Latest Market Overview 23rd Sep: SPX, DXY, BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA

The Bitcoin market bears are holding firm at the $65,000 resistance level, but if this barrier is broken, both BTC and altcoins may pursue fresh all-time highs.

The recent rejection around the $65,000 mark indicates that bears are attempting to maintain Bitcoin’s price within the lower range of $54,000 to $73,777. However, the bulls are still putting up a strong fight. According to a 10x Research report, Bitcoin is poised for a potential rally, especially as it enters its traditionally favourable period from October to March.

Another positive factor for the crypto market is the Federal Reserve’s aggressive 50 basis point rate cut on 18 September. CoinShares’ latest digital asset fund flows report noted that the rate cut might have contributed to last week’s $321 million inflow into digital asset investment products.

According to K33 Research, Bitcoin is nearing another historically crucial period. During the two previous bull market cycles, the trough-to-peak lasted for more than 1,050 days, and the most significant gains were seen during the final 365 days. The current peak-to-trough has completed 672 days, putting the cycle in the zone when it could start surging.

Could Bitcoin pierce the $65,000 resistance and march toward $70,000? Will that trigger buying in altcoins? Let’s analyze the charts to find out.

S&P 500 Index (SPX) Market Analysis

The S&P 500 Index skyrocketed to a new all-time high on Sept. 19, indicating that the bulls remain firmly in control.

The bears will try to pull the price back below the breakout level of 5,670, while the bulls will attempt to flip the level into support. If buyers come out on top by pushing the price above 5,734, the index could rally to 6,000.

Alternatively, if the price dips below 5,670, the short-term bulls may close their positions, pulling the index to the moving averages. A break and close below the uptrend line will tilt the advantage in favor of the bears.

US Dollar Index (DXY) Market Analysis

The US Dollar Index (DXY) once again turned down from the 20-day exponential moving average (101.25) on Sept. 23, indicating that the bears continue to sell on rallies.

The bears may find it difficult to sink the price below the 101 to 99.57 support zone because the bulls are expected to defend it fiercely. Still, if the bears prevail, the index may start the next leg of the downtrend.

The first sign of strength will be a break and close above the 20-day EMA. If that happens, it will suggest that the bears are losing their grip. The bullish momentum could pick up after the bulls push the price above the 50-day simple moving average (102.38).

Bitcoin (BTC) Market Analysis

The bulls are trying to drive Bitcoin above the $65,000 overhead resistance, but the bears have held their ground.

If the bulls do not cede much ground to the bears, the likelihood of a rally above $65,000 increases. The BTC/USDT pair could surge to $70,000, where the bears are expected to mount a strong defense.

This optimistic view will be negated in the near term if the price turns down and breaks below the 20-day EMA ($60,621). The pair may slide to the 50-day SMA ($59,382) and later to $57,500.

Ether (ETH) Price Analysis

Ether broke above the 50-day SMA ($2,512) on Sept. 20, indicating that the bears are losing their grip.

The bulls will try to push the price to the breakdown level of $2,850. This is an important level for the bears to guard because a break and close above it will suggest a potential trend change. The ETH/USDT pair may attempt a rally to $3,400.

If bears want to retain control, they will have to swiftly yank the price back below the moving averages. The next leg of the downtrend could begin if bears pull and maintain the price below $2,111.

BNB Price Analysis

BNB has been gradually moving higher toward $635, the resistance of the large range it has been stuck in for several months.

Usually, traders sell near the resistance and buy at the support. If the price turns down sharply from the $600 to $635 resistance zone, it will signal that the BNB/USDT pair may extend its stay inside the range for some more time.

Contrarily, if buyers thrust the price above $635, it will suggest the start of a new up move. The pair could pick up momentum and rally to $722, which is again likely to act as a formidable barrier.

Solana (SOL) Price Analysis

Solana has pulled back to the moving averages, which is an important support to watch out for in the near term.

If the price rebounds off the moving averages and breaks above $152, the SOL/USDT pair could rally to $164. This level may pose a strong challenge, but if bulls overcome this obstacle, the pair could travel to $180 and later to $210.

Contrary to this assumption, if the price turns down sharply and breaks below the 20-day EMA ($139), it will suggest that the bears continue to sell on relief rallies. The pair could swing between $164 and $116 for some time.

XRP Price Analysis

XRP has been maintaining above the moving averages in the past few days, but the bulls have failed to clear the hurdle at $0.60.

However, the rising 20-day EMA ($0.57) and the RSI in the positive territory suggest that the path of least resistance is to the upside. If buyers kick the price above $0.60, the XRP/USDT pair may reach $0.64. The bears are expected to aggressively defend the level, but if the bulls prevail, the rally could stretch to $0.74.

This positive view will be invalidated in the near term if the price turns down sharply and skids below the uptrend line. That could sink the pair to $0.50 and later to $0.46.

Dogecoin (DOGE) Price Analysis

Dogecoin broke and closed above the downtrend line of the falling wedge pattern on Sept. 21, indicating that bulls are attempting a comeback.

The bears are trying to pull the price back into the wedge, trapping the aggressive bulls. If they succeed, the selling could pick up, and the DOGE/USDT pair could tumble to $0.09 and after that to $0.08. 

On the other hand, if the price turns up from the current level and rises above $0.12, it will suggest the start of a new up move. The pair could rally to $0.14 and subsequently to $0.18.

Toncoin (TON) Price Analysis

Toncoin is getting squeezed between the moving averages, indicating that a range expansion is possible soon.

If the price breaks and closes above the 50-day SMA ($5.76), it will signal the start of an up move toward $7. Buyers may face solid resistance at $7, but if they bulldoze their way through, the rally could reach $8.29.

If the uncertainty resolves to the downside by breaking below the 20-day EMA ($5.54), it will suggest that the bears remain sellers on minor rallies. The TON/USDT pair could plunge to the $4.72 to $4.44 support zone.

Cardano (ADA) Price Analysis

Cardano is finding it difficult to climb above the downtrend line of the descending triangle pattern, but a minor positive is that the bulls have not allowed the price to dip below the moving averages.

Buyers will make one more attempt to propel the price above the downtrend line. If they can pull it off, it will invalidate the bearish setup, which is a bullish sign. The ADA/USDT pair could rise to $0.40 and then to $0.46.

Conversely, if the price breaks below the moving averages, it will suggest that the pair may continue to trade inside the triangle for a few more days. The trend will turn negative on a break and close below the triangle.

Source – Rakesh Upadhyay