Bitcoin (BTC) and Ether (ETH) have made up much of the losses incurred as a result of the spontaneous reaction to China’s regulatory action on September 24th. This shows that the crypto market has absorbed the selling pressure with long-term investors using the decline to accumulate.
However, a rally may have to wait for market participants to know Result the infrastructure bill this week. The debate will start on September 27th and the final vote will take place on September 30th.
Analyst Willy Woo said, “Bitcoin has entered an accumulation phase and could be followed by a rally.
Still, JPMorgan CEO Jamie Dimon remains firm in his criticism of Bitcoin. In one interview Speaking to The Times of India, Dimon said that he would not buy Bitcoin even if the price rose “10 times in the next 5 years”.
Can Bitcoin extend its rally in the next few days or will it enter a range-bound phase? Let’s analyze the top 10 cryptocurrency charts to find out.
Bitcoin has fluctuated between the 100-day SMA ($ 41,078) and the 20-day EMA ($ 44,982) for the past few days, showing that the bulls are buying on the downside while the bears are selling on the rallies.
BTC / USDT daily chart | Source: TradingView
The 20-day EMA is sloping down and the Relative Strength Index (RSI) is just below the middle, suggesting that the path is down with little resistance. If the bears give way and keep the price below the 100-day SMA, sales may intensify.
After that, the BTC / USDT pair can drop to $ 37,332.70 and if that level is also broken the drop can extend to $ 30,000.
This bearish view will be invalidated if the price rises from current levels and breaks above the moving averages. Such a move would show that the cops are back in the game. Thereafter, the pair can rebound to $ 48.843.20 and above to $ 52.920.
The long tail of the ether candlesticks for the past three days shows that the bulls are aggressively buying near the 100-day SMA ($ 2,756). Hence, this becomes an important level to look out for.
ETH / USDT daily chart | Source: TradingView
The 20-day EMA ($ 3.193) is sloping down and the RSI is just below the middle, suggesting the bears have a slight advantage. If the price deviates from current levels, the ETH / USDT pair could consolidate between the moving averages for a few more days.
A break and close below the 100-day SMA can add selling pressure and the pair can fall to $ 2,400 and then to $ 1,972.12. On the downside, a break and close above the 20-day EMA will be the first sign of strength. After that, the pair can climb to $ 3,600.
The bulls pushed Cardano (ADA) above the moving average on September 25 but failed to break the $ 2.47 barrier. This shows that the bears have not given up and are selling as the price rebounds to the overhead resistance levels.
Daily ADA / USDT Chart | Source: TradingView
The ADA / USDT pair has fallen and now the bears will attempt to push the price down to the critical support at USD 1.94. This is an important level for the bulls to defend because if it is broken the pair could start a downtrend.
Conversely, if the price rises from current levels or rebounds from $ 1.94, the bulls will attempt to push the pair above $ 2.47 again. If they succeed in doing this, it indicates that the adjustment may be complete. After that, the pair can climb to $ 2.97.
Binance Coin (BNB) fell below the USD 340 support on September 26, but the bulls bought the dip and held it on a closing basis. Buyers are currently struggling to keep the price above $ 340, which shows they are selling on smaller rallies.
BNB / USDT daily chart | Source: TradingView
If the price goes down and breaks below the $ 320-340 support area, the BNB / USDT pair may extend the decline to $ 300 and then to $ 250, with the bears in charge.
The first sign of strength will be a breakout and close above the 20-day EMA. Such a move would indicate that selling pressures are easing. After that, the pair can climb to the $ 433 resistance level.
Ripple (XRP) has risen consistently from the 100-day SMA ($ 0.88) for the past few days, showing that the bulls are actively defending support. Now the bulls will try to push the price above the resistance area between the 20-day EMA ($ 1.02) and the 50-day SMA ($ 1.10).
XRP / USDT daily chart | Source: TradingView
If this succeeds, it indicates that the adjustment may have ended. After that, the XRP / USDT pair can rebound to $ 1.41 where the bears can again create strong resistance.
The 20-day EMA is sloping down and the RSI is in negative territory, showing that the bears are in control. If the price drops from the 20-day EMA, the pair may drop to the 100-day SMA. If this level holds, the pair could be stuck between the moving averages for a few days.
The next step in the downside could begin if the bears turn down and hold the price below the 100-day SMA. That could pave the way for a decline to $ 0.69.
Solana (SOL) broke above the downtrend line and the 20-day EMA ($ 143) today, suggesting the bears may lose their hold. The 20-day EMA has flattened and the RSI is just above mid-point, showing a balance between supply and demand.
Daily SOL / USDT chart | Source: TradingView
The short term advantage could benefit the bulls if they push and hold the price above $ 152.50. Thereafter, the SOL / USDT pair can rebound to $ 171.47 where the bears can again create stiff resistance.
If the price drops from current levels or from overhead resistance, the bears will attempt to push the price down to the 50-day SMA ($ 114). A break and close below this support could indicate a turnaround. On the flip side, a break and close above $ 171.47 can push the pair to $ 200.
Polkadot (DOT) fell below the 50-day SMA ($ 28.76) on September 26, but the long tail of the daily bar shows that the bulls are trying to defend the cutout of the pattern.
DOT / USDT daily chart | Source: TradingView
Buyers managed to push the price above the resistance at the 20-day EMA ($ 30.91) today, but the long wick on the candle shows that bears are selling on the rebound.
If the bears pull the DOT / USDT pair below the 50-day SMA, it can retest the cutout. A break and close below this support complete a bearish H&S pattern with a target of $ 12.23.
Conversely, if the bulls push the price above the downtrend line, the pair may rise to $ 33.60 and then to $ 38.77.
Dogecoin (DOGE) tumbled, closing below the $ 0.21 support on September 24. Continuous selling dropped the price to $ 0.19 on September 26, but a positive sign is that the bulls have stopped aggressively defending that level, as seen on the long tail of the intraday bar.
Daily DOGE / USDT Chart | Source: TradingView
The bulls are trying to push the price above the overhead resistance at $ 0.21. If this succeeds, the DOGE / USDT pair can rebound to the 20-day EMA ($ 0.23), which is likely to act as strong resistance.
If the price deviates from the 20-day EMA, the bears can pull the pair to $ 0.19. A break and close below this support could drop the pair to $ 0.15. Conversely, a break and close above the 20-day EMA can cause it to rise to the 50-day SMA (USD 0.26).
The long tail of the September 26 avalanche candle (AVAX) shows strong demand at lower levels. Now the bulls will try to push the price down to the all-time high of $ 79.80.
AVAX / USDT daily chart | Source: TradingView
A break and close above the all-time high signal the continuation of the upward trend. The bears could try to stop the upward momentum at the resistance line of the channel, but if the bulls break this barrier the AVAX / USDT pair may gain momentum and climb to $ 100.
Alternatively, the pair could take a deeper correction if the price breaks down from current levels and falls below the channel’s support line. A break below the $ 60.04 breakout could open the gates for a decline to the 50-day SMA ($ 46.23).
Terra (LUNA) fell from $ 41.28 on September 24, but the positive sign is the bulls won’t allow price to break below the 20-day EMA ($ 34.51) falls. This shows that the bears sell when prices rise and the bulls buy when prices fall.
Daily LUNA / USDT chart | Source: TradingView
The indicators give contradicting signals. The upward sloping moving averages suggest an upside for buyers, while the bearish divergence on the RSI warns that the upside momentum may weaken.
If the bulls push the price above the downtrend line, the LUNA / USDT pair can retest the all-time high of $ 45.01. A break and close above this resistance would indicate a continuation of the uptrend.
Alternatively, if the price falls from the current level or the downtrend line and falls below the 20-day EMA, the decline may extend to the 50-day SMA ($ 30.43).
You can see the coin prices here.
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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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