Bitcoin (Bitcoin) Is leading the recovery of the cryptocurrency industry. The cryptocurrency briefly rose to $48,429 on September 15 and then fell back to test potential support levels.
In a live broadcast of the SALT conference, Ark Invest CEO Casey Wood stated that Bitcoin is the default currency in the crypto space and can be Tenfold in the next five years.
Her prediction is based on the assumption that Bitcoin will have a place on the balance sheets of many companies, and institutional investors will increase their allocation of Bitcoin and other cryptocurrencies to about 5%.
Several traditional financial companies have realized the growing demand for digital assets and are increasing their encryption products to meet this demand.Morgan Stanley recently established a New research department focused on cryptocurrency “Recognize the increasing importance of cryptocurrencies and other digital assets in the global market.”
The executives of Fidelity Investments apparently met several SEC officials and emphasized why Bitcoin exchange-traded funds should be approvedExecutives pointed to the increasing adoption rate of Bitcoin, the approval of similar funds in other countries, and the growing demand for digital assets.
Can Bitcoin and altcoins sustain the current rebound? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
The long tail on the candlestick on September 13 shows that bulls are actively buying as they approach the key support level of $42,451.67. Continued buying by longs and possible short-covering for short-term shorts have pushed Bitcoin to break through the 20-day exponential moving average (EMA) (US$47,195) on September 15.
If the bulls maintain the price above the 20-day moving average, the BTC/USDT pair may rise to the upper resistance zone of $50,500 to $52,920.
The Relative Strength Index (RSI) has rebounded to a positive zone, and the 20-day EMA has flattened, indicating that buyers have a slight advantage. A breakout and close in the upper zone will mark the resumption of the uptrend.
However, the Bear is unlikely to give up easily. They will try to prevent upward movement in the overhead area. If the price retreats from the resistance level, the currency pair may consolidate in a wide range within a few days.
The bears will have to sink and maintain the price below $42,451.67 to gain the upper hand.
The long tail on the candlestick on September 13 indicates that the bulls are actively defending the 50-day simple moving average ($3,189). The buyer pushes the ether (Ethereum) Is higher than the 20-day moving average on September 15 ($3,430), but it may face strong resistance at $3,567.06.
If the bulls overcome the obstacles above, the ETH/USDT currency pair may try again to rise to $4,000. Or, if the price drops from US$3,567.06, the currency pair may fall to the 50-day moving average.
Such a move will indicate that the currency pair may remain range-bound for a few days. A flat 20-day EMA and an RSI just above the midpoint indicate that buyers have a slight advantage.
The bears will have to lower the price and maintain it below the key support level of $3,000 to indicate that a fall may begin.
Cardano (Have) It fell below the breakout level of $2.47 on September 13, but the bears were unable to pull the price down to the 50-day moving average ($2.21). This indicates that the selling has dried up at a lower level.
The ADA/USDT pair formed a doji candlestick pattern on September 14th, indicating the indecision between bulls and bears. This uncertainty was resolved on the upside on September 15th, and buyers are trying to clear the obstacles of the 20-day moving average ($2.55).
If the price breaks and closes above the 20-day moving average, the currency pair may rise to the upper resistance zone of US$2.97 to US$3.10.
Conversely, if the price falls from the 20-day moving average, the bears will try again to sink the currency pair to the 50-day moving average. A break and close below this support level will indicate a possible change in trend.
The bears were unable to take advantage of the breakout and closed below the 50-day moving average ($414) on September 13, which indicated buying at a lower level. The bulls are currently trying to push Binance Coin (Bitcoin) Is above the 20-day moving average ($436).
If the bulls succeed in maintaining the price above the 20-day moving average, it indicates that the correction may be over. The BNB/USDT currency pair may rise to the upper resistance level of US$518.90. A break and close above this level will signal the resumption of the uptrend.
Conversely, if the price retreats from the 20-day moving average, it indicates that the bears are selling on rallies. Then the bears will try again to drop the currency pair to the next support level of $340.
Ripple (Ripple) The rebound from the 50-day moving average ($1.05) on September 13 indicates that the bulls are defending this level. Altcoins may now rise to the 20-day moving average ($1.13), and short positions may pose a serious challenge here.
The 20-day moving average gradually slopes downward, and the RSI is slightly below the midpoint, indicating that the bears have a slight advantage. A breakout and close below the 50-day moving average would indicate that the bears have overwhelmed the bulls. If the bears push the price below the September 7 intraday low of $0.95, the selling may intensify.
In contrast, if the bulls push and maintain the price above the 20-day moving average, it indicates that the correction may be over. The XRP/USDT currency pair may rise to the upper resistance zone of US$1.35 to US$1.41.
The long tail of the Solana (SOL) September 13-14 candlestick indicates that the bulls are trying to defend the 20-day moving average ($145), but the negative signal is that the bears do not allow the rebound to continue.
The intraday candlestick pattern on September 15 shows the indecision between bulls and bears. If the uncertainty subsides and the SOL/USDT currency pair breaks below the 20-day moving average, the correction may extend to the 61.8% Fibonacci retracement level of $123.42.
The deeper the correction, the longer it will take for the next uptrend to begin. On the other hand, if the price rises and rises above US$171.83, the currency pair may rebound to US$197.41 and then retest the all-time high of US$216.
DOT / USDT
Polkadot (DOT) continued to move north, but the bulls failed to clear the resistance line. RSI has fallen from the downtrend line, and the negative divergence is intact.
If buyers push the price higher and close above the resistance line, the DOT/USDT pair may rebound. Then the currency pair may rebound to 41.40 USD. If it breaks through this level, the next stop may be an all-time high of 49.78 USD.
Or, if the price falls from the current level, the currency pair may fall to the 20-day moving average (31.45 USD). A strong rebound from this support level will indicate that the bulls are actively buying on dips. This will increase the likelihood of breaking through the resistance line.
Breaking and closing below the 20-day moving average will be the first sign of a strong bearish rebound.
Dogecoin (dog) Stuck between the moving average and the support level of $0.21. Although the bulls tried to defend the $0.21 support level, the rebound lacked strength. This indicates that the current level of demand is weak.
The moving average is about to complete a bearish crossover, and the RSI continues to trade in the negative zone, which indicates that the path of least resistance is to the downside.
If the shorts push the price below $0.21, the DOGE/USDT currency pair may fall to the next major support level of $0.15.
On the contrary, a break and close above the moving average will be the first sign that the bulls are back in the game. The currency pair may gain momentum above the downtrend line.
UNI / USDT
In the past few days, bears have repeatedly failed to pull Uniswap (UNI) below the intraday low of $21 on September 7. This indicates that buying is at a low level. The bulls pushed the price above $25 on September 14 but faced strong resistance at the moving average.
If the price drops and breaks below 25 USD, the UNI/USDT currency pair may fall to 23.45 USD again, and then 21 USD. This is an important level to pay attention to, because a break below this level may indicate a deeper correction.
Conversely, if the price rebounds from $25 or $23.45, it indicates that the bulls are trying to make a comeback. A break and close above the moving average may open the door for a possible rise to $31.41.
It can be seen from the long tail of the candlestick that day that the LUNA token of the Terra protocol rebounded from the 20-day EMA ($33.50) on September 13. This shows that market sentiment is still optimistic and traders are buying on dips.
The LUNA/USDT pair formed an internal candlestick pattern on September 14, indicating the hesitation between bulls and bears. Breaking through and closing below the 20-day moving average will signal an advantage to bears. The currency pair can then be corrected to the 50-day moving average ($25.25).
Conversely, if the bulls push the price above $38, the currency pair may continue to rise to an all-time high of $45.01. Breaking and closing above the resistance level may push the currency pair to the psychological level of $50.
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Market data by Bitcoin exchange.