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Do Bitcoin and the select altcoins show any signs of a potential breakout from their respective ranges? Let’s study the charts of the top-10 cryptocurrencies to find out.The bulls pushed Bitcoin above the 50-day simple moving average on Aug. 8 and 9 but could not sustain the higher levels. This suggests that the bears are selling on rallies.The range in the BTC/USDT pair has shrunk further with the price swinging between $28,585 and $30,350.
When the price is stuck in a range, it is difficult to predict the direction of the breakout. However, traders should be ready for the start of a trending move soon. If the price plunges below $28,585, the pair may descend to $26,000 and then to $24,800. Conversely, a break and close above $30,350 could propel the pair to $32,400. This is likely to be the final hurdle before the pair reaches $40,000.