Bitcoin (BTC) and most altcoins are recovering from last week’s bearish pressure but may still face selling higher, according to analyst Rakesh Upadhyay. This indicates that the market may spend a few more days in the current range. Now, we take a look at the technical analysis of BTC, ETH, ADA, and 7 altcoin projects, starting with market-wide developments…
What happened in the Bitcoin (BTC) and altcoin market?
BTC and ETH came under regulatory pressure from China on September 24 and suffered huge losses. While most of the losses are being recouped, long-term investors likely have an opportunity to save from the bottom. However, crypto investors may have to wait for a rally this week as they watch the outcome of the infrastructure bill. Debate will begin on September 27 and the final vote will take place on September 30. The broad definition of “broker” might cause some volatility in the crypto markets, but HODLers are unlikely to be shaken.
On top of all this, analyst Willy Woo says that “Bitcoin has entered the never giving up phase of the Asdollarsey cycle.” Also among the predictions are “Rick Asdollarsey” investors on one side and JPMorgan CEO Jamie Dimon, who has been adamant in his criticism of Bitcoin on the other. In an interview with The Times of India, Dimon said that he “would not buy Bitcoin even if its price increased 10 times in the next five years.” So, can Bitcoin recover in the coming days, or will we spend some time here? Analyst Rakesh Upadhyay expects these technical levels…
BTC bulls should keep price away from these levels!
Bitcoin has recently timed between the 100-day SMA ($41,078) and the 20-day EMA ($44,982). This shows that while the bulls are buying on the lows, the bears are trying to exert selling pressure. On the technical side, the falling 20-day EMA and the RSI just below the midpoint indicate less resistance on the upside. Selling could intensify if the bears sink the BTC price below the 100-day SMA. BTC price could then drop to $37,332.70 and extend as far as $30,000. This red chart will be invalidated if the price rises from the current level and rises above the MAs. According to the analyst, we can then say that the bulls are back in the game. Should the bulls strengthen, their initial target will be $48,843.20, followed by $52,920.
BTC and ETH bulls may accelerate after critical resistances
Ethereum’s last 3-day candles are long wicked and show that the bulls are making aggressive buying around $2,756. Therefore, it is an important level that ETH traders should pay attention to. On the technical side, the 20-day EMA ($3.193) is sloping down and the RSI is just below the midpoint, which points to a small trump in the hands of the bears. Should the price drop from the current level, ETH could consolidate between the MAs for a few more days. A break and close below the 100-day SMA could intensify selling and ETH could drop to $2,400 and then $1,972.12. On the other hand, if the bulls can stay above the 20-day EMA, it will be the first sign of strength and the price could rally to $3,600 later.
Cardano (ADA) technical analysis
ADA bulls pushed the price above the MAs on Sept. 25 but failed to clear the $2.47 hurdle. This shows that the bears are not giving up and are selling near the resistance levels in the rallies. ADA bears can now target the $1.94 support. This is an important area for the bulls to defend because if it breaks, it will signal the start of a downtrend. On the other hand, if the bulls maintain the current levels and can push the price from the $1.94 high to $2.47 level, the correction may be over. The next target for the bulls will be the $2.97 level.
Binance Coin (BNB) technical analysis
BNB price dropped below the $340 support on Sept. 26, but the bulls continued to buy on the decline and kept the price on a closing basis. Buyers are currently struggling to stay above $340. However, if they can’t defend it, BNB price could decline to the $340 and $320 support levels, and then to $300 and $250. In this gradual sell-off, the 20-day EMA ($388) is sloping down and the RSI is below 37, suggesting bears dominate. The first sign of strength for the bulls will come with a break and close above the 20-day EMA. Such a move will indicate that the selling pressure has subsided. BNB could later rise to the overhead resistance at $433.
Ripple (XRP) is struggling intensely at these levels after the BTC dream!
Ripple (XRP) has bounced back from $0.88 in the past few days, which shows that the bulls are aggressively defending the support. The bulls could now try to push the price above the overhead resistance zone between $1.02 and $1.10. Their success will indicate that the correction may be over, according to the analyst. XRP could then rally to $1.41, where the bears could form stiff resistance. On the technical side, the falling 20-day EMA and the RSI in the negative zone suggest the bears are behind the wheel. If the price drops from the 20-day EMA, the XRP price could slide back to the 100-day SMA. If this level is defended, then XRP is expected to spend a few more days between the MAs. However, if the bears hold the price below the 100-day SMA, the next leg of the downward move could begin. According to the analyst, this would clear the way for a possible drop to $0.69.
Solana (SOL) bulls seek suitable ground
Solana broke out of the downtrend line and $143 today, which may indicate the bears are losing control. On the technical side, the 20-day EMA has flattened and the RSI is just above the midpoint, indicating an equilibrium between supply and demand. The short-term advantage could be in favor of the bulls if the price can rise and stay above $152.50. SOL price could later rally to $171.47, where the bears could form a stiff resistance again. However, if the price declines from the current level, the bears will press for the $114 support. On the other hand, a break and close above $171.47 could push SOL price towards $200.
Polkadot (DOT) technical analysis
The DOT bulls remained at the $28.76 mark on Sept. 26, but the day’s long wick candles suggest the bulls are trying to defend the head and shoulders pattern. Buyers tried to push the price above $30.91 today, but again, the bears are selling aggressively during the rallies as seen from the long wicks. Now, if the DOT bears pull the price below the 50-day SMA, we can retest the neckline. A break and close below this support will complete the bearish H&S pattern with the $12.23 pattern target. Conversely, if the bulls push the price above the downtrend line, the price could rally to $33.60 and later to $38.77.
Dogecoin (DOGE) technical analysis
DOGE price dropped below the $0.21 support on September 24 and closed. The sustained selling pressure drove the price to $0.19 on Sept. 26, but the long wicks show that the bulls are aggressively holding this level. The bulls’ next target is to push DOGE above the overhead resistance of $0.21. If successful, DOGE could rally to $0.23, which is likely to act as a stiff resistance. If the price breaks from the 20-day EMA, the bears could push the DOGE price to $0.19. A break and close below this support will move the next target to $0.15. Conversely, a break and close above the 20-day EMA could result in upward moves to $0.26.
BTC dream best performance came from Avalanche (AVAX)
AVAX’s daily candles for September 26 show that buyers are temperamental with long wicks and lower levels. The bulls will now attempt to push the price above the ATH level of $79.80. Exceeding this level may signal the resumption of the strong uptrend, according to the analyst. However, the bears will try to stop the upside move at the resistance line of the channel, if the bulls can break through this hurdle, AVAX price could reach $100 with strong momentum. Conversely, if the price drops from the current level and dips below the support line of the channel, a correction is likely. Violation of the $60.04 breakout level would open the doors for a drop to $46.23.
Terra (LUNA) follows this pattern for its ATH of $45.01
The LUNA price, which we quoted as , dropped from $41.28 on September 24, but the positive sign came as the bulls defended the price at $34.51. This shows that bears sell on rallies and bulls buy on dips. Technical indicators are giving contradictory signals of MAs pointing to the advantage for buyers, while negative divergence in the RSI warns that bullish momentum may weaken.
If the bulls propel the price above the downtrend line, it could retest the LUNA ATH level of $45.01. A break and close above this resistance will suggest a resumption of the uptrend. Alternatively, if the price breaks from the current level or downtrend line and dips below the 20-day EMA, it could extend as far as $30.43.