Bitcoin (BTC) and Ethereum (ETH) are seeking to rebound from crucial support levels as bulls attempt to frustrate bear attempts to deepen the decline.
Tesla CEO Elon Musk recently stated at the Code Conference in California that governments cannot “destroy crypto” since it is decentralized, but they may “slow down its advancement.”
According to data, whales have moved unprecedented sums of Bitcoin in the last two weeks. The overall volume of transactions of $10 million or more has reached levels observed when Bitcoin was at $60,000.
Material Indicators, an on-chain analytics site, reports that “smaller” whales were sold and giant whales were added to their holdings.
In an interview with Bloomberg on September 29, Bobby Lee, the former CEO of BTCC exchange, stated that Bitcoin’s rise is likely to begin in 2021, which would not only drive the price to an all-time high but also clear the psychological threshold of $100,000 and perhaps reach $200,000.
Is Bitcoin and other cryptocurrencies preparing for a relief bounce, or will bears push the price below the respective support levels? To discover out, let’s look at the charts of the top ten cryptocurrencies.
BTC/USDT Analysis
Bitcoin is still trading between its 100-day simple moving average ($41,221) and its 20-day exponential moving average ($44,229). Today’s price recovered off the 100-day SMA, showing that bulls are still defending this support strongly.
The 20-day exponential moving average (EMA) is trending down, and the relative strength index (RSI) is in the negative zone, indicating that sentiment is negative and bears may sell on rallies. If the price falls below the 20-day EMA, the tight range activity might last a few more days.
A break and closure below the 100-day simple moving average (SMA) might trigger panic selling and drive the price down to $37,332.70. If this level is also breached, the BTC/USDT pair may fall below $30,000.
A break and close above the 20-day EMA, on the other hand, will be the first indication that selling pressure is easing. The pair may next advance to the 50-day simple moving average ($46,580), followed by a move to $48,843.20.
ETH/USDT Analysis
Ether dropped from the 20-day EMA ($3,118) on September 27 to the 100-day SMA ($2,771) on September 28. The bulls have taken control of the price and are aiming to drive it toward the 20-day EMA.
The downsloping 20-day EMA and the RSI in negative zone indicate that bears are still in charge. If the price falls below the present level or the 20-day EMA, the bears will try once more to break through the 100-day SMA support.
If this occurs, the ETH/USDT pair may fall below $2,400, and if this support also fails, the drop could continue to $1,972.12. To signify that the decline may be finished, the bulls must push the price over $3,174.50 and keep it there.
ADA/USDT Analysis
For the previous several days, Cardano (ADA) has been trading between the 20-day EMA ($2.27) and the $1.94 support. Today’s candlestick has a lengthy wick, indicating that bears are selling on relief rallies.
The bears have the upper hand, as seen by the downsloping 20-day EMA and an RSI below 40. The sellers may make one more effort to lower and sustain the price below the zone bounded by $1.94 and the 100-day simple moving average ($1.87).
If the price falls below this support zone, selling might gain traction, and the ADA/USDT pair could fall to $1.60 and then to $1.40. This gloomy outlook will be rendered obsolete if bulls force and sustain the price over $2.47.
BNB/USDT Analysis
On September 27, Binance Coin (BNB) closed below the $340 support, but the bears were unable to capitalize on this move and drive the price below $320. This demonstrates that at lower levels, selling dries up.
The RSI has established a positive divergence, suggesting that the negative momentum may be fading. The big rise today suggests aggressive buying at lower levels and possibly bearish short-covering.
If bulls can get the price over the 20-day EMA ($381), the slump may be ended. The BNB/USDT pair may then rise to $433.
On the contrary, if the price falls below the 20-day EMA again. The bears will next seek to push the market below $320 once more.
XRP/USDT Analysis
On September 28, XRP fell below the 100-day simple moving average ($0.88) for the second time. Repeated retests of a support level tend to weaken it, but the bulls have successfully defended the level on numerous occasions in the last few days, which is a modest encouraging indication.
The bulls drove the price to the 20-day EMA ($1.00) today, but the extended wick on the day’s candlestick shows that the bears aren’t about to give up.
If the price falls from its present level, the bears will make one more effort to lower the price and keep it below the 100-day SMA.
If they are successful, the XRP/USDT may fall below $0.69.
In contrast to this notion, if bulls push the pair’s price above the 20-day EMA, it may climb to the 50-day SMA ($1.11).
SOL/USDT Analysis
Although Solana (SOL) has broken over the downtrend line, bulls are battling to keep the price above the 20-day moving average ($141). This indicates that sentiment is still negative, and bears are selling on rallies.
A break and closure above the 20-day EMA will be the first sign that selling pressure is easing. The SOL/USDT pair may next advance to the 38.2 percent Fibonacci retracement level of $154.20, followed by the 50 percent retracement level of $166.
Alternatively, if the price falls from the 20-day EMA or above resistance, bears will attempt to push the pair below the 50-day SMA ($118). A break and closing below $116 may cause panic selling.
DOT/USDT Analysis
Polkadot (DOT) is attempting to rebound off the growing head and shoulders pattern’s neckline. The bulls must defend this level since a break and closing below it will complete the bearish pattern.
Below the neckline, selling might gain traction, dragging the price below the 100-day simple moving average ($22.28) and then toward the pattern objective of $12.23. The bears have a little edge due to the downsloping 20-day EMA ($30.12) and the RSI being slightly below the midway.
In contrast, if bulls push the price above the 20-day EMA and the downtrend line, it may suggest that bears are losing control. A break and closure above this resistance level may pave the way for a retest at $38.77.
AVAX/USDT Analysis
Bears actively sold on rallies, as seen by the extended wick on Avalanche’s (AVAX) Sept.27 candlestick. On September 28, bears dragged the price below the support line of the ascending channel.
Despite the fact that bulls have pushed the price back into the channel today, the extended wick on the day’s candlestick indicates that bears are selling on any little comeback.
The 20-day EMA ($62.12) has flattened down, and the RSI is barely over the midway, indicating that bulls are losing ground.
If the price fails to stay within the channel, the next support level is $52.
If bulls keep the price inside the channel, the pair may advance to $72, with a retest of the ATH at $79.80 probable.
UNI/USDT Analysis
In the last two days, the bulls pushed Uniswap (UNI) above the downtrend line of the falling channel, but they were unable to maintain the higher levels. A small plus is that bulls have not given up much ground and are attempting to scale the overhead barrier today.
The flattish 20-day EMA ($23) and the RSI around the midway indicate that bears are losing ground. If the price remains above the channel, the UNI/USDT pair may reach the 50-day simple moving average ($25.88) and then $27.62.
A break and closing above $27.62 may lead to a retest of the $31.41 overhead obstacle. In the other case, if the price falls from its current level.
Source : Coin Telegraph
