After forming a continuous candlestick pattern on the weekly chart of the past three weeks, Bitcoin (BTC) is expected to end the week with a positive attitude. This is an early sign that the uncertainty between bulls and bears is addressing the upward problem
After forming a continuous candlestick pattern on the weekly chart of the past three weeks, Bitcoin (BTC) is expected to end the week with a positive attitude. This is an early sign that the uncertainty between bulls and bears is addressing the upward problem.
Although the recovery is still in its early stages, the Federal Open Market Committee meeting on September 20th may exacerbate volatility. Most market participants expect the Federal Reserve to maintain the current interest rate situation, but Federal Reserve Chairman Powell may encounter unexpected situations at a press conference after the interest rate decision.
Bitcoin has rebounded from a strong support level around $24800, sparking interest in purchasing certain counterfeit coins, providing trading opportunities. In order for these counterfeit coins to continue to rise, Bitcoin needs to remain above $26500.
Can the easing rebound of Bitcoin accelerate its momentum and trigger purchases of certain counterfeit coins? Let's study the charts of the top 5 cryptocurrencies that have shown promising prospects in recent times.
Bitcoin Price Analysis
On September 14th, Bitcoin rose above the 20-day moving average ($26303), indicating that selling pressure is easing. Afterwards, bulls repeatedly thwarted short sellers' attempts to pull prices back below the 20-day moving average.
Buyers will try to leverage their strengths to push the BTC/USDT currency pair to the 50 day simple moving average ($27295). This level may be a minor obstacle, but if overcome, the currency pair may reach $28143. It is expected that bears will vigorously defend this level.
If bears want to maintain an advantage, they must lower their prices below the 20 day moving average. This may trap aggressive bulls and open the door to the possibility of retesting the key support level of $24800.
The 4-hour chart shows prices consistently above the 20 moving average, indicating that bulls are buying on dips. This indicates that traders expect the recovery to continue. If the buyer breaks the $26900 barrier, the currency pair may climb to $27600 and eventually rise to $28143.
If bears want to make a comeback, they must lower their prices and maintain them below the 20 moving average. This measure will clear the way for strong support areas to further fall to the 50 moving average and subsequently between $25600 and $25300.
Manufacturer Price Analysis
On September 15th, buyers pushed the Maker (MKR) above their 50 day moving average ($1162), indicating that bulls are trying to take control of the situation.
The MKR/USDT currency pair is about to rise to $1370. This level may witness a tough battle between bulls and bears. If the bulls do not give up too much ground from that level, the likelihood of breaking through that level will increase. If this happens, the currency pair may accelerate and charge towards $1759.
The key level worth noting in the downward direction is the 20-day moving average ($1162). If the level breaks, it indicates that the currency pair may fluctuate in a large range between $980 and $1370 for a period of time.
The 4-hour chart shows that bulls still dominate, but RSI is close to the overbought area, indicating a slight adjustment or consolidation in the near future. 20EMA remains a key level worth paying attention to in the downward direction. Breaking through and closing below may indicate a deeper correction towards the 50 moving average.
On the contrary, if the price rebounds from the 20 moving average, it indicates that bulls continue to buy on dips. This may start to rebound to the resistance level above $1370.
AAVE Price Analysis
On September 16th, Aave (AAVE) surged above the moving average, indicating that bulls have taken action. However, the long shadow on the candlestick on that day indicated that the selling was at a high level.
A small advantage in favor of bulls is that they do not allow bears to make a comeback and once again attempt to maintain prices above the 50 day moving average ($59). If they succeed, the AAVE/USDT currency pair may accelerate to $70 and then rise to $76.
The 20-day moving average ($56) is an important support that deserves attention in the near future. If the price falls below this level, it indicates that bears are active at a higher level. This may cause the currency pair to fall to a solid support level of $48.
The 4-hour chart shows that bulls have recently made a pullback to their 20-day moving average, indicating that market sentiment has turned positive. Buyers will attempt to push prices beyond the resistance level of $63. If they succeed, the currency pair may soar to $70.
Contrary to this assumption, if prices fall and fall below the 20 moving average, it indicates a higher level of demand depletion. Then the currency pair may slide towards the 50 moving average, which may attract buyers.
Related: How low can Bitcoin prices fall?
THORChain Price Analysis
THORChain (RUNE) has shown a wise recovery in the past few days, indicating that buyers are trying to make a comeback.
The upward trend is approaching the strong resistance level of $2, which may become the main obstacle. If the price drops significantly from $2, it indicates that bulls are in a hurry to exit. This may lower the price to the 20 day moving average ($1.62).
On the contrary, if the RUNE/USDT currency pair has not retreated too much from its current level, it indicates that bulls are sticking to their positions as they expect the rally to continue further. If $2 is withdrawn, the currency pair may start a new upward trend, rising to $2.30 and then to $2.80.
The 4-hour chart shows that the $2 level is a resistance level. The price may fall back to the 20 moving average, which may become strong support. If prices rebound strongly from this level, bulls will once again try to overcome the $2 barrier. If they succeed in achieving this, the currency pair may soar to $2.30.
The first sign of weakness will be to fall below and close below the 20 moving average. This may attract some short-term traders to take profits. Subsequently, the currency pair may fall to the 50 moving average.
Rendering Price Analysis
On September 15th, Render (RNDR) broke through and closed above the 50 day moving average ($1.58), indicating that selling pressure may be easing.
The moving average is on the edge of a bullish crossover, and the RSI is in a positive range, indicating a slight advantage for bulls. If the price rebounds from the 20-day moving average ($1.50), it indicates that market sentiment has shifted from selling on high to buying on low. This may start a stronger rebound to $1.83 and then to $2.20.
If prices continue to decline and fall below the moving average, this positive view may become invalid in the short term. Subsequently, the RNDR/USDT currency pair may plummet to $1.38, followed by a drop to $1.29.
The moving average on the 4-hour chart tilts upwards, and the RSI is in a positive range, indicating that buyers have an advantage. The first noteworthy support level in the downward direction is the 20-day moving average. If the price rebounds from this level, it indicates that bulls continue to view bargain hunting as a buying opportunity. This increases the likelihood of a rebound to $1.77.
On the contrary, if the 20 moving average yields, the currency pair may slide towards the 50 moving average. For bulls, this is an important defensive level, as falling below this level may cause the currency pair to fall to $1.39.
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