Bitcoin (BTC) has been stuck in a larger range since April, signaling indecision about where to move next. On September 11, bulls thwarted bears’ efforts to push prices below range support. However, Bitcoin is not out of the woods yet.
Jamie Coutts, a chartered market technician and cryptocurrency market analyst at Bloomberg Intelligence, told Cointelegraph that if the tightening cycle is prolonged and then “unemployment rises and banking pressures increase, Then there could be more pain” for risky assets like Bitcoin. ”
Cryptocurrency traders are also cautious. Bitfinex reported that capital outflows from the cryptocurrency industry reached $55 billion in August. The report added that reduced liquidity has led to isolated incidents that “have a greater impact on market movements.”
Will Bitcoin pull back and retest its key support? Will Bitcoin’s Weakness Spark Further Selloff in Altcoins? Let’s study the charts of the top ten cryptocurrencies to find out.
Bitcoin Price Analysis
On September 14, Bitcoin broke and closed above the 20-day exponential moving average ($26,228), indicating that downward momentum is waning.
The 20-day EMA is flattening and the relative strength index (RSI) is near the midpoint, suggesting that the BTC/USDT pair may remain range-bound between $24,800 and $28,143 for some time.
If the bears want to stage a comeback, they will have to quickly pull the price back below the 20-day EMA. Such a move would indicate that the stock is selling at higher levels. This could lead to a retest of the strong support at $24,800.
Ethereum Price Analysis
Ethereum (ETH) fell below the $1,550 support on September 11, but the bears were unable to continue to consolidate the momentum. This indicates strong buying at lower levels.
The bulls have since recovered and have hit the 20-day EMA ($1,638). This level may witness a tough battle between bulls and bears. A breakout and close above the 20-day EMA could trap some aggressive bears, resulting in a short squeeze. This could push the price to $1,745.
On the contrary, if the price declines from the 20-day EMA, it indicates that the bears still dominate. Sellers will then make another attempt to push the ETH/USDT pair below $1,550 and resume the downtrend.
BNB price analysis
BNB (BNB) rebounded from psychological support near $200 on September 12, indicating that bulls are active at lower levels.
The recovery has reached the 20-day EMA ($215), an important level to watch. If the BNB/USDT pair falls from current levels, it would indicate that market sentiment remains negative and traders are selling on the highs. This would increase the risk of a fall below $200.
Instead, the RSI is forming a positive divergence, indicating that selling pressure may be easing. A move above the 20-day EMA could open the door to a retest of the 50-day EMA ($225).
Ripple Price Analysis
XRP (XRP) has traded between $0.41 and $0.56 over the past few days. Price has recovered to the 20-day EMA ($0.50), which is an important level to watch.
If buyers push the price above the 20-day EMA, it would indicate that selling pressure is easing. This could start a sustained rally towards the overhead resistance at $0.56. This level may once again be an obstacle.
If the price declines from $0.56, it would indicate that range-bound trading may continue for some time. The next trend move is likely to begin after the bulls push the price above $0.56 or the bears push the XRP/USDT pair below $0.41.
Cardano Price Analysis
A strong sell-off in Cardano (ADA) on September 11 dragged the price to $0.24, but the bears were unable to break through the key support level.
It rebounded from $0.24 on September 12 and hit the 20-day moving average ($0.26) on September 15. This level may witness a struggle between buyers and sellers. If the ADA/USDT pair drops sharply from the 20-day EMA, it would indicate that every small uptick is being sold. This could increase the risk of a drop to $0.22.
Conversely, if buyers push the price above the 20-day EMA, it will mark the beginning of a strong recovery towards $0.28.
Dogecoin Price Analysis
Dogecoin (DOGE) continues to trade between the 20-day EMA ($0.06) and solid support at $0.06. This narrow range is unlikely to last long and a breakout could happen soon.
If buyers push the price above the 20-day EMA, it is a sign that sellers may be losing control. This could trigger a rally to the 50-day moving average ($0.07), where bears are expected to intensify their selling efforts.
Contrary to this assumption, if the price declines significantly from the 20-day EMA, it will enhance the prospects of a fall below $0.06. If this support is broken, the DOGE/USDT pair could plummet to $0.055.
Solana Price Analysis
Solana (SOL) has been trading between $14 and $27.12 over the past few months. Price has reached the 20-day EMA ($19.51), where bears may pose a serious challenge.
If buyers push the price above the 20-day EMA, the SOL/USDT pair may hit overhead resistance at $22.30. This level could once again act as a strong barrier, but if the bulls overcome it, the pair could climb towards $27.12.
On the contrary, if the price falls from the 20-day EMA, it indicates that demand at higher levels is drying up. The bears will then try to resume the downtrend and pull the price towards the important support level at $14.
related: Japan allows startups to raise funds by issuing cryptocurrencies instead of shares: report
Coin price analysis
Toncoin (TON) rebounded from the 20-day EMA ($1.75) on September 12, indicating that bulls view dips as a buying opportunity.
The price reached the first resistance level on September 13 at $1.98 as bears attempted to stem the advance. A small advantage in favor of the bulls is that they are not ceding ground to the bears. This suggests that bulls are in no rush to take profits as they expect the uptrend to continue.
If the $1.98 level is exceeded, the TON/USDT pair may reach $2.07. This is an important defensive level for bears as a break above it could push the pair towards $2.40. On the downside, a break below the 20-day EMA could tip the odds in favor of the bears.
Polkadot price analysis
Polkadot (DOT) has been trading below the $4.22 breakdown level over the past few days, which is a negative sign.
Bulls are trying to start easing the rebound but may face a strong sell-off at $4.22. If the price pulls back from the overhead resistance, it would indicate that the bears are still in control. Sellers will then try to sink the DOT/USDT pair below $3.90. If they succeed, the pair could drop to $3.44.
If the bulls want to arrest the decline, they will have to push the price higher and sustain it above $4.22. If they do, it would be a sign that the market has rejected a crash. The pair may then attempt to rebound towards the 50-day moving average ($4.61).
Polygon Price Analysis
Polygon (MATIC) fell below key support at $0.51 on September 11, but bears were unable to sustain the selling pressure. This started a rebound, approaching the 20-day EMA ($0.54).
The bears will try to prevent the recovery from the 20-day EMA and drag the price below $0.50. If they succeed in doing so, it will mark the resumption of the downtrend. The MATIC/USDT currency pair may drop to $0.45.
While the downward sloping moving averages suggest the bears have the upper hand, the positive divergence in the RSI suggests the bearish momentum may be slowing. If buyers clear the 20-day EMA barrier, the pair could climb towards $0.60.
This article does not contain investment advice or recommendations. Every investment and trading activity involves risks, and readers should do their own research when making decisions.
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