Key points:
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Bitcoin bulls will have to quickly push the price back above the 20-day EMA to prevent a collapse to $105,000.
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The shallow pullback in select altcoins suggests that the investors are not hurrying to sell them as they anticipate the up move to continue.
Bitcoin (BTC) is trying to rise above $110,000, but the bears are defending the level. Crypto market sentiment platform Santiment said in a report that “buy the dip” mentions have increased on social media, signaling further downside. Santiment said that a true bottom would form when there is “widespread fear and a lack of interest in buying.”
Another negative for the bulls is that September has largely been negative for BTC. According to CoinGlass data, BTC has closed September in the red on eight occasions since 2013, with an average slide of 3.80%.
Despite the seasonal weakness and the pullback in BTC and major altcoins, institutional investors continued their purchases. Digital asset investment products witnessed $2.48 billion in inflows last week, reversing $1.4 billion in outflows in the prior week, according to CoinShares data.
Could BTC climb back above $110,530, pulling ETH and altcoins higher? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
S&P 500 Index price prediction
The S&P 500 Index (SPX) remains in an uptrend, but the negative divergence on the relative strength index (RSI) suggests the bullish momentum is weakening.
The bears will try to pull the price below the 20-day exponential moving average (6,418). If they can pull it off, the index could plummet to the 50-day simple moving average (6,316) and then to the breakout level of 6,147.
Buyers are expected to fiercely defend the zone between the 50-day SMA and 6,147 because a break below it signals a short-term top. The correction could then deepen to 5,950.
US Dollar Index price prediction
Buyers pushed the US Dollar Index (DXY) above the moving averages on Aug. 25 but could not sustain the higher levels.
The index turned down and closed below the moving averages on Thursday, signaling that the bears are trying to gain the upper hand. There is minor support at 97.55, but if the level cracks, the next stop could be 97.10 and then 96.37.
The bulls will have to swiftly kick the price above the 99 level to prevent the downside. If they manage to do that, the index could reach the 100.50 level. Sellers will try to defend the 100.50 level, but if the bulls prevail, the rally could reach the 102 resistance.
Bitcoin price prediction
BTC plunged below the $110,530 support on Friday, indicating that the bears are trying to take charge.
The bulls are unlikely to give up easily and will try to make a comeback. They will attempt to push the price back above the 20-day EMA ($112,566) but are expected to face significant resistance from the bears.
If the BTC/USDT pair turns down sharply from the 20-day EMA, it signals a negative sentiment. That increases the possibility of a drop to $105,000 and then to $100,000.
Alternatively, a break and close above the 20-day EMA suggests that selling dries up at lower levels. The Bitcoin price may then climb to the 50-day SMA ($115,918).
Ether price prediction
ETH (ETH) has been witnessing a tough battle between the bulls and the bears at the 20-day EMA ($4,378).
The flattish 20-day EMA and the RSI near the midpoint do not give a clear advantage either to the bulls or the bears. If the price skids below the 20-day EMA, the ETH/USDT pair could slump to $4,094. This is a critical level for the bulls to defend because a break below it opens the doors for a fall to $3,745 and then to $3,350.
On the upside, buyers will have to thrust the Ether price above the $4,957 resistance to signal the resumption of the uptrend. The pair could then skyrocket toward $5,500.
XRP price prediction
XRP (XRP) continued its slide to reach the crucial support of $2.73, where the buyers are expected to step in.
Any recovery attempt is likely to face selling at the 20-day EMA ($2.94). If the price turns down sharply from the 20-day EMA, the XRP/USDT pair risks falling below the $2.73 support. The XRP price will then complete a bearish descending triangle pattern, clearing the path for a collapse to $2.33.
Buyers have an uphill task ahead of them. They will have to push and maintain the XRP price above the downtrend line to signal a comeback. The pair may then climb to $3.40.
BNB price prediction
Buyers are trying to maintain BNB (BNB) above the 20-day EMA ($847), but the bears are unlikely to give up easily.
The negative divergence on the RSI suggests the 20-day EMA is at risk of breaking down. If that happens,…
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