Bitcoin (BTC) hit $64,000 on September 20, but bulls failed to sustain higher levels. This shows that bears are not giving up and continue to sell as prices rise near overhead resistance.
CryptoQuant analyst Avocado_onchain highlighted that the actual price of STH, the average purchase price of short-term investors who have held their coins for less than 155 days, is nearly $62,000.
STH acts as a key support level in an uptrend; therefore, if buyers can defend this level during the dip, Bitcoin could move higher.
Another positive for buyers is that institutional investors have reduced their short positions on Bitcoin, according to CryptoQuant founder Ki Young Ju. Additionally, spot Bitcoin ETFs saw inflows of $158 million on September 19, according to data from Farside Investors.
Can Bitcoin extend its rally above the $65,000 resistance level? Are altcoins gaining momentum? Let's analyze the charts of the top 10 cryptocurrencies to find out.
BTC Technical Analysis
Bitcoin broke out of a symmetrical triangle pattern on September 18, indicating that the bulls have overpowered the bears.
The 20-day exponential moving average ($59,629) is sloping up and the relative strength index (RSI) is in the positive zone, suggesting that bulls have the upper hand. There is a strong resistance at $65,000, but if the bulls overcome it, the BTC/USDT pair could surge to $70,000.
The 20-day EMA is the key support to watch on the downside. If this support level breaks, it will indicate that the bulls are losing strength.
ETH Technical Analysis
The failure of the bears to push Ether (ETH) below the uptrend line suggests that selling is drying up at lower levels.
The bulls pushed the price above the 20-day EMA ($2,424) on September 19 and the 50-day SMA ($2,527) on September 20. That opened the doors for a rally to the breakout level of $2,850, where the bears are expected to step in.
If buyers push the price above $2,850, it will signal that the market has rejected lower levels. The ETH/USDT pair could then rise to $3,400.
Conversely, if the price turns down and breaks below the 20-day EMA, it will signal that the bears are still in control. The pair could plunge towards the uptrend line.
BNB Technical Analysis
BNB (BNB) bounced off the moving average on September 17, indicating that sentiment remains positive and traders are buying on dips.
The BNB/USDT pair is likely to rise towards the overhead resistance zone between $600 and $635. The bears are expected to defend this zone with all their might, but if the bears prevail, the pair could start a fresh increase towards $722.
Conversely, if the price turns down from the highs and breaks below the 20-day EMA ($542), it will signal that the bears are not giving up yet. That could keep the pair range-bound for some more time.
SOL Technical Analysis
Solana (SOL) surged above the 50-day SMA ($141) on September 19, suggesting that the range between $116 and $210 remains intact.
The SOL/USDT pair could rise to $164, where bears will attempt to stall the rally. If the price declines from $164 and breaks below the moving average, it will signal that the pair could remain in the lower half of the large range.
On the other hand, if buyers push the price above $164, this will suggest that the pair could be ready to rise to $190 and then $210. The bears are expected to defend the $190 to $210 zone strongly.
XRP Technical Analysis
XRP (XRP) has been trading in a tight range between $0.56 and $0.60 for the past few days, showing a tough battle between the bulls and the bears.
The rising 20-day EMA ($0.57) and the RSI in the positive zone suggest that the bulls have the upper hand. If buyers clear the $0.60 hurdle, XRP/USDT could rise to $0.64.
This bullish view will be invalidated in the near term if the price declines and breaks below the moving average. That could drag the price down to the uptrend line, which is expected to attract buyers.
DOGE Technical Analysis
The bulls are attempting to push Dogecoin (DOGE) above the downtrend line of the falling wedge pattern.
If successful, this will signal that the downtrend may be coming to an end. The bears will attempt to stall the rally at $0.12, but this level is likely to be breached. The DOGE/USDT pair could then rise to $0.14.
Conversely, if the price turns down sharply from the current levels and breaks below the moving average, it will suggest that the bears have not given up yet. The pair could then retest the $0.09 support.
TON Technical Analysis
Toncoin (TON) bounced from the 20-day EMA ($5.50) on September 17, but the bulls are finding it difficult to overcome the hurdle at the 50-day SMA ($5.78).
The tight range trading is unlikely to continue for long. If the price rebounds from the 20-day EMA, the bulls will again attempt to push the TON/USDT pair above the 50-day SMA. If they can do so, the pair could rise to $7. Such a move would signal a continuation of the range-bound action between $4.72 and $8.29.
If the bears want to stall the up move, they will have to quickly pull the price below the 20-day EMA. That could open the doors for a drop to the $4.72-$4.44 support zone.
ADA Technical Analysis
Cardano (ADA) has risen to the downtrend line of the descending triangle pattern, which is a crucial level that bears must defend.
If buyers push and sustain the price above the triangle, it will invalidate the bearish setup. Failure of a bearish setup is usually a positive sign. The ADA/USDT pair could rise to $0.40 and then $0.45.
Contrary to this assumption, if the price declines from the downtrend line and breaks below the moving average, this suggests that the pair may remain inside the triangle for a few more days.
AVAX Technical Analysis
Avalanche (AVAX) broke out and closed above the resistance line of a descending channel pattern on September 19, suggesting a possible trend change.
The long wick on the September 20 candlestick shows a sell-off near $29. If the bulls do not give up much ground from current levels, the prospects of a breakout above $29 increase. The AVAX/USDT pair could rise to $33, where bears are expected to mount a strong defense.
Contrary to this assumption, if the price drops sharply and breaks below the moving average, this would signal selling on the rise. That could keep the pair in a range of $19.50 to $29 for a while.
SHIB Technical Analysis
SHIB bounced from the $0.000013 support on September 18 and rose above the moving average on September 19.
This suggests that the bulls are trying to make a comeback. The SHIB/USDT pair is likely to rise to $0.000016, where the bears are once again expected to mount a strong defense. If the price drops sharply from $0.000016, the pair could enter a few days of range-bound trading.
The first support on the downside is at the moving average and then at $0.000013. Sellers will have to drop and sustain the price below $0.000013 to signal a continuation of the downtrend.
