Bitcoin (BTC) has made a positive move, attempting to trade above $27,000. Despite adverse conditions such as a rising United States dollar index (DXY) and a plunging S&P 500 index (SPX), Bitcoin’s price remained stable above $26,000, indicating that selling pressure has decreased. The decision by the United States Securities and Exchange Commission (SEC) to delay the spot Bitcoin exchange-traded fund (ETFs) did not negatively impact Bitcoin prices, suggesting that market participants are taking a long-term view on Bitcoin. Bloomberg ETF analyst James Seyffart believes that the regulator made an early decision due to the risk of a U.S. government shutdown on Oct. 1.
Bitcoin’s resilience in recent days has boosted trader sentiment and led to a recovery in most major altcoins, which are now trying to surpass their respective resistance levels. This raises the question of whether Bitcoin can continue its upward movement in the near term and spark a revival in the cryptocurrency space.
Bitcoin’s price analysis shows that the bulls have propelled the price above the moving averages and are currently trying to prevent a drop below the 20-day exponential moving average ($26,534). The moving averages are on the verge of a bullish crossover, and the relative strength index (RSI) is in positive territory, suggesting that the path of least resistance is to the upside. The next minor resistance level is at $27,500, followed by an overhead resistance level at $28,143, where a battle between bulls and bears is likely to occur. On the downside, the $26,000 level serves as an important support level, and a break below this level could give the advantage to the bears, potentially leading to a drop to the support at $24,800.
Moving on to Ether (ETH), its price analysis reveals that it has climbed above the 20-day exponential moving average ($1,622) and the 50-day simple moving average ($1,660). This indicates a reduction in selling pressure. The bulls will now try to drive the price to the overhead resistance level of $1,746. If buyers overcome this barrier, the ETH/USDT pair will complete a double bottom pattern, with a target objective of $1,961. However, a reversal from the $1,746 level would suggest continued selling pressure on rallies and could lead to a dip to the 20-day exponential moving average. A rebound from this support level would enhance the prospects of a rally above $1,746, while a drop below the 20-day exponential moving average would bring the bears back into the game.
Moving on to Binance Coin (BNB), its price analysis shows that it has been trading within the range of $220 to $203. The bulls are attempting to push the price to the overhead resistance level at $220. The 20-day exponential moving average is flat, but the relative strength index has risen into positive territory, indicating a shift in momentum favoring the bulls. If the $220 resistance is surpassed, the BNB/USDT pair could surge to $235. However, a sharp downturn from $220 would indicate continued range-bound action. In this case, the next level of support to watch is at $203.
Turning to XRP, its price analysis indicates that buyers have pushed the price above the 20-day exponential moving average ($0.50) and the resistance line of the symmetrical triangle pattern. Sustaining the price above the triangle would indicate that uncertainty has resolved in favor of the buyers. The XRP/USDT pair could then rally to the overhead resistance level at $0.56, with a potential rally target of $0.64. However, a downturn and re-entry into the triangle would suggest rejection of higher levels and give the bears an opportunity to regain control. In this case, the bears would attempt to pull the price below the uptrend line of the triangle.
Moving on to Cardano (ADA), its price analysis shows that the bulls are trying to sustain the price above the 20-day exponential moving average ($0.25), indicating a weakening grip by the bears. A break and close above the downtrend line would invalidate the bearish descending triangle pattern and potentially trigger a sharp upward movement as sellers exit their shorts and buyers enter the market. This could propel the ADA/USDT pair to $0.29 and subsequently to $0.32. However, the bears still have a chance to regain control by defending the downtrend line and pulling the price below $0.24. The next support level on the downside is at $0.22.
Moving on to Dogecoin (DOGE), its price analysis indicates that the range has narrowed in recent days, increasing the possibility of a range expansion in the near future. The flattening 20-day exponential moving average and the near midpoint relative strength index indicate a balance between supply and demand. A strong move above the 20-day exponential moving average could signal the start of a recovery, with the DOGE/USDT pair potentially rising to $0.07 and $0.08. On the other hand, a quick drop below $0.06 by the bears could lead to a plunge to the critical support level at $0.055.
Turning to Solana (SOL), its price analysis shows that the cryptocurrency has been stuck within a large range between $27.12 and $14. The bulls are attempting a relief rally, with the price nearing the 50-day simple moving average ($20.44). A break above this level would indicate a potential trend reversal and could lead to a rise to $22.30. However, a downturn from the 50-day simple moving average would signal continued bearish activity at higher levels. A drop below $18.50 would open the doors for a retest of $17.33.
Next, the price analysis for Toncoin (TON) reveals that it rebounded from the 20-day exponential moving average ($2.13), indicating positive sentiment and a willingness by traders to buy on dips. The bullish view is further supported by the fact that the price has not slipped below the 20-day exponential moving average despite sellers’ attempts. Buyers will need to push the price above the 61.8% Fibonacci retracement level ($2.40) to target the resistance at $2.59. However, if the price turns down and drops below $2.07, the positive view would be invalidated.
Lastly, the price analysis for Polkadot (DOT) shows that the failure of the bears to sink the price below the support level at $3.91 indicates that the range-bound action continues. Buyers will try to drive the price above the 20-day exponential moving average ($4.10) and challenge the resistance at the 50-day simple moving average ($4.32). A successful breakthrough could lead to a surge towards the downtrend line. On the other hand, a break below $3.91 would suggest a resumption of the downtrend towards $3.58.
In conclusion, Bitcoin’s attempt to trade above $27,000 is a positive sign, and its resilience in recent days has boosted trader sentiment. The price analysis for top cryptocurrencies indicates potential upward movements, but it is important to remain vigilant for key support and resistance levels that could influence market trends.
Source link
