Bitcoin, Ethereum, and other cryptocurrencies prices on the rise
Prices for Bitcoin and other cryptocurrencies are rising in anticipation of Ethereum's long-planned merger, but it is not yet clear if investors have enough confidence to sustain the rally.
The strong start to the new week in both the US equities markets and the cryptocurrency markets suggests that investors are expecting the Federal Reserve's possible 75 basis point rate hike to be priced in. This could also mean that investors believe inflation has peaked. Either way, it is good news for the markets and suggests that confidence is high heading into the new week.
Bitcoin's recent rally above $22,000 has cleared the closely watched metric of the realized price, according to data from Glassnode. This suggests that the bear market may be coming to an end, with the next major barrier on the upside being the 200-week moving average near $23,330. A break and close above this resistance could confirm that the bear market is indeed over.
It's encouraging to see that institutional investors are still bullish on cryptocurrencies, despite the current bear market. This shows that they believe in the long-term prospects of the asset class, and are willing to make strategic bets in the space. This is a positive sign for the future of cryptocurrencies.
Bitcoin and other cryptocurrencies could continue their upwards momentum in the near future, according to technical analysis of the top 10 digital assets. A study of chart patterns suggests that further gains are possible in the short-term, with Ethereum, Bitcoin Cash, and Litecoin among the most likely to move higher.
Bitcoin Prices Soar as Investors Seek Safe Haven Assets
Bitcoin looks to be forming a bottom, with buyers pushing the price above key moving averages on the 9th and 12th of September. This suggests that the bears may be losing momentum, which could mean good things for Bitcoin in the future.
The cryptocurrency market is highly volatile, and prices could swing wildly in either direction in the coming days. If buyers are able to push the price of Bitcoin above the 50-day moving average, there could be an attempted rally to the overhead resistance at $25,211. However, bears are likely to defend this level vigorously. If the price turns down from this level, the BTC/USDT pair could spend some time inside a large range between $18,626 and $25,211.
It is during periods of consolidation like the one we are currently in that the weaker hands sell their holdings, fearing a further fall in prices. The stronger hands, meanwhile, buy expecting that a bottom may be close by. This completes the transfer of assets from the weaker hands to the stronger hands. After the accumulation is complete, the asset usually starts a new bull move.
If the price turns down and breaks below the 20-day EMA, it could indicate that traders are still selling on rallies. The pair could then revisit the strong support at $18,626.
ETH/USDT Prices Soar as Investors Seek Safe Haven Assets
It is clear that the Ether bulls are facing some stiff resistance at the $1,800 level. However, it is also evident that the bears have not given up yet and are still selling at higher levels. This indicates that the market is still very much in a state of flux and that anything could happen in the near future.
The bulls appear to have the upper hand at the moment, with the bears struggling to pull the price back below the moving averages. The 20-day EMA ($1,652) has started to turn up, indicating that the bulls are in control. The RSI is also in the positive territory, which further confirms this.
It is possible that the ETH/USDT pair may have bottomed out, as the price has rebounded off the moving averages and risen above $1,800. If the price continues to rise toward the overhead resistance at $2,000, this will suggest that the pair has indeed bottomed out.
If the price falls below the moving averages, it could signal a shift in favor of the bears. The pair could then decline to the neckline, which could provide support.
BNB/USDT: A Popular Crypto Trading Pair
Binance Coin (BNB) has recovered from its recent dip and is once again trading above the neckline of the head and shoulders pattern. This suggests that the previous breakdown may have been a bear trap.
It seems that the bears are having a tough time keeping the price down, as the bulls continue to push it higher. The price is now above both the 20-day and 50-day moving averages, and it doesn't seem like the bears are going to be able to turn things around anytime soon.
The market looks favorable for buyers at the moment, with both moving averages sloping upwards and the RSI in positive territory. If the price turns upwards from its current level, the BNB/USDT pair could rise to $308, which could act as resistance once again.
If the price falls below the 20-day moving average, it suggests that bears are still selling on rallies. The pair could then drop to the neckline at $275.
XRP/USDT: A Summary of the Pair
It looks like XRP is poised for further upside, with strong buying support keeping prices above the key $0.34 level. If the bulls can push prices above the $0.35 level, we could see a move towards the $0.36 level. However, if the bears regain control, we could see a pullback towards the $0.33 level.
The 20-day EMA is starting to turn up and the RSI is in positive territory, which suggests that buyers have the advantage. If the price breaks above the 50-day SMA, the XRP/USDT pair could rally to $0.37 and then to $0.39. However, buyers will need to clear this hurdle in order to signal a potential change in trend.
If the price of Bitcoin falls below $0.34, it suggests that bears are still in control and the pair could decline to $0.32. This would be a strong support level to watch for.
ADA/USDT Price Summary
The bulls have been in control of Cardano (ADA) since the price bounced off the 20-day EMA on September 7. The price has now climbed above the 50-day SMA, which is a positive sign. The next level of resistance is at $0.51. If the bulls can push the price above this level, we could see a rally to $0.54.
The ADA/USDT pair has been sustaining above the 50-day SMA for the past two days, indicating that traders are not booking profits as they expect the recovery to continue. If bulls push the price above $0.52, the pair could reach the downtrend line. The bears are likely to defend this level aggressively. However, if the bulls can break through this level, it could signal a continuation of the uptrend, with the next target being the $0.60 level.
The ebb and flow of the market is always fascinating to watch. In this case, if the price falls below the downtrend line but then rallies back up off the 20-day EMA, it suggests that sentiment has turned positive. This could mean that there is a higher likelihood of breaking above the downtrend line, and the pair could potentially rise to $0.70. Of course, this positive outlook could be negated if the price falls again and slips below $0.45. Either way, it will be interesting to see how this plays out.
SOL/USDT: A New Way to Trade Cryptocurrencies
The recent price action in Solana (SOL) suggests that traders are becoming increasingly bullish on the cryptocurrency. After rising above the $32 level on September 7, buyers pushed the price even higher, above the 20-day exponential moving average (EMA) of $34.25 on September 9. Even though the bears attempted to pull the price back below the 20-day EMA on September 11, bulls were successful in defending this level. This suggests that traders believe that any dips in price are simply a buying opportunity. With this positive sentiment, it's possible that Solana could continue to see gains in the days and weeks ahead.
The bulls are pushing the price of SOL above the 50-day SMA in an attempt to extend the current recovery. If they are successful, the SOL/USDT pair could pick up momentum and rally towards the overhead resistance at $48. This level is likely to act as a strong barrier, but if bulls are able to overcome it, the pair could signal the start of a new up-move.
It is often assumed that if the price of an asset turns up from the 50-day simple moving average (SMA), it will continue to rise. However, if the price instead turns down from the 50-day SMA, it could decline to the 20-day exponential moving average (EMA). A break and close below this support could sink the pair to $30.
DOGE/USDT: Dogecoin Price Jumps 8% as Tether Cracks Down on USDT Issuance
Dogecoin (DOGE) has shown some signs of life recently, bouncing off a support zone near $0.06 and reaching the 20-day EMA ($0.06). However, the bulls have so far been unable to extend the relief rally to the 50-day SMA ($0.07), suggesting that bears are still active at higher levels.
It looks like the market is currently in a state of equilibrium, with neither buyers nor sellers having a clear advantage. If buyers can push the price above the 50-day moving average, they could take control of the market in the short-term. This could lead to a rally in the DOGE/USDT pair, with prices potentially reaching $0.07 and then $0.09.
If the price turns down and sustains below the support zone near $0.06, it will suggest that bears are back in command. That could sink the pair to the crucial support at $0.05.
DOT/USDT: A Quick Overview
The bulls appear to be in control of the DOT price at the moment, with prices currently trading above the 50-day SMA. However, the bears are putting up a strong fight and are trying to push prices back below the 20-day EMA. It remains to be seen who will win this battle, but whichever way the price goes, it looks like it will be an interesting ride.
The market looks like it is gearing up for a breakout soon, with the price stuck between the 50-day and 200-day moving averages. Bears are not willing to let go just yet, but the market seems to be slowly moving in favor of the bulls. This tight range trading is unlikely to continue for much longer, so traders should be prepared for a breakout in either direction.
It is important for buyers to sustain the price above the 50-day SMA in order for the DOT/USDT pair to pick up momentum and rally to $9.17 and later to the overhead resistance at $10. However, if the price breaks below the 20-day EMA, the pair could retest the support at $6.75.
Matic Network and USDT Partner to Bring Decentralized Finance to Mainstream Adoption
Polygon (MATIC) has been on a tear lately, breaking above the moving averages and closing at $0.92 on September 9. However, the bulls have not been able to maintain this momentum and the price has stalled at the immediate resistance level.
It's positive that bulls are buying the dips to moving averages, suggesting they expect the recovery to continue. A break and close above the overhead resistance at $1.05 could clear the path for a possible rally to $1.35.
If the price turns down and breaks below the moving averages, the pair could drop to $0.79 and later to $0.75. The bears will have to sink the price below this level to gain the upper hand. This could mean trouble for the bulls, as the bears would then have control of the market.
SHIB/USDT: The Ultimate Guide
It is positive that Shiba Inu (SHIB) has broken and closed above the moving averages, but the long wick on the day's candlestick shows selling at higher levels. A minor positive is that bulls have not allowed the price to break below the moving averages.
If the price rebounds off the moving averages, buyers will attempt to clear the overhead hurdle at $0.000014. If they succeed, the likelihood of a rally to $0.000018 increases. The bears are expected to defend this level aggressively. However, if the bulls can overcome this resistance, it could pave the way for a move higher.
It is positive that the price could break below the moving averages in the near term and that the SHIB/USDT pair could drop to $0.000010. However, if that happens, it could invalidate the positive view.
The market data provided by HitBTC exchange is reliable and accurate. It is a valuable resource for traders and investors alike.
