Loading stock data...
Media 5e27347b 9dea 41ab 927d 890ef21a7849 133807079768571440
Cryptocurrency

Bitcoin Chart Patterns Suggest Potential Drop Below $80k, While BNB, AAVE, XMR, and VRC Look Strong

Horizonstocks

Despite the efforts of buyers, Bitcoin (BTC) was unable to hold on to its recovery attempts during the past week, signaling that selling by bears at higher levels was ongoing. Although the price failed to push above $100,000, buyers have not ceded ground yet, and a reversal in fortunes could happen soon.

Technical Analysis

The 20-day Exponential Moving Average (EMA) is currently at $82,500, indicating that bulls are still in control. However, the Relative Strength Index (RSI) near the midpoint suggests that momentum is slowing down. If the price plunges below the 20-day EMA, the BTC/USDT pair could drop to $70,000.

Support and Resistance Levels

  • Support: $82,500 (20-day EMA)
  • Resistance: $100,000
  • Target: $120,000 (pattern target)

Other Cryptocurrencies

Monero (XMR)

Monero has been attempting to start a recovery for the past few days but is facing stiff resistance at $203. The 20-day EMA is flattish, and the RSI is near the midpoint, indicating a balance between buyers and sellers.

  • Support: $193 (20-day EMA)
  • Resistance: $203
  • Target: $216

Virtuals Protocol (VIRTUAL)

VIRTUAL resumed its uptrend after breaking out of the stiff overhead resistance at $3.33 on Dec. 27. The upsloping 20-day EMA suggests that buyers are in control, but the negative divergence on the RSI signals that the positive momentum may be slowing down.

  • Support: $2 (50-SMA)
  • Resistance: $4
  • Target: $4.79

Conclusion

While Bitcoin’s recovery attempts were foiled by bears during the past week, buyers have not given up yet. A reversal in fortunes could happen soon, and investors should keep a close eye on the price action to spot investment opportunities.

A Closer Look at Other Cryptocurrencies

Monero (XMR)

The pair has formed a bullish ascending triangle pattern on the 4-hour chart, which will complete on a break and close above $203. If that happens, the pair could rally toward its pattern target of $228.

  • Support: $180
  • Resistance: $203
  • Target: $228

Virtuals Protocol (VIRTUAL)

The 20-EMA is the critical support to watch for on the downside. If this support cracks, the pair may decline to the 50-SMA. Buyers are expected to vigorously defend the 50-SMA because the pair may plunge to $2 if the level breaks down.

  • Support: $2 (50-SMA)
  • Resistance: $4
  • Target: $4.79

What’s Next?

Investors should keep a close eye on the price action and wait for a reversal in fortunes before making any investment decisions.

Stay Ahead of the Curve

Subscribe to our newsletter to get critical insights, spot investment opportunities, mitigate risks, and refine your trading strategies. Delivered every Monday.

Disclaimer

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.