Bitcoin (BTC) and Ether (ETH) are trying to bounce off critical support levels while bulls are trying to thwart the bears’ attempts to deepen the correction.
Tesla CEO Elon Musk recently told the Code Conference in California that governments cannot “destroy cryptocurrency” because of its decentralized nature, but they can “slow down development.”
Data show that whales have moved record amounts of bitcoin in the last two weeks. The total transaction volume of $ 10 million or more has exceeded the levels with Bitcoin of around $ 60,000.
According to the indicators for the analysis material on the chain, the “smaller” whales were sold, and large companies filled the stocks.
Market indicators for daily cryptocurrency. Source: Coin360
Bobby Lee, the former CEO of the BTCC exchange, told Bloomberg on September 29 that the Bitcoin rally is expected to begin in 2021, which will not only push the price to an all-time high, but also remove the psychological mark of 100,000 dollars and possibly reach 200,000 dollars. dollars.
Are Bitcoin and Altcoins preparing for a sudden rally, or will bears pull the price below the support level? Let’s analyze the charts of the 10 best cryptocurrencies to find out.
BTC / USDT
Bitcoin continues to trade between the 100-day simple moving average ($ 41,221) and the 20-day exponential moving average ($ 44,229). The price jumped from the 100-day simple moving average today, which indicates that the bulls continue to defend this support strongly.
BTC / USDT daily chart. Source: TradingView
The 20-day EMA slopes down and the relative strength index (RSI) is in negative territory, indicating that sentiment remains negative and the bears may sell higher. If the price reverses from the 20 day EMA, the narrow range may continue for several days.
A breakout and a close below the 100-day easy moving average could trigger panic selling and push the price to $ 37,332.70. If this level also collapses, BTC / USDT could fall to $ 30,000.
On the other hand, a breakout and a close above the 20-day moving average will be the first indication that sales pressure may ease. The pair can then go up to the 50-day moving average ($ 46,580) before moving to $ 48,843.20.
ETH / USDT
Ether fell from the 20-day moving average ($ 3,118) on September 27 and fell to the 100-day single moving average ($ 2771) on September 28. The bulls held back the support and are trying to push the price towards the 20th Day EMA.
ETH / USDT daily chart. Source: TradingView
The decline to 20-day EMA and RSI in negative territory indicates that the bears still have control over the market. If the price reverses from the current level or the 20-day moving average, the Bears will make another attempt to break the 100-day simple moving average support.
If that happens, the ETH / USDT may fall to $ 2400, and if this support also breaks, the decline could continue to $ 172.12. The bulls must push the price and keep it above $ 3,174.50 to signal that the correction may be over. The pair may then rise to the 50-day moving average ($ 3291) and then to $ 3676.28.
ADA / USDT
Cardano (ADA) has traded between the 20-day EMA ($ 2.27) and $ 1.94 support in recent days. The long wick in the light of day indicates that the bears are selling at rallies.
ADA / USDT daily chart. Source: TradingView
The downtrend to the 20-day EMA and RSI below 40 indicates that the bears have an advantage. Sellers may make a new attempt to move lower and keep the price below the range between $ 1.94 and the 100-day moving average ($ 1.87).
If the price breaks below this support range, sales may gain steam and the ADA / USDT pair may fall to $ 1.60 and then to $ 1.40. This negative perception will be invalid if the bulls push the price and hold above $ 2.47.
BNB / USDT
Binance Coin (BNB) closed below the $ 340 support on September 27, but the Bears failed to capitalize on the move and pushed the price below $ 320. This indicates that sales are stopping at low levels.
BNB / USDT daily chart. Source: TradingView
The RSI formed a positive divergence, indicating that the bearish momentum may decline. Today’s strong rally indicates strong buying at lower levels and potential sales of the sellers.
If the bulls raise the price above the 20-day moving average ($ 381), this means that the correction may end. Then the BNB / USDT pair can rise to $ 433.