The Federal Reserve did not hike interest rates in its meeting on Sep. 20 but hinted that rates could remain higher for longer. At the post-meeting pr
The Federal Reserve did not hike interest rates in its meeting on Sep. 20 but hinted that rates could remain higher for longer. At the post-meeting press conference, Fed Chair Jerome Powell cautioned that “the process of getting inflation sustainably down to 2% has a long way to go.”
This possible scenario may have triggered the sell-off in the United States equities markets and also in the cryptocurrency space. Risk assets typically tend to underperform in a high-interest-rate environment.
While the S&P 500 is down more than 2% and the Nasdaq about 3% this week, Bitcoin (BTC) has a remained flat.
The altcoins have been unable to hold on to their intra-week gains due to a risk-off sentiment. Still, an encouraging sign is that Bitcoin and the major altcoins have largely managed to stay above their crucial support levels. The price action over the next few days is critical as it is likely to witness a tough battle between the bulls and the bears.
Will bears seize the initiative and drag Bitcoin and the major altcoins lower or could buyers regroup and push prices higher? Let’s study the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
Bitcoin has been trading between the moving averages for the past few days. This tight-range trading indicates indecision between the bulls and the bears about the next directional move.
Buyers are attempting to keep the BTC/USDT pair above the 20-day exponential moving average ($26,520). If the price rises from the current level, the bulls will again try to overcome the barrier at the 50-day simple moving average ($27,050). If they are successful, the pair could surge to the next resistance at $28,143.
In contrast, if the price plummets below the 20-day EMA, it will suggest that the bears are back in command. That will increase the possibility of a retest of the pivotal support at $24,800.
Ether price analysis
Ether (ETH) turned down from the 20-day EMA ($1,628) on Sep. 20, indicating that the bears continue to sell on rallies.
The bears will try to solidify their position further by pulling the price below the vital support at $1,530. If they manage to do that, the ETH/USDT pair could start a downward move toward the next major support at $1,368.
Contrarily, if the price turns up from the current level or rebounds off $1,530, it will suggest that lower levels are attracting buyers. The first sign of strength will be a break and close above $1,670. That will clear the path for a potential rally to $1,745.
BNB price analysis
BNB (BNB) turned down from $220 on Sep. 18 and broke below the 20-day EMA ($214) on Sep. 20. This suggests that the price may consolidate between $203 and $220 for a while longer.
If the price sustains below the 20-day EMA, the bears will make one more attempt to tug the BNB/USDT pair below the crucial support at $203. If they succeed, it will indicate the resumption of the downtrend. The next support on the downside is at $183.
On the upside, the bulls will have to clear the hurdle at the 50-day SMA ($222) to signal a comeback. The pair could first rally to $235 and subsequently attempt an up-move to $250. This level is expected to attract sellers.
XRP price analysis
XRP (XRP) rose above the 20-day EMA ($0.51) on Sep. 19 but the bulls are struggling to sustain the recovery.
The price has again dropped to the 20-day EMA, which is an important support to keep an eye on. If the price turns up from the current level, it will suggest a change in sentiment from selling on rallies to buying on dips. The bulls will then again attempt to kick the price above the overhead zone between the 50-day SMA ($0.53) and $0.56.
On the contrary, if the 20-day EMA gives way, the pair could fall to the uptrend line. This is an important level for the bulls to defend because a break below it will invalidate the bullish pattern.
Cardano price analysis
Cardano’s (ADA) price action of the past few days has formed a descending triangle pattern, which will complete on a break and close below $0.24.
The gradually downsloping moving averages suggest advantage to bears but the bullish divergence on the RSI indicates that the bearish momentum may be slowing down. Buyers will have to quickly shove the price above the downtrend line to prevent a breakdown. If they do that, the ADA/USDT pair will be well-positioned for a relief rally to $0.30.
If the price continues lower and breaks below $0.24, it will complete the bearish setup and set the stage for a fall to $0.22 and eventually to the pattern target of $0.19.
Dogecoin price analysis
Dogecoin (DOGE) turned down from the 20-day EMA ($0.06) on Sep. 21, indicating that the bears are aggressively defending the level.
However, the…
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