Bitcoin (Bitcoin) Is working hard to break through $50,000, but analysts are still confident due to strong on-chain indicators.Analyst Willy Woo believes Investors have been increasing their holdings of Bitcoin Breaking through 50,000 USD may result in a rapid rise to 60,000 USD.
Another positive voice is that of SkyBridge Capital CEO Anthony Scaramucci. In an interview with Cointelegraph, The limited, fixed supply of Bitcoin and exponentially increasing demand will push prices up. Scaramucci personally believes that Bitcoin may reach $100,000 before the end of the year.
At present, the focus seems to have shifted to the ether (Ethereum) Because it rose to a three-month high against Bitcoin.This strong performance got The amount of Ether held in the exchange wallet According to CryptoQuant data, from 19.45 million on August 18 to 18.75 million on September 1.
With the integration of Bitcoin, will altcoins continue to perform well, or will they face higher levels of profitable bookings? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin fell below the 20-day exponential moving average (US$47,008) today, but rebounded from the 200-day simple moving average (US$46,064). Both moving averages are flattening out, and the relative strength index (RSI) is slightly higher than the midpoint, indicating a balance between supply and demand.
If the bears break the price below the 200-day moving average, the BTC/USDT pair may fall to the next support level of $43,927.70. If this support also breaks, the next stop may be a breakout level of $42,451.67.
Such a move would indicate that the bullish momentum has diminished. There may be a few days of integration afterwards.
Or, if the bulls push the price above the downtrend line, the currency pair may challenge the upper resistance zone of $50,000 to $50,500. If the price drops from this area again, the currency pair may remain range-bound for a few days.
The bulls will have to push the price higher and maintain it above US$50,500 to signal the resumption of the upward trend. The next upside target is $60,000.
In the past few days, Ether has been trading between the upper resistance zone of US$3,335 to US$3,377.89 and the breakthrough level of US$3,000. This consolidation broke upward on August 31 and closed above $3,377.89.
The bulls continued to buy today and pushed the price above the psychological level of $3,500. This marks the resumption of the upward trend and may reach the next target of $4,000.
The upward sloping 20-day EMA ($3,212) and the RSI in the overbought zone indicate that the bulls are in control. If the price falls from current levels, the bulls will try to defend the area between $3,377.89 and $3,335.
Breaking and closing below the 20-day moving average will be the first sign of oversupply. The break below the $3,000 support level may mark the beginning of a deeper correction.
Buyers have been defending the $2.70 support level for the past three days, but are working hard to push Cardano (Have) Is higher than the upper resistance at $2.97. This shows that demand is drying up at a higher level.
The bulls will have to push the price higher and maintain it above the psychological level of $3 to signal the resumption of the upward trend. If this happens, the ADA/USDT currency pair may rebound to the next target of $3.50.
Although the 20-day moving average ($2.47) is rising, the RSI has formed a negative divergence, warning that the bullish momentum may be weakening.
If the price falls below $2.70, the currency pair may fall to the breakout level of $2.47. Breaking and closing below this level will indicate a possible change in trend.
Binance Coin (Bitcoin) Rebounded from the 20-day moving average (US$449) on August 31, indicating that market sentiment is still optimistic and traders are buying on dips. The bulls will now try to push the price to the upper resistance at $518.90 and resume the upward trend.
The upward sloping 20-day EMA and positive zone RSI indicate that the bulls have the upper hand. Breaking and closing above US$520 may clear the way for a rise to US$600 and then to US$680.
If the price drops again from US$518.90, the BNB/USDT currency pair may fall to the 20-day moving average and remain within the range between these two levels in the next few days. A breakout and close below $433 would indicate that the bullish momentum has waned. The currency pair may fall to the 200-day moving average (371 USD).
Ripple On August 31, it rebounded from the 20-day moving average ($1.11), but the long wick on the candlestick that day indicated that the bears were defending the downtrend line. A small positive factor is that the bulls did not give up too much today and are again trying to push the price above the upper resistance.
If they succeed, the XRP/USDT pair may rise to $1.35 and then begin to move towards $1.66. The rising 20-day EMA and RSI in the positive zone indicate that the path of least resistance is to the upside.
Conversely, if the price falls from the downtrend line, the currency pair may fall to the 20-day moving average. Breaking and closing below $1.05 will complete the descending triangle pattern, indicating the beginning of a decline to the 200-day moving average ($0.88), and then the pattern target of $0.75.
Dogecoin (dog) Currently trading in a descending wedge pattern. The bears are actively defending the area between the 20-day moving average ($0.28) and the wedge-shaped downward trend line.
The flat 20-day EMA and RSI near the midpoint indicate that supply and demand are in balance. A break and close above the falling wedge will tilt the advantage and favor the bulls.
The DOGE/USDT currency pair may rise to 0.35 US dollars. This level may become resistance, but if the bulls push the price above this level, the rebound may reach $0.45.
Conversely, if the price falls from the current level and breaks the wedge, the currency pair may fall to the key support level of $0.21.
Solana (SOL) has been in a strong upward trend in the past few days. The bulls pushed the price to a record high of $130.11 on August 31, but the long candle wick on the candlestick that day showed that profit bookings were at a higher level.
However, a positive sign is that the lower level again attracted buying today. The bulls will now try to push the price above the all-time high of $130.11. If they can maintain the price above this level, the SOL/USDT pair may rebound to $150.
Conversely, if the price drops again from the upper resistance, it means selling at a higher level. Then the currency pair may start to correct to 100 USD. If the support breaks, the currency pair may fall to the 20-day moving average ($80).
DOT / USDT
The bulls have successfully defended the 20-day moving average ($25.66) in the past few days, indicating accumulation at a lower level. Buying momentum picked up on August 31, and the bulls pushed Polkadot (point) Is higher than the upper resistance at $28.60.
This completes a V-shaped bottom pattern, which indicates the possibility of a new uptrend. The DOT/USDT currency pair can now rebound to 41.40 USD and then rise to the pattern target of 46.83 USD.
Usually, when the price breaks through the setting, it tends to retest the breakout level. In this case, if the price rebounds from the breakout level of $28.60, it indicates that the bulls are buying strongly. This will increase the prospect of resuming the upward trend.
The first sign of weakness will be a breakout and close below the 200-day moving average ($27.80). Such a move would indicate insufficient demand for higher levels.
related: Altcoins rebounded to new highs after the ETH/BTC pair flipped bullish
UNI / USDT
Uniswap (United Nations University) Rose above the downtrend line on August 31, invalidating the bearish descending triangle pattern. The bulls will now try to push the price above the upper resistance at $31.26.
If they do, the UNI/USDT currency pair may continue to rise towards the first target target of 37.52 USD and the subsequent 42.25 USD.
Contrary to this assumption, if the price falls from $31.26, the currency pair may fall to a moving average, which indicates that range fluctuations may last for several days.
A breakthrough and closing below $25 will be the first sign of weakness. This will open the door for a further drop to $23.45 and then to $20.
The LUNA of the Terra protocol is currently in a strong upward trend. The bulls are trying to defend the $30.44 support level. The rising 20-day EMA (27.83 USD) and RSI in the positive zone indicate the advantage of the bulls.
If the price rebounds from the current level, the bulls will try again to push the price above $36.89.
If they manage to do this, the LUNA/USDT pair may resume its upward trend. The first target for the upside is $43. If this resistance is broken, the rebound may extend to the psychological level of $50.
Or, if the shorts push the price below $30.44, the currency pair may fall to the 20-day moving average. This is an important support for the bulls because if it breaks, it may start to correct deeper to $26 and then to $22.40.
The views and opinions expressed here only represent the views of the author and do not necessarily reflect the views of Cointelegraph. Every investment and transaction involves risks. When making a decision, you should conduct your own research.
Market data by Bitcoin exchange.