Originally published on: September 20, 2024
Bitcoin made moves, but can it sustain them? The recent market dynamics suggest the bears are still in the game, despite BTC making its way to $64,000 on Sept. 20. Avocado_onchain points out that the short-term holder realized price for Bitcoin is around $62,000, a crucial level for buyers to defend.
On the bright side, institutional investors are easing off on Bitcoin shorting, while spot Bitcoin ETFs are seeing solid inflows. The question remains: will Bitcoin push past $65,000? And can altcoins catch up? Let’s dive into the charts of the top 10 cryptocurrencies to find out.
Bitcoin broke out of a symmetrical triangle pattern recently, hinting at bullish dominance. The $65,000 resistance might be tough, but a breach could send BTC soaring to $70,000. Keep an eye on the 20-day EMA for support.
Ethereum is holding strong above the $2,400 level. A move above $2,850 would signal a rejection of lower prices, potentially propelling ETH to $3,400. Beware of a breakdown below the 20-day EMA, though.
Binance Coin bounced off moving averages, aiming for the $600 to $635 zone. A decisive move above could see BNB rally to $722. The $542 support level is crucial to watch for a bullish continuation.
Solana is grappling with resistance near $164; a breakthrough could spark a rally to $190 and beyond. Consecutive closes below moving averages may keep SOL in a consolidation pattern.
XRP is locked in a tight range but holds above the 20-day EMA. A breach of $0.60 could catapult XRP to $0.64. Persistent selling pressure might lead to a test of the uptrend line.
Dogecoin is eyeing the downtrend line breakout; a move above $0.12 could signal a trend reversal, with $0.14 as the next target. Conversely, a drop below the moving average could put DOGE at risk of a retest of $0.09.
TONcoin faces resistance at the 50-day SMA, with a hurdle at $7. Bulls need to break above to target $8.29, while bears aim for a dip below the 20-day EMA.
Cardano nears a crucial level, the downtrend line; success could pave the way for $0.45. Failure might keep ADA in a triangle pattern.
Avalanche breaks above a descending channel, targeting $33. The $29 resistance holds key to further gains. A bearish reversal could push AVAX to trade within $19.50 and $29.
Shiba Inu sees a rebound from $0.000013, aiming for $0.000016. Watch for potential resistance at $0.000016 and support at moving averages or $0.000013.
As the crypto market heats up, keep a close watch on these key levels and trends for potential trade setups. Remember, these insights do not constitute financial advice, so always do your due diligence before making investment decisions.
