Price analysis 9/24: BTC ETH, ADA. BNB, XRP. SOL, DOT. DOGE. AVAX. LUNA

After news that China had banned crypto trading, Bitcoin and other altcoins saw a sharp downturn. After news that China had banned crypto trading, the crypto market suffered a sharp downturn. Source: Coin360China announced a ban against cryptocurrency in September 2017. This news also caused a sharp correction of Bitcoin (BTC). The price plunge proved to be a great buying opportunity as it recovered in a matter of weeks and reached a new record high of $20,000 in three months. Is the current correction of Bitcoin and major altcoins a buying opportunity? Or could they tumble further? Let’s look at the charts of the top-10 cryptocurrency pairs to see if they are a good buying opportunity. BTC/USDTBitcoin rose above the neckline for the head and shoulders pattern on September 22. This showed strong demand at lower levels, but the recovery failed to clear the hurdle at the $20,596 exponential moving average ($45.596). BTC/USDT daily chart. Source: TradingViewThe downwardly moving 20-day EMA, and the relative strength indicator (RSI), in the negative zone suggest that bears have the upperhand. The BTC/USDT pair may drop to $37.332.70 if bears continue to sink below the 100-day SMA. However, if this level is broken, the next stop could come at the pattern target of $32,423.05. Contrary to this assumption the bulls will attempt to drive the pair higher than the moving averages if the price rises from the current level or 100-day SMA. The 50-day SMA ($46.816) may signal that the correction is over. ETH/USDTEther (ETH), rebounded from the 100-day SMA ($2,734) Sept. 22 and rose above $3,000. Source: TradingView. Source: TradingViewThe recovery was halted at $3,174.50 Sept. 23, and the bears are trying to establish their dominance. The downsloping 20 day EMA ($3,255), and the RSI below 41 suggest that bears are in control. If the index closes below the 100 day SMA, aggressive selling could occur. The pair could drop towards the $1,972.12 pattern target. This negative view will be invalidated if bulls drive the price above the moving ranges. This indicates that traders are buying on rallies to 20-day EMAs.ADA/USDT daily charts. Source: TradingViewThe bears now plan to lower the price below the critical support area at $1.94, and the 100-day SMA ($1.83). If they succeed, the ADA/USDT price could fall to $1.60, then to $1.40. The first sign that the correction is over may be a break and close above 20-day EMA. The pair could then rally to $2.60 and then $2.80.BNB/USDTBinance Coin’s (BNB) rebound off the strong support at $340 turned down from $385.30 today, indicating strong selling by traders at higher levels.BNB/USDT daily chart. Source: TradingViewThe bears are in control of the 20-day EMA (402) and the RSI below 38 indicate this. If the $340 support breaks, the selling could get more intense. The BNB/USDT pair could fall to $300 and then $250. However, this assumption is false. Bulls will attempt to push the price higher than the moving averages if the price rebounded from the current level. A break above $433 and close above it will indicate that the correction has ended. XRP/USDTXRP rebounded from the 100-day SMA ($0.87) Sept. 22, but the bulls couldn’t extend the recovery. On Sept. 23, the altcoin formed a Doji candlestick structure, indicating indecision between the bulls and bears. Daily chart of XRP/USDT. Source: TradingView Today’s uncertainty has been resolved by bears who have brought the price down to 100-day SMA. If this support is broken, selling could pick up momentum and the USDT/XRP pair could fall to $0. This level could act as a strong support, but bears could sink the price below it. The next stop could be $0.50. This negative view can be overcome if the price rebounds from the 100-day SMA and rises higher than the $1.07 to 1.13 resistance zone. This indicates that bears are selling on rallies. SOL/USDT daily charts. Source: TradingViewThe bears have pulled today’s price below the 20-day EMA and the SOL/USDT pair may drop to the 50 day SMA ($108). This level is likely act as a strong support. If the price bounces off it, the bulls may try to push and maintain the price above its downtrend line. If they can pull it off, the pair could rise to $170 and then to $200.Conversely, if the 50-day SMA cracks, the pair could witness panic selling and the price could then drop to the 78.6% Fibonacci retracement level at $98.26.DOT/USDTPolkadot’s (DOT) rebound off $25.50 stalled at $33.60. This indicates that bears are selling at higher levels. The bears are trying to lower the price below $28.60, the breakout level. Daily chart DOT/USDT Source: TradingViewA break or close below $25.50 would complete a bearish head-and-shoulders pattern. The DOT/USDT currency pair could then begin its decline towards the 100-day SMA ($21.87), and then to the pattern Target at $12.23. A break above $33.60 could lead to a retest at $38.77. Related: Bitcoin price hits $45K, TWTR stock prices rise 3.8% after BTC tipping is made to TwitterDOGE/USDT. The bulls pushed Dogecoin above $0.21 on Sept. 22, but the recovery failed at higher levels to attract buyers. Today’s price is below $0.21 after forming an inside-day pattern of candlesticks on Sept. 23. Daily chart of DOGE/USDT Source: TradingViewThe downwardly trending 20-day EMA ($0.23), and the RSI close to 36 indicate that sellers have the upper hand. The DOGE/USDT pair may sink below $0.19 if bears do so. This support has held on three occasions before and the bulls will continue to defend it. On the other hand, if bears sink the price below $0.15, the selling may intensify and the pair could plummet to $0.10.AVAX/USDTAvalanche (AVAX) rebounded off the 20-day EMA ($60.15) on Sept. 21 and rose to a new all-time high on Sept. 23. The daily chart of AVAX/USDT shows that the bulls failed to push the price above the resistance line in the ascending channel. This could have led to short-term traders profit-booking. Source: TradingViewThe pair AVAX/USDT has fallen today. The support line of the channel could be the first stop. If the support line is strong, it will mean that the uptrend is intact and traders are still accumulating on dips. The pair could then rise as high as $94. A break or close below the channel would be the first sign that bulls are losing their grip. If bears pull the price below the 20-day EMA, the pair could plummet to $48 and then to the 50-day SMA ($43.06).LUNA/USDTThe bulls successfully defended the retest of the breakout level in Terra protocol’s LUNA token on Sept. 21. This suggested that sentiment remained positive and traders viewed the dips as a buying opportunity.LUNA/USDT daily chart. Source: TradingViewThe price climbed above the 20-day EMA ($33.06), and then followed that up with another move on Sept. 23. The 20-day EMA is starting to rise, but the RSI shows a negative divergence. This indicates that the bullish momentum could be weakening. If bears pull back and keep the price below the EMA, the LUNA/USDT pairs could drop to $22.40. This is a crucial level to watch because if it breaks, selling could intensify, and the pair could drop to $18. A breakout or close above this level could signal a resumption in the uptrend. Risk is inherent in every investment and trading move. HitBTC exchange provides market data.

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