Bitcoin (BTC) is leading the recovery in the crypto sector and today the cryptocurrency briefly rebounded to $ 48,429 before returning to test fundamental support levels.
During a live stream at the SALT conference, Cathie Wood, CEO of Ark Invest said that Bitcoin is the standard currency of the crypto space and could grow tenfold in the next 5 years.
Their forecast is based on the assumption that Bitcoin will find a place on the balance sheets of many companies and that institutional investors will increase their allocation to Bitcoin and other cryptocurrencies by around 5%.
Several long-established financial companies have recognized the growing need for digital assets and are expanding their crypto offerings to meet this demand. Morgan Stanley recently set up a new crypto-focused research department “in recognition of the growing importance of cryptocurrencies and other digital assets in the world market”.
More positive news came from executives at Fidelity Investments, who appear to have met with several U.S. Securities and Exchange Commission officials emphasizing the importance of approving Bitcoin exchange transactions by a fund. Executives pointed to the growing adoption rate of Bitcoin, the approval of similar funds in other countries, and the growing demand for the digital asset.
Can Bitcoin and Altcoins sustain the current rally? Let’s analyze the top 10 cryptocurrency charts to find out.
BTC / USDT
The long tail of the September 13 bar shows that the bulls are actively buying on a decline near the critical support at $ 42,451.67. Continuous buying by bulls and possibly backed by short-term bears has propelled Bitcoin above its 20-day exponential moving average ($ 47,195) today.
If the bulls hold the price above the 20-day EMA, the BTC / USDT pair can rebound into the overhead resistance area of $ 50,500 to $ 52,920.
The relative strength index (RSI) has returned to positive territory and the 20-day EMA has flattened, signaling a slight advantage to buyers. A breakout and close above the upper zone signal the continuation of the uptrend.
However, bears can hardly throw towels. You will try to prevent the upward movement in the overhead area. If the price deviates from resistance, the pair could consolidate in a wide range for a few more days.
The bears will have to slide and hold the price below $ 42,451.67 to get the upper hand.
ETH / USDT
The long tail on the September 13 bar shows that the bulls are actively defending the 50-day simple moving average ($ 3,189). Buyers pushed Ether (ETH) above the 20-day EMA ($ 3,430) today but could face strong resistance at $ 3,567.06.
If the bulls break the overhead barrier, the ETH / USDT pair can try again to move higher to $ 4,000. Alternatively, if the price goes down from $ 3,567.06 the pair may drop to the 50-day SMA.
Such a move would suggest the pair is likely to stay in the range for a few days. The flat 20-day EMA and the RSI just above the middle suggest that buyers have a slight advantage.
The bears must move lower and hold the price below the critical support at $ 3,000 to signal the start of a possible downward move.
ADA / USDT
Cardano (ADA) fell below the breakout at $ 2.47 on September 13, but the bears were unable to push the price down to the 50-day SMA ($ 2.21). This shows that sales will be exhausted at lower levels.
The ADA / USDT pair formed a doji candlestick pattern on September 14th, showing indecision between the bulls and the bears. That uncertainty cleared to the top today and buyers are trying to break the barrier at the 20-day EMA ($ 2.55).
If price breaks and closes above the 20-day EMA, the pair can rebound to the overhead resistance area of $ 2.97 to $ 3.10.
Conversely, if the price falls off the 20-day EMA, the bears will try again to lower the pair to the 50-day SMA. A break and close below this support would indicate a possible turnaround.
BNB / USDT
The bears failed to take advantage of the breakthrough and closed below the 50-day SMA ($ 414) on September 13, suggesting buying at lower levels. The bulls are currently trying to push Binance Coin (BNB) above the 20-day EMA ($ 436).
If the bulls manage to maintain price above the 20-day EMA, it suggests that the correction may be over. Thereafter, the BNB / USDT pair can rebound to the overhead resistance of $ 518.90. A break and a close above this level signal the continuation of the uptrend.
Conversely, if the price falls below the 20-day EMA, it shows that the bears are selling as the rallies wear off. The bears will then make one more attempt to lower the pair to the nearest support at $ 340.
XRP / USDT
XRP bounced off the 50-day SMA ($ 1.05) on September 13, suggesting the bulls are defending that level. The altcoin can now rebound to the 20-day EMA ($ 1.13) where the bears are likely to be a major challenge.
The 20-day EMA is gradually falling and the RSI is just below the middle, giving the bears a slight advantage. A break and close below the 50-day SMA will show that the bears have overwhelmed the bulls. Selling could pick up if the bears push the price below the September 7 low of $ 0.95.
In contrast, this suggests that the correction may be over if the bulls push and hold the price above the 20-day EMA. The XRP / USDT pair can then rebound to the overhead resistance area of $ 1.35 to $ 1.41.
SOL / USDT
The long tail of Solana (SOL) candles on September 13-14 shows that the bulls are trying to defend the 20-day EMA ($ 145) but the negative sign is that the bears will not allow the rebound .
Today’s candlestick pattern shows the indecision between the bulls and the bears. If the downside uncertainty resolves and the SOL / USDT pair breaks below the 20-day EMA, the correction can extend to the 61.8% Fibonacci retracement level at $ 123.42.
The deeper the correction, the longer it can take for the next phase of the uptrend to begin. On the flip side, if the price climbs above $ 171.83, the pair can soar to $ 197.41 and then retest the all-time high of $ 216.
DOT / USDT
Polkadot (DOT) has continued its journey north, but the cops have not been able to overcome the hurdle at the resistance line. The RSI has turned down from the downtrendline and the negative divergence remains intact.
If buyers push the price above the resistance line and close, the DOT / USDT pair may gain momentum. The pair can then climb to $ 41.40, and if that level is exceeded, the next stop could be the all-time high at $ 49.78.
Alternatively, if the price drops from current levels, the pair may fall to the 20-day EMA ($ 31.45). A strong rebound from this support zone will show that the bulls are actively buying down. That increases the likelihood of a breakout above the resistance line.
A break and close below the 20-day EMA is the first sign that the bears are strong again.
Related: MicroStrategy’s Bitcoin Treasury exceeds cash held by 80% of S&P 500 non-financial companies
DOGE / USDT
Dogecoin (DOGE) is stuck between the moving averages and the support at $ 0.21. Although the bulls are trying to defend the $ 0.21 support, the rebound lacks strength. This shows a weak demand at the current level.
The moving averages are well on their way to complete a bearish crossover and the RSI is still trading in negative territory, suggesting that the path of least resistance is on the downside.
If the bears break below $ 0.21, the DOGE / USDT pair may fall to the next big support at $ 0.15.
Conversely, a break and a close above the moving averages are the first signs that the bulls are back in the game. The pair could gain momentum above the downtrendline.
UNI / USDT
The bears have repeatedly failed to pull Uniswap (UNI) below the September 7 low of USD 21 in the past few days. This shows buying at lower levels. The bulls drove the price above $ 25 on September 14th but are facing strong resistance on the moving averages.
If the price goes down and drops below $ 25, the UNI / USDT pair may fall back to $ 23.45 and then $ 21. This is an important level to watch out for as a break below it could signal a deeper correction.
Conversely, if the price rebounds from $ 25 or $ 23.45, it indicates that the bulls are trying to return. A break and close above the moving average could open the door to a possible rally to $ 31.41.
LUNA / USDT
The Terra Protocol’s LUNA token bounced off the 20-day EMA ($ 33.50) on September 13, as evidenced by the long tail of the day candle. This shows that sentiment is still positive and traders are buying on the downside.
The LUNA / USDT pair formed an internal candlestick pattern on September 14th, showing indecision between the bulls and the bears. A break and close below the 20-day EMA signals an advantage …