Bitcoin’s (BTC) recovery is facing selling above $27,000, indicating near-term nervousness due to the Federal Reserve’s meeting on Sep. 20. However, l
Bitcoin’s (BTC) recovery is facing selling above $27,000, indicating near-term nervousness due to the Federal Reserve’s meeting on Sep. 20. However, long-term investors are unfazed and they have continued to accumulate. Glassnode data shows that Bitcoin’s inactive supply has been at all-time highs since July.
This bullish temperament is not reflected in institutional activity, however. Investors have cut down on their cryptocurrency exposure and are sitting on the sidelines awaiting more clarity on the regulatory and macroeconomic front. Asset manager CoinShares reported that outflows from exchange-traded products hit $455 million over the past nine weeks.
Meanwhile, analysts remain divided about Bitcoin’s near-term price action. Bollinger Bands creator John Bollinger speculated in a X (formerly Twitter) post that Bitcoin could start an up-move but added that it was “too early to answer.”
The volatility could increase after Fed Chair Jerome Powell’s press conference but traders should be careful not to get sucked into a bull or a bear trap. It is better to wait on the sidelines and enter after the volatility subsides and a directional move begins.
What are the important levels to watch for on Bitcoin and the major altcoins? Let’s study the charts of the top-10 cryptocurrencies to find out.
Bitcoin price analysis
Bitcoin is facing stiff resistance at the 50-day simple moving average ($27,154) indicating that the bears are trying to halt the recovery.
The upsloping 20-day exponential moving average ($26,499) and the relative strength index (RSI) in the positive territory indicate that bulls are in control. If the price rebounds off the 20-day EMA, it will enhance the prospects of a rally above the 50-day SMA. If that happens, the BTC/USDT pair could climb to $28,143.
Related: Bitcoin price eyes $28K as Binance legal battle spurs bullish momentum
Conversely, if the price turns down and breaks below the 20-day EMA, it will indicate that the bears remain active at higher levels. A break and close below $26,000 may accelerate selling and sink the pair toward the crucial support at $24,800.
Ether price analysis
Ether (ETH) has been maintaining above the breakdown level of $1,626 for the past few days but the bulls have failed to build up on this strength.
The long wick on the Sep. 18 and 19 candlestick shows selling by the bears at higher levels. The flattish 20-day EMA ($1,637) and the RSI just below the midpoint suggest a balance between buyers and sellers.
A rally above $1,680 could tilt the advantage in favor of the bulls. The ETH/USDT pair could then rally to $1,745. On the contrary, a slide below $1,600 will suggest that bears have not yet given up. That could pull the pair to $1,530.
BNB price analysis
Buyers tried to shove BNB (BNB) above the overhead resistance at $220 on Sep. 18 and 19 but the bears defended the level successfully.
A minor advantage in favor of the bulls is that they have not allowed the price to slide back below the 20-day EMA ($215). This suggests that the bulls are buying the minor dips as they expect the up-move to extend further.
If buyers clear the zone between $220 and the 50-day SMA ($223), the BNB/USDT pair could start a rally toward $235.
If bears want to prevent the upside, they will have to tug the price back below the 20-day EMA. That could keep the price stuck inside the $203 to $220 range for a while longer.
XRP price analysis
XRP (XRP) rose and closed above the 20-day EMA ($0.50) on Sep. 19, indicating that the bulls have the upper hand.
If the price stays above the 20-day EMA, it will suggest that the bulls are trying to flip the level into support. That will open the gates for a potential rise to the overhead resistance at $0.56 where the bears will likely make their stand.
The price action of the past few days is showing signs of forming a bullish ascending triangle pattern, which will complete on a break and close above $0.56. Buyers will have to keep XRP price above the uptrend line to safeguard the setup.
Cardano price analysis
The bulls have been trying to push Cardano (ADA) above the 20-day EMA ($0.25) for the past few days but the bears have not relented.
The flattening 20-day EMA and the RSI just below the midpoint suggest a balance between supply and demand. If buyers sustain the price above the 20-day EMA, ADA price will attempt a rally to the overhead resistance at $0.28.
Alternatively, if the price turns down sharply from the current level, it will signal that the bears are selling on relief rallies. A break and close below the $0.24 support will indicate the start of the next leg of the downtrend. The next support on the downside is at $0.22.
Dogecoin price analysis
Dogecoin (DOGE) has been trading near…
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