Today we will take a look at the market trends of several major cryptocurrencies. The market has been volatile recently, but it also breeds many opportunities. Let's get straight to the point and take a look at the current performance and potential strategies of these major currencies.
BTC Analysis
Bitcoin has recently encountered strong selling near $64,000, but bulls have not been idle, and the price has been firmly held above the cost line of short-term holders at $62,000. This is a positive sign! The $62,000 level is a key support. If this position is maintained, Bitcoin has a chance to rebound again.
Strategic recommendations: Add positions after breaking through 65,000, target 70,000, stop loss set at 62,000, go short if unable to break through, target 62,000, continue short if below 59,500.
ETH Analysis
ETH's performance is also good. The bears tried to push the price below the rising trend line several times, but failed. It stabilized around $2,420 and then rushed to $2,587 on September 21. If it continues to break through, the target may be $2,850 or even $3,400!
However, if the price breaks below 2,420 again, it will indicate that the bears have not given up and may pull the price back to the uptrend line.
Strategic advice: Wait for ETH to break through $2,850 before continuing to be bullish, with a short-term target of $3,400. If it falls below $2,420, consider short-term bearishness.
BNB Analysis
BNB has also been gaining momentum recently and is expected to break through the $600 to $633 resistance zone. If successful, the bulls may push the price to $720. However, if the price retreats and breaks below $540, it may mean that the bulls are not in full control of the situation and continue to fluctuate in the short term.
Strategic suggestion: Follow up after breaking through $635, with a target of $720. On the downside, pay attention to the support of $540.
SOL Analysis
SOL is currently hovering around $146 and is expected to reach $164 in the short term. However, bears may prevent the rebound here. If it can break through $164, SOL may have a chance to look at $190 or even $210.
Strategic suggestion: If you are conservative, you can wait for a breakthrough of $164 to enter the market, with a target of $190. If it falls below $144, short sellers can consider entering the market.
XRP Analysis
XRP has been performing well recently and the strong support at $0.57 suggests that bulls have the upper hand. If it can break above $0.60, XRP may rally to $0.64. On the contrary, if it breaks below, short-term bulls may lose their advantage.
Strategic suggestion: After breaking through $0.60, you can consider going long, with a target of $0.64. If it falls below $0.57, consider short-term short orders.
DOGE Analysis
DOGE price is hovering around $0.10 and if the bulls can hold and break above $0.115, it may mean the end of the downtrend.
Strategic advice: Wait until DOGE breaks through $0.115 before considering a short-term bullish bias, with a target of $0.14.
To sum up: BTC and ETH are both at key resistance levels. If they break through, you can consider entering the market. BNB, SOL, and XRP also have good potential, but you need to pay attention to the changes in support and resistance in operation. The current market is volatile, so be cautious in operation and don't be impulsive in chasing ups and downs!
