Bitcoin (Bitcoin) And ether (Ethereum) Made up most of the losses caused by the knee-jerk reaction to China’s regulatory crackdown on September 24. This indicates that the crypto market has absorbed news-based selling, and long-term investors may use the decline to increase their holdings.
However, as a market participant, a rebound may have to wait Pay attention to the outcome of the Infrastructure Act This week, the debate will begin on September 27, and the final voting will begin on September 30. The broad definition of “broker” may cause some volatility in the crypto market, but HODLers are unlikely to waver.
Analyst Willy Woo stated that “Bitcoin has entered the Never Gonna Give You Up phase of Astley Cycle” and a rebound may follow.
On the one hand is the “Rick Astley” investor, on the other hand is JPMorgan Chase CEO Jamie Dimon Criticism of Bitcoin remains unwaveringIn an interview with The Times of India, Dimon stated that he would not buy Bitcoin even if the price of Bitcoin “increased 10 times in the next five years”.
Can Bitcoin continue its recovery in the next few days, or is it possible to fluctuate within a range? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Table of Contents
Bitcoin/USD
In the past few days, Bitcoin has been oscillating between the 100-day simple moving average ($41,078) and the 20-day exponential moving average ($44,982), which indicates that longs are buying on dips and shorts are selling on rallies.
The downward sloping 20-day EMA and the Relative Strength Index (RSI) slightly below the midpoint indicate that the path of least resistance is to the downside. If the shorts fall and the price stays below the 100-day moving average, the selling may intensify.
The BTC/USDT currency pair may fall to 37,332.70 US dollars. If this level also gives way, the decline may extend to 30,000 US dollars.
If the price rises from the current level and breaks the moving average, this bearish view will be invalidated. Such a move will show that the bulls are back in the game. Then the currency pair may rebound to 48,843.20 USD, and then rise to 52,920 USD.
Ethereum/USDT
The long tail of the ether candlestick over the past three days indicates that the bulls are actively buying near the 100-day moving average ($2,756). Therefore, this becomes an important level that requires attention.
The 20-day moving average ($3,193) is sloping downward and the RSI is slightly below the midpoint, indicating that the bears have a slight advantage. If the price falls from the current level, the ETH/USDT pair may consolidate between the moving averages for a few days.
Breaking and closing below the 100-day moving average may intensify the selling, and the currency pair may fall to $2,400 and then to $1,972.12. On the other hand, breaking and closing above the 20-day moving average will be the first sign of strength. Then the currency pair may rise to 3,600 USD.
ADA/USDT
Bulls push Cardano (Have) Are higher than the moving average on September 25, but they cannot break the barrier of $2.47. This shows that the bears did not give up, but sold when they rebounded to the upper resistance level.
The ADA/USDT pair has fallen back and the bears are now trying to push the price down to the key support level of $1.94. This is an important level of bull defense, because if it breaks, the currency pair may start a downward trend.
Conversely, if the price rebounds from current levels or rebounds from $1.94, the bulls will try again to push the currency pair above $2.47. If they manage to do this, it means that the amendment may be over. Then the currency pair may rebound to $2.97.
BNB/USDT
Binance Coin (Bitcoin) It broke the support level of $340 on September 26, but the bulls bought on dips and maintained that level at the close. Buyers are currently struggling to maintain the price above $340, which suggests to sell in the event of a slight rebound.
If the price falls and breaks below the support zone of US$340 to US$320, the BNB/USDT currency pair may extend its decline to US$300 and then to US$250. The 20-day moving average (USD 388) is sloping downward and the RSI is below 37, indicating that the bears are in a dominant position.
The first sign of strength will be a breakout and close above the 20-day moving average. Such a move would indicate that selling pressure is easing. The currency pair may then rebound to the upper resistance level of $433.
Ripple/USDT
Ripple The multiple rebounds from the 100-day moving average ($0.88) in the past few days indicate that the bulls are actively defending the support level. The bulls will now try to push the price above the upper resistance zone between the 20-day moving average ($1.02) and the 50-day moving average ($1.10).
If they manage to do this, it means that the amendment may be over. The XRP / USDT currency pair may rise to 1.41 US dollars, and the shorts may form strong resistance again.
The downward sloping 20-day EMA and negative zone RSI indicate that the bears are in control. If the price falls from the 20-day moving average, the currency pair may fall to the 100-day moving average. If the level remains the same, the currency pair may stay between the moving averages for a few days.
If the bears fall and the price stays below the 100-day moving average, the next round of decline may begin. This may clear the way for a possible drop to 0.69 USD.
Sol/USDT
Solana (Sol) Today broke the downtrend line and the 20-day moving average ($143), which indicates that the bears may be losing control. The 20-day moving average is flattening out, and the RSI is slightly higher than the midpoint, indicating that supply and demand are in balance.
If the bulls push the price higher and stay above US$152.50, the short-term advantage may be biased towards the bulls. The SOL/USDT currency pair may rebound to US$171.47, and the shorts may once again form strong resistance.
If the price drops from the current level or above resistance, the bears will try to pull the price down to the 50-day moving average ($114). A break and close below this support level may indicate a change in trend. On the other hand, a breakthrough and closing above US$171.47 may push the currency pair up to US$200.
DOT / USDT
polka dot(point) Fell below the 50-day moving average ($28.76) on September 26, but the long tail on the candlestick that day indicates that the bulls are trying to defend the neckline of the head and shoulders pattern.
Buyers tried to push the price to the upper resistance level above the 20-day moving average ($30.91) today, but the long wick on the candlestick that day indicates that the bears are selling on rallies.
If the bears pull the DOT/USDT pair below the 50-day moving average, they may retest the neckline. Breaking and closing below this support level will complete the bearish H&S pattern with a pattern target of 12.23 USD.
Conversely, if the bulls push the price above the downtrend line, the currency pair may rise to $33.60 and then to $38.77.
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Dogecoin/USDT
Dogecoin (dog) Fell sharply on September 24 and closed below the support level of $0.21. Continued selling pulled the price to $0.19 on September 26, but the positive signal is that the bulls are actively defending this level, as can be seen from the long tail of the candlestick that day.
The bulls are trying to push the price to the upper resistance at $0.21. If they succeed, the DOGE/USDT pair may rise to the 20-day moving average ($0.23), which may become a strong resistance.
If the price falls from the 20-day EMA, the shorts may pull the currency pair to $0.19. Breaking and closing below the support level may cause the currency pair to fall to $0.15. Conversely, a break and close above the 20-day moving average may lead to a rise to the 50-day moving average ($0.26).
AVAX / USDT
The long tail of the Avalanche (AVAX) September 26 candlestick indicates strong demand at lower levels. The bulls will now try to push the price to an all-time high of $79.80.
Breaking and closing above all-time highs will mark the resumption of the uptrend. The bears may try to prevent the channel resistance line from rising, but if the bulls overcome this obstacle, the AVAX/USDT currency pair may gain momentum and rebound to $100.
Or, if the price falls from the current level and breaks below the support line of the channel, the currency pair may start a deeper correction. A break below the $60.04 breakout level may open the door to the 50-day moving average ($46.23).
Moon/USDT
The LUNA token of the Terra agreement fell from $41.28 on September 24, but the positive sign is that the bulls will not allow the price to fall below the 20-day moving average ($34.51). This shows that shorts are selling when they rebound, and longs are buying on dips.
The indicators are sending conflicting signals. The upward sloping moving average indicates that buyers are in favor, while the negative divergence of RSI warns that the bullish momentum may be weakening.
If the bulls push the price above the downtrend line, the LUNA/USDT currency pair may retest the all-time high of 45.01 USD. A break and close above this resistance level will indicate the resumption of the uptrend.
Alternatively, if the price falls from the current level or downtrend line and breaks below the 20-day moving average, the decline may extend to the 50-day moving average ($30.43).
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.
