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US stock and cryptocurrency markets have started the new week on a strong footing. That suggests investors are pricing in the possibility of a 75 basis point rate hike by the Fed at its Sept. 20-21 meeting, with investors expecting inflation to peak. It could also mean that you think you’ve reached it.
Bitcoin’s (BTC) rally above $22,000 cleared a high-profile indicator of realized price at $21,700 according to Glassnode. The next big hurdle to the upside is the 200-week moving average near $23,330 . A breakout of this resistance and a close could indicate that the bear market may be over.
The current bear market has not dispelled institutional investors who continue to believe in the long-term prospects of the asset class. One such example is that he was named by Irfan Ahmad, Asia-Pacific Digital Lead for State Street Digital, State Street’s cryptocurrency arm, and institutional clients, he said in June. said he continued to make strategic bets in the crypto space in July.
Can Bitcoin and Altcoins Continue Rising in the Short Term? Let’s explore the charts of the top 10 cryptocurrencies to find out.
Bitcoin is about to form a bottom. Buyers pushed the price above the Sept. 9 20-day exponential moving average ($20,831) and he above the Sept. 12 50-day simple moving average ($21,944).
The BTC/USDT pair could attempt to rally towards the overhead resistance at $25,211 if buyers sustain the price above the 50-day SMA. Bears are expected to defend this level vigorously. If the price falls from this level, the currency pair could spend some time in a large range between He $18,626 and He $25,211.
During such periods of consolidation, weak hands sell their holdings in fear of further declines, while strong hands buy in hopes of a near bottom. This completes the transfer of assets from weak hands to strong hands. Once the accumulation is complete, the asset usually initiates a new bullish move.
Another possibility is that the price falls and breaks below the 20-day EMA. If that happens, it indicates that traders continue to sell in rallies. After that, the pair is likely to return to the strong support at $18,626.
Ether (ETH) broke above the overhead resistance at $1,700 on Sept. 9, but the bulls are facing stiff resistance at $1,800. This shows that the bears have not given up and continue to sell higher.
The bears will try to pull the price back below the moving averages, while the bulls will try to defend this support. The 20-day EMA ($1,652) has started to rise and the RSI is in positive territory, indicating a slight advantage for buyers.
If the price bounces off the moving averages and rises above $1,800, the ETH/USDT pair could rise towards the overhead resistance at $2,000. A move like this suggests the pair may have bottomed out.
Alternatively, if the price breaks below the moving averages, it could favor the bears. The pair can then fall into the neckline.
Binance Coin (BNB) rose from $258 and topped the neckline of the Head and Shoulders pattern on Sept. 7.
The bears attempted to stem the recovery at the 20-day EMA ($287) on Sept. 8, but buyers broke through with bullish momentum, pushing the price above the moving averages on Sept. 9. Sept. 11 and he had his SMA ($294) on the 12th, but the bulls bought intraday declines.
Both moving averages are in a gradual uptrend and the RSI is in the positive zone, indicating that it is in favor of buyers. If the price rises from the current levels, the BNB/USDT pair could rise to $308 and act as resistance again.
Conversely, if the price breaks below the 20-day bar, it indicates that the bears are continuing to sell in the rally. After that, the pair could drop to the $275 neckline.
Trading in a narrow range between $0.32 and $0.34 for XRP turned upward on Sept. 9, with the price hitting the 50-day SMA ($0.35). It has broken below the 20-day EMA ($0.34). This suggests strong buying at low levels.
The 20-day EMA is starting to move up and the RSI is in positive territory, suggesting that it is in favor of buyers. If price sustains above the 50-day SMA, the XRP/USDT pair can move to $0.37. A rally is possible, followed by a rally to $0.39. Buyers must clear this hurdle to indicate a potential trend change.
Instead, it suggests that the bears will continue to sell in the rally if the price turns down from the current levels and breaks below $0.34. After that, the pair can fall to his strong support at $0.32.
Cardano (ADA) extended the recovery above the 20-day EMA ($0.48) on Sept. 7 and the bulls pushed the price above the 50-day SMA ($0.49) on Sept. 9.
The ADA/USDT pair has held above the 50-day SMA for the past two days, indicating that traders are not booking profits as they expect the recovery to continue. The pair could reach the downtrend line if the bulls push the price above $0.52. The bears are likely to defend this level aggressively.
If the price breaks down from the downtrend line but bounces off the 20-day EMA, it suggests that sentiment has turned positive. This could increase the likelihood of a breakout of the downtrend line. After that, the pair may attempt a rally to $0.70. This positive view may be invalidated in the short term if the price falls below $0.45.
Solana (SOL) rose above the $32 level on Sept. 7, and buyers used this advantage to push the price above the 20-day EMA ($34.25) on Sept. 9. . The EMA he was on Sept. 11, but the bulls have successfully defended that level. This shows that traders see the drop as a buying opportunity.
The bulls are looking to extend the recovery by pushing the price above the 50-day SMA ($37.42) on Sept. 12. If successful, the SOL/USDT pair could gain momentum and move towards the overhead resistance of $48. This level will likely act as a strong barrier, but if the bulls overcome it, it could mark the beginning of a new uptrend for the pair.
Contrary to this assumption, if the price falls from the 50-day SMA, the pair could fall to the 20-day EMA. A breakdown of this support and a close can send the pair to $30.
Dogecoin (DOGE) bounced off the support zone near $0.06 on Sept. 7, indicating buying at lower levels. The price hit the 20-day EMA ($0.06) on Sept. 9, but the bulls failed to extend the rally of relief until he reached the 50-day SMA ($0.07). This suggests that bears are operating at a higher level.
Both moving averages have flattened out and the RSI is near the midpoint, indicating that demand and supply are in balance. A short-term advantage could go in the buyer’s favor if he pushes the price above his 50-day SMA. After that, the DOGE/USDT pair may move up to $0.07 and then reach the overhead resistance at $0.09.
Conversely, if the price turns down and breaks below the support zone near $0.06, it suggests the bears are in control again.
Related: Elon Musk, Kathy Wood Issue ‘Deflation’ Alerts Bitcoin At Risk Below $14,000?
The polka dot (DOT) reached the 50-day SMA ($7.88) on Sept. 9, offering stiff resistance from the bears. Sellers tried to pull the price back below his 20-day EMA ($7.50) on Sept. 11, but the bulls held on.
Buyers pushed the price above the 50-day SMA on Sept. 12, but the long core of the candlestick that day suggests the bears are not willing to surrender. The price has been stuck between the moving averages for the past few days, but this narrow range of trades is unlikely to last long.
If buyers can sustain the price above the 50-day SMA, the DOT/USDT pair can gain momentum and move to $9.17 and then to the overhead resistance of $10. Conversely, if the price breaks below his 20-day EMA, the pair may retest the support at his $6.75.
Polygon (MATIC) closed above the moving averages on Sept. 9, but the bulls failed to capitalize on this advantage and push the price above the immediate resistance of $0.92. rice field.
A minor positive in favor of the bulls is that they are buying downside to the moving averages. This suggests that buyers expect the recovery to continue and the MATIC/USDT pair to rally to his overhead resistance of $1.05. A breakout of this level and a close can lead to a rally to $1.35.
Contrary to this assumption, if the price falls below the moving averages, the pair could drop to $0.79 and then to $0.75. The price needs to break below this level for the bears to gain the upper hand.
The Shiba Inu (SHIB) ended trading above the moving averages on Sept. 9, but the long wick in the candlestick that day indicated selling at higher levels. A minor positive is that the bulls do not break below the moving averages.
If the price bounces off the moving averages, buyers will try to clear the overhead hurdle at $0.000014. If successful, a rally to $0.000018 is likely. We expect the bears to defend this level aggressively.
This positive view may be invalidated in the short term if the price breaks below the moving averages and the near-term support at $0.000012. In that case, the SHIB/USDT pair could drop to $0.000010.
The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph. All investment and trading movements involve risk. You should do your own research when making a decision.
Market data provider Hit BTC Exchange money.
