September 16 Technical Analysis: BTC, ETH, ADA, BNB, XRP, SOL, DOT, DOGE, UNI, LUNA
Bitcoin (BTC) leads the recovery in the crypto sector, rebounding on Dec.
During a livestream at the SALT conference, Cathie Wood, CEO of Ark Invest, spoke speak that Bitcoin is the standard currency of the crypto space and could grow 10-fold in the next 5 years.
Their forecast is based on the assumption that Bitcoin will find a place on the balance sheets of many companies and that institutional investors will increase their allocation to Bitcoin and other cryptocurrencies by around 5%.
Several traditional financial firms have recognized the growing demand for digital assets and are increasing their crypto offerings to meet that demand. Morgan Stanley recently found a crypto-focused research department “in recognition of the growing importance of cryptocurrencies and other digital assets in the world market”.
Can Bitcoin and Altcoins sustain the current rally? Let’s analyze the top 10 cryptocurrency charts to find out.
BTC technical analysis
The long tail of the September 13 bar shows that the bulls are actively buying as the price falls near the critical support at $ 42,451.67. Continuous bull buying and bear unwinding of short positions pushed Bitcoin above the 20-day EMA ($ 47,195) on September 15th.
BTC / USDT daily chart | Source: TradingView
If the bulls hold the price above the 20-day EMA, the BTC / USDT pair can rebound into the $ 50,500 to $ 52,920 resistance area.
The relative strength index (RSI) has returned to positive territory and the 20-day EMA has flattened, signaling a slight advantage to buyers. A breakout and close above this zone signals the continuation of the uptrend.
However, the bears are unlikely to give up anytime soon. You will try to block the upward movement in the area of overhead resistance. If the price moves down from the resistance area, the pair could consolidate in a wide range for a few more days.
The bears will have to slide and keep the price below $ 42.451 to get the upper hand.
Technical analysis of the ETH
The long tail of the September 13 bar shows that the bulls are actively defending the 50-day SMA ($ 3,189). Buyers pushed Ether (ETH) above the 20-day EMA ($ 3,430) on September 15, but could face strong resistance at $ 3,567.
ETH / USDT daily chart | Source: TradingView
If the bulls break the overhead barrier, the ETH / USDT pair may rise again to $ 4,000. Alternatively, if the price drops from $ 3,567, the pair may drop to the 50-day SMA.
Such a move would suggest the pair is likely to stay in the range for a few days. The flat 20-day EMA and the RSI just above the middle suggest that buyers have a slight advantage.
The bears will have to decline and hold the price below the critical support at $ 3,000 to take control.
Technical analysis of the ADA
Cardano (ADA) fell below the breakout at $ 2.47 on September 13, but the bears were unable to push the price down to the 50-day SMA ($ 2.21). This suggests that sales will dry up at lower levels.
Daily ADA / USDT Chart | Source: TradingView
The ADA / USDT pair formed a doji candlestick pattern on September 14th, showing indecision between the bulls and the bears. This uncertainty cleared to the upside on September 15th, with buyers trying to break the barrier at the 20-day EMA ($ 2.55).
If the price breaks out and closes above the 20-day EMA, the pair can rally to the resistance area of $ 2.97 to $ 3.10.
Conversely, if the price falls off the 20-day EMA, the bears will try again to lower the pair to the 50-day SMA. A break and break below this support would indicate a turnaround.
BNB. Technical analysis
The bears failed to take advantage of the break and closed below the 50-day SMA ($ 414) on September 13, which is showing buying at lower levels. The bulls are currently trying to push Binance Coin (BNB) above the 20-day EMA ($ 436).
BNB / USDT daily chart | Source: TradingView
If the bulls manage to maintain price above the 20-day EMA, it suggests that the correction may be over. Thereafter, the BNB / USDT pair can rebound to the resistance level of $ 518.90. A break and a close above this level signal the continuation of the uptrend.
Conversely, if the price drops from the 20-day EMA, it shows that the bears are selling on relief rallies. They will then make one more attempt to lower the pair to the nearest support at $ 340.
Technical XRP analysis
Ripple (XRP) bounced off the 50-day SMA ($ 1.05) on September 13, showing that the bulls are aggressively defending this level. This altcoin can now rebound to the 20-day EMA ($ 1.13) where the bears are likely to be a major challenge.
XRP / USDT daily chart | Source: TradingView
The 20-day EMA is gradually falling and the RSI is just below the middle, giving the bears a slight advantage. A break and close below the 50-day SMA will show that the bears have overwhelmed the bulls. Sales may rise if the bears push the price below the September 7 low of $ 0.95.
In contrast, if the bulls push and hold price above the 20-day EMA, it suggests that the correction may be over. The XRP / USDT pair can then rally to the resistance area of $ 1.35 to $ 1.41.
SOL. technical analysis
The long tail of the candle from 13.-14. September shows that the bulls are trying to defend the 20-day EMA ($ 145) but the negative sign is that the bears will not allow the rebound.
Daily SOL / USDT chart | Source: TradingView
The inner bars candlestick pattern on September 15th shows indecision between the bulls and the bears. If the downside uncertainty resolves and the SOL / USDT pair breaks below the 20-day EMA, the correction can extend to the 61.8% fib retracement level at $ 123.42.
The deeper the correction, the longer it will take for the next phase of the uptrend to begin. On the flip side, if the price rises and breaks above $ 171.83, the pair can rise to $ 197.41 and then retest the all-time high of $ 216.
Technical DOT analysis
Polkadot (DOT) has continued its journey north, but the cops have not been able to overcome the hurdle at the resistance line. The RSI has turned down from the downtrendline and bearish divergence remains intact.
DOT / USDT daily chart | Source: TradingView
If buyers push price down and close above the resistance line, the DOT / USDT pair may gain momentum. After that, the pair can rise to $ 41.40 and if that level is hit the next stop could be the all-time high of $ 49.78.
Alternatively, if the price drops from current levels, the pair may fall to the 20-day EMA ($ 31.45). A strong rebound from this support will show that the bulls are actively buying down. This increases the likelihood of a breakout of the resistance line.
A break and close below the 20-day EMA is the first sign that the bears are strong again.
DOGE technical analysis
Dogecoin (DOGE) is stuck between the moving averages and the USD 0.21 support. Although the bulls are trying to defend the $ 0.21 support, the rebound lacks strength. This shows a weak demand at the current level.
Daily DOGE / USDT Chart | Source: TradingView
The moving averages are on the verge of a bearish cross and the RSI is still trading in negative territory, suggesting that the path of least resistance is on the downside.
If the bears pull the price below $ 0.21, the DOGE / USDT pair may fall to the next big support at $ 0.15.
Conversely, a breakout and a close above the moving averages are the first signs that the bulls are back in the game. The pair can gain momentum if price breaks the downtrend line.
UNI Technical Analysis
The bears have failed to pull Uniswap (UNI) below the September 7th low of USD 21 for the past few days. This shows buying at lower levels. The bulls drove the price above $ 25 on September 14th but are facing strong resistance on the moving averages.
UNI / USDT daily chart | Source: TradingView
If the price goes down and drops below $ 25, the UNI / USDT pair can drop to $ 23.45 and then back to $ 21. This is an important level to watch out for as a break below it could signal a deeper correction.
Conversely, if the price rebounds from $ 25 or $ 23.45, it indicates that the bulls are trying to return. A breakout and a close above the moving average could open the door for a rally to $ 31.41.
Technical analysis by LUNA
Terra (LUNA) bounced off the 20-day EMA ($ 33.50) on September 13, as evidenced by the long tail of the intraday bar. This shows that sentiment is still positive and traders are buying on the downside.
Daily LUNA / USDT chart | Source: TradingView
The LUNA / USDT pair formed an inside bar on September 14th showing indecision between bulls and bears. A break and close below the 20-day EMA signals an advantage to the bears. The pair can then correct down to the 50-day SMA ($ 25.25).
Conversely, if the bulls push the price above $ 38, the pair may continue to climb to the all-time high of $ 45.01. A break through and a close above this resistance could push the pair to the psychological level of $ 50.
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According to Cointelegraph