Bitcoin (BTC) is attempting to trade above $27,000 which is a positive sign. In the past few days, Bitcoin’s price held up above $26,000 in adverse co
Bitcoin (BTC) is attempting to trade above $27,000 which is a positive sign. In the past few days, Bitcoin’s price held up above $26,000 in adverse conditions when the United States dollar index (DXY) was rising sharply and the S&P 500 index (SPX) was plunging. This suggests that selling dries up at lower levels.
The decision by the United States Securities and Exchange Commission to delay the spot Bitcoin exchange-traded fund (ETFs) ahead of schedule also did not dent prices. This indicates that the market participants are taking a longer-term view on Bitcoin. Bloomberg ETF analyst James Seyffart believes that an early decision was taken by the regulator as there is a risk of a U.S. government shutdown on Oct. 1.
Bitcoin’s resilience over the past few days seems to have boosted trader’s sentiment. That helped start a recovery in most major altcoins, which are trying to climb above their respective resistance levels.
Could Bitcoin extend its up-move in the near term and will that start a revival in the crypto space? Let’s study the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
After struggling for several days, the bulls finally propelled Bitcoin above the moving averages on Sep. 28. The bulls are currently trying to thwart attempts by the bears to yank the price back below the 20-day exponential moving average ($26,534).
The moving averages are on the verge of a bullish crossover and the relative strength index (RSI) is in the positive territory, indicating that the path of least resistance is to the upside. There is a minor resistance at $27,500 but it is likely to be crossed.
The BTC/USDT pair could then rally to the overhead resistance at $28,143. This level is again likely to witness a tough battle between the bulls and the bears.
On the downside, the $26,000 level is an important level to watch out for. If this level gives way, the advantage will tilt in favor of the bears. The pair may then nosedive to the formidable support at $24,800.
Ether price analysis
Ether (ETH) climbed and closed above the 20-day EMA ($1,622) on Sep. 28, indicating that the selling pressure is reducing. The buyers continued their purchase and cleared the hurdle at the 50-day simple moving average ($1,660) on Sep. 29.
The bulls will try to drive the price to the overhead resistance of $1,746. This is an important level to keep an eye on because if buyers overcome this barrier, the ETH/USDT pair will complete a double bottom pattern. This reversal setup has a target objective of $1,961.
On the contrary, if the price turns down from $1,746, it will indicate that the bears remain sellers on rallies. The price could then dip to the 20-day EMA. If the price rebounds off this support, it will enhance the prospects of a rally above $1,746. The bears will be back in the game if they drag the price back below the 20-day EMA.
BNB price analysis
BNB (BNB) has been trading inside the $220 to $203 range for the past few days. The bulls are trying to nudge the price to the overhead resistance at $220.
The 20-day EMA ($213) is flat but the RSI has risen into positive territory, indicating that the momentum is turning in favor of the bulls. If the $220 resistance is surmounted, the BNB/USDT pair could surge to $235.
Contrary to this assumption, if the price turns down sharply from $220, it will indicate that the range-bound action may continue for a while longer. The next leg of the downtrend will begin after bears tug the price below $203.
XRP price analysis
Buyers pushed XRP (XRP) above the 20-day EMA ($0.50) on Sep. 28 and followed that up with a move above the resistance line of the symmetrical triangle pattern on Sep. 29.
If the price sustains above the triangle, it will signal that the uncertainty has resolved in favor of the buyers. The XRP/USDT pair could then rally to the overhead resistance at $0.56. This is an important resistance to watch out for because a break above it will clear the path for a potential rally to the pattern target of $0.64.
Contrarily, if the price turns down and re-enters the triangle, it will indicate that markets have rejected the higher levels. The bears will then try to gain the edge by pulling the price below the uptrend line of the triangle.
Cardano price analysis
The bulls are trying to sustain Cardano (ADA) above the 20-day EMA ($0.25) on Sep. 29, which shows that the bears are losing their grip.
A break and close above the downtrend line will invalidate the bearish descending triangle pattern. Generally, the failure of a bearish pattern results in a sharp up-move as the sellers rush to exit their shorts and the bulls waiting on the sidelines start buying. That could propel the ADA/USDT pair to $0.29 and subsequently to…
cointelegraph.com
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