Bitcoin and some altcoins continue to face selling at higher levels, which is evidence of negative investor sentiment as traders continue to sell on the rally.
The number of non-farm payrolls, which was 526,000 in July, increased by 315,000 in August. The report was just below the Dow Jones forecast of 318,000 jobs and recorded the slowest monthly gain since April 2021. The S&P 500 rallied in response to the report, but later reversed its gains, showing that the bears continued to sell on the rally.

This may be because the US Dollar Index (DXY), which retraced from its 20-year high on Sept. 1, retraced some of its losses. Since both are generally inversely related to the dollar index, bears will have to pull DXY down to push up stock prices and crypto markets.

Daily indicators of the cryptocurrency market. Source: Coin360
Although bitcoin
BTC

tick Tock
$17,130

It fell more than 70% from its all-time high of $69,000, with a few traders holding their positions. Data from trade analytics platform TipRanks shows that 62% of wallets hold bitcoin for a year or more. The number of wallets where Bitcoins are stored for less than a month is only 6%. This shows that investors are taking a long-term approach and holding their positions.

Will the bulls be able to push bitcoin and altcoins above the upper resistance levels? Let’s examine the charts of the top 10 cryptocurrencies to find out.

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Bitcoin/US dollar
Bitcoin broke and closed above the downtrend line on September 1, the first sign that the short-term correction phase may be coming to an end.

BTC/USDT daily chart. Source: Trading View
There is some resistance at $20,576, but if the bulls push the price above that, BTC/USDT could reach the 20-day (EMA) exponential moving average of $21,091.

This is an important level to watch out for because if buyers break through this hurdle, it will mean that the negative mood may ease. The BTC/USDT pair could then attempt to climb the 50-day Simple Moving Average (SMA) to $22,318.

Contrary to this assumption, if the price drops from $20,576 or the 20-day EMA, the bears will make another attempt to push the pair from the critical support zone of $18,910 to $18,626. The bulls are expected to aggressively defend this zone.

ETH/USDT
Ether
Ethereum

tick Tock
1280 dollars

It bounced back from the 20-day EMA ($1.61) on Aug. 31, but the positive sign is that the bulls are not allowing the price to drop below the neckline of the head and shoulders (H&S) pattern.

Daily chart of ETH/USDT. Source: Trading View
The price bounced off the neckline on September 1 and climbed to the 50-day SMA ($1,640). The bears will try to protect the area between the 50-day SMA and $1700, but if the bulls break this hurdle, the ETH/USDT pair could gain momentum. The pair could later rally to $1848 and then retest the tough resistance at $2030.

Alternatively, if the price turns down from the upper zone, the pair could drop back towards the neckline. If this support is broken, the pair could drop to $1,422 and then $1,280. With the H&S setup pattern pattern target at $1,050, the bulls are likely to strongly defend the support at $1,280.

BNB/USDT
building
BNB

tick Tock
$292

It bounced back from the 20-day EMA ($289) on August 31 and broke below the strong support at $275 on September 1. However, the long tail of the daily candle indicates aggressive buying at the lower levels.

BNB/USDT daily chart. Source: Trading View
The bulls will again try to push the price above the 20-day EMA. If they succeed, it will be the first sign that the bears are losing their grip. The BNB/USDT pair could then rally to $308, where the bears can get defensive again.

Conversely, if the price retraces from the current level or the 20-day EMA, it means that the sentiment remains negative and the bears are selling on small rises.

This will increase the likelihood of a break below the $275 support. If this happens, the pair will complete the bearish H&S pattern. The pair could then decline towards the $240 and then $212 target.

XRP/USDT
XRP has been trading between $0.32 and $0.34 since August 28. This narrow range trading indicates indecision between the bulls and bears.

Daily XRP/USDT chart. Source: Trading View
Downward 20-day EMA (0.34

Source: CoinTelegraph

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