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Bitcoin (BTC) remains above the critical support level, but several altcoin investors have started taking profits. Now, the lead crypto’s recovery is facing stiff resistance around $48,500, where the bears are waiting for the attack, according to analyst Rakesh Upadhyay. For forecasts, we start with market-wide developments and continue with technical analysis. Experts consider these for BTC…

What happened in Bitcoin (BTC)?

Cryptocoin. com

William Clemente, whose analysis we share as , combines the popular stock-to-flow Bitcoin price model and illiquid supply data, predicting $39,000 to act as a strong base in any decline. On the positive side, analisdollarser continues to maintain its bullish expectations. Bloomberg Intelligence principal analyst Mike McGlone maintained his target of $100,000 for Bitcoin. McGlone said that a number of different charts underline the bullish potential for Bitcoin.

Along with Bitcoin, Ethereum (ETH) is also trading at accumulation levels. Crypto analytics provider IntoTheBlock said that on September 16, Ether worth $1.2 billion was withdrawn from centralized exchanges in a period of 24 hours. Now, can Bitcoin meet the bullish expectations or will it surprise to the downside? To answer, we take a look at analyst Rakesh Upadhyay’s technical analysis for…

Bitcoin (BTC) technical analysis

While the bulls are trying to keep Bitcoin above the 20-day EMA ($47,291), the bears are struggling for the opposite. On the technical side, the 20-day EMA has flattened out and the relative strength index (RSI) is near the midpoint, suggesting range-bound action in the short term. If the bears sink the price below the MAs, BTC could drop to the critical support of $42,451.67. A rebound from this level will indicate that the bulls are buying on the lows. This could extend the consolidation between $42,451.67 and $52,920 for a few more days. Conversely, if the price bounces back from the current level or $46,256, the bulls will try to push BTC price to $50,500 and then to $52.920. Bears are likely to defend this resistance zone aggressively. The next major trend move will start after the bulls push the price above $52.920 or the bears pull the price below $42,451.67.

BTC and Ethereum bulls undecided

Ethereum’s recovery is facing stiff resistance at $3,637.14, which indicates selling at higher levels. Ethereum bears are now attempting to push the price below the $3,377.89 support. Their success could result in the critical support levels of $3,238 and then $3,000. Such a move could result in the formation of a head and shoulders pattern that will complete on a break and close below $3,000. This negative view will be invalidated if the price bounces off the support at $3,377.89 or the 50-day SMA and rises above $3,676.28. It could retest the local top at $4,027.88 later on. From the technical indicators, the flat 20-day EMA and RSI just above the midpoint show no clear advantage for either the bulls or the bears.

Cardano (ADA) and BTC face their first hurdle after dream

Cardano (ADA) faced a hurdle at $2.52 on Sept. 16, showing that the bears were selling on the rally. The bears are currently trying to push the price down to $2.25 adollars. On the technical side, the falling 20-day EMA and the RSI in the negative zone suggest bears dominate. If the price stays below the 50-day SMA, ADA could drop to the next support at $1.94. Such a deep correction suggests a short-term top has been made. If the bulls want to recover from the uptrend, they will have to push the price above the 20-day EMA and sustain it. If they do, ADA could rise once again to $2.80 and then $2.97.

Binance Coin (BNB) technical analysis

BNB bulls have been unable to push the price above $432 in the past two days, suggesting that buying has dried up at higher levels. This may have attracted profit bookings from short-term traders who were buying at lower levels, waiting for the upside to resume. On the technical side, the 20-day EMA is falling and the RSI is down from the midpoint, giving traders an edge. If the price stays below the 50-day SMA, BNB could drop to the next major support at $340. If the bulls then hold and sustain the price above the 20-day EMA, this negative view will be invalidated. Such a move will show that the bulls are absorbing the supply. It will then move the target to the $518.90 resistance.

BTC and XRP prepare for critical hurdles

Ripple (XRP) price bounced back at the $1.12 support, showing that the bears are defending the area aggressively. On the technical side, the bearish 20-day EMA and RSI in the negative zone indicate that the path of least resistance is to the downside. If the bears sustain the price below the 50-day SMA, XRP price could retest the September 7 intraday low at $0.95. A break and close below this support will open the doors for a deeper correction to $0.75. If the price bounces back from the current level or $0.95, the bulls will try to push the price back above the 20-day EMA. If they are successful, it will suggest that the correction may be over. XRP could then start a walk towards its upside target of $1.35.

Solan (SOL) price is experiencing a correction

Solana’s (SOL) bounce from $145 on Sept. 14 reached $166.50 as bears continue to attack relief rallies. The price broke below the 20-day EMA today, which indicates weakness. On the technical side, the flattening 20-day EMA and RSI just above the midpoint indicate that the bulls are losing their grip. If the bears sustain the price below the 20-day EMA, the SOlana is 61% at $123.42. It may drop to the 8 Fibonacci retracement level. This level is important because if it breaks, the psychological support of $100 will be the next target for the bears. Conversely, if the price rises from the current level or returns to $123.42, the bulls will try to continue the uptrend. The upside move might face stiff resistance near $170 and then $200.

Polkadot (DOT) technical analysis

Polkadot (DOT) bounced back from the resistance line on Sept. 15 and approached $2032.04 on Sept. This is an important level for the bulls to defend, as a break below it could drag the price down to $26.36. While the MAs are rising, the negative divergence in the RSI warns that the bullish momentum may slow. A break and close below the 50-day SMA will mark the beginning of a deeper correction. Contrary to this assumption, if the price bounces back from the 20-day EMA, the bulls will again try to push the DOT price above the resistance line. If they manage to do so, it could pick up some momentum followed by $41.40. DOT’s next stop will be the $49.78 test.

What is DOGE doing in BTC rise?

Although Dogecoin has been trading below the MAs for the past few days, the bears have not been able to reach below $0.21. This suggests that sellers at lower levels are missing. The bulls tried to push the price above the MAs today, but the bears are not in a position to give up. The falling 20-day EMA ($0.26) and the RSI below 42 suggest that the sellers have prevailed. If the bears sink the price below $0.21, DOGE could extend the decline to $0.15. Alternatively, Dogecoin could rise to the downtrend line if the bulls push the price above the MAs. A break and close above this resistance will be the first sign that the correction may be over. It can then start its journey towards the overhead resistance at $0.45.

Uniswap (UNI) technical analysis

Uniswap (UNI) broke above the MAs on Sept. 15, but the bulls failed to continue, which may have resulted in short-term bulls taking profits and aggressive bears shorting out. Now, the stable 20-day EMA ($25.72) and the RSI just below 50 suggest that the bears are stronger. If the price drops below $25, UNI price could start its journey of $23.50 and $21. Its sequel could result in a deeper correction. However, any positive momentum is a trip to $23.50, and if they are successful, it will open the doors to $31.41.

Terra (LUNA) technical analysis

Terra protocol’s native token, LUNA, reached $39.77 on September 16, but failed to continue as seen from the day’s long wick. From this, it can be concluded that traders can close their long positions during rallies. The bear side is also trying to seize an opportunity and push the price below $33.97. Should they be successful, the LUNA price could drop to $26.25. On the other hand, if the price rises again from the 20-day EMA, it could rally to $40 and stay on the border between these two levels for a few more days. A break and close above $40 will open the doors for a retest of the ATH level of $45.01.


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Michael Lewis

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