While Bitcoin price is fighting to hold above the 200-day SMA, ALGO, ÁTOMO, XTZ, and EGLD continue to march higher.
Bitcoin (BTC) is witnessing a tough tussle between the bulls and the bears near the 200-day simple moving average, which is considered as an important level by institutional investors attempting to decide whether the asset is bullish or bearish.
Junto con esto, crypto investors are also watching the formation of a golden cross in Bitcoin. If this bullish setup completes, it will signal a trend in favor of the bulls. Siendo por el momento, investors continue to focus on select altcoins that have continued their northward journey.
On the fundamental front, Bitcoin reached another milestone as miners produced the 700,000th block on Sep. 11. Bitcoin was trading near $8,000 when the 600,000th block was reached on Oct. 18, 2019.
Reaching this milestone led some Twitter users to quote Hal Finney, one of Bitcoin’s earliest pioneers who had said:
“Every day that goes by and Bitcoin hasn’t collapsed due to legal or technical problems, that brings new information to the market. It increases the chance of Bitcoin’s eventual success and justifies a higher price.”
Let’s study the charts of the top-5 cryptocurrencies that may attract trader’s attention in the short term.
BTC / USDT
Bitcoin closed below the 200-day SMA ($45,894) en Sep. 10 but bears have not been able to capitalize on this move. The bulls are currently attempting to push the price back above the 200-day SMA.
The moving averages are close to completing a golden cross, indicating that the advantage is likely to tilt in favor of the bulls. If buyers push the price above $47,399.97, the BTC/USDT pair will attempt to rise to the overhead zone of $50,500 a $52,920.
The bears are likely to defend the overhead zone aggressively but if bulls do not give up much ground, the likelihood of a break above $52,920 aumenta. Si eso pasa, la pareja podría reunirse para $60,000.
Por otra parte, si el precio baja del nivel actual, it will suggest that bears are aggressively defending the 200-day SMA. The pair could then retest the critical support at $42,451.67. A break below this level could tilt the advantage in favor of bears.
The 4-hour chart shows that the price turned down from $47,550 en dos ocasiones. Por lo tanto, this becomes an important level to watch out for in the short term. A break and close above this resistance may open the doors for a possible move to $50,500.
sin embargo, the moving averages are on the verge of a bearish crossover, indicating that sellers are attempting to make a comeback. Un descanso y un cierre por debajo $44,000 could signal a minor advantage to bears. The pair could then drop to the critical level at $42,451.67.
The long tail on Sep. 7 shows that bulls aggressively bought the dip to the 50-day SMA ($1.10). Strong buying on Sep. 8 propelled Algorand (ALGO) above the stiff overhead resistance at $1.84.
The bears tried to trap the bulls by sinking the price below the breakout level at $1.84 en Sep. 10 but the buyers had other plans. The ALGO/USDT pair has rebounded off the support with strength today and bulls are currently attempting to thrust the price above $2.49.
Si tienen éxito, the pair could resume the uptrend with the first target on the upside at $3 y entonces $3.32. De lo contrario, if the price once again turns down from $2.49, el par podría caer a $1.84 and stay range-bound between these two levels for the next few days.
Un descanso y un cierre por debajo $1.84 will suggest that the current breakout was a bull trap. The pair could then slide to $1.60.
The 4-hour chart shows that bears are defending the overhead resistance at $2.49. If sellers pull the price below $2.30, the pair could again slide to the breakout level at $1.84. A bounce off this support could suggest a range-bound action for some time.
If bulls do not give up much ground from the current levels, aumentará la posibilidad de una ruptura por encima $2.49. If buyers sustain the breakout, it could signal the resumption of the uptrend.
Cosmos (ÁTOMO) bounced off the breakout level at $17.56 en Sep. 7, sugiriendo que los alcistas están defendiendo agresivamente este apoyo. This was the second instance that bulls successfully held this level, the previous one was on Aug. 26 y 27.
The long tail on Sep. 8 showed that sentiment was turning positive and traders were buying on dips. The moving averages have completed a golden cross, indicating that bulls are back in the driver’s seat.
Strong buying today has pushed the price above the overhead resistance at $32.32. If bulls sustain the breakout, the ATOM/USDT pair may rally to $39.43.
The bears are likely to have other plans. Intentarán bajar el precio por debajo $32.32 y atrapar a los toros agresivos. Si tienen éxito, el par puede caer a $26. A break below this level will suggest that the bullish momentum has weakened.
The 4-hour chart shows that bears sold the breakout above $32.32 but they could not sustain the pair below $32. This suggests that bulls continue to buy on every minor dip. Si los alcistas mantienen el precio por encima $32.32, la pareja podría reunirse para $38.49.
en cambio, if bears again pull the price below $32.32, el par podría caer a $30.98. Si el precio rebota en este nivel, the bulls will attempt to resume the uptrend but if the support cracks, el declive podría extenderse al soporte crítico en $26.
XTZ / USDT
Tezos (XTZ) completed a successful retest of the breakout level at $4.47 en septiembre. 7 and Sept. 8. Although bears pulled the price below the 200-day SMA ($4.19), no pudieron sostener los niveles más bajos. This suggests accumulation on dips.
The XTZ/USDT pair picked up momentum on Sep. 9 and bulls pushed the price above the overhead resistance at $6.14 en Sep. 10. The long wick on the candlestick of the past two days indicates strong selling near $7.
Por lo tanto, this becomes an important resistance for the bulls to cross. Si logran hacer eso, el par podría volver a probar el máximo histórico en $8.42. A breakout and close above this level will suggest the start of a new uptrend.
Alternativamente, if the price once again turns down from the overhead resistance, el par podría caer a $5. Such a move will suggest aggressive profit-booking at higher levels.
The 4-hour chart shows the pair is currently consolidating between $5.88 y $6.80. If bulls drive and sustain the price above the overhead resistance zone at $6.80 a $6.95, la pareja puede unirse a $7.72.
If the price turns down from $6.80, the pair may extend its range-bound action for some more time. Un descanso y un cierre por debajo $5.88 será la primera señal de que los toros están perdiendo el control. The pair could then drop to the 50-SMA.
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Elrond (EGLD) rebounded off the 200-day SMA ($131) en Sep. 7 and Sep. 8, suggesting strong demand at lower levels. The moving averages completed a golden cross on Sep. 9 indicating that bulls are back in command.
Sustained buying propelled the EGLD/USDT pair to a new all-time high on Sep. 11 where bears tried to stall the up-move. sin embargo, the bulls were in no mood to let go of their advantage and have pushed the price to a new all-time high today.
Si los alcistas mantienen el precio por encima $245.80, el par podría comenzar la siguiente etapa de la tendencia alcista. The bears may pose a stiff challenge at the psychological level at $300, but if bulls can overcome this resistance, el rally puede extenderse a $357.80.
The bears will have to pull and sustain the price below the breakout level at $245.80 to signal a possible change in trend.
The bulls are currently attempting to push and sustain the price above the resistance line of the ascending channel pattern. Si logran hacer eso, the bullish momentum could pick up further and the pair may enter a blow-off phase.
Por otra parte, si el precio baja del nivel actual, la pareja puede caer a la línea de soporte del canal. A strong rebound off it will suggest that the sentiment remains positive and traders are buying on dips.
A break and close below the channel will be the first sign that the bullish momentum could be weakening.
Los puntos de vista y opiniones expresados aquí son únicamente los del autor y no reflejan necesariamente los puntos de vista de Cointelegraph.. Cada inversión y movimiento comercial implica un riesgo, debe realizar su propia investigación al tomar una decisión.
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