Bitcoin and Altcoins: Maintaining Support Levels, Looking for Catalyst
Although Bitcoin and altcoins are maintaining their support levels, traders are still looking for a catalyst to drive the market up.
The cryptocurrency markets have been relatively quiet over the weekend, with prices remaining relatively flat. This sideways price action is likely to continue on Sept. 5, with no fresh triggers coming from the United States equities markets, which are closed for Labor Day.
The bullish picture for cryptocurrencies may be clouded in the short term by the euro's recent decline against the US dollar. However, over the longer term, cryptocurrencies could benefit from continued weakness in the euro and strength in the US dollar.
It's encouraging to see that Bitcoin (BTC) is holding steady near the $20,000 mark, despite all the market turmoil. This suggests that traders are not panicking and selling their positions in a hurry. Hopefully this positive trend will continue in the days and weeks ahead.
Bitcoin bulls could push the price of the cryptocurrency above $20,000 in the near future, which could trigger buying in altcoins. Let's study the charts of the top-10 cryptocurrencies to find out.
BTC/USDT: Bitcoin Tether USD
Bitcoin has been stuck in a tight range between $19,520 and $20,576 for the past few days, indicating indecision among bulls and bears. Although bulls are buying the dips, they have failed to clear overhead resistance. This could signal that a breakout to the downside is coming soon.
It looks like there's a good chance that BTC could drop below $19,520, which would send it down to the strong support zone between $18,910 and $18,626.
The bulls are expected to put up a strong fight to defend this zone. If they are successful in doing so, the pair could rebound and rise to the 50-day simple moving average ($22,253). This would open the doors for a possible rally to $25,211.
If bears sink the price below $18,626, the pair could retest the final support at $17,622. A break below this support could signal the resumption of the downtrend.
ETH/USDT: The Future of Currency
The cryptocurrency market is notoriously volatile, and Ether (ETH) is no exception. The digital asset has been stuck between the 20-day exponential moving average (EMA) at $1,605 and the neckline of a head and shoulders (H&S) pattern since August 31, but this tight range trading is unlikely to continue for long.
If buyers can push the price of ETH/USDT above the 20-day EMA, it could signal that bulls are back in control and lead to a rally up to $1,700. This is an important level to keep an eye on, as a break and close above it could open up further upside potential to $2,030 and beyond.
It is clear that the near-term outlook for gold is bullish, as long as the price remains above $1,422. However, if the price turns down from the moving averages and breaks below $1,422, this bullish view will be invalidated and the pair could slide to $1,280. The bulls are expected to defend this level with vigor but if the bears overpower them, the decline could extend to the pattern target of $1,050.
Binance Coin Jumps 5% as Bitcoin, Ethereum Surge
Binance Coin (BNB) has been trading near the strong support of $275 for the past few days but the bulls have not been able to achieve a strong rebound off it. This indicates a lack of demand at higher levels. The lack of demand at higher levels suggests that Binance Coin may continue to struggle in the near-term. However, the strong support at $275 suggests that the coin could see a rebound in the future if demand increases.
The 20-day EMA ($286) has been sloping down and the RSI is below 41, indicating that bears have the upper hand. If the price breaks and closes below $275, the BNB/USDT pair will complete a bearish head and shoulders pattern. The pair could then start its decline to $240 and later to the pattern target of $212. The bearish head and shoulders pattern is a bearish reversal pattern that indicates that the price of the asset is likely to decline. If the price breaks below $275, the pattern will be completed and the price could decline to $240 or even $212.
If the price turns up from the current level and breaks above the moving averages, it will suggest that bulls are back in the game. The pair could then rise to the overhead resistance at $308.
XRP/USDT Price Analysis: Can the Bulls Reverse This Downtrend?
It is unlikely that XRP will continue to trade within such a tight range for much longer. This coin has been stuck between $0.32 and $0.34 for the past few days, but it is likely that it will soon break out of this range. Watch for XRP to make a move in the coming days.
It is clear that the bears are in control of the XRP/USDT pair at the moment. They have been trying to push the price below the $0.32 level and if they succeed, the pair could extend its decline to the crucial support at $0.30. However, it is worth noting that buyers have defended this level aggressively on three previous occasions and they are likely to do so again.
The outlook for Ethereum's price seems fairly bullish in the short-term, with a possible rebound off $0.32 and a break above $0.34 suggesting an advantage for the bulls. The pair could rise to the 50-day SMA ($0.36) and later to the overhead resistance at $0.39.
Ada Usdt Trading Now Available On Binance
It is clear that the bears are still in control of the market when it comes to the ADA token. Even though there was a breakout above the 50-day SMA, the bulls were not able to sustain it. This shows that the bears are still selling on rallies, which is keeping the price down.
It seems that bears are attempting to trap the aggressive bulls, as the price has turned down and broken below the 50-day SMA. If the price dips below the 20-day EMA, it could fall to $0.44 and later to $0.42.
If the price of ADA rebounds off the 20-day EMA and rises above $0.51, it could suggest a change in market sentiment from selling on rallies to buying on dips. This could potentially lead to the ADA/USDT pair rising to the downtrend line.
SOL/USDT: The Ultimate Currency Pair
It remains to be seen whether Solana can sustain its current price or whether it will drop in the coming days.
It is important for bulls to defend the $26 level, as a break below this could signal further downside for the SOL/USDT pair.
The market looks to be consolidating in the near term, with buyers and sellers both pushing the price around. If buyers can push the price above the 20-day EMA, it could suggest that the selling pressure is easing off. The pair could then attempt a rally to the 50-day SMA, where the bears may pose a strong challenge once again.
Dogecoin Soars to Record High as Investors Seek Safe Havens
The recent price action in Dogecoin (DOGE) indicates that the bulls are struggling to gain traction above the $0.06 level. This suggests that demand for the cryptocurrency dries up at higher prices, and that a strong rebound off the $0.06 support level is unlikely.
It looks like the DOGE/USDT pair is in for some more tough times ahead, as the indicators are pointing to a further drop in price. If the bears are able to push the price below $0.06, then the next support level at $0.05 is likely to be reached. This would be a significant blow for those holding the currency, and could result in further losses.
The pair could rise toward the overhead resistance at $0.09 if buyers manage to push and sustain the pair above $0.07. This would invalidate the negative view and could lead to further gains.
DOT soars as traders flock to USDT
Polkadot (DOT) remains stuck inside a large range between $6 and $10 for the past several days. The price has gradually been inching higher and the bulls are attempting to clear the overhead hurdle at the moving averages. However, the bears are defending the $10 resistance level aggressively and are not allowing the bulls to take control. The impasse is likely to continue for some time before a decisive move is made in either direction.
It is clear that the market is still very bullish on Ethereum and that the recent dip was simply a correction. If ETH can manage to stay above $8, it will suggest that lower levels continue to attract buyers. The DOT/USDT pair could then attempt a rally to $9.17 and later to the overhead resistance at $10.
If the price fails to rise above the moving averages, it suggests that bears are active at higher levels. The sellers will then attempt to sink the price below the strong support at $6.79. If that happens, the pair could drop to the crucial support at $6, which is likely to attract strong buying.
The large range usually makes price action difficult to predict, so it is best to be cautious when trading in this market.
Matic/USDT: The Future of Decentralized Finance
It seems that Polygon (MATIC) is stuck in a range between $1.05 and $0.75, with bulls unable to push the price above the 50-day SMA ($0.88) despite some attempts. This could indicate that demand is drying up at higher levels, which could be a bearish sign for the cryptocurrency in the days and weeks ahead.
The bears are currently attempting to push the price of MATIC below the 20-day EMA ($0.85). If they are successful in doing so, the MATIC/USDT pair could drop down to the strong support level at $0.75.
It is important for the bulls to defend the $0.65 level, as a break and close below it could complete a head and shoulders pattern. This could then lead to a correction to $0.63 and eventually to the pattern target at $0.45.
It is likely that the price of the asset will rebound off the moving averages and rise above $0.91, leading to a rally to $1.05. However, the bears are expected to pose a stiff resistance at this level.
Shiba Inu (SHIB) rallies against the US dollar (USDT)
It looks like buyers are pushing the Shiba Inu (SHIB) price above the 20-day EMA ($0.000013), but there's still some selling pressure at higher levels, as evidenced by the long wick on today's candlestick.
The bears appear to be in control at the moment, with the price slipping below the moving averages on Sept. 5. They will now try to push the SHIB/USDT pair down to $0.000012, which is likely to attract buyers. The 20-day EMA is flattening out, indicating that the market is in a state of balance between buyers and sellers.
The balance could shift in favor of the bears if they push the price below $0.000012. The pair could then decline to $0.000010. On the other hand, if bulls drive and sustain the price above $0.000014, the pair could attempt a rally to $0.000018.
As the market data shows, the HitBTC exchange is providing a lot of information that can be used by investors to make decisions.
