Bitcoin (BTC) managed to stay above the $26,000 level even as the S&P 500 tumbled to a three-month low and the US dollar index (DXY) rose to a new
Bitcoin (BTC) managed to stay above the $26,000 level even as the S&P 500 tumbled to a three-month low and the US dollar index (DXY) rose to a new year-to-date high. This is a mildly positive sign as it shows a lack of aggressive selling at lower levels.
Bitcoin remains stuck inside a range and the directionless price action has kept the traders on the sidelines. Bitcoin’s daily spot exchange transactions topped 600,000 in March but dwindled down to 8,000-15,000 last week, according to new research from on-chain analytics platform CryptoQuant. Low liquidity could lead to volatile moves in either direction, hence traders should be careful and wait for confirmations rather than taking positions on every intraday breakout.
The near-term price action remains uncertain but that has not deterred the long-term bulls from adding Bitcoin to their portfolio. MicroStrategy co-founder and executive chairman Michael Saylor announced on X (formerly Twitter) that the firm had acquired 5,445 Bitcoin at an average price of $27,053 per Bitcoin.
Could Bitcoin and select altcoins start a short-term up-move? Let’s study the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
Bitcoin is witnessing a tough battle between the bulls and the bears near the 20-day exponential moving average ($26,436). The bulls pushed the price above the 20-day EMA on Sep. 27 but could not clear the 50-day simple moving average ($26,757).
This indicates that the bears have not given up and are selling the rallies to the 50-day SMA. The bears will have to pull the price below $25,990 to clear the path for a potential fall to $24,800. This level is likely to attract solid buying by the bulls.
On the upside, the first sign of strength will be a break and close above the 50-day SMA. The BTC/USDT pair may then rise to $27,500 and subsequently to the overhead resistance at $28,143. The bears are expected to defend this level with all their might.
Ether price analysis
Ether (ETH) is trying to start a recovery. The price rose above the 20-day EMA ($1,614) on Sep. 27 but the bulls could not hold on to the intraday rally. This shows that the higher levels continue to attract sellers.
The bullish divergence on the relative strength index (RSI) favors the buyers. If they retain the price above the 20-day EMA, the ETH/USDT pair could first rise to the 50-day SMA ($1,668) and thereafter attempt a rally to the overhead resistance at $1,746.
Contrary to this assumption, if the price remains below the 20-day EMA, it will suggest that the bears are in command. The sellers will then try to yank the price below the important support at $1,531. If that happens, the pair may crash to $1,368.
BNB price analysis
BNB (BNB) remains below the breakdown level of $220 but a positive sign is that the bulls have not allowed the price to slip below $203.
The 20-day EMA ($213) is flattening out and the RSI is just below the midpoint, indicating a balance between supply and demand. This equilibrium will tilt in favor of the bulls if they kick the price above $220. The BNB/USDT pair could then ascend to $235.
On the contrary, if the price continues lower and breaks below $203, it will signal that the bears have asserted their supremacy. The pair may then start the next leg of the downtrend to the strong support at $183.
XRP price analysis
Buyers tried to thrust XRP (XRP) above the 20-day EMA ($0.50) on Sep. 25 but the bears held their ground.
The price action of the past few days has formed a symmetrical triangle pattern, indicating indecision between the bulls and the bears.
Sellers will try to gain the upper hand by dragging the price below the uptrend line. If they are successful, the XRP/USDT pair may descend to $0.46 and then to $0.41.
Contrarily, if the price turns up and breaks above the resistance line, it will indicate that bulls are trying to seize control. The pair may then climb to the overhead resistance at $0.56.
Cardano price analysis
Cardano (ADA) bounced off the vital support at $0.24 on Sep. 25 but the bulls are struggling to push the price above the 20-day EMA. This may result in more selling.
The $0.24 level is likely to witness a tough battle between the bulls and the bears. If the $0.24 support gives way, the ADA/USDT pair will complete a bearish descending triangle pattern. The pair may then start a downward move to $0.22 and subsequently to the pattern target of $0.19.
Contrary to this assumption, if the price turns up and breaks above the downtrend line, it will invalidate the bearish setup. The pair may then start an up-move to $0.29.
Dogecoin price analysis
The bears pulled Dogecoin (DOGE) below the $0.06 support on Sep. 26 but the long tail on the candlestick shows buying at lower levels.
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