Price analysis 9/8: BTC, ETH, ADA, BNB, XRP, SOL, DOGE, DOT, UNI, BCH

Analysts believe that Bitcoins (BTC), plunge on Sep. 7, was due to the liquidation over-leveraged position. According to Bybt data about $3.68 Billion worth of long positions were disposed in the Bitcoin options market in the last 24hrs.

Whalemap, an on-chain monitoring resource Whalemap stated that the decline was largely due to the selling of Bitcoin by whales who recently purchased it and not the HODLers. Analyst Willy Woo added:

“Leverage markets have been sold, but investor buying has only gotten stronger.”

Every bull market experiences its fair share of corrections, where weaker hands are shaken and stronger hands consolidate their position. Investors who believe in the long-term story should not be disturbed by pullbacks.

Everyday cryptocurrency market performance. Source: Coin360

Standard Chartereds cryptocurrency research group has released a new report that projects Bitcoin reaching $100,000 “in the late 2021 or early-2022” and $175,000 long-term. They are also optimistic about Ether (ETH) and value it between $26,000-$35,000.

Are we seeing a correction in Bitcoin and other altcoins? Or is there another chance of a downturn? Lets look at the charts for the top 10 cryptocurrencies to find the answer.


Bitcoin plunged to $42,843 from an intraday peak of $52,920 on Sep. 7. As you can see from the candlesticks long tail, strong buying at lower levels led to a sharp recovery at the close.

Daily chart of BTC/USDT Source: TradingView

Todays correction was stopped by the bulls who drew the price below its 50-day simple moving mean ($44,391). This indicates that traders are actively defending the area between the 50-day SMA (or breakout level at $42,451.67).

The bulls will push the price higher than the 20-day exponentially moving average ($48.216) if the zone holds. The BTC/USDT pair may rise again to $52,920 if they succeed. However, bears are unlikely not to give up easily.

The relative strength index (RSI), which has fallen below 47, and the 20-day EMA have begun to decline indicate that bears are making a strong comeback. The bears will attempt to bring the pair down below $42,451.67 if the price falls from the 20-day EMA. The pair could enter a deeper correction phase if that happens.


The failure of Ether to rise above $4,000 may have attracted aggressive profit-booking by short-term traders. After the price fell below $3,705, the selling increased.

Daily chart of ETH/USDT Source: TradingView

The decline at the 20 day EMA ($3,486) was not stopped by the bulls, resulting in a fall to the critical support of $3,000. Strong buying attracted this level and the ETH/USDT pairing staged a strong rebound, as shown by the long tail of the days candlestick.

Bulls pushed the pair higher than the 20-day EMA today but they were unable to maintain the price above that level. This is a sign that bears are buying rallies. The flat 20-day EMA is near the midpoint and the RSI close to the midpoint suggest that there will be range-bound activity in the coming days.


Traders rush to the exit when they see vertical rallies. This is what happened in Cardano, ADA (Sept. 7). Bulls may have profit-booked aggressively after the price failed to hold above $3 psychological level.

Daily chart ADA/USDT Source: TradingView

It is possible that several stops were triggered when the decline fell below the 20-day EMA ($2.62) The ADA/USDT pairing could have fallen to the 50 day SMA ($2.03). The candlesticks long tail shows that aggressive buying is taking place at lower levels.

The bears will attempt to lower the price below 50 days SMA if the bulls fail to push the price higher than the 20-day EMA. If they succeed, it will signal a shift in trend that rallies can be sold into.

If buyers are able to defend the 50-day SMA successfully, the pair may enter consolidation for the next few hours.


Binance Coin (BNB), which fell below the moving averages and the overhead resistance of $518.90 at Sep.7, declined. Bulls maintained the 50-day SMA ($399) for closing, but the failure to push the price higher than $433 could attract more selling.

Daily chart BNB/USDT TradingView

The 20-day EMA ($458) is starting to decline and the RSI slipped back into negative territory. This indicates that bears hold the upper hand. They will likely sell on rallies to the 20 day EMA.

The BNB/USDT pair may drop to $340 if the price drops below the 50-day SMA. This could mean that the pair will remain range bound between $340-$433 for a few more days.


XRP rallied to close above the overhead resistance at $1.35, Sep. 6, but the breakout proved to have been a bull trap. The bears sold aggressively, bringing the price down to the SMA at $1.35 ($0.98).

Daily chart of XRP/USDT Source: TradingView

Bulls are trying to defend the 50 day SMA with a long tail on Sep. 7, and todays candlesticks. If the price remains above $1.05, buyers will push the XRP/USDT pairs above the 20-day EMA ($1.18).

The pair could hold steady at $1.05 to $1.35 for a few more days if they can do so. Conversely, bears that maintain the price below $1.05 will increase the chance of a break below 50-day SMA.


Solana (SOL), reached a new record high of $198 on Sep. 8, but higher levels attracted profit booking. Although the bears managed to pull the price down, the candlesticks long tail shows that there was strong buying at the $130.84 Fibonacci level.

Daily chart of SOL/USDT Source: TradingView

Todays selling is resuming after the strong recovery of Sep. 7. The price of the pair could fall to $146.10 EMA ($117) if bears can maintain it below the 38.2% Fibonacci retracement levels at $146.10.

If the price bounces from this level, the pair could remain range-bound for several days before making the next trending move.

The bulls may try again to push the pair towards $195.48 if the price moves up from its current level or bounces off $146.10. The next leg of the uptrend may begin if the price breaks above $146.10 or closes above it.


Dogecoin (DOGE), which had broken out of the falling wedge pattern, failed to gain momentum. On Sep. 7, the price fell below both moving averages, indicating that traders were selling strongly.

Daily chart of DOGE/USDT Source: TradingView

The DOGE/USDT currency pair fell to $0.21 support, where buyers intervened. As you can see from the candlesticks long tail, this started a recovery. The RSI dropped to the negative zone and the 20-day EMA started to decline, indicating that bears hold the upper hand.

The pair may see another round of selling if the bulls fail push the price higher than the 20-day EMA ($0.28). Breaking below $0.21 could threaten the support of $0.15. To signal a return, the bulls must push the price higher than $0.32.


Polkadot, (DOT), broke below the rising wedge pattern in Sep. 7. The breakout price at $28.60 was broken by aggressive selling, which led to a fall to the SMA of 52 days ($22.77).

Daily chart of DOT/USDT Source: TradingView

As seen by the candlesticks long tail, the DOT/USDT pair has rebounded strongly from the 50-day SMA. The bulls are trying to push the price higher than the $28.60 overhead resistance. If the price holds above this level, buyers will attempt to resume the uptrend.

If the price falls from its current level, this will indicate that sentiment is turning negative and traders are closing positions on rallies. The bears will attempt to lower the price below its 50-day SMA. If this happens, it will indicate that the $28.60 break was a bull trap.

Related: Sell or Hodl? Part 2: How to prepare for the ending of the bull market


Sep. 7 saw Uniswaps range bound action between $25.41 and $31.41 end to the downside. The bulls attempted to recover and push the price higher than $25 today, but failed.

Daily chart of UNI/USDT Source: TradingView

The 20-day EMA ($27), has fallen and the RSI is below 38. This indicates that bears hold the upper hand. They want to lower the price below $21 on Sep. 7, which was the intraday low.

The UNI/USDT pair may drop to $18.69 if they succeed. The pair could trade between $18.69 to $23.45 for a few more days if it bounces off of this support. To signal a return, the bulls must push and maintain the price above $25.


Bitcoin Cash (BCH), moved down from the overhead resistance at $806.90 to $964.30 on Sept. 7. This indicates that bears are actively defending the overhead area. For a few days, the altcoin could remain within the large range of $383.50 to $864.30.

Daily chart BCH/USDT Source: TradingView

The 20-day EMA ($673) is flattening. The RSI at the midpoint suggests a balance between demand and supply. The bulls will attempt to push the price higher if the price recovers from $596.

The BCH/USDT pair may consolidate between $596.30 and $684.30 if the price moves down from the area. If the overhead zone is broken, it will signal a possible new uptrend. A break below $596 could indicate a potential decline to $500.

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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Lillian Call

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.