Bitcoin and altcoins maintain immediate support levels, but traders are looking for a trigger to push the market higher.

Cryptocurrency markets were quiet over the weekend. Sideways price action will continue on September 5, and no new triggers are expected from the US stock markets, which are closed due to Labor Day.

However, the optimistic picture for cryptocurrencies looks bleak as the energy crisis in Europe sent the euro to a two-year low against the US dollar. Meanwhile, the US dollar index (DXY), which is inversely proportional to stocks and cryptocurrencies, has risen above 110 points for the first time since June 2002.

Daily indicators of the cryptocurrency market. Source: Coin360
Amid all this chaos, the positive sign is Bitcoin’s
BTC

tick Tock
$16,953

It hasn’t lost many positions in the past few days and continues to trade near the $20,000 psychological level. This shows that traders do not panic and are in no rush to vacate positions.

Can the bulls push and hold bitcoin above $20,000 and will this trigger altcoin buying? Let’s examine the charts of the top 10 cryptocurrencies to find out.

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Bitcoin/US dollar
Bitcoin has been stuck in a tight range between $19,520 and $20,576 for the past few days. This indicates the indecision of the bulls and bears. Although the bulls are buying on the downsides, they have not been able to overcome the upside resistance.

BTC/USDT daily chart. Source: Trading View
The 20-day exponential moving average (EMA) ($20,775) and the relative strength index (RSI) declining in the negative zone increase the likelihood of a break below $19,520. If this happens, the BTC/USDT pair could drop into a strong support zone between $18,910 and $18,626.

Buyers are expected to do their best to protect this space. If the bounce rises above the 20-day EMA, the pair could rally to the 50-day Simple Moving Average (SMA) ($22,253). The bulls will have to break through this hurdle to open the doors for a possible rise to $25,211.

Conversely, if the bears pull the price below $18,626, the pair could retest the recent support at $17,622. A break below this support could signal a resumption of the downtrend.

ETH/USDT
Ether
ether

tick Tock
$1255

It has been stuck between the 20-day EMA ($1,605) and the head and shoulders neckline (H&S) pattern since Aug. 31, but trading in this narrow range is unlikely to last long.

Daily chart of ETH/USDT. Source: Trading View
If buyers hold and hold the price above the 20-day EMA, ETH/USDT could rise to the upper resistance at $1,700. This is an important level to consider because a break and close above it could signal the bulls are back in control. The pair could then rally to $2030 and then to the downtrend line.

This bullish view will be invalidated in the near future if the price deviates from the moving averages and dips below $1422. If this happens, the pair could drop to $1,280. The bulls are expected to defend this level strongly, but if the bears beat them, the drop could be extended to the $1,050 target.

BNB/USDT
BNB has been trading near the strong $275 support for the past few days, but the bulls have been unable to make a strong bounce from it. This indicates a lack of demand at higher levels.

BNB/USDT daily chart. Source: Trading View
The 20-day EMA ($286) is sloping down and t

Source: CoinTelegraph

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