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The recovery of the crypto market was rocked on September 24 after it was announced that the Chinese government was adopting a new set of measures including enhanced inter-ministerial coordination to “cut off payment channels, get rid of relevant websites and mobile apps “to crack down on illegal cryptocurrency. transactions efficiently.
Although the news caused a massive sell-off, long-term investors are unlikely to be upset because, other than announcing additional measures to effectively enforce the existing ban, nothing else has changed.
China first announced a cryptocurrency ban in September 2017 and this news also led to a sharp correction in the price of Bitcoin (BTC). However, this decline turned out to be a good buying opportunity as the price rallied in a matter of weeks and hit a new all-time high near $ 20,000 in less than three months.
Is the current correction in Bitcoin and most major altcoins a good buying opportunity or could the crypto markets fall further? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
BTC / USDT
Bitcoin rebounded off the 100-day simple moving average ($ 40,874) and broke the head and shoulder neck line on September 22. This showed strong demand at lower levels, but the recovery could not overcome the 20-day exponential hurdle. moving average ($ 45,596).
The 20-day waning EMA and the Relative Strength Index (RSI) in the negative zone indicate that the bears have the upper hand. If the bears move lower and hold the price below the 100-day SMA, the BTC / USDT pair could drop to $ 37,332.70.
This level may act as strong support, but if it cracks, the next stop could be at the pattern target at $ 32,423.05.
Contrary to this assumption, if the price rises from the current level or the 100 day SMA, the bulls will try again to lead the pair above the moving averages. A close above the 50-day SMA ($ 46,816) will suggest the correction may be over.
ETH / USDT
Ether (ETH) rebounded off the 100-day SMA ($ 2,734) on September 22 and broke the breakdown level at $ 3,000. This shows that the bulls bought the decline and tried to trap the aggressive bears.
However, the recovery stagnated at $ 3,174.50 on September 23 and the Bears are trying to establish their supremacy. The declining 20-day EMA ($ 3,255) and RSI below 41 indicate the bears are in control.
If the index breaks and closes below the 100-day SMA, the ETH / USDT pair could witness aggressive selling. The pair could then fall towards the configuration target at $ 1,972.12. This negative view will invalidate if the bulls lead and hold the price above the moving averages.
ADA / USDT
Cardano’s (ADA) strong rebound from the $ 1.94 level hit a roadblock at the 20-day EMA ($ 2.36). This suggests sentiment remains negative and traders are selling on the 20-day EMA rallies.
The bears will now try to take the price below the critical support area at $ 1.94 and the 100-day SMA ($ 1.83). If they are successful, the ADA / USDT pair could drop to $ 1.60 and then to $ 1.40.
Alternatively, if the price rises from the current level or bounces off $ 1.94, the bulls will attempt to break through the air barrier again. A breakout and close above the 20-day EMA will be the first sign that the correction may be complete. The pair could then rise to $ 2.60 and then to $ 2.80.
BNB / USDT
Binance Coin’s (BNB) rebound to strong support at $ 340 rose from $ 385.30 today, indicating a strong sell-off by traders at higher levels.
The 20-day decreasing EMA ($ 402) and RSI below 37 indicate the bears are in control. If the $ 340 support cracks, the selloff could intensify and the BNB / USDT pair could extend its decline to $ 300 and then to $ 250.
Contrary to this assumption, if the price rebounds from the current level, the bulls will make another attempt to push the price above the moving averages. A breakout and close above $ 433 will signal that the correction may be over.
XRP / USDT
XRP rebounded off the 100-day SMA ($ 0.87) on September 22, but the bulls were unable to extend the rally. The altcoin formed a Doji candlestick pattern on September 23, indicating indecision among bulls and bears.
Uncertainty resolved lower today as bears dragged the price all the way to the 100-day SMA. If this support breaks, selling could accelerate and XRP / USDT could slide to $ 0. 70.
This level may be strong support, but if the bears drop the price below, the next stop could be $ 0.50. This negative opinion will be reversed if the price bounces off the 100-day SMA and breaks the resistance zone of $ 1.07 to $ 1.13.
SOL / USDT
Solana (SOL) rebounded and broke the 20-day EMA ($ 145) on September 22, but the bulls were unable to push the price above the downtrend line. This suggests that bears are selling on rallies.
The bears took the price below the 20-day EMA today and the SOL / USDT pair may now drop to the 50-day SMA ($ 108). This level is likely to act as a solid support.
If the price rebounds, the bulls will try to push again and hold the price above the downtrend line. If they succeed, the pair could reach $ 170, then $ 200.
Conversely, if the 50-day SMA cracks, the pair could witness a panic sell-off and the price could then drop to the 78.6% Fibonacci retracement level at $ 98.26.
DOT / USDT
Polkadot’s (DOT) rebound on $ 25.50 stopped at $ 33.60. This suggests that bears are selling at higher levels. The bears are trying to pull the price below the $ 28.60 breakout level. If they are successful, a retest of $ 25.50 is likely.
A breakout and close below $ 25.50 will complete a bearish head and shoulder pattern. The DOT / USDT could then begin its decline towards the 100-day SMA ($ 21.87) and then towards the configuration target at $ 12.23.
Contrary to this assumption, if the price rebounds from the current level or from the neck line, the bulls will make another attempt to resume the upside. A breakout and close above $ 33.60 could open the door for a retest at $ 38.77.
Related: Bitcoin hits $ 45,000, TWTR share price rises 3.8% after BTC tip hits Twitter
DOGE / USDT
The bulls pushed Dogecoin (DOGE) above $ 0.21 on September 22, but the rally failed to attract buyers at higher levels. After forming a candlestick pattern inside the day on September 23, the price fell below $ 0.21 today.
The 20-day drop EMA ($ 0.23) and RSI near 36 suggest sellers have the upper hand. If the bears drop the price below the $ 0.19 support, DOGE / USDT could extend its decline to the critical support at $ 0.15.
This level has been held three times, so the bulls will again try to defend it. On the flip side, if the bears drop the price below $ 0.15, the selloff could intensify and the pair could drop to $ 0.10.
AVAX / USDT
Avalanche (AVAX) rebounded off the 20-day EMA ($ 60.15) on September 21 and hit a new all-time high on September 23. However, the bulls were unable to push the price above the resistance line of the ascending channel, which may have resulted in short-term traders taking a profit.
AVAX / USDT has moved lower today and the first stop could be the channel support line. A strong rebound on this support will indicate that the uptrend remains intact and traders are accumulating on the lows. The pair could then rise to $ 94.
On the flip side, a breakout and close below the channel will be the first sign that the bulls could lose their grip. If the bears pull the price below the 20-day EMA, the pair could drop to $ 48 and then to the 50-day SMA ($ 43.06).
LUNA / USDT
The Bulls successfully defended the Terra Protocol’s new LUNA token break level test on September 21. This suggested sentiment remained positive and traders viewed the dips as a buying opportunity.
Buyers pushed the price above the 20-day EMA ($ 33.06) on September 22 and followed another rise on September 23. Although the 20-day EMA has started to rise, the RSI is showing divergence, indicating that the bullish momentum may weaken.
If the bears pull and hold the price below the 20-day EMA, the LUNA / USDT could again drop to the critical support at $ 22.40. This is an important level to watch because if it cracks, the selloff could intensify and the pair could drop to $ 18.
On the upside, if the bulls push the price above $ 40, the pair could retest all-time high at $ 45.01. A breakout and close above this level could signal a resumption of the uptrend.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of UKTN. Every investment and trade move involves risk. You should do your own research before making a decision.
Market data is provided by HitBTC to exchange.
