The bulls tried to shake Bitcoin from its slumber on Sept. 7, but the rally was short-lived. This suggests a lack of clarity between the bulls and the
The bulls tried to shake Bitcoin from its slumber on Sept. 7, but the rally was short-lived. This suggests a lack of clarity between the bulls and the bears about Bitcoin’s (BTC) next directional move. Analyst CryptoCon said on X (formerly Twitter) that Bitcoin could remain in a “mid cycle lull” until the start of the next bull run in November 2024.
Along similar lines, ARK Invest said in a report that cryptocurrencies could continue to face headwinds in the remainder of 2023 due to several macroeconomic issues, such as interest rates, gross domestic product estimates, unemployment and inflation.
Sept.In comparison, the bulls will be closely following the decision of the United States Securities and Exchange Commission on the various Bitcoin spot exchange-traded fund (ETF) applications. In addition to that, the race for a spot Ether (ETH) ETF also began officially on Sep. 6 with filings from VanEck and ARK Invest. Bloomberg ETF analyst James Seyffart expects more Ether ETF filings to happen in the next few days.
Could Bitcoin’s range-bound action increase the selling pressure on altcoins? Let’s study the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
Bitcoin reached the 20-day exponential moving average (EMA) of $26,419 on Sept. 7, but the bulls could not overcome this obstacle. This suggests that the bears are fiercely guarding the 20-day EMA.
However, the failure of the bears to challenge the crucial support at $24,800 suggests that selling dries up at lower levels. The relative strength index (RSI) is trying to form a positive divergence, indicating that the bearish momentum is weakening.
The first sign of strength will be a break and close above the 20-day EMA. That clears the path for a sustained recovery toward $28,143.
On the contrary, if the $24,800 support crumbles, the BTC/USDT pair could start a downtrend. There is minor support at $24,000, but it may not arrest the decline. The pair could eventually reach pivotal support at $20,000.
Ether price analysis
Ether continues to trade inside a narrow range between the 20-day EMA ($1,668) and the formidable support at $1,626.
The failure of the bulls to clear the overhead hurdle at the 20-day EMA increases the risk of a breakdown. Below $1,626, the ETH/USDT pair could retest the Aug. 17 intraday low of $1,550. Buyers may purchase the dip to this level with vigor because if the support cracks, the pair could plunge to $1,368.
Time is running out for the bulls. If they want to prevent the collapse, they will have to first drive the price above the 20-day EMA and thereafter attempt a rally to the 50-day simple moving average (SMA) of $1,762. That could increase the likelihood of the pair being range-bound between $2,000 and $1,626 for a few more days.
BNB price analysis
The bulls tried to push BNB (BNB) above the breakdown level of $220 on Sept. 6, but the bears did not relent. This indicates that the sellers are trying to flip the $220 level into resistance.
There is minor support at $211, but if bears pull the price below it, the BNB/USDT pair could reach the psychological level of $200. This level is likely to attract solid buying by the bulls. If the price rebounds off this support, it will indicate that the pair may consolidate between $200 and $220 for a while.
Contrary to this assumption, if the price turns up from the current level and rises above $220, it will suggest accumulation at lower levels. That could launch a recovery toward the downtrend line.
XRP price analysis
The bulls purchased XRP’s (XRP) dip below $0.50 on Sept. 6, but the failure to start a strong rebound indicates a lack of demand at higher levels.
The bears will try to strengthen their position further by yanking the price below $0.50. If they can pull it off, the XRP/USDT pair could nosedive to the next major support at $0.41. This fall is likely to be swift, as there is no major support between $0.50 and $0.41.
On the contrary, if the price once again turns up from the current level, it will suggest that the bulls are trying to flip $0.50 into support. A break above the 20-day EMA will indicate that the pair is likely to oscillate between $0.50 and $0.56 for a while longer.
Cardano price analysis
Cardano (ADA) formed a Doji candlestick pattern on Sept. 6 and again on Sept. 7, which shows indecision between the bulls and the bears.
The downsloping 20-day EMA ($0.26) and the RSI in the negative territory enhance the prospects of a downside breakdown. If the price skids below $0.25, the ADA/USDT pair could drop to the critical support at $0.24.
On the upside, the bears have repeatedly halted the advance near the 20-day EMA; hence, this becomes an important level to watch out for. If bulls force the…
cointelegraph.com
COMMENTS