Bitcoin ( BTC ) and Ether ( ETH ) try to bounce from their Critical support levels as the bulls try to thwart the bears’ attempts to deepen the correction.
Elon Musk , CEO of Tesla, recently said at the California Code Conference that the Governments cannot “destroy cryptocurrencies” , due to their decentralized nature, but they can “slow them down”.
Data shows that whales have moved record amounts of Bitcoin in the last two weeks. The total volume of transaction transfers worth $ 10 million or more has exceeded the levels seen when the price of Bitcoin was close to $ 60,000.
According to the on-chain analysis resource Material Indicators, the “smaller” whales sold and mega whales added to their possessions.
Bobby Lee, former CEO of BTCC exchange, said in an interview with Bloomberg on September 29 that he expects Bitcoin’s rally to begin in 2021 , which will not only push the price to an all-time high, but will also break the psychological mark of $ 100,000 and possibly hit $ 200,000.
Are Bitcoin and altcoins preparing for a relief rally or will the bears drag the price below the respective support levels? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
BTC / USDT
Bitcoin continues to trade between the 100-day SMA ($ 41,221) and the exponential moving average 20 days (USD 44,229). The price has recovered today from the 100-day SMA, indicating that the bulls continue to defend this support aggressively.
The 20-day EMA is sloping down and the Relative Strength Index (RSI) is in the negative zone, indicating that sentiment remains negative and the bears can sell in rallies. If the price turns down from the 20-day EMA, the narrow-range action may continue for a few more days.
A breakout and close below the 100-day SMA could trigger a panic sell and lower the price to $ 37,332.70. If this level also breaks, the BTC / USDT pair could plummet to $ 30,000.
- your inflation hedging status, but the time could come
Alternatively, a breakout and close above the 20-day EMA will be the first sign of selling pressure it could be shrinking. The pair may then rise to the 50-day SMA ($ 46,580), followed by a move to $ 48,843.20.
ETH / USDT
Ether turned down the 20-day EMA ($ 3,118) on September 27 and fell to the 100-day SMA ($ 2,771) on September 28. The bulls have once again held support and are attempting to push the price towards the 20-day EMA.
The falling 20-day EMA and RSI in negative territory suggest that the bears remain in control. If the price turns down from the current level or the 20-day EMA, the bears will make one more attempt to break the support of the 100-day SMA.
If that happens, the ETH / USDT pair could slide to $ 2,400 and if this support also gives way, the decline could extend to $ 1,972.12. The bulls will have to push and hold the price above $ 3,174.50 to indicate that the correction may be over. The pair could then rise to the 50-day SMA ($ 3,291) and then to $ 3,676.28.
ADA / USDT
Cardano ( ADA ) has been trading between the 20-day EMA ($ 2.27) and the support at $ 1.94 for the past few days. Today’s long candle wick suggests that bears are selling on relief rallies.
The falling 20-day EMA and the RSI below 40 indicate that the bears have the upper hand. Sellers can make one more try of sink and hold the price below the zone between USD 1.94 and the 100-day SMA (USD 1.87).
If the price falls below this support zone, the selling could pick up momentum and the ADA / USDT pair could decline to $ 1.60 and then to $ 1.40. This negative view will be invalidated if the bulls push and hold the price for above USD 2.47.
BNB / USDT
Binance Coin ( BNB ) closed below the $ 340 support on September 27, but the bears were unable to capitalize on this move and drag the price below $ 320. This shows that sales are depleting at lower levels.
The RSI has formed a positive divergence, indicating that bearish momentum may be weakening. Today’s strong rally indicates aggressive buying at lower levels and possible short coverage by bears.
If the bulls push the price above the 20-day EMA ($ 381), it will suggest that the correction may be over. The BNB / USDT pair could rally to $ 433.
On the contrary, if the price turns back down from the 20-day EMA, it will suggest that the traders are selling on rallies. The bears will make one more attempt to lower the price below $ 320.
XRP / USDT
XRP returned to dip to the 100-day SMA ($ 0.88) on Sept. 28. Repeated tests of a support level tend to weaken it, but a lesser positive sign is that the bulls have successfully defended the level repeatedly in recent days.
The bulls pushed the price to the 20-day EMA ($ 1.00) today, but the long wick on the day’s candle suggests that the Bears are not in the mood to give in.
If the price drops from the current level, the bears will make one more attempt to sink and hold price below the 100-day SMA. If successful, the XRP / USDT pair could decline to $ 0.69.
Contrary to this assumption, if the Bulls carry the price above the 20-day EMA, the pair could rally to the 50-day SMA ($ 1.11).
SOL / USDT
Although Solana ( SOL ) has broken out of the downtrend line, the bulls are struggling to hold the price above the 20-day EMA ($ 141). This suggests sentiment remains negative and bears are selling out on rallies.
A breakout and close above the 20-day EMA will be the first indication that selling pressure could be easing. The SOL / USDT pair may then rally to the 38.2% Fib retracement level at $ 154.20 and then to the 50% retracement level at $ 166.
Alternatively, if the price turns down from the 20-day EMA or above resistance, the bears will attempt to carry the pair below the 50-day SMA ($ 118 ). A breakout and close below $ 116 could result in a panic sell.
DOT / USDT
Polkadot ( DOT ) is trying to bounce off the neckline of the developing head and shoulders pattern. This is an important level for bulls to defend because a breakout and close below will complete the bearish setup.
The sell could pick up momentum below the neckline, pushing the price to the 100-day SMA ($ 22.28) and then toward the target pattern at $ 12.23. The falling 20-day EMA ($ 30.12) and the RSI just below the midpoint suggest a slight advantage for the bears.
Conversely, if the bulls push the price above the 20-day EMA and the downtrend line , this will indicate that the bears may be losing control. The pair could then rally to $ 33.60, where the bears may again pose a stiff challenge. A breakout and Closing above this resistance could clear the way for a retest at $ 38.77.
DOGE / USDT
Dogecoin ( DOGE ) has stalled between 0.19 and $ 0.21 for the past three days. This narrow range trade suggests indecision between bulls and bears about the next directional move.
The RSI is attempting to form a positive divergence, which suggests that selling pressure may be easing. If the bulls push the price above $ 0.21, the DOGE / USDT pair could rally to the 20-day EMA ($ 0.22), which could again act as a strong resistance.
A rupt ura and closing above the 20-day EMA will be the first indication of strength and could open the doors for a possible bullish move towards the downtrend line.
Alternatively, if the price turns down from the current level or upper resistance and breaks below $ 0.19, the pair could fall plummeting to $ 0.15.
AVAX / USDT
The long wick on the Avalanche candle (AVAX) of September 27 shows that the bears have sold out aggressively in the rallies. The selling continued and the bears s took the price below the support line of the ascending channel on September 28.
Although the bulls have pushed the price back into the channel today, the long wick on the day’s candle suggests that the bears are selling on every minor rally. The 20-day EMA ($ 62.12) has stabilized and the RSI is just above the midpoint, indicating that the bulls may be losing control.
If the price does not stay within the channel, the AVAX / USDT pair could slide to the next support at $ 52. Conversely, if the bulls hold the price within the channel, the pair may rise to $ 72 and if this level is crossed, a retest of the all-time high at $ 79.80 is possible.
UNI / USDT
The bulls pushed Uniswap ( UNI ) above from the downtrend line of the descending channel in the past two days, but failed to sustain the higher levels. However, a minor upside is that the bulls haven’t given up much ground and are again trying to scale the overhead resistance earlier today.
The 20-day flat EMA ($ 23) and the RSI near the midpoint suggest that the bears are losing control. If the price sustains above the channel, the UNI / USDT pair could rise to the 50-day SMA ($ 25.88) and then to $ 27.62.
A breakout and close above $ 27.62 may result in a retest of the stiff obstacle above USD 31.41. Conversely, if the price turns down from the current level, it will suggest that the bears are aggressively defending the resistance. If the pair dips below $ 21.84, the next stop could be USD 17.73.
The views and opinions expressed here are solely those of the author and they do not necessarily reflect the views of Cointelegraph.com. Every investment and trade move involves risk, you need to do your own research when making a decision.
Market data is provided by the exchange HitBTC .
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