Originally published on: September 18, 2024
As Bitcoin drops below $60,000, a sense of nervousness is palpable among traders. With the Federal Reserve’s interest rate decision looming, market volatility is expected to rise. However, a definitive trend in either direction is unlikely to materialize immediately. The range-bound action between $52,500 and $73,777 is expected to continue after an initial reaction to the Fed’s decision.
Predictions about the short-term market reaction to rate cuts vary. While some anticipate a decline post-rate cuts due to narrowing interest rate differentials, others believe that Bitcoin is gearing up to resume its bullish run under a dovish policy regime.
Analyzing critical levels in Bitcoin and other top cryptocurrencies can shed light on potential bullish trends. Let’s delve into the charts of the leading digital assets:
Bitcoin (BTC):
Bitcoin’s price behavior has formed a symmetrical triangle pattern, signaling a tug-of-war between bulls and bears. A break above the resistance line could pave the way for a rally towards $65,000 and beyond.
Ethereum (ETH):
Ether has struggled to surpass the 20-day EMA resistance, with the $2,111 level posing crucial support. A break above the 50-day SMA could signal a trend reversal.
Binance Coin (BNB):
BNB has shown resilience above moving averages, setting a positive tone. A successful breach of $562 could lead to a rally towards $600 and higher.
Solana (SOL):
Solana’s price action near the 20-day EMA has drawn attention, with $128 acting as a key support level. A move above the 50-day SMA could trigger a recovery to $164.
Ripple (XRP):
XRP’s failure to break above $0.60 resistance hints at bearish pressure. The uptrend line holds the key, with a breach potentially leading to a drop towards $0.46.
Dogecoin (DOGE):
DOGE’s near the downtrend line suggests upside potential. A break above this line could kickstart a new uptrend, with $0.14 as a critical resistance level.
TONcoin (TON):
TON’s battle near the 20-day EMA points to indecision in the market. A move above the 50-day SMA could fuel a rally towards $7.
Cardano (ADA):
ADA’s descending triangle pattern hints at a potential dip towards $0.24 if the $0.31 level is breached. A bullish breakout could propel the price towards $0.40 and higher.
Avalanche (AVAX):
AVAX’s struggle to breach the resistance line may subside if the price clears $29. A dip below the 50-day SMA could signal a shift in sentiment towards $19.50.
SHIBA INU (SHIB):
SHIB’s tight range between the 50-day SMA and $0.000012 support poses a challenge. An upward move could target $0.000016, while a breach of support may trigger a downturn.
Watching these critical levels in the top cryptocurrencies can provide valuable insights into potential price movements. Stay tuned for further updates on the market outlook!