BTC, ETH, BNB, XRP, ADA, DOGE, SOL, TON, DOT, MATIC

Bulls attempted to wake Bitcoin (BTC) from its slumber on Sept. 7, but the rally was short-lived. This points to a lack of clarity between the bulls and bears on Bitcoin’s next move. CryptoCon analysts said on X (formerly Twitter) that Bitcoin may remain “mid-cycle calm” until the next bull run begins in November 2024.

Likewise, ARK Invest said in a report that cryptocurrencies may continue to face headwinds through the remainder of 2023 due to macroeconomic issues such as interest rates, GDP estimates, unemployment and inflation.

Daily cryptocurrency market performance. source: Coin 360

Bulls, by contrast, will be closely watching the SEC’s decision on various bitcoin spot exchange-traded fund (ETF) applications. In addition, the Ethereum ETF spot battle also officially started on September 6, with documents submitted by VanEck and ARK Invest. Bloomberg ETF analyst James Seyffart expects more Ethereum ETF applications in the coming days.

Will Bitcoin’s Range-Based Range Increase Selling Pressure on Altcoins? Let’s examine the chart of the top ten cryptocurrencies to find out.

Bitcoin Price Analysis

Bitcoin touched the 20-day exponential moving average ($26,419) on Sept. 7, but the bulls were unable to overcome this hurdle. This shows that the bears are defending the 20-day EMA aggressively.

BTC/USDT daily chart. source: transaction view

However, the bears failed to challenge the key support at $24,800, suggesting that the sell-off dried up at lower levels. The relative strength index (RSI) is attempting to form a positive divergence, indicating that bearish momentum is weakening.

The first sign of strength would be a breakout and close above the 20-day EMA. This clears the way for a sustained recovery to $28,143.

Conversely, if the $24,800 support breaks down, the BTC/USDT pair could start a downtrend. There is a minor support at $24,000, but that may not stop the decline. The pair could eventually reach the key support level of $20,000.

Ethereum Price Analysis

Ether (ETH) continues to trade within a tight range between the 20-day EMA ($1,668) and a strong support at $1,626.

ETH/USDT daily chart. source: transaction view

The failure of the bulls to clear the overhead hurdle of the 20-day EMA increases the risk of a breakdown. After breaking below $1,626, the ETH/USDT pair may retest the August 17 intraday low of $1,550. Buyers are likely to buy aggressively on dips to this level, as the pair could drop to $1,368 if the support breaks down.

Time is running out for the bulls. If they want to prevent a breakdown, they must first push the price above the 20-day SMA and then try to bounce back to the 50-day SMA ($1,762). This could increase the chances of the pair moving between $2,000 and $1,626 in the next few days.

BNB price analysis

The bulls are attempting to push BNB (BNB) above the September 6 breakout level above $220, but the bears are not letting up. This shows that sellers are attempting to turn the $220 level into resistance.

BNB/USDT daily chart. source: transaction view

There is a minor support at $211, but if the bears sink the price below this support, the BNB/USDT pair could touch the psychological $200 level. This level is likely to attract heavy buying from the bulls. If the price bounces off this support, it would suggest that the pair could consolidate between $200 and $220 for a while.

Contrary to this assumption, if the price recovers from current levels and rises above $220, it will indicate accumulation at lower levels. This could initiate a recovery towards the downtrend line.

Ripple Price Analysis

Bulls bought XRP (XRP) when it dipped below $0.50 on Sept. 6, but the failure to initiate a strong rally suggests a lack of demand at higher levels.

XRP/USDT daily chart. source: transaction view

The bears will attempt to further strengthen their position by pulling the price below $0.50. If they can succeed, the XRP/USDT pair could plummet to the next major support at $0.41. With no major support between $0.50 and $0.41, this drop could be quick.

Conversely, if the price rises again from the current levels, it will indicate that the bulls are attempting to turn the $0.50 support level. A break above the 20-day EMA will indicate that the pair may trade between $0.50 and $0.56 for some time.

Cardano Price Analysis

Cardano (ADA) formed a doji candlestick pattern on September 6 and September 7, which shows indecision between bulls and bears.

ADA/USDT daily chart. source: transaction view

The downsloping 20-day EMA ($0.26) and RSI in negative territory strengthen the outlook for a downside breakdown. If the price breaks below $0.25, the ADA/USDT pair could drop to the critical support level of $0.24.

On the upside, the bears have stalled gains near the 20-day EMA several times, so this becomes an important level to watch. If the bulls force the price above the 20-day EMA, the pair may hit the overhead resistance at $0.28.

Dogecoin Price Analysis

On September 6, the bulls attempted to push Dogecoin (DOGE) above the 20-day EMA ($0.06), but the bears held their ground.

DOGE/USDT daily chart. source: transaction view

The price is still hovering between the 20-day EMA and the horizontal support at $0.06. When the price is trading in a range, it is difficult to predict the direction of the breakout, but the downsloping 20-day EMA and RSI near 40 suggest that the bears have the upper hand. Below $0.06, the DOGE/USDT pair could drop to $0.055.

This negative view will be invalidated in the short term if the bulls sustain the price above the 20-day EMA. Such a move would indicate the beginning of a strong recovery to $0.07 and eventually to $0.08.

Solana Price Analysis

Solana (SOL) has been correcting gradually within a wide range between $14 and $27.12. The bears have been selling the relief rally to the 20-day EMA ($20.53), which suggests that sentiment remains negative.

SOL/USDT daily chart. source: transaction view

The bulls have repeatedly failed to push the price above the 20-day EMA, which suggests that the path of least resistance is to the downside. If the bears sink the price below the immediate support at $19, the SOL/USDT pair could drop to $18 and then to $16.

The bulls may have other plans. They will try to push the price above the 20-day moving average. If successful, the pair could hit the overhead resistance at $22.30. This is an important defensive level for the bears, as a break above it could clear the way for a potential rally to $26.

related: Why is Bitcoin price down today?

Token Price Analysis

Toncoin (TON) attempted a rebound on September 6, but the long shadows on the September 7 candlestick indicated that the bears continued to sell into rallies.

TON/USDT daily chart. source: transaction view

The 20-day EMA ($1.68) remains a key level to watch in the short term. If the price bounces off the 20-day EMA, the bulls will make another attempt to propel the TON/USDT pair above the overhead resistance at $2.07.

Conversely, if the price breaks below the 20-day EMA, it will suggest that traders are aggressively taking profits. The first stop on the downside is a break above $1.53, then the 50-day moving average ($1.44).

Polkadot Price Analysis

On September 6, the bears pulled Polkadot (DOT) below the strong support at $4.22, but judging by the long tail on the candlestick, they were unable to sustain the lower levels. This shows that buying is at lower levels.

DOT/USDT daily chart. source: transaction view

However, the bulls failed to maintain the momentum and pushed the price to the 20-day EMA ($4.41). This suggests that every minor rally has been sold off. The bears have pulled the price back to the important support at $4.22. If this support level breaks down, the DOT/USDT pair could drop to the psychological support level of $4.

If the bulls want to stage a comeback, they will have to push the price above the 20-day EMA. If it does, the pair could climb to the downtrend line. This is a key level to watch, as a break above it could signal that the downtrend is coming to an end.

Polygon Price Analysis

Buyers have attempted to push Polygon (MATIC) above its 20-day EMA ($0.56) over the past three days, but bears have held their ground. This suggests that traders are selling on minor rallies.

MATIC/USDT daily chart. source: transaction view

The bears will attempt to sink the price below the immediate support at $0.53. If they succeed in doing so, the MATIC/USDT pair could plummet to the important support level of $0.50. The bulls are expected to defend this level aggressively, as a break below it could open the door for a further drop to $0.45.

The bulls must push and sustain the price above the 20-day EMA to signal that the bearish pressure is easing. This could start a rally towards $0.64 where the bears could mount a strong defense again.