Bitcoin (BTC) remains on strong foundations after bears failed to capitalize on denial near the psychological $ 50,000 mark.

The recent rise in the price of Bitcoin has not led longer-term investors to part with their holdings, and data from Glassnode shows that the Bitcoin supply to long-term holders has hit a new all-time high of 12.69 million BTC. This surpasses the previous record from October 2020.

MicroStrategy’s recent Form 8-K filing with the United States Securities and Exchange Commission shows that the company topped up its Bitcoin holdings by 3,907 BTC between July 1 and August 23. The company bought at an average price of $ 45,294. This brings MicroStrategy’s total inventory to 108,992 BTC with an average price of $ 26,769.

Daily performance of the cryptocurrency market. Source: Coin360

In the short term, however, not everyone is optimistic. John Bollinger, creator of the popular Bollinger Bands technical analysis indicator, warned traders and suggested that they “take some profits or hedge a little”. He said there was no confirmation of a decline yet, but if it did Hodlers could use the lower levels to buy more.

After the minor correction on August 25, could Bitcoin and Altcoins continue their upward trend? Let’s analyze the top 10 cryptocurrency charts to find out.

BTC / USDT

Bitcoin (BTC) broke the psychological barrier at USD 50,000 on August 23, but the long wick on the daily candle showed profit bookings at higher levels. The sale continued on August 24th and August 25th, pushing the price to the support line of the rising wedge pattern.

BTC / USDT daily chart. Source: TradingView

The bulls are currently defending the support line. If the rebound continues, the bulls will make another attempt in the overhead resistance zone of $ 50,000 to $ 50,500. If this hurdle is cleared, the BTC / USDT pair could rally to the resistance line of the wedge.

A breakout and close above the wedge indicates strength and could attract further buying. That could pave the way for a rally to $ 60,000. The rising 20-Day Exponential Moving Average (EMA) ($ 46,014) and Relative Strength Index (RSI) in positive territory indicate an advantage for buyers.

That positive view will be invalidated if bears let the price dip below the 200-day Simple Moving Average (SMA) ($ 45,977). This could result in a drop to $ 42,451.67.

ETH / USDT

The bulls pushed Ether (ETH) above the overhead resistance at $ 3,335 on Aug 23 and 24, but failed to hold the higher levels. This suggests that bears are aggressively defending the level.

ETH / USDT daily chart. Source: TradingView

The ETH / USDT pair fell to the 20-day EMA (USD 3,080) on August 25, but the candle’s long tail shows buying at lower levels. If the price holds above the 20-day EMA, buyers will make another attempt to push the pair above $ 3,335.

If they do, the pair could continue on its uptrend which could hit $ 3,670 and then $ 4,000. On the contrary, if the price drops again from $ 3,335, a few days of consolidation are possible. The first sign of weakness will be a breakout and a close below $ 3,000. If bears keep the price below this level, the pair could fall to the 200-day SMA ($ 2,352).

ADA / USDT

Cardano (ADA) saw profit bookings near the $ 3 psychological level on Aug. 24, but one positive sign is that the bulls are not giving up much ground. The long tail of the August 24th and 25th candlesticks suggests accumulation at lower levels.

ADA / USDT daily chart. Source: TradingView

If the price rebounds from the current level or the breakout level at $ 2.47, it will indicate that sentiment remains positive and the bulls will buy on dips. The bulls will then attempt to continue the uptrend by pushing the price above $ 3. If this succeeds, the ADA / USDT pair could rise to $ 3.50.

On the flip side, the pair may consolidate between $ 3 and $ 2.47 for a few days if the price again deviates from the overhead resistance. A break and close below $ 2.47 could push the price to the 20-day EMA ($ 2.20). The bears will need to drop the price below this support to gain the upper hand.

BNB / USDT

After the strong upward movement on August 23, Binance Coin (BNB) made an inside-day candlestick pattern on August 24. This indicates indecision between the bulls and bears. Right now, buyers are trying to resolve the uncertainty in their favor.

BNB / USDT daily chart. Source: TradingView

If the bulls push and hold the price above $ 509.72, the BNB / USDT pair could begin its journey north towards $ 600. The rising 20-day EMA ($ 420) and the RSI in the overbought territory suggest that buyers have the upper hand.

Contrary to this assumption, if the pair declines $ 509.72, the pair may drop to the breakout level at $ 433 and consolidate between these two levels for a few days. A break and close below the 20-day EMA could drop to $ 385.47 and then to the 200-day SMA ($ 358).

XRP / USDT

The long wick of the XRP candle on Aug. 23 shows that the bears are trying to stop the rebound in the $ 1.30-1.35 zone. This could have resulted in profit booking from short-term traders, causing a drop to the 20-day EMA ($ 1.08).

XRP / USDT daily chart. Source: TradingView

The bulls are likely to aggressively defend the breakout level at $ 1.07. If the price recovers from this support, the XRP / USDT pair could rise to the downtrend line and above to $ 1.35. A breakout and close above this resistance signals the resumption of the uptrend.

Contrary to this assumption, the pair could fall to the 200-day SMA ($ 0.86) if the bears push the price below $ 1.07. Such a move suggests that bullish momentum has weakened and the pair may trade in a range for a few days.

DOGE / USDT

Dogecoin (DOGE) broke off the downtrend line on August 24 and fell to the 20-day EMA ($ 0.28). Although the bulls have defended support, the lack of a strong rebound suggests a lack of aggressive buying.

DOGE / USDT daily chart. Source: TradingView

If bears let the price dip below the 20-day EMA, the DOGE / USDT pair could fall to the nearest support at $ 0.21. Such a move suggests that the recent breakout above $ 0.29 was a bull trap. The pair could then stay in a range between $ 0.21 and $ 0.29 for a few days.

The flattening 20-day EMA and the RSI just above the middle also point to near-term consolidation. Conversely, if the price turns up from the current level and rises above the downtrend line, the pair can rise to $ 0.35. A breakout and close above this resistance could open the gates for an upside to $ 0.45.

DOT / USDT

The bulls’ failure to push Polkadot (DOT) above the overhead resistance at USD 28.60 in the past few days resulted in profit posting on August 24th. The price fell near the 20-day EMA ($ 23.84), but buyers are pegged to try.

DOT / USDT daily chart. Source: TradingView

The bulls will now make another attempt to push and hold the price above the overhead resistance. If successful, the DOT / USDT pair will complete a V-bottom that has a pattern target at $ 46.83.

On the contrary, if the rally fizzled out and the bears dragged the price below the 20-day EMA, it would indicate that the bullish momentum has weakened. The pair could then fall to $ 18 and stay in the range for a few more days.

SOL / USDT

Solana (SOL) is currently correcting the sharp upward movement of the last few days. This suggests that traders are making profits. The critical support to watch on the downside is the breakout level at $ 58.38.

SOL / USDT daily chart. Source: TradingView

The rising 20-day EMA (USD 59) and the RSI in the overbought area show that the bulls have the upper hand. If the price rebounds from $ 58.38, it will suggest traders continue to accumulate on dips. The bulls will then make one more attempt to resume the uptrend.

A breakout and a close above $ 82 could mark the next leg of the upside move. On the flip side, the SOL / USDT pair could stay in the range for a few days if the price drops from $ 82. A breakout and close below $ 58.38 suggests a strong comeback for the bears.

Related: Bitcoin erases the BTC price drop, but $ 48.2K is now the key to avoiding a bull trap

UNI / USDT

The long wick of the Uniswap (UNI) candle indicated that the bears continued to defend overhead resistance at $ 30 averages on Aug 23.

UNI / USDT daily chart. Source: TradingView

If the bulls cannot hold the price above the moving averages, the UNI / USDT pair could fall to $ 23.45. A strong rebound from this level suggests traders buy on dips. That could keep the pair in the $ 23.45- $ 30 range for a few more days.

The flat moving averages and the RSI near the middle point to some days of consolidation. A breakout and close above the overhead resistance zone of USD 30 to USD 31.25 signals the beginning of a new uptrend.

BCH / USDT

Bitcoin Cash (BCH) fell from the overhead resistance of $ 700 to $ 714.76 and fell below the 200-day SMA ($ 657) on Aug. 24. The bulls are currently trying to defend the 20-day EMA ($ 632) which is positive signature.

BCH / USDT daily chart. Source: TradingView

If the price recovers from current levels and rises above the 200-day SMA, the BCH / USDT pair could move into the overhead resistance zone. A breakout and close above this zone could open the doors to a rally to $ 806.87.

Conversely, if bears push the price below the 20-day EMA and the $ 619 support, the pair could see a lower correction to $ 588 and then to $ 550. Such a move will indicate a few days of consolidation.

The views and opinions expressed are those of the author only and do not necessarily reflect the views of Cointelegraph. Every investment and trading movement involves risks. You should do your own research when making a decision.

Market data is provided by HitBTC.

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