Bitcoin’s Bullish Momentum
On September 27, Bitcoin (BTC) surged above $66,000, signaling the beginning of a potential climb toward $70,000. Following a breakout above $65,000 on September 26, buying activity increased significantly, particularly in U.S.-based spot Bitcoin exchange-traded funds, which saw inflows of $365.7 million, according to Farside Investors data.
This rally isn’t isolated to Bitcoin; select altcoins have also experienced sharp increases from recent lows, indicating a positive shift in sentiment across the cryptocurrency sector.
Performance Overview
- Bitcoin’s 12% gain in September outperforms its previous best of 6.04% in 2016.
- Historically, Bitcoin’s September gains have led to strong fourth-quarter performances in years like 2015, 2016, and 2023.
Could Bitcoin maintain its gains in September and encourage further buying in altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin Price Analysis
Bitcoin formed an outside-day candlestick pattern on September 26, indicating that bulls have taken control after rising above the $65,000 resistance. If the price sustains above this level, it may signal a shift to support, potentially pushing the price towards the $70,000 to $73,777 range, where selling pressure may increase.
Conversely, a break below $65,000 could weaken bullish momentum. If bears manage to pull the price below $61,200, it might indicate a bull trap.
Ether Price Analysis
Ether (ETH) experienced a pullback from the resistance line on September 23 but found support at the moving averages, indicating dip buying. The upsloping 20-day EMA ($2,529) and a positive relative strength index (RSI) suggest a bullish outlook.
If bulls push ETH above the resistance line, a symmetrical triangle breakout could target $3,409.
However, sellers will attempt to defend the resistance zone between the resistance line and $2,850. A sharp downturn below the moving averages would indicate a range-bound action between $2,111 and $2,850.
BNB Price Analysis
BNB (BNB) faced resistance at $616 on September 23, but bulls successfully defended the 20-day EMA ($570). This suggests that buyers are active at lower levels. A push to $635 may face resistance, but maintaining above this level could lead to a rally towards $722.
If the price turns down sharply from $635 and breaks below the moving averages, it may indicate a prolonged range-bound phase.
Solana Price Analysis
Solana (SOL) is gradually approaching the overhead resistance of $164, showing strong demand from bulls. Previous attempts to break through this resistance have been stalled by sellers.
A downturn from this resistance followed by a break below the 20-day EMA ($144) would suggest a potential consolidation within the $116 to $210 range. Conversely, a close above $164 could propel the price to $190 and then to $210.
XRP Price Analysis
XRP (XRP) has struggled to break above the $0.60 resistance but has maintained support above the moving averages. This keeps the possibility of an upside breakout alive.
If successful, the XRP/USDT pair could rise to $0.64, with a further increase possible to $0.74. However, a break below the moving averages could lead to a decline toward $0.50.
Dogecoin Price Analysis
Dogecoin (DOGE) rebounded from the 20-day EMA ($0.11) on September 26 and cleared immediate resistance, opening the path for a potential rally to $0.14. If the bulls break through this level, the next target could be $0.18.
Critical support to watch on the downside is the moving averages; a break below them would indicate a potential decline to $0.09.
Toncoin Price Analysis
Toncoin (TON) broke out of a tight consolidation between the moving averages on September 27. If the price remains above $6, it could accelerate to $7, though strong resistance is expected there.
Failure to maintain above the 20-day EMA ($5.63) could lead to a drop toward $4.44.
Cardano Price Analysis
Cardano (ADA) broke above the $0.40 resistance on September 27, potentially completing a double bottom pattern with a target of $0.49. Resistance is expected around $0.45.
If the price retraces from $0.45 but holds above $0.40, it could indicate a shift from selling to buying on dips. Conversely, a failure to maintain above $0.40 could suggest a range-bound movement between $0.31 and $0.40.
Avalanche Price Analysis
Avalanche (AVAX) broke out of a tight consolidation near the breakdown level of $29 on September 26. If buyers hold the price above $29, the AVAX/USDT pair could rise to $33, with potential for a further rally to $42.
However, a swift drop below $29 could trap aggressive bulls and increase selling pressure, especially if it falls below the 20-day EMA ($26.35).
Shiba Inu Price Analysis
Shiba Inu (SHIB) gained momentum after surpassing the immediate resistance of $0.000016 on September 26. Following this, it broke above the breakdown level of $0.000020 on September 27.
A close above $0.000020 could extend the rally toward $0.000029. Conversely, a downturn from the current level might suggest a range-bound action between $0.000012 and $0.000022.
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