There is an old saying that history is not always repeated, but it often rhymes. If this applies to Bitcoin (Bitcoin), then there may not be a strong upward trend in September.
Bybit data shows that since 2013, Bitcoin September 6 closed in red And only in two cases achieved a positive monthly closing. The best performer was 2016, when Bitcoin rose by 6.04%.
However, the bad historical performance in September did not stop Small and large traders accumulate Bitcoin in August. Ecoinometrics reports that the account balances of addresses holding 1,000 to 10,000 BTC and accounts holding less than 1 bitcoin have increased.
Will the bad historical record in September scare away the bulls or will it be an exception this year? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
The bulls again failed to push the price above the upper resistance level of $50,000 on August 29, indicating that the bears are actively defending this level. Bitcoin formed a doji candlestick pattern on August 29 and has resolved the downside today.
The failure of the Relative Strength Index (RSI) to rise to a symmetrical triangle indicates weakness. If the bears pull the price below the 200-day simple moving average (US$46,065), the BTC/USDT pair may fall to the next support level of US$42,451.67.
This level may play a strong supporting role. If the price rebounds from this level, the currency pair may remain within a range of $42,451.67 to $50,500 within a few days.
A break and close below $42,451.67 will mark the beginning of a deeper correction. Then the currency pair may be corrected to 36,670 US dollars.
If the price rises from the current level and breaks through $50,500, this negative perception will be invalid. Such a move may open the door for a rebound to $60,000.
Ether (Ethereum) On August 29, it fell from the upper resistance zone of $3,335 to $3,377.89 again. This shows that the bears are actively defending the upper area.
However, as can be seen from today’s strong rebound, the bulls are not succumbing, but are defending the 20-day exponential moving average ($3,139). If the bulls push the price to the upper zone, the ETH/USDT currency pair may continue to rise, with a target target of 3,670 USD and then 4,000 USD.
On the other hand, if the bears pull the price below the 20-day moving average, the ETH/USDT pair may fall to a breakthrough level of $3,000. A rebound from this level may keep the currency pair between US$3,000 and US$3,377.89 in the next few days.
If the bears pull the price down and maintain it below the breakthrough level of $3,000, a deeper correction may begin. This may lead to a drop to the 200-day moving average ($2,389).
Cardano (Have) The fall from US$2.95 on August 28 indicates that the bears are actively defending the overhead resistance of US$2.97. This is followed by the Doji candlestick pattern on August 29, which shows the indecision between bulls and bears.
With the formation of intraday candlestick patterns, today’s uncertainty has expanded. If the seller drops the ADA/USDT currency pair below the August 29 intraday low of US$2.71, the currency pair may fall to the breakout level of US$2.47 again. A strong rebound from this level may keep the currency pair in a range between US$2.47 and US$2.97 for a few days.
Although the upward sloping 20-day moving average ($2.44) indicates that it is beneficial to buyers, the negative divergence of RSI indicates that the momentum is weakening. A break and close below $2.47 will indicate the beginning of a deeper correction. The currency pair may fall to 2.20 US dollars.
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.
The bulls failed to promote and sustain Binance Coin (Bitcoin) Is higher than the intraday high of US$516.50 on May 19, which may attract short-term traders to take profits. Altcoins have fallen back and may now fall to the breakthrough level of $433.
The bulls may actively defend the support zone between the 20-day EMA ($445) and the breakout level of $433. A strong rebound from the region will indicate that market sentiment remains optimistic, with bulls buying on dips.
A break and close above $520 will mark the resumption of the upward trend. The BNB/USDT currency pair may rebound to 600 USD. Conversely, if the shorts push the price below $433, the currency pair may fall to the 200-day moving average ($368).
Ripple It rebounded from the support of $1.07 on August 27, but the bulls failed to push the price to the downtrend line. This shows that demand is drying up at a higher level. The bears are currently trying to lower the price to the key support level of $1.07.
The price movements of the past few days have formed a descending triangle pattern, which will be completed at the breakout and close below $1.05. The goal for this setting is $0.75. The flat 20-day moving average ($1.10) and the RSI near the midpoint indicate that the bulls are losing control.
Conversely, if the price rebounds from the $1.05 support level and breaks the downtrend line, it will negate the bearish setting. The failure of the bearish pattern is a bullish sign. Then the currency pair may start to rebound to $1.35 and then rise to $1.66.
Dogecoin (dog) Broke the upper resistance at $0.29 on August 27, but the bulls were unable to maintain a high level. On August 28, the price fell below $0.29.
The bears will now try to push the price below the immediate support of $0.26. If they can succeed, the DOGE/USDT currency pair may fall to the key support level of $0.21.
A flat 20-day EMA ($0.28) and an RSI near the midpoint indicate that supply and demand are in balance.
If they can push the price higher and maintain it above the downtrend line, this balance will benefit the bulls. Then the currency pair may rebound to 0.35 USD and then to 0.45 USD.
Solana (SOL) is in a strong upward trend. The uptrend stopped on August 29, but the long tail on the candlestick that day showed bulls were buying on dips. Buyers again pushed prices to record highs today.
If the bulls maintain the price above 100 US dollars, the SOL/USDT currency pair may begin to move towards the next target of 122.09 US dollars. Despite the strong momentum, an RSI above 83 indicates that the rally is overheated in the short term.
The first sign of weakness will be a breakthrough and close below $90. This will indicate that traders are actively booking profits. Then the currency pair may correct to the 20-day moving average (72 USD), which may become a strong support. A break and close below this support level will indicate a possible change in trend.
DOT / USDT
Polkadot’s upward trend line (point) Play a role of resistance. Attempts by the bulls to push the price back above the line failed on August 27 and 28, indicating that traders are closing their positions on rallies.
If the bears pull the price below the 20-day moving average ($24.48), the DOT/USDT pair may sell further. The currency pair may fall to the strong support level of $18. Such a move will indicate that the currency pair may extend its range of fluctuations for a few more days.
The flattening 20-day EMA and the RSI just above the midpoint indicate that the bulls are losing control. In order to prevail, the bulls must push the price higher and maintain it above $28.60. This will complete the V-bottom model, with a target goal of $46.83.
UNI / USDT
Uniswap (United Nations University) It rebounded from the support level of $25 on August 27 and rose above the moving average, but the bulls were unable to maintain a higher level. This shows that the bears did not give up, but sold on rallies.
Today the price has fallen below the moving average, and sellers will now try to pull the price below the support level of $25. If this happens, the UNI/USDT currency pair will complete a small descending triangle pattern. The target for this bearish setting is $18.74.
Or, if the price rebounds from the $25 support level and breaks the downtrend line, the bearish setting will be invalid. Then the currency pair may rise to 30 USD. The bulls will have to push the price higher and maintain it above this resistance to signal the beginning of a new uptrend.
The LUNA of the Terra agreement rose to a record high on August 29, but traders used this rise to book profits. The price fell back today, but rebounded sharply from $32, indicating that the bulls have turned the previous resistance into support.
Buyers will now try to push the price above the all-time high of $36.89. If they manage to do this, the LUNA/USDT currency pair can start the journey of its next target goal with 43 USD and the subsequent 50 USD.
Contrary to this assumption, if the price drops again from $36.89, the bears will try to drop the currency pair to the 20-day moving average ($27.23).
A strong rebound from this support level will indicate that market sentiment remains optimistic and traders are buying on dips. The bulls will try again to resume the rally. The bears will have to pull the price lower and maintain it below the 20-day moving average to weaken the bullish momentum.
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Market data by Bitcoin exchange.