The recent Bitcoin plunge did not seem to shake investors. Data shows that the exchange reserves fell to 2.399million (BTC), close to the May record low of 2.390 million Bitcoin. According to CryptoQuant CEO Ki Young Ju, this could lead to a “sell-side liquidity crises on Bitcoin.”
While Bitcoin has outperformed gold in 2021 by a large margin, Omega Advisors CEO Lee Cooperman still hesitates to invest in it. He stated that he doesn’t understand Bitcoin. He still believes gold is a better asset to hold on to.
Everyday cryptocurrency market performance. Source: Coin360
According to YouGov research, 43% of baby boomers oppose Bitcoin as legal tender in the United States. 44% of those aged 25-34 were in favor of Bitcoin being legal tender.
Is it possible that Bitcoin’s inability to recover from a major crash could attract more selling, and this could cause altcoin prices to fall. Let’s look at the charts for the top 10 cryptocurrencies to see what happens.
For the past two days, Bitcoin trades between the moving averages. This indicates that bulls are buying dips close to the 50-day simple moving Average ($44,934), but bears aren’t willing to give up, and they are selling at the 20-day exponential Moving Average ($47,774).
Daily chart of BTC/USDT Source: TradingView
This trading trend is likely to end soon. The 20-day EMA is starting to decline and the relative strength indicator (RSI) has dipped below the negative zone. This indicates that bears hold the upper hand.
The strong support at $42,451.67 could be broken if bears lower the price below the 50 day SMA. This is an important level that bulls must defend as a break below it could signal a change in trend.
If bulls push the price above the 20 day EMA, the pair may retest the overhead range of $50,500 to $52,920. The resumption or acceleration of the uptrend will be confirmed by a breakout and close above the zone.
The bulls held the $3,377.89 level on a closing basis for the last three days, but they were unable to sustain Ether (ETH), above the $20-day EMA ($3,464). This indicates that bears may sell at higher levels.
Daily chart of ETH/USDT Source: TradingView
Today’s price has fallen below $3,377.89, increasing the likelihood of a fall to the critical support level at $3,000. The price has fallen below $3,377.89 today due to the sellers. This increases the possibility of a drop to critical support at $3,000.
The ETH/USDT pair will indicate accumulation at lower levels if it bounces off $3,000 For a few more days, the pair could remain range bound. To begin the journey to $4,000., the bulls must propel the price higher than $3567.06
Cardano’s (ADA), Sep. 8 candlestick shows aggressive buying at lower levels. The bulls held the $2.47 support over the past two days, but were unable to push the price higher than the $20 EMA ($2.59).
Daily chart ADA/USDT Source: TradingView
Today’s strong selling brought the price down to $2.47. The ADA/USDT currency pair could drift towards the 50-day SMA ($2.08). Bears may have a slight advantage due to the RSI below 46 and the 20-day EMA that is downsloping.
If the price rises above the 20 day EMA, this negative view will be invalidated. This would indicate that the correction is over. The pair could then move gradually towards the overhead resistance zone, $2.97 to 3.10.
Binance Coin (BNB), which fell from $433 overhead resistance on Sep. 9th and today, suggests that bears may be selling in relief rallies.
Daily chart BNB/USDT TradingView
The bears are trying to maintain the price below its 50-day SMA ($405). The BNB/USDT pair may drop to $340 if they succeed. Bears have an advantage because of the RSI in negative territory and the downsloping 20 day EMA ($450).
Contrary to popular belief, if the price bounces off the 50-day SMA the bulls will attempt to push the pair higher than the 20-day EMA. The pair could rally to $518.90 if they succeed.
The bulls pushed XRP higher than the 20-day EMA ($1.16) but the candlestick’s long wick today shows that aggressive selling is taking place at higher levels.
Daily chart of XRP/USDT Source: TradingView
The bears will attempt to lower the price below the 50 day SMA ($1). The 20-day EMA is now down. The RSI has slipped to the negative territory. This indicates that the path of least resistance will be to the downside.
The XRP/USDT exchange rate could drop to $0.75 if the price falls below the 50-day SMA. If the price bounces off the 50-day SMA the bulls will push the price higher than the 20-day EMA. The pair could rise to the $1.35-$1.41 resistance zone if they succeed.
Solana (SOL), remains in an uptrend. Although the bulls drove the price higher than the psychological resistance of $200 on Sep. 9, the candlestick’s long wick suggests profit-booking at higher levels.
Daily chart of SOL/USDT Source: TradingView
The trendline is the first support for the downside, and it is located near the 38.2% Fibonacci level at $158.78. This support is likely to rebound strongly and signal that traders are buying every minor dip.
They will then attempt to reestablish the uptrend by pushing prices above $216. Bulls have control of the market thanks to the rising moving averages, and the RSI at the overbought area.
Contrary to this assumption the SOL/USDT could fall to the 20-day EMA ($131) if bears pull down the price below the trendline.
In the last two days, the bulls have been unable to push Dogecoin (DOGE), above the 50-day SMA ($0.26). This indicates a lackluster demand at higher levels.
Daily chart of DOGE/USDT Source: TradingView
The bears will attempt to push the price below $0.21. It is more likely that a support level will be weakened if it is repeatedly tested within short intervals. Bears have an advantage because of the RSI lower than 39 and the 20-day EMA that is downsloping ($0.27).
The DOGE/USDT pair may continue its slide if the $0.21 support breaks. The pair could also begin its climb to $0.35 if it rises from its current level, or rebounded off $0.21, and breaks above the moving Averages.
Polkadot’s (DOT) price rebounded from the 50-day SMA ($23.44 on Sep. 7, and bulls pushed it above the 20-day EMA ($28.88 on Sep. 9. This indicates that there is strong accumulation at lower levels.
Daily chart of DOT/USDT Source: TradingView
Bulls will attempt to reestablish the uptrend by pushing price higher than the overhead resistance of $35.68, but the candlestick’s long wick suggests that it may not be an easy climb. The zone between $32.50 & $35.68 will be defended aggressively by the bears.
The DOT/USDT price could fall to $28.60 if the overhead zone is reached. This would then be followed by the 50-day SMA. If bulls push the price higher than $35.68, then the pair could retrace its uptrend to $41.40, and then to $46.83.
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Terra protocol’s LUNA token bounced up from $22.95 Sep. 7. This indicates that bulls have turned the previous resistance into support. On Sep. 9, the price rose above $30.63 at the 20-day EMA, indicating that dips are being well bought.
Daily chart of LUNA/USDT Source: TradingView
Today’s aggressive buying drove the price to $36.89, a new all-time high. This indicates that there is strong demand at higher levels. Bulls are making a strong comeback. The RSI is above 68 and the 20-day EMA has moved up.
The LUNA/USDT pair may resume its upward trend if buyers can sustain the price above $36.80. 50 is the next target. If bears bring the price down below $36.89, then the pair could fall to the 20-day EMA.
The bears turned the $25 level into resistance, and the price did not rise above it on Sep. 8, 9 and 10. Today’s sellers attempt to lower Uniswap(UNI) below its Sep. 7 intraday low of $21.
Daily chart of UNI/USDT Source: TradingView
The moving averages appear to be on the brink of a bearish crossover, and the RSI is below 36. This indicates that bears hold the upper hand. The UNI/USDT pair could fall to $18.69 if the $21 level fails. Buyers may try to halt the slide.
However, if the price bounces off $21, it will indicate that bears are buying dips. The bulls will attempt to push it above $25. It will be a sign that the correction is over if they succeed. The pair could then rally to $31.41.
Risk is inherent in every investment or trading move. Before making any investment or trading move, you should do your research.
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I am a technology and gaming writer by profession. I love NFT’s and play to earn gaming such as Axie Infinity. I love writing about anything on the blockchain, especially gaming and entertainment. I often sing, write or draw to portray my feelings. When it comes to my free time or you can say ‘ME-TIME’, I love to play with my cat, sleep an extra hour, or play my favorite video games.