Bitcoin Price Analysis
Bitcoin (BTC) has dropped below $60,000, indicating nervousness among the bulls. The volatility of Bitcoin is expected to increase following the Federal Reserve’s interest rate decision on Sept. 18. However, this is unlikely to trigger a trending move in either direction. After an initial knee-jerk reaction, the price is expected to settle within the broad range of $52,500 to $73,777.
Analysts have different views on the short-term reaction to the rate cuts:
- Arthur Hayes, BitMEX co-founder and Maelstrom chief investment officer, expects the markets to drop following the rate cuts due to the narrowing interest rate differential between the US dollar and the Japanese yen.
- Charles Edwards, founder of Capriole Investments, believes that Bitcoin is ready to resume its bull phase if the Federal Reserve cuts rates, signaling the beginning of a dovish policy regime.
Let’s analyze the charts of the top 10 cryptocurrencies to identify the critical levels needed to indicate a bullish sentiment.
Bitcoin (BTC) Price Analysis
Bitcoin’s recent price action has formed a symmetrical triangle pattern, signaling indecision between the bulls and bears. The price has turned down from the resistance line and is likely to fall to the 20-day exponential moving average (EMA) at $58,639. This level is crucial for the bulls to defend, as a break below it could open the doors for a decline to the triangle’s support line.
If the price rebounds off the 20-day EMA, a rally above $61,200 is possible. This could push the BTC/USDT pair to $65,000, and eventually to $70,000.
Ether (ETH) Price Analysis
Buyers attempted to push Ether (ETH) above the 20-day EMA ($2,397) on Sept. 17, but the bears stood firm. The uptrend line serves as critical support on the downside. If this support breaks, the ETH/USDT pair could plunge to $2,111 and potentially to $2,000.
If bulls manage to push the price above the 50-day simple moving average (SMA) at $2,553, it will signal weakening bear control. The pair may then rally to the breakdown level at $2,850, a key resistance level to watch.
BNB Price Analysis
BNB has been trying to stay above the moving averages, reflecting short-term bullish sentiment. Buyers need to push the price above $562 to continue the relief rally. If successful, the BNB/USDT pair could rise to $600, where bears are likely to mount a strong defense. Overcoming this barrier may push the pair to $635.
On the other hand, if the price drops below the moving averages, it will indicate that bears have gained control, potentially pulling the pair down to $460.
Solana (SOL) Price Analysis
Bulls attempted to push Solana (SOL) above the 20-day EMA ($134) on Sept. 17, but bears defended the level. The 20-day EMA is now turning downward, with the RSI in negative territory, favoring the bears. Minor support exists at $128, but if breached, the SOL/USDT pair could fall to $116.
Alternatively, if the price rebounds and breaks above the 50-day SMA ($141), it could signal a sustained recovery, potentially leading to a rally toward $164.
XRP Price Analysis
XRP bounced off the 20-day EMA ($0.56) on Sept. 16 but failed to break above the $0.60 resistance. The bears have pulled the price back to the moving averages. If this support breaks, the XRP/USDT pair could drop to the uptrend line. A break below this line may result in a fall to $0.46.
If the price turns up from the moving averages and breaks above $0.60, the pair may rally to $0.64, though it will face resistance there.
Dogecoin (DOGE) Price Analysis
Dogecoin (DOGE) has been trading near the downtrend line of its falling wedge pattern, suggesting sustained buying pressure. If the price breaks above the downtrend line, it may signal the start of a new uptrend, with the DOGE/USDT pair potentially rallying to $0.14.
Conversely, if the price declines from current levels, it indicates that bears are selling on rallies, which could push the pair down to $0.09 and eventually to $0.08.
Toncoin (TON) Price Analysis
Toncoin (TON) has been trading near the 20-day EMA ($5.46), signaling a tough battle between bulls and bears. The flattening 20-day EMA and RSI near the midpoint indicate indecision. If the price breaks above the 50-day SMA ($5.82), it could spark a strong recovery, pushing the TON/USDT pair above $6 and possibly up to $7.
If the price falls below the 20-day EMA, the selling may intensify, leading the pair to the $4.72-$4.44 support zone.
Cardano (ADA) Price Analysis
Cardano (ADA) has formed a descending triangle pattern, which will be completed if the price breaks below $0.31. If that occurs, the ADA/USDT pair could decline to $0.24. A break below $0.24 could lead to a free fall toward $0.20.
For the bulls to prevent further losses, they need to push the price above the downtrend line, potentially triggering a rally to $0.40 and later to $0.45.
Avalanche (AVAX) Price Analysis
Avalanche (AVAX) has been struggling to break above the descending channel’s resistance line, but the bulls have managed to hold the price above the 50-day SMA ($22.82). If bulls succeed in breaking above the resistance line, the AVAX/USDT pair could rally to $29 and then to $33.
If the price breaks below the 50-day SMA, the pair could fall to $19.50, a critical support level where bulls are expected to defend vigorously.
Shiba Inu (SHIB) Price Analysis
Shiba Inu (SHIB) continues to trade between the 50-day SMA ($0.000014) and the horizontal support at $0.000012, indicating a slight advantage for the bears. A break below $0.000012 could lead the SHIB/USDT pair to $0.000011 and then to $0.000010.
On the upside, a close above the 50-day SMA may trigger a recovery to $0.000016, with the potential to rally further to $0.000020.
Disclaimer: This article does not contain investment advice or recommendations. Every investment and trading move involves risk. Readers should conduct their own research before making any decisions.
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