Key points:
Bitcoin bulls will have to quickly push the price back above the 20-day EMA to prevent a collapse to $105,000.
The shallow pullback in select altcoins suggests that the investors are not hurrying to sell them as they anticipate the up move to continue.
Bitcoin (BTC) is trying to rise above $110,000, but the bears are defending the level. Crypto market sentiment platform Santiment said in a report that “buy the dip” mentions have increased on social media, signaling further downside. Santiment said that a true bottom would form when there is “widespread fear and a lack of interest in buying.”
Another negative for the bulls is that September has largely been negative for BTC. According to CoinGlass data, BTC has closed September in the red on eight occasions since 2013, with an average slide of 3.80%.
Despite the seasonal weakness and the pullback in BTC and major altcoins, institutional investors continued their purchases. Digital asset investment products witnessed $2.48 billion in inflows last week, reversing $1.4 billion in outflows in the prior week, according to CoinShares data.
Could BTC climb back above $110,530, pulling ETH and altcoins higher? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
S&P 500 Index price prediction
The S&P 500 Index (SPX) remains in an uptrend, but the negative divergence on the relative strength index (RSI) suggests the bullish momentum is weakening.
The bears will try to pull the price below the 20-day exponential moving average (EMA (6,418). If they can pull it off, the index could plummet to the 50-day simple moving average (SMA) (6,316) and then to the breakout level of 6,147.
Buyers are expected to fiercely defend the zone between the 50-day SMA and 6,147 because a break below it signals a short-term top. The correction could then deepen to 5,950.
US Dollar Index price prediction
Buyers pushed the US Dollar Index (DXY) above the moving averages on Aug. 25 but could not sustain the higher levels.
The index turned down and closed below the moving averages on Thursday, signaling that the bears are trying to gain the upper hand. There is minor support at 97.55, but if the level cracks, the next stop could be 97.10 and then 96.37.
The bulls will have to swiftly kick the price above the 99 level to prevent the downside. If they manage to do that, the index could reach the 100.50 level. Sellers will try to defend the 100.50 level, but if the bulls prevail, the rally could reach the 102 resistance.
Bitcoin price prediction
BTC plunged below the $110,530 support on Friday, indicating that the bears are trying to take charge.
The bulls are unlikely to give up easily and will try to make a comeback. They will attempt to push the price back above the 20-day EMA ($112,566) but are expected to face significant resistance from the bears.
If the BTC/USDT pair turns down sharply from the 20-day EMA, it signals a negative sentiment. That increases the possibility of a drop to $105,000 and then to $100,000.
Alternatively, a break and close above the 20-day EMA suggests that selling dries up at lower levels. The Bitcoin price may then climb to the 50-day SMA ($115,918).
Ether price prediction
ETH (ETH) has been witnessing a tough battle between the bulls and the bears at the 20-day EMA ($4,378).
The flattish 20-day EMA and the RSI near the midpoint do not give a clear advantage either to the bulls or the bears. If the price skids below the 20-day EMA, the ETH/USDT pair could slump to $4,094. This is a critical level for the bulls to defend because a break below it opens the doors for a fall to $3,745 and then to $3,350.
On the upside, buyers will have to thrust the Ether price above the $4,957 resistance to signal the resumption of the uptrend. The pair could then skyrocket toward $5,500.
XRP price prediction
XRP (XRP) continued its slide to reach the crucial support of $2.73, where the buyers are expected to step in.
Any recovery attempt is likely to face selling at the 20-day EMA ($2.94). If the price turns down sharply from the 20-day EMA, the XRP/USDT pair risks falling below the $2.73 support. The XRP price will then complete a bearish descending triangle pattern, clearing the path for a collapse to $2.33.
Buyers have an uphill task ahead of them. They will have to push and maintain the XRP price above the downtrend line to signal a comeback. The pair may then climb to $3.40.
BNB price prediction
Buyers are trying to maintain BNB (BNB) above the 20-day EMA ($847), but the bears are unlikely to give up easily.
The negative divergence on the RSI suggests the 20-day EMA is at risk of breaking down. If that happens, the BNB/USDT pair could plummet toward the 50-day SMA ($804).
Contrary to this assumption, if the price turns up from the 20-day EMA and breaks above $881, it signals that the bulls remain in control. That enhances the prospects of a break above $900. The BNB price may then start the next leg of the uptrend toward the psychological level of $1,000.
Solana price prediction
Solana (SOL) turned down and broke below the breakout level of $210 on Friday, indicating that the bears are trying to trap the aggressive bulls.
The SOL/USDT pair is likely to find support in the zone between the 20-day EMA (195) and the uptrend line. If the price rebounds off the uptrend line with force, the bulls will try to drive the pair above $218. If they manage to do that, Solana’s price could surge to $240 and later to $260.
Contrarily, a break and close below the uptrend line invalidates the bullish ascending triangle pattern. That could intensify selling, pulling the pair to $175 and then to $155.
Related: Will XRP price drop toward $2 or reverse course?
Dogecoin price prediction
Dogecoin (DOGE) has again dropped to the $0.21 support, indicating that the bears are selling on minor rallies.
The 20-day EMA ($0.22) has started to turn down gradually, and the RSI is just below the midpoint, indicating that the bears have a slight edge. That increases the risk of a break below $0.21. The DOGE/USDT pair may then slump to $0.19.
This negative view will be invalidated in the near term if the price turns up sharply from $0.21 and breaks above the 50-day SMA ($0.22). That suggests the Dogecoin price may swing between $0.21 and $0.26 for a few more days.
Cardano price prediction
Buyers attempted to stall Cardano’s (ADA) pullback at the 50-day SMA ($0.82), but the bears maintained their selling pressure.
The ADA/USDT pair closed below the 50-day SMA on Sunday, starting the move toward the support line of the descending channel pattern. Buyers will try to defend the support line, but the relief rally is expected to face selling at the 20-day EMA ($0.84). If the price turns down sharply from the 20-day EMA, the likelihood of a drop to $0.68 increases.
Buyers will have to propel Cardano’s price above the downtrend line to signal a comeback. The pair could then rally to $1.02.
Chainlink price prediction
Chainlink (LINK) slipped below the 20-day EMA ($23.45) on Saturday, and the bears thwarted attempts by the bulls to push the price back above the level on Sunday.
Sellers will try to strengthen their position by pulling the Chainlink price to $21.36 and then to the 50-day SMA ($20.69). Buyers are expected to defend the 50-day SMA because a break below it may sink the LINK/USDT pair to the uptrend line. The greater the pullback, the longer it is likely to take for the next leg of the uptrend to begin.
The first sign of strength will be a close above the 20-day EMA. That suggests solid buying at lower levels. The bulls will have to clear the $27 overhead resistance to resume the uptrend.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.