The Bitcoin market encountered resistance of around $64,000, but buyers succeeded in holding the price above the short-term holder’s realised price, which is approximately $62,000—a positive indicator.
On September 20, Bitcoin touched $64,000, but the bulls could not sustain these levels, signalling that the bears are still actively selling during rallies near key resistance areas.
CryptoQuant analyst Avocado_onchain noted that the short-term holder (STH) realised price, representing the average purchase price of investors who have held Bitcoin for less than 155 days, is close to $62,000.
The STH serves as a crucial support level during upward trends, so if buyers can maintain this level during pullbacks, Bitcoin may have the potential for further gains.
Another positive for the buyers is that the institutional investors have reduced their Bitcoin shorting, according to CryptoQuant founder Ki Young Ju. Additionally, the spot Bitcoin exchange-traded funds (ETFs) recorded inflows of $158 million on Sept. 19, according to Farside Investors data.
Could Bitcoin extend its up move by crossing the $65,000 resistance? Will altcoins pick up momentum? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin (BTC) Market Analysis
The Bitcoin market broke out of the symmetrical triangle pattern on Sept. 18, indicating that the bulls have overpowered the bears.
BTC/USDT daily chart. Source: TradingView
The 20-day exponential moving average ($59,629) is sloping up, and the relative strength index (RSI) is in the positive territory, indicating that the bulls have the upper hand. There is stiff resistance at $65,000, but if the bulls bulldoze their way through, the BTC/USDT pair could soar to $70,000.
The 20-day EMA is the key support to watch out for on the downside. If this support gives way, it will indicate that the bulls are losing their grip.
Ether (ETH) Market Analysis
The failure of the bears to sink Ether below the uptrend line shows that selling dries up at lower levels.
ETH/USDT daily chart. Source: TradingView
The bulls pushed the price above the 20-day EMA ($2,424) on Sept. 19 and the 50-day SMA ($2,527) on Sept. 20. That opens the doors for a rally to the breakdown level of $2,850, where the bears are expected to step in.
If buyers shove the price above $2,850, the ETH/USDT pair will signal that the markets have rejected the lower levels. The pair may rise to $3,400.
Conversely, if the price turns down and breaks below the 20-day EMA, it will signal that the bears remain in charge. The pair could plunge to the uptrend line.
BNB Market Analysis
BNB bounced off the moving averages on Sept. 17, indicating that the sentiment remains positive, and traders are buying on dips.
BNB/USDT daily chart. Source: TradingView
The BNB/USDT pair is likely to rise to the $600 to $635 overhead resistance zone. The bears are expected to defend this zone with all their might, but if the bulls prevail, the pair could start a new up move to $722.
Contrarily, if the price turns down from the overhead zone and breaks below the 20-day EMA ($542), it will signal that the bears have not given up. That could extend the pair’s stay inside the range for some more time.
Solana (SOL) Price Analysis
Solana surged above the 50-day SMA ($141) on Sept. 19, indicating that the $116 to $210 range remains intact.
SOL/USDT daily chart. Source: TradingView
The SOL/USDT pair could rise to $164, where the bears will try to halt the up move. If the price turns down from $164 and breaks below the moving averages, it will signal that the pair may remain in the lower half of the large range.
Alternatively, if buyers thrust the price above $164, it will suggest that the pair could be ready for a rally to $190 and subsequently to $210. The bears are expected to fiercely defend the $190 to $210 zone.
XRP Price Analysis
XRP has been trading inside a tight range between $0.56 and $0.60 for the past few days, indicating a tough battle between the bulls and the bears.
XRP/USDT daily chart. Source: TradingView
The rising 20-day EMA ($0.57) and the RSI in the positive territory indicate that the bulls have the upper hand. If the buyers overcome the $0.60 barrier, the XRP/USDT could rally to $0.64.
This positive view will be invalidated in the near term if the price turns down and breaks below the moving averages. That could drag the price down to the uptrend line, which is expected to attract buyers.
Dogecoin (DOGE) Price Analysis
The bulls are trying to push Dogecoin above the downtrend line of the falling wedge pattern.
DOGE/USDT daily chart. Source: TradingView
If they succeed, it will signal that the downtrend may be ending. The bears will try to stall the up move at $0.12, but the level is likely to be crossed. The DOGE/USDT pair could then rally to $0.14.
On the contrary, if the price turns down sharply from the current level and breaks below the moving average, it will suggest that the bears have not given up. The pair could then retest the $0.09 support.
Toncoin (TON) Price Analysis
Toncoin turned up from the 20-day EMA ($5.50) on Sept. 17, but the bulls are finding it difficult to overcome the obstacle at the 50-day SMA ($5.78).
TON/USDT daily chart. Source: TradingView
The tight-range trading is unlikely to continue for long. If the price rebounds off the 20-day EMA, the bulls will again try to propel the TON/USDT pair above the 50-day SMA. If they can pull it off, the pair may climb to $7. Such a move will signal the continuation of the range-bound action between $4.72 and $8.29.
If bears want to prevent the up move, they will have to swiftly pull the price back below the 20-day EMA. That could open the doors for a possible fall to the $4.72 to $4.44 support zone.
Cardano (ADA) Price Analysis
Cardano has risen to the downtrend line of the descending triangle pattern, which is an important level for the bears to defend.
ADA/USDT daily chart. Source: TradingView
If buyers propel and retain the price above the triangle, it will invalidate the bearish setup. The failure of a bearish setup is generally a positive sign. The ADA/USDT pair could rally to $0.40 and subsequently to $0.45.
Contrary to this assumption, if the price turns down from the downtrend line and breaks below the moving averages, it will suggest that the pair may remain inside the triangle for a few more days.
Avalanche (AVAX) Price Analysis
Avalanche broke and closed above the resistance line of the descending channel pattern on Sept. 19, indicating a potential trend change.
AVAX/USDT daily chart. Source: TradingView
The long wick on the Sept. 20 candlestick shows selling near $29. If the bulls do not give up much ground from the current level, the prospects of a break above $29 increase. The AVAX/USDT pair could rally to $33, where the bears are expected to mount a strong defence.
Contrary to this assumption, if the price turns down sharply and breaks below the moving averages, it will signal to sell on rallies. That could keep the pair range-bound between $19.50 and $29 for some time.
Shiba Inu (SHIB) Price Analysis
Shiba Inu turned up from the $0.000013 support on Sept. 18 and rose above the moving averages on Sept. 19.
SHIB/USDT daily chart. Source: TradingView
This suggests that the bulls are attempting a comeback. The SHIB/USDT pair is likely to rise to $0.000016, where the bears are again expected to mount a strong defence. If the price turns down sharply from $0.000016, the pair may enter a few days of range-bound action.
The first support on the downside is at the moving averages and after that at $0.000013. Sellers will have to sink and sustain the price below $0.000013 to signal the resumption of the downtrend.
