Price analysis 9/13: BTC/ETH, ADA/BNB, XRP and XRP.

The quick drop below $44,000 in Bitcoin prices sent altcoin prices into freefall. Some traders are worried that the correction may get worse. Bitcoin’s (BTC), failure to make a strong recovery over the past few days has led to profit-booking in major altcoins and has some traders worried that the correction could deepen. The S&P 500 fell by 1.69% last Week, suggesting that there is a risk-off mood. Charles Edwards, CEO and investment manager Capriole pointed out that almost every Bitcoin correction since 2021 has coincided with a 2% drop in the S&P 500. Daily cryptocurrency market performance. Source: Coin360MicroStrategy continues to grow its holdings, despite the weakness in Bitcoin’s near-term. Michael Saylor, the CEO of MicroStrategy, recently disclosed that he purchased 5,050 Bitcoin at an average price $48,099 per coin. This has increased the company’s stockpile by 114,042 Bitcoin. They were bought at an average price of $27,713 per coins. Could Bitcoin be in a bear grip? Let’s look at the charts of the top 10 cryptocurrencies to see if there is a bearish trend. Bitcoin/USDTBitcoin has fallen below the 20-day exponential moving Average ($47,061) today. This indicates that traders are selling on rallies and short-term sentiment. BTC/USDT daily charts. Source: TradingViewThe downwardly trending 20-day EMA (RSI) and relative strength index (RSI), both below 43, indicate that the path of least resistance leads to the downside. Now it is up to the bulls to defend $42,451.67 as a support level. If this support falls, the BTC/USDT price could plunge to the $37.332.70 to $36,670 zone. This could reduce the chances of a strong recovery and keep the pair stuck in a range over the next few days. A breakout and close above $47,000.00 could open the door to a retest the overhead resistance zone of $52,920 to $50,500. For the past few days, ETH/USDTEther has been wedged between the moving averages. This means that bulls are buying on dips in the 50-day simple moving mean ($3,129) while bears are selling on rallies up to the 20-day EMA ($3,413).ETH/USDT daily charts. Source: TradingViewThe 20 day EMA is slowly sloping downward and the RSI has fallen below 46, indicating that the bears have the upper hand. The ETH/USDT currency pair could see further selling if the price falls below the 50-day SMA. This could lead to a drop to $3,000. The 50-day SMA is an important support that the bulls must defend as a break below it could lead to panic selling. The bulls could win if the price closes above $3,567.06. The buyers will then attempt to push the price up to $4,000.ADA/USDT Cardano(ADA) bounced off of the 50-day SMA ($2.16) Sep. 7, and rose above the 20 day EMA ($2.57) Sep. 11. However, higher levels attracted profit-booking as seen from the long wick on the Sep. 11 and 12 candlesticks.ADA/USDT daily chart. Source: TradingViewThe breakout level of $2.47 was broken by the bears today. The bears have a slight advantage due to the RSI in negative territory and the downsloping 20 day EMA. If sellers pull the price below 50-day SMA, then the correction could intensify to $1.94. Alternatively, if the price rises from the current level or rebounds off the 50-day SMA, the bulls will make one more attempt to push the price toward the overhead resistance zone at $2.97 to $3.10.BNB/USDTBinance Coin (BNB) closed below the 50-day SMA ($410) on Sep. 10 but bears could not sustain the lower levels. The bulls bought the dip and drove the price above the 50-day SMA on September 12.BNB/USDT daily charts. Source: TradingView. However, the failure by the bulls to clear the $433 overhead hurdle may have prompted a new round of selling today. The BNB/USDT pair may drop to $369 if the price falls below $393.20. If it does, then the BNB/USDT exchange rate could fall to $340. To signal that the correction is over, the bulls will need to push the price higher than $433. XRP/USDTXRP currently lies between the moving averages. Profit-booking by short-term traders has resulted in the failure of bulls to push the price higher than the 20-day EMA ($1.13). Source: TradingViewThe 20 day EMA has fallen and the RSI is below 45, indicating that bears hold the upper hand. If sellers pull the price below 50-day SMA ($1.03) the XRP/USDT currency pair could challenge the Sep. 7, intraday low of $0.95. A break or close below this support could signal that the uptrend is over. This could lead to a further fall to $0.75. If the price rises above the 20 day EMA, this negative view will be invalidated. The bulls will attempt to push the price towards the overhead resistance zone of $1.35 to 1.41. SOL/USDTSolana (SOL), is currently in an uptrend. The trendline broke below, suggesting that bullish momentum has weakened. The price could drop to the 20-day EMA ($141).SOL/USDT daily charts. Source: TradingView. A rise in the price from the current level will indicate that traders are buying dips and the sentiment is positive. The bulls will attempt to reestablish the uptrend, but they will likely face stiff resistance at this level. If the price drops below the trendline, the SOL/USDT currency pair could fall to the 20-day EMA. Breaking below this level could cause the price to fall to $123.43 Fibonacci Retracement level at 61.8%. Conversely, a breakout above the trendline will increase the chances of a retest at the all-time high of $216. The DOT/USDTPolkadot(DOT) rose above the overhead resistance of $35.68 on Sep. 12, indicating that bulls are trying to resume the uptrend. Daily chart of DOT/USDT. Source: TradingViewThe bears currently try to impose a stiff challenge at the resistance line. However, if the bulls don’t give up much ground, there is a possibility that the overhead resistance will be broken. This could open the way for a rally to $41.40, and then $46.83. Contrary to this assumption the DOT/USDT pairing could retest the $28.60 breakout level if the price drops below the 20-day EMA ($30.34). This level will indicate that bulls continue to accumulate on dips, but a break below it could send the pair to the 50 day SMA ($24.68). If the price sustains below $28.60, it will suggest that bears are back in the game.Related: Fake news: Litecoin price surges 35% following Walmart adoption hoaxDOGE/USDTDogecoin (DOGE) has been trading below the moving averages for the past few days, which suggests that bulls are in no urgency to buy at current levels. The bears will now attempt to lower the price below $0.21.DOGE/USDT daily charts. Source: TradingViewThe 20 day EMA has fallen and the RSI has dropped to the negative territory, suggesting that the bears have the upper hand. A break below $0.21 could push the price to $0.15. If the price recovers from $0.21, bulls will attempt to push the DOGE/USDT price above the moving averages. The pair could rally to the downtrendline if they succeed. If the pair breaks and closes above this resistance, it will be the first sign that the correction is over. On the downside, the breakout level at $36.89 is important. Then there’s the 20-day EMA ($32.77). Daily chart. Source: TradingViewA strong rebound from either level will indicate that sentiment remains positive and traders continue to buy on dips. The bulls will attempt to reestablish the uptrend and push the price above the psychological level of $50. However, the positive divergence on RSI signals caution. If bears pull the price below the 20-day EMA, the LUNA/USDT pair could slide to the 50-day SMA ($24.14).UNI/USDTUniswap (UNI) has been trading below the breakdown level at $25 for the past few days, which suggests that traders are not aggressively accumulating at the current levels. UNI/USDT daily charts. Source: TradingViewThe moving Averages have completed a bearish crossover. The RSI is in negative territory, indicating an advantage to bears. The negative momentum could increase if sellers lower the price below $21 as the immediate support. This level could act as a support, but if bulls fail push the price higher than $25, the decline could reach $13. If the price rises above the moving averages, this negative view will be invalidated. These views and opinions are the author’s and do not necessarily reflect those of Cointelegraph. Risk is inherent in every investment or trading move. HitBTC exchange provides market data.

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