The recovery of the crypto market came as a shock on September 24. The Chinese government is taking new steps, including strong inter-departmental coordination, to “shut down payment channels, dispose of relevant websites and mobile applications” to take action against illegal cryptocurrencies. Transact efficiently.
While this news has caused sales, long-term investors are not likely to be disappointed because, apart from announcing additional steps to make the existing sanctions effective, nothing else has changed.
China first announced a ban on cryptocurrencies in September 2017 and that news sharply corrected the price of Bitcoin (BTC). However, this dip has proven to be a good buying opportunity as prices recover in a few weeks and reach a new all-time high of around $ 20,000 in less than three months.
Could the current revision of Bitcoin and most major altcoins be a better buying opportunity or could crypto markets fall further? Let’s analyze the lists of the top 10 cryptocurrencies.
BTC / USDT
Bitcoin surpassed the 100-day simple moving average ($ 40,874) and rose above the neckline of the September 22 head and shoulder pattern. It shows strong demand at lower levels but could not overcome the 20-day indexal barrier of recovery moving average ($ 45,596).
The 20-day EMA and the Relative Strength Index (RSI) downsloping in the negative territory indicate that the bear has an upper arm. If the bear sinks and holds the price below the 100-day SMA, the BTC / USDT pair could fall to 37 37,332.70.
This level may act as a strong support but if it catches the crack, the next stop could be the pattern target at $ 32,423.05.
Contrary to this assumption, if the price changes from the current level or the 100-day SMA, the bulls will again try to run this pair above the moving average. A close to the 50-day SMA ($ 46,816) would suggest that the correction may be over.
ETH / USDT
Ether (ETH) closed the 100-day SMA ($ 2,734) on September 22 and rose above the breakout level to $ 3,000. It shows that the bulls bought the dive and tried to stop the aggressive bear.
However, the 2 recovery September 3 recovery, has stopped at ১ 14.50 and the bears are trying to establish their dominance. The 20-day EMA ($ 3,255) and the RSI below 41 indicate that the bears are in command.
If the indicator breaks below the 100-day SMA and closes, the ETH / USDT pair may witness aggressive selling. The pair could then move towards the pattern target at $ 1,972.12. This negative view will be invalid if bulls drive and hold prices above the moving average.
ADA / USDT
Cardano’s (ADA) strong rebound to the 1.94 level blocked a road at the 20-day EMA ($ 2.36). This suggests that attitudes remain negative and traders sell at the rally in the 20-day EMA.
The Bears will now try to sink the price below the critical support area of $ 1.94 and the 100-day SMA (1.83). If they succeed, the ADA / USDT pair could drop to $ 1.60 and then to 40 1.40.
Alternatively, if the price rises above current levels or closes at $ 1.94, the bulls will again try to overcome the overhead barrier. A break and a close above the 20-day EMA would be the first sign that the correction could end. The pair could then rally to 2.60 and then 2.80.
BNB / USDT
Binance Coin’s (BNB) closed strong support at 40 340, which fell to 38 385.30 today, indicating strong selling by traders at higher levels.
The RSI below the 20-day EMA ($ 402) and 37 indicates that the bear is in control. If the $ 340 support is cracked, sales could intensify and the BNB / USDT pair could extend its decline to $ 300 and then to $ 250.
Contrary to this notion, if the price moves closer to the current level, the bulls will make another attempt to raise the price above the moving average. A break and a close above $ 433 will signal that the correction is over.
XRP / USDT
XRP closed the 100-day SMA ($ 0.87) on September 22 but the bulls could not extend the recovery. Altcoin formed a Doji candle pattern on September 23rd, indicating indecision between bulls and bears.
Uncertainty has resolved lower today as bear prices have fallen to the 100-day SMA. If this support gives way, sales could accelerate and the XRP / USDT pair could slide to 0. 70.
This level can act as a strong support but if the bearish price sinks below it the next stop could be $ 0.50. This negative outlook will be rejected if the price closes the 100-day SMA and rises above the অঞ্চ 1.07 to $ 1.13 resistance zone.
SOL / USDT
Solana (SOL) rose above the 20-day EMA ($ 145) on September 22 but the bulls were unable to raise prices above the downtrend line. It is suggested that bears are sold at gatherings.
Bear has pulled the price below the 20-day EMA today and the SOL / USDT pair can now drop to the 50-day SMA ($ 108). This level is likely to act as a strong support.
If prices fall again, the bulls will again try to raise and keep prices above the downtrend line. If they can pull it off, the pair could go up to $ 170 and then $ 200.
Conversely, if the 50-day SMA ruptures, the pair could witness panic sales and the price could drop to 78 98.26 at the 78.6% Fibonacci retracement level.
Dot / usdt
Polkadot’s (DOT) closed at $ 33.60, closing at $ 25.50. This suggests that bears are being sold at a higher level. The Bears are trying to pull the price below the breakout level at $ 28.60. If they manage to do this, there is a possibility of a re-examination of 25.50.
A break and close below $ 25.50 would complete a bearish head and shoulder pattern. The DOT / USDT pair could start its fall at the 100-day SMA ($ 21.87) and then the pattern target at 12.23.
Contrary to this notion, if the price returns to the current level or the neckline, the bulls will try to move forward again. A break above. 33.60 and a close at $ 38.77 could open the door for a retest.
Related: Bitcoin hits $ 45, TWTR stock price rises 3.8% after BTC tipping on Twitter
Doug / USDT
Bulls pushed Dogcoin (DOGE) above $ 0.21 on September 22 but failed to attract buyers to the high level of recovery. After forming an internal candlestick pattern on September 23, prices have fallen below $ 0.21 today.
The 20-day EMA ($ 0.23) and the RSI around 36 suggest that sellers have the upper hand. If the bear sinks below the $ 0.19 support, the DOGE / USDT pair could extend its fall to সা 0.15 to critical support.
This level has been held in the previous three events, so the bulls will try to defend it again. On the other hand, if the bear price sinks below $ 0.15, sales could intensify and the pair could drop to 10 0.10.
AVAX / USDT
The 20-day EMA ($ 60.15) closed on September 21 and rose to a new all-time high on September 23. This allows short-term traders to book profits.
The AVAX / USDT pair declined today and the first stop could be the channel’s support line. A strong rebound off this support will indicate that the uptrend is intact and traders are accumulating on dips. The pair could then rise to 94.
On the other hand, a break and closure at the bottom of the channel would be the first sign that the bulls are losing their hold. If the bear pulls the price below the 20-day EMA, the pair could fall to $ 48 and then the 50-day SMA ($ 43.06).
Moon / USDT
The bulls successfully re-checked the breakout level on the LUNA token of the Terra protocol.
On 22 September buyers raised prices above the 20-day EMA (33.06) and on 23 September took another step. Although the 20-day EMA has started to turn, the RSI is a negative deviation, indicating that the bullish momentum may weaken.
If the bears pull and hold prices below the 20-day EMA, the LUNA / USDT pair could again fall to critical support at 22.40. This is an important level to watch because if it cracks, sales could intensify and the pair could drop to $ 18.
Side upside, if the bulls run above $ 40, the pair could re-test at an all-time high of .0 45.01. A breakout above this level and a closed uptrend could signal a resumption.
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