âĄBitcoinâs break above $66,000 and solid buying in-the-spot BTC ETFs have traders convinced that the bull market is back in full swing.
âĄBitcoin BTC rose above $66,000 on Sept. 27, indicating that the northward march toward $70,000 has started. The breakout above $65,000 on Sept. 26 boosted buying in the United States-based spot Bitcoin exchange-traded funds, which saw inflows of $365.7 million, according to Farside Investors data.
âĄThe rally is not limited to Bitcoin alone, as select altcoins have also risen sharply from their recent lows. This shows that the sentiment in the cryptocurrency sector has turned positive.
âĄâThe likelihood of a Q4 rally is exceptionally high, with gains likely front-loaded,â 10x Research head of research Markus Thielen said in a Sept. 27 report viewed by Cointelegraph.
âĄBitcoinâs 12% gain in September easily surpasses the previous best performance of 6.04% in 2016. This is a bullish sign, as whenever Bitcoin has risen in September, it has performed exceptionally well in the fourth quarter, as seen in 2015, 2016, and 2023.
âĄCould Bitcoin hang on to its gains in September, boosting further buying in altcoins? Letâs analyze the charts of the top 10 cryptocurrencies to find out.
đ„Bitcoin price analysisđ„
âĄBitcoin formed an outside-day candlestick pattern on Sept. 26 and rose above the $65,000 resistance, indicating that the bulls have overpowered the bears.
âĄIf the price maintains above $65,000, it will signal that the bulls have flipped the level into support. That could propel the price to the $70,000 to $73,777 zone, where the bulls are likely to face intense selling pressure.
âĄA break and close below $65,000 will suggest that the bullish momentum is weakening. The advantage will tilt in favor of the bears if they pull the pair below $61,200. Such a move will suggest that the break above $65,000 may have been a bull trap.
đ„Ethereum price analysisđ„
âĄEthereum turned down from the resistance line on Sept. 23 but found support at the moving averages, indicating buying on dips.
âĄThe upsloping 20-day exponential moving average ($2,529) and the relative strength index (RSI) in the positive territory indicate advantage to buyers. If bulls push and maintain the price above the resistance line, the ETH/USDT pair will complete a symmetrical triangle breakout. This setup has a pattern target of $3,409.
âĄSellers are likely to have other plans. They will try to fiercely defend the zone between the resistance line and $2,850. If the price turns down sharply from the overhead zone and breaks below the moving averages, it will suggest a range-bound action between $2,111 and $2,850 for a while.
đ„Solana price analysisđ„
âĄSolana has been gradually moving higher toward the overhead resistance of $164, indicating solid demand from the bulls.
âĄSellers had stalled the two previous recovery attempts at $164 hence they will try to do the same again. If the price turns down sharply from the overhead resistance and breaks below the 20-day EMA ($144), it will signal that the SOL/USDT pair may remain inside the lower half of the large $116 to $210 range.
âĄAlternatively, a break and close above $164 will suggest that the pair could move to $190 and after that to the resistance of the range at $210.
đ„XRP price analysisđ„
The bulls have failed to push XRP above the $0.60 resistance, but a positive sign is that they have not allowed the price to dip below the moving averages.
âĄThat increases the possibility of an upside breakout. If that happens, the XRP/USDT pair could rise to $0.64. Buyers may hit a solid barrier at $0.64, but if they bulldoze their way through, the pair could soar to $0.74.
âĄConversely, if the price turns down and breaks below the moving averages, it will suggest that the bulls have given up. The pair could then slide to the uptrend line and below it to $0.50.
đ„Dogecoin price analysisđ„
âĄDogecoin turned up sharply from the 20-day EMA ($0.11) on Sept. 26 and rose above the nearest resistance.
That cleared the path for a possible rally to $0.14. The bears will try to stall the up move at $0.14, but if the bulls pierce the resistance, the rally could continue its northward march to $0.18.
âĄThe moving averages are the critical support to watch out for on the downside. A break and close below the moving averages will signal that the bears are back in the game. The DOGE/USDT pair may then slump to $0.09.
đ„Shiba Inu price analysisđ„
Shiba Inu gained momentum after crossing above the immediate resistance of $0.000016 on Sept. 26.
âĄThe SHIB/USDT pair continued its journey higher and broke above the breakdown level of $0.000020 on Sept. 27. If bulls can achieve a close above $0.000020, the pair could extend its rally toward $0.000029.
âĄContrary to this assumption, if the price turns down sharply from the current level, it will suggest selling on rallies. A break below $0.000018 will suggest a range-bound action between $0.000012 and $0.000022 for a few days.
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