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.

Samen met dit, 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. Voorlopig, investors continue to focus on select altcoins that have continued their northward journey.

Crypto-marktgegevens dagelijkse weergave. Bron: Coin360

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) op 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.

BTC / USDT dagelijkse grafiek. Bron: TradingView

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 naar $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 stijgt. Als dat gebeurt, het paar zou zich kunnen verzamelen $60,000.

Aan de andere kant, als de prijs naar beneden gaat vanaf het huidige niveau, 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.

BTC / USDT 4-uurs grafiek. Bron: TradingView

The 4-hour chart shows that the price turned down from $47,550 twee keer. Vandaar, 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.

Echter, the moving averages are on the verge of a bearish crossover, indicating that sellers are attempting to make a comeback. Een pauze en hieronder sluiten $44,000 could signal a minor advantage to bears. The pair could then drop to the critical level at $42,451.67.

ALGO/USDT

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 (IETS) above the stiff overhead resistance at $1.84.

ALGO/USDT daily chart. Bron: TradingView

The bears tried to trap the bulls by sinking the price below the breakout level at $1.84 op 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.

Als ze slagen, the pair could resume the uptrend with the first target on the upside at $3 en toen $3.32. Integendeel, als de prijs nogmaals omlaag gaat van $2.49, het paar zou kunnen dalen tot $1.84 and stay range-bound between these two levels for the next few days.

Een pauze en hieronder sluiten $1.84 will suggest that the current breakout was a bull trap. The pair could then slide to $1.60.

ALGO/USDT 4-hour chart. Bron: TradingView

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, het vergroot de kans op een pauze hierboven $2.49. If buyers sustain the breakout, it could signal the resumption of the uptrend.

ATOM/USDT

Kosmos (ATOOM) bounced off the breakout level at $17.56 op sep. 7, wat suggereert dat stieren deze steun agressief verdedigen?. This was the second instance that bulls successfully held this level, the previous one was on Aug. 26 en 27.

ATOM/USDT dagelijkse grafiek. Bron: TradingView

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. Ze zullen proberen de prijs hieronder terug te trekken $32.32 en val de agressieve stieren in de val. Als ze slagen, het paar kan dalen naar $26. A break below this level will suggest that the bullish momentum has weakened.

ATOM / USDT 4-uurs grafiek. Bron: TradingView

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. Als stieren de bovenstaande prijs ondersteunen? $32.32, het paar zou zich kunnen verzamelen $38.49.

Omgekeerd, if bears again pull the price below $32.32, het paar zou kunnen dalen tot $30.98. Als de prijs terugkaatst van dit niveau, the bulls will attempt to resume the uptrend but if the support cracks, de daling zou zich kunnen uitstrekken tot de kritische ondersteuning bij $26.

XTZ / USDT

Tezos (XTZ) completed a successful retest of the breakout level at $4.47 op sept. 7 and Sept. 8. Although bears pulled the price below the 200-day SMA ($4.19), ze konden de lagere niveaus niet volhouden. This suggests accumulation on dips.

XTZ / USDT dagelijkse grafiek. Bron: TradingView

The XTZ/USDT pair picked up momentum on Sep. 9 and bulls pushed the price above the overhead resistance at $6.14 op sep. 10. The long wick on the candlestick of the past two days indicates strong selling near $7.

Vandaar, this becomes an important resistance for the bulls to cross. Als het ze lukt om dat te doen, het pair zou het hoogste punt ooit kunnen testen op $8.42. A breakout and close above this level will suggest the start of a new uptrend.

alternatief, if the price once again turns down from the overhead resistance, het paar zou kunnen dalen tot $5. Zo'n stap suggereert agressieve winstboekingen op hogere niveaus.

XTZ / USDT 4-uurs grafiek. Bron: TradingView

The 4-hour chart shows the pair is currently consolidating between $5.88 en $6.80. If bulls drive and sustain the price above the overhead resistance zone at $6.80 naar $6.95, het paar kan zich verzamelen $7.72.

Als de prijs omlaag gaat van $6.80, the pair may extend its range-bound action for some more time. Een pauze en hieronder sluiten $5.88 zal het eerste teken zijn dat stieren hun grip verliezen. The pair could then drop to the 50-SMA.

Verwant: El Salvador koopt de dip terwijl Bitcoin Law live gaat, 101 Bored Ape NFT's verkocht voor $ 24 miljoen, Oekraïne keurt cryptowetgeving goed: Hodler's Digest, september. 5-11

EGLD/USD

Elrond (EGLD) rebounded off the 200-day SMA ($131) op 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.

EGLD/USDT daily chart. Bron: TradingView

Sustained buying propelled the EGLD/USDT pair to a new all-time high on Sep. 11 where bears tried to stall the up-move. Echter, the bulls were in no mood to let go of their advantage and have pushed the price to a new all-time high today.

Als stieren de bovenstaande prijs ondersteunen? $245.80, het paar zou de volgende etappe van de uptrend kunnen beginnen. The bears may pose a stiff challenge at the psychological level at $300, but if bulls can overcome this resistance, de rally kan zich uitstrekken tot $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.

EGLD/USDT 4-hour chart. Bron: TradingView

The bulls are currently attempting to push and sustain the price above the resistance line of the ascending channel pattern. Als het ze lukt om dat te doen, the bullish momentum could pick up further and the pair may enter a blow-off phase.

Aan de andere kant, als de prijs naar beneden gaat vanaf het huidige niveau, het paar kan naar de ondersteuningslijn van het kanaal vallen. 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.

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