Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Stellar, Litecoin, Cardano, Monero, Dash: Price Analysis, September 28

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The market data is provided by the HitBTC exchange.

Have Bitcoin and the top altcoins bottomed out? We have been maintaining for some time that Bitcoin and a few other cryptocurrencies are in the process of forming a bottom.

Now, several experts are also saying that Bitcoin is likely to rally in the final quarter of this year. If the institutions make an entry, the rally might pick up steam. A few technical  indicators are also pointing to a rally in the next few weeks and months.

The head of research at Fundstrat Global Advisors and a crypto bull Tom Lee has a very optimistic target for Ethereum. He predicted that the second largest cryptocurrency by market capitalization will jump more than 700 percent from its current price level by the end of 2018.

Investors, however, should be cautious and only invest the money they can afford to lose, because every analyst gets a call wrong once in a while.

On the side of fundamentals, the news and developments remain strong. Switzerland-based startup SEBA Crypto AG, led by former UBS bankers, has raised about $103 million to set up a bank offering cryptocurrency-related services.

Ukraine’s central bank is planning to launch a state-owned digital currency tied to the national fiat currency at a rate of 1:1. This plan has been in the pipeline for some time now, but still, it will be interesting to see the markets’ reaction if Ukraine launches a government-backed cryptocurrency.

Is the trend for cryptocurrencies about to reverse? Let’s find out.

Note: as a number of cryptocurrencies are showing bottom formations or buy setups, we are recommending them. However, the traders should not jump in and invest all available capital. They should do their own due diligence and only attempt the trades they are confident about. The sentiment is still bearish; hence, caution is warranted.

BTC/USD

Bitcoin has broken out of the moving averages, but is facing resistance at the September 22 intraday high of $6,831.99. The downtrend line of the descending triangle is located just above this level at $6,930. We expect the bears to mount a stiff resistance in this zone.

BTC/USD

If the bulls succeed in breaking out of the downtrend line, a move to $7,413.46 is possible. We anticipate a strong bout of short covering if this level is scaled. Therefore, the traders can hold their long positions with the stops at $5,900.

On the downside, the supports are at $6,583.46 and $6,341. If these supports break, a retest of the critical support zone of $5,900–$6,075 is probable.

Currently, both moving averages are flat and the RSI is close to the neutral zone, which suggests consolidation in the short-term. The next directional move on the upside will start after the BTC/USD pair sustains above $6,930.

ETH/USD

The bulls have held on to the $200 level for the past three days, but are struggling to push price above the 20-day EMA. If this resistance is crossed, the next major resistance is the 50-day SMA. Ethereum has not broken out of the 50-day SMA since May 24, hence, this becomes an important level on the upside.