NOT briefly touched the 20-day moving average ($0.01239) but did not break through it completely. However, the price has been staying close to the 20-day moving average, increasing the possibility of a breakout to the upside.
Upadhyay predicts that if $NOT breaks through the 20-day moving average in the future, it means that the bears are losing control and may then challenge $0.018.
Conversely, if $NOT turns down from current levels and breaks below $0.009, a drop to $0.005 is possible in the short term.
