357

Investors continue to collect Bitcoin (BTC) and altcoins on the declines, and many DeFi tokens, especially AVAX, have increased their weekly earnings above 20% in recent days. Leading the rise, BTC briefly rallied to $48,429 on September 15 before pulling back to test the underlying support levels. Now, we take a look at the technical levels of BTC and 9 altcoin projects, starting with market-wide developments. Institutional interest appears to be increasing…

What happened in Bitcoin (BTC)?

Ark Invest CEO Cathie Wood, speaking during the live broadcast at the SALT conference, said that Bitcoin is the default currency of the crypto market and that it may increase tenfold in the next five years. Wood’s prediction is based on the assumption that Bitcoin will appear on the balance sheets of many companies, increasing institutional investors’ allocations to Bitcoin and other cryptocurrencies by about 5%.

Also, several legacy finance companies have noticed the increasing demand for cryptocurrencies and are increasing their crypto offerings to meet this demand. Morgan Stanley recently established a new crypto-focused research division, “aware of the growing importance of cryptocurrencies and other cryptocurrencies in global markets.” Apparently, additional positive news came from Fidelity Investments executives, who met with a few SEC officials and emphasized the importance of why a fund traded on the Bitcoin exchange should be approved. Executives noted the increasing Bitcoin adoption rate, approvals from similar funds in other countries, and the growing demand for cryptocurrencies. So, can BTC and altcoins sustain the current recovery? We continue with the technical analysis of analyst Rakesh Upadhyay for the answer…

Bitcoin (BTC) technical analysis

The September 13 long-tail candles on the Bitcoin chart show that the bulls are buying on the dips from the $42,451.67 support. Also, the constant buying pressure and short positions of short-term bears pushed Bitcoin (BTC) above $47,195 on September 15. If this level, which falls above the 20-day EMA, is sustained, BTC price could reach the general resistance zone between $50,500 and $52,920. On the technical indicators, the RSI has bounced back into the positive territory and the 20-day EMA has flattened out, indicating a minor advantage for buyers. Now, a break and close above this high zone could signal the start of the uptrend. However, bears do not give up easily. They will try to stop the bulls targeting the upside top zone. If the price drops from this resistance level, BTC could consolidate in a wider range for a few days. Afterwards, the bears will have to break and sustain the price below $42,451.67 to gain the upper hand.

How can Ethereum rise BTC rise?

Similar to Bitcoin (BTC), Ethereum’s long-tail candles of September 13 show that the bulls are aggressively defending $3,189. Buyers pushed Ethereum above $3,430 on September 15, however, it may face stiff resistance at $3,567.06. If the bulls break this hurdle, the next target for ETH bulls will be $4,000. Alternatively, if the price drops from $3,567.06, ETH could drop to the 50-day SMA. Such a move would suggest that ETH will move in this range for a few more days. On the technical side, the stable 20-day EMA and RSI just above the midpoint point to a slight advantage for buyers. The bears will have to break and sustain the price below the critical support at $3,000 to signal the start of a possible downward move.

Cardano (ADA) technical analysis

ADA broke below the $2.47 breakout level on Sept. 13, the bulls didn’t give up and didn’t push the price down to $2.21. This indicates that sales are protected from lower levels. On September 14, ADA price created a daily chart showing indecision between bulls and bears. Now that uncertainty has reversed and buyers are trying to break through the $2.55 hurdle. If the price closes above the 20-day EMA, ADA price could rise to the resistance zone between $2.97 and $3.10. Conversely, if the price drops from this zone, the bears will try to push the ADA price back to the 50-day SMA. Violation of this support will indicate that the uptrend has changed.

Binance Coin (BNB)

On Binance Coin, the bears failed to capitalize on the decline and on September 13, BNB price closed below $414, signaling buyers from lower levels. The bulls are currently trying to push BNB above $436. If they succeed, it will show that the correction may be over, according to the analyst. Later, BNB could open the way for $518.90. If this level is exceeded, the rise will signal the resumption of the train. Conversely, if the price drops from the 20-day EMA, it will indicate that the bears are selling on aid rallies. The bears will then make an attempt to push the BNB price down to the next support at $340.

Ripple will test critical levels in BTC rise

Ripple price bounced off $1.05 on September 13, showing that the bulls are holding this level. According to the analyst, XRP can now rise to $1.13, which the bears might struggle with. On the technical side, the 20-day EMA is gradually falling and the RSI is just below the midpoint, indicating a small advantage for the bears. A break and close below the 50-day SMA will indicate that the bears have overpowered the bulls. Selling could intensify if the bears sink the price below the intraday low of September 7 at $0.95. Conversely, if the bulls sustain and sustain the price above the 20-day EMA, it will indicate that the correction may be over. XRP could then rise to the overhead resistance zone between $1.35 and $1.41.

Solana exited exploration mode

Long-tail candles in Solana price September 13-14 show the bulls trying to defend $145 but the downside sign is that the bears continue to press during the recovery period. The daily candle of September 15 shows the indecision between the bulls and bears. Dissolution of uncertainty to the downside and stretching below the 20-day EMA is 61% correction at $123.42. It can extend up to 8 Fibonacci retracement levels. The deeper the correction, the longer it may take for the next leg of the uptrend to start. On the other hand, if the price rallies above $171.83, it could start the journey to retest $197.41 and then $216, the ATH level.

Polkadot (DOT) technical analysis

Polkdor (DOT) continues its uptrend, but the bulls have not fully overcome the resistance hurdle. The RSI has dropped from the downtrend line and the negative divergence is intact. Now, if the buyers push the price above the resistance line and close, the DOT price could gain significant momentum. It can then rise to $41.40 and if this level is breached, the next stop could be the ATH level at $49.78. Alternatively, if the price declines from the current level, it could slide back to $31.45 and buyer pressure from there will show the bulls buying aggressively on the dips. This could increase the likelihood of a break above the resistance line. Then, a break and close below the 20-day EMA will be the first sign that the bears are making a strong comeback.

Dogecoin (DOGE) technical analysis

DOGE is stuck between the MAs and the $0.21 support level. While the bulls are trying to defend the $0.21 support, the bounce lacks strength and indicates weak demand at current levels. Now, the MAs are on the verge of completing the downtrend and the RSI continues to trade in the negative territory, indicating minimal resistance to the downside. Should the bears sink the price below $0.21, Dogecoin’s next stop could be the $0.15 support. Conversely, a close above the MAs will be the first sign that the bulls are back on the scene. Afterwards, Dogecoin price may gain momentum above the downtrend line.

UNI’s first hurdle is the $30 zone

Cryptocoin. com Uniswap bears have repeatedly failed to bring the price below $21, the intraday high of September 7, in the last few days. This shows purchases made at lower levels. The bulls pushed the price above $25 on Sept. 14 but the MAs are also facing stiff resistance. If the price declines and dips below $25, UNI could drop again to $23.45 and then to $21. This is an important level to watch out for as a break below this could signal a deeper correction. Conversely, if the price rises above $25 or $23.45, it indicates that the bulls are attempting a reversal. Then, a break and close above the MAs could open the doors for a possible rise to $31.41.

LUNA technical analysis

Terra’s LUNA token has bounced back at $33.50 as seen from the longtail candles of the day. This shows that the sentiment is positive and traders are buying on the dips. According to the analyst, LUNA formed an in-candle pattern on September 14, showing the indecision between the bulls and bears. A break and close below the 20-day EMA will point to the advantage for the bears. Later, LUNA price could correct the 50-day SMA ($25.25). Conversely, if the bulls push the price above $38, it could resume its upward move from the ATH level of $45.01. A break and close above this resistance will bring the psychological resistance of $50 targets back to the agenda.


Like it? Share with your friends!

357
Michael Lewis

0 Comments

Your email address will not be published. Required fields are marked *