Sokipiriye Dokubo
Traders believe that if Bitcoin sustains a price above $60,000, it could lead to increased momentum in other cryptocurrencies like ETH, SUI, TAO, and NOT. Recently, Bitcoin has shown a strong recovery, bouncing back from lows below $50,000. While this rebound signals significant buying interest and a bullish sentiment, trader Peter Brandt warns of lingering selling pressure, suggesting a 50% chance of Bitcoin dropping below $40,000.
On a positive note, the Bitcoin bull-bear market cycle indicator has turned bullish again after being negative previously. According to Ki Young Ju, indicators for Bitcoin suggest a bull market, generating interest in alternative coins that are now aiming for upward movements. These altcoins could experience a surge in momentum if Bitcoin maintains its position above $60,000.
Bitcoin Market Analysis
Bitcoin’s surge on August 8th towards its moving averages signals strong buying activity by the bulls. Despite resistance from bears at the moving averages, the bulls have held their ground, indicating a potential breakout above these levels. Such a breakout could propel the BTC/USDT pair towards $70,000, with a significant resistance zone anticipated between $70,000 and $73,777.
If the price falls below $59,500, it would indicate bearish control, potentially leading the pair down to solid support at $55,724. A bullish crossover in moving averages and an RSI above the midpoint on the 4-hour chart hint at a slight advantage for the bulls. To strengthen their position, buyers need to push the price above $62,745, opening the path to $66,850 and eventually $70,000.
Ethereum (ETH) Market Analysis
Ether (ETH) is striving to reclaim the $2,850 breakdown level, a battleground for bulls and bears. Breaking above $2,724 could send the ETH/USDT pair towards the 20-day EMA at $2,864. Conversely, a drop from the 20-day EMA might signal bearish sentiment, with the price potentially falling below $2,552.
However, a rise above the 20-day EMA would indicate bullish control, with the pair eyeing the 50-day SMA at $3,162 and $3,400. Moving averages nearing a bullish crossover on the 4-hour chart, along with RSI in positive territory, signify a positive trend. Resistance at $2,724 could be overcome, leading the pair towards the major resistance level at $2,850.
A shift in sentiment would occur if the price falls below $2,550, possibly driving the pair to $2,300, where bulls may intervene.
Sui (SUI) Market Analysis
Sui (SUI) witnessed a surge above moving averages and the downtrend line on August 8th, indicating a potential trend reversal. With moving averages nearing a bullish crossover and RSI in positive territory, bulls seem to be in control. Maintaining the price above the downtrend line could propel the SUI/USDT pair to $1.17 and later to $1.44.
A break below the moving averages could hint at continued bearish pressure, potentially leading the pair to $0.60. Bears are resisting at $0.95 on the 4-hour chart, with the 20-EMA acting as a critical support level. A bounce from this level could signal bullish dominance, paving the way for a rise above $0.95 towards $1.15.
If the price drops below the 20-EMA, it may signal profit-taking, giving bears the opportunity to push the price below $0.80.
Bittensor (TAO) Price Analysis
Bittensor (TAO) displayed a bullish move above moving averages on August 8th, indicating a potential weakening of selling pressure. Sustaining the price above moving averages suggests bulls attempting to convert these levels into support. A breach of $320 may lead to a rally towards $367, although this level could attract sellers.
Falling and staying below moving averages could drive the TAO/USDT pair to $243 and potentially to $200. Bulls are defending the price above the 20-EMA on the 4-hour chart, with a break above $320 potentially pushing the pair to $367.
Bears need to pull the price below the 20-EMA to hinder the uptrend, potentially leading to a drop to the 50-SMA and then to $243. Breaking below $243 would shift the advantage to bears.
Notcoin (NOT) Price Analysis
Notcoin (NOT) witnessed bulls defending the $0.009 support against bearish pressure on August 5th. Approaching the 20-day EMA at $0.012, bulls are struggling to surpass this barrier, increasing the likelihood of an upward breakout.
A move above the moving averages could signal weakening bearish control, pushing the pair towards $0.018. Conversely, a drop below $0.009 might propel the pair downward to $0.005.
With flattened moving averages and RSI below the midpoint, sellers hold a slight advantage. Bears might aim for $0.010 as support, with a breakthrough of $0.013 favoring bulls for an upward move to $0.15. Dropping below $0.010 could indicate continued bearish dominance.