Bitcoin, Ethereum, Binance Coin and their price trends

On April 8, Bitcoin (BTC) broke the symmetrical triangle, but on April 9, the bears dragged the price back within the triangle. This may suggest that bears are trying to catch the bulls. One bright spot for buyers is their effort to buy the dip towards the 20-day exponential moving average of $68,497. Here is the price movement for Bitcoin, Ethereum (ETH), and Binance Coin (BNB)!

Analysis of BTC and ETH prices

If the cryptocurrency’s price rebounds from the 20-day EMA, the BTC/USDT pair may attempt another rise above the general resistance at $73,777. In such a case, the pair could rise to $80,000 and then to $84,000. On the other hand, if the price falls below the 20-day EMA, bears might see an opportunity and pull the pair down towards the uptrend line. A break and close below the triangle could signal the start of a correction phase towards $60,000 and ultimately towards the 61.8% Fibonacci retracement level at $54,298.

On April 9, Ethereum (ETH) dipped sharply below the general resistance at $3,679, suggesting bears are still active. However, bulls are trying to stop the downtrend at the 20-day EMA ($3.479). If the cryptocurrency’s price rises from these moving averages, bulls could potentially make another attempt at the $3,679 level. If this resistance is broken, the ETH/USDT pair could rise towards the general resistance at $4,100. On the other hand, a decline below the moving averages could mean that the sideways move between $3,056 and $3,679 could continue for a few more days. However, a break below $3,056 could turn the trend in favor of the bears.

Binance Coin-analyse

On April 8, Binance Coin (BNB) dipped below the downtrend line, but bulls managed to prevent the price from falling below the 20-day EMA. This suggests possible buying at any price drop. The 20-day EMA shows a gradual increase, while the relative strength index (RSI) is in the positive territory, indicating that the price is likely to follow the upward path. If buyers manage to keep the price above the triangle, the BNB/USDT pair could rise to $692 and possibly even attempt to reach the $795 model target. However, bears may think differently. They may try to defend the downtrend line and push the price back to the uptrend line. A break below this support could signal the start of a corrective phase towards $460.