Bitcoin Price Analysis
Bitcoin (BTC) has been experiencing a sideways price action pattern for several months, but recent bearish trends suggest a potential shift in control. If the large $55,724 to $73,777 range resolves in favor of the sellers, a downtrend may be imminent.
Arthur Hayes, former CEO of BitMEX, predicts Bitcoin could fall below $50,000, while veteran trader Peter Brandt has a target of $46,000 for BTC. Despite this bearish outlook, some analysts believe macro factors could surprise the bears. Ed Hindi, CIO at Tyr Capital, stated:
“Although September is historically a negative month for BTC, the combination of a Fed rate cut and a relatively robust US economy could surprise the bears.”
Top 10 Cryptocurrencies Analysis
Bitcoin (BTC)
Bitcoin’s rebound from the $55,724 support on September 4 failed to sustain momentum. By September 6, the price fell below $55,724. Minor support is present in the $53,500 to $54,000 range, where buyers may attempt to halt the decline. A breakdown below $49,000 could signal a new downtrend.
Potential resistance levels include $55,724 and the 20-day exponential moving average (EMA) at $58,804. A rebound past these levels could suggest the range-bound action may persist.
Ether (ETH)
Ether (ETH) bounced from $2,300 on September 4 but failed to maintain higher levels, falling below $2,300 by September 6. With both moving averages trending downward and the RSI nearing oversold conditions, further decline to $2,111 and potentially $2,000 is possible.
To indicate a potential recovery, ETH must break above the 20-day EMA at $2,530. A successful move above this level could lead to a rise to $2,850.
BNB (BNB)
BNB has struggled to rebound from the $495 support, increasing the risk of a breakdown. The downsloping 20-day EMA ($528) and a negative RSI suggest bearish dominance. A close below $495 could push BNB to $460.
Defending the $495 to $460 zone is crucial for the bulls. Recovery will face resistance at the moving averages, with a necessary break above the 50-day simple moving average (SMA) at $543 to maintain the range-bound action.
Solana (SOL)
Solana (SOL) is currently fighting to avoid falling to the critical support at $116. The downsloping 20-day EMA ($139) and RSI in negative territory suggest bearish control. A drop below $116 could lead to a decline to $100.
If SOL breaks above the 20-day EMA, it may signal reduced selling pressure and a potential rally to the 50-day SMA ($152) and later to $164.
XRP (XRP)
XRP turned down from the 20-day EMA ($0.56) on September 4, falling below the $0.54 support on September 6. This indicates a possible slide toward $0.50, with potential consolidation between $0.64 and $0.46.
Bulls need to defend $0.46 and aim for a break above the 50-day SMA at $0.57 to suggest a loss of bearish momentum and a potential rise above $0.64.
Dogecoin (DOGE)
Dogecoin (DOGE) bounced from the $0.09 support but failed to surpass the 20-day EMA ($0.10). Bears aim to pull the price below $0.09, signaling a potential downtrend. This could see DOGE fall to $0.08 and further down to the support line of the falling wedge pattern.
To counter this, buyers need to push the price above the downtrend line, potentially driving DOGE to $0.14 and beyond to $0.18.
Toncoin (TON)
Toncoin (TON) faces a critical support level at $4.72. A decline below $4.50 could complete a bearish head-and-shoulders pattern, potentially dragging the price to $3.50.
If the price rises, watch for resistance at the 20-day EMA ($5.47). A significant drop from this level would indicate ongoing negative sentiment. A break above the 20-day EMA could open the door to a rally towards the 50-day SMA ($6.18) and eventually $7.
Cardano (ADA)
Cardano (ADA) has bounced off the $0.31 support, showing strong defense from the bulls. However, bearish pressure remains evident with resistance at the 20-day EMA ($0.34). A drop below $0.31 could lead to further declines to $0.27 and $0.24.
Conversely, a price increase from $0.31 and a break above the moving averages might indicate a short-term bottom, with potential rallies to the downtrend line where strong resistance is expected.
Avalanche (AVAX)
Avalanche (AVAX) has been trading below the moving averages but has not challenged the $19.50 support. This suggests decreased selling pressure. The bulls are trying to push above the moving averages. A successful move could see AVAX reach the resistance line of the descending channel pattern, potentially rising to $33 and later $37.
A drop below $19.50 could invalidate this positive outlook, possibly leading to declines to $17.29 and the channel’s support line.
Shiba Inu (SHIB)
Shiba Inu (SHIB) is trading between the 20-day EMA ($0.000014) and horizontal support at $0.000013. This tight-range trading suggests a potential expansion in either direction.
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