Bitcoin fell below the 20-day exponential moving average (EMA) of $22,864 on August 17 and then below the 50-day simple moving average (SMA) of $22,318 on August 19. The bulls are trying to stop the decline at the support level of the ascending channel line.

BTC/USDT daily chart. Source: TradingView
The 20 day EMA has started to decline and the RSI is in negative territory, indicating a bears advantage. If the price reverses direction from the moving averages, this will indicate that the bears are selling on rallies.

This may increase the probability of a breach below the channel’s support line. If that happens, the crucial support area from $18.626 to $17,622 could be attacked.

To avoid this situation, the bulls will have to push the price and keep it above the moving averages. If they do, the BTC/Tether (USDT) pair could rise towards the channel resistance line.

4 hour BTC/USDT chart. Source: TradingView
Buyers are aggressively defending the channel’s support line, but the Slope Moving Averages and RSI are in negative territory indicating that higher levels are likely to attract selling by the bears.

If the price falls below the current level or the 20-EMA, the probability of a break below the channel increases. If that happens, the bearish momentum could pick up and the pair could drop towards $18,626.

The first sign of strength will be a break above the 20-EMA. Such a move will indicate that selling pressure may be declining. This may improve the odds of a rise to the 50-SMA.

BNB / USDT
Binance Coin (BNB) fell from the upper resistance at $338 but the bulls managed to defend the strong support at $275. This indicates a positive sentiment as the bulls view the dips as a buying opportunity.

BNB/USDT daily chart. Source: TradingView
The recovery could face resistance at the 20-day moving average at $301. If the price drops below this level, the bears will once again attempt to dump the BNB/USDT pair below $275. If that happens, it will indicate that the pair could swing in a large range between $183 and $338 for some time.

Conversely, if the bulls push the price above the 20-day moving average, the pair could rise to $338. A breakout and a close above this level could complete a bullish head and shoulders pattern. That could start to rise to $413 and then to the pattern target at $493.

4-hour chart of BNB/USDT. Source: TradingView
The 20 EMA on the 4-hour chart has started to rise and the RSI is near its midpoint, indicating that selling pressure may be easing. If the price stabilizes above the 20-EMA, the pair may rise to the 50-SMA. A breakout and a close above this resistance could increase the potential for a rally to $338.

Conversely, if the price declines and breaks below the 20-EMA, the pair may fall back to the critical support at $275. If this level breaks, the pair will complete a bearish head and shoulders pattern and drop towards $240.

EOS / USDT
EOS has formed a bullish inverse head and shoulders setup. Buyers pushed the price above the upper resistance at $1.46 on August 17, but the long wick in today’s candlestick is showing strong selling at higher levels.

EOS/USDT daily chart. Source: TradingView
The bears pulled the price below the breakout level of $1.46 on August 19 but the positive sign is that buyers did not allow the EOS/USDT pair to continue below the 20-day moving average ($1.32). This indicates that lower levels attract buyers.

If the bulls maintain the price above $1.46, the positive momentum could rise and the pair could rise to $1.83. If this resistance is also measured, the rally could extend to the pattern’s target at $2.11.

This positive opinion could be invalidated if the price drops below $1.24. After that, the pair may decline to the 50-day simple moving average ($1.17).

4-hour chart of EOS/USDT. Source: TradingView
The rally above $1.46 on August 17th pushed the 4-hour chart’s RSI to overbought levels. This may have tempted short-term buyers to take profits, which pushed the price to the strong support level at $1.24. The bulls bought the dip to this level and pushed the pair back above the upper barrier at $1.46.

The pair can now rise to $1.56 and then to the important resistance at $1.83. Alternatively, if the price breaks below the current level and breaks below the moving averages, this will indicate that the pair may remain range-bound for a few days.

Related: 3 Reasons Why Bitcoin Has No Bottom

QNT / USDT
A series of higher highs and higher lows indicates that Quantity (QNT) is in a short-term uptrend. The bulls bought the dip to the 50-day SMA at $100 and are trying to resume the upward movement.

QNT/USDT daily chart. Source: TradingView
If the price continues above the 20-day moving average of $111, it will indicate that the correction may be over. The QNT/USDT pair could rise first to $124 and then retest the important resistance at $133. If the bulls cross this obstacle, the pair turns over

Source: CoinTelegraph

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