Bitcoin’s recent slump doesn’t seem to have rocked investors, with data showing that foreign exchange reserves have plummeted to 2.399 million Bitcoin (BTC), close to May’s all-time low of 2.390 million Bitcoin. Ki Young Ju, CEO of the on-chain analytics platform CryptoQuant, said this could lead to a “sell-side bitcoin liquidity crisis.”

Although Bitcoin far outperformed gold in 2021, Omega Advisors Chairman and CEO Lee Cooperman remains averse to investing in Bitcoin as he said he did not understand Bitcoin. The billionaire investor still thinks gold is a better store of value.

Daily performance of the cryptocurrency market. Source: Coin360

A new poll by research and data analytics firm YouGov showed that 43% of baby boomers strongly oppose the idea of ​​using Bitcoin as legal tender in the United States. However, 44% of respondents in the 25 to 34 age group support Bitcoin as legal tender.

Could Bitcoin’s failure to stage a strong rebound lead to further sales and will this drag altcoin prices down? Let’s check out the top 10 cryptocurrency charts to find out.

BTC / USDT

Bitcoin has been trading between the moving averages for the past two days. This suggests that bulls are buying when dips near the 50-day simple moving average (SMA) ($ 44,934), but bears are unwilling to give up and sell near the 20-day exponential moving average (EMA) ( $ 47,774).

BTC / USDT daily chart. Source: TradingView

This close trade is unlikely to last long. The 20-day EMA has started falling and the relative strength index (RSI) has slipped into negative territory, suggesting that the bears have the upper hand.

If bears let the price dip below the 50-day SMA, the BTC / USDT pair could fall to the strong support at $ 42,451.67. This is an important level for the bulls to defend as a break below it will signal a possible turnaround.

Alternatively, if the bulls drive price above the 20-day EMA, the pair could retest the overhead zone of $ 50,500 to $ 52,920. A breakout and close above this zone signals the resumption of the uptrend.

ETH / USDT

Although the bulls defended the $ 3,377.89 level on a closing basis for the past three days, they were unable to hold Ether (ETH) above the 20-day EMA ($ 3,464). This suggests that bears are selling at higher levels.

ETH / USDT daily chart. Source: TradingView

Sellers pulled the price below $ 3,377.89 on September 10, increasing the possibility of a fall to the critical support at $ 3,000. The 20-day EMA has started falling and the RSI has fallen below 48, indicating a slight advantage for the bears.

If the ETH / USDT pair rebounds from USD 3,000, it will indicate accumulation at lower levels. The pair can then remain tied to the range for a few days. The bulls will have to push the price above $ 3,567.06 to begin the journey to $ 4,000.

ADA / USDT

The long tail of the Cardano (ADA) candle on September 8th suggests aggressive buying at lower levels. The bulls have successfully defended the $ 2.47 support for the past two days but failed to push the price above the 20-day EMA ($ 2.59).

ADA / USDT daily chart. Source: TradingView

This resulted in strong sales today, pulling the price below $ 2.47. The ADA / USDT pair may now drift towards the 50-day SMA ($ 2.08). The falling 20-day EMA and RSI below 46 suggest the bears have a slight advantage.

This negative view will be invalidated if the price bounces off current levels and rises above the 20-day EMA. Such a movement suggests that the correction may be over. The pair could then gradually move towards the overhead resistance zone at $ 2.97 to $ 3.10.

BNB / USDT

Binance Coin (BNB) fell from the overhead resistance at $ 433 September 9-10, suggesting bears are selling on recovery rallies.

BNB / USDT daily chart. Source: TradingView

The bears are currently trying to pull and hold the price below the 50-day SMA ($ 405). If they do, the BNB / USDT pair could fall to the next big support at $ 340. The falling 20-day EMA ($ 450) and the RSI in negative territory suggest an advantage for bears.

Contrary to this assumption, the bulls will make another attempt to push the pair above the 20-day EMA if the price rebounds from the 50-day SMA. If successful, positive momentum could pick up and the pair could rise to $ 518.90.

XRP / USDT

The bulls pushed Ripple (XRP) above the 20-day EMA ($ 1.16) today, but the long wick on the daily candle shows aggressive selling at higher levels.

XRP / USDT daily chart. Source: TradingView

The bears will now try to bring the price below the 50-day SMA ($ 1). The 20-day EMA has turned down and the RSI has slipped into negative territory, suggesting that the path of least resistance is on the downside.

If the price stays below the 50-day SMA, the XRP / USDT pair could slide to $ 0.75. Conversely, if the price rebounds from the 50-day SMA, the bulls will seek to push and hold the price above the 20-day EMA. If they do, the pair could move into the $ 1.35-1.41 resistance zone.

SOL / USDT

Solana (SOL) is still in a strong uptrend. The bulls pushed the price above the psychological resistance at $ 200 on September 9, but the long wick on the daily candle indicates profit posting at higher levels.

SOL / USDT daily chart. Source: TradingView

The first downside support is at the trendline, which is near the 38.2% Fibonacci retracement level at $ 158.78. A strong rebound from this support will suggest traders buy on every small decline.

They will then try to continue the uptrend by pushing the price above $ 216. The rising moving averages and the RSI in the overbought territory suggest that the bulls are in control.

Contrary to this assumption, the SOL / USDT pair could fall to the 20-day EMA ($ 131) if bears pull the price below the trendline.

DOGE / USDT

The bulls have been unable to push and hold Dogecoin (DOGE) above the 50-day SMA ($ 0.26) for the past two days, suggesting a lack of demand at higher levels.

DOGE / USDT daily chart. Source: TradingView

The bears will now attempt to pull the price towards the critical support at $ 0.21. Repeated retests of a support level at short intervals tend to weaken it. The falling 20-day EMA ($ 0.27) and the RSI below 39 suggest an advantage for bears.

If the $ 0.21 support breaks, the DOGE / USDT pair could extend its decline to the next support at $ 0.15. Conversely, if the price rises from current levels or rebounds from $ 0.21 and breaks above the moving average, the pair can begin its journey at $ 0.35.

DOT / USDT

Polkadot (DOT) rallied from the 50-day SMA ($ 23.44) on September 7th and the bulls pushed the price past the 20-day EMA ($ 28.88) on September 9th. This indicates a strong accumulation at lower levels.

DOT / USDT daily chart. Source: TradingView

The bulls will now attempt to continue the uptrend by pushing the price above the overhead resistance at $ 35.68, but the long wick on today’s candle suggests that the rise may not be easy. The bears are likely to aggressively defend the zone between $ 32.50 and $ 35.68.

If the price moves down from the overhead zone, the DOT / USDT pair could fall to $ 28.60 and then to the 50-day SMA. On the contrary, if the bulls push the price above $ 35.68, the pair could continue its uptrend towards $ 41.40 and then to $ 46.83.

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MOON / USDT

The Terra Protocol’s LUNA token bounced off $ 22.95 on September 7th. This suggests that the bulls have flipped previous resistance into support, which is a positive sign. The price rose above the 20-day EMA ($ 30.63) on September 9, indicating strong buying on dips.

LUNA / USDT daily chart. Source: TradingView

Aggressive buying drove the price above the all-time high of $ 36.89 today. This indicates strong demand at higher levels. The 20-day EMA has risen and the RSI has risen above 68, suggesting that the bulls have made a strong comeback.

If buyers hold the price above $ 36.80, the LUNA / USDT pair could continue its uptrend. The next upside target is $ 50. Conversely, the pair could fall to the 20-day EMA if bears pull it back below $ 36.89.

UNI / USDT

The bears turned the $ 25 mark into resistance and did not let the price rise above it from September 8th to 9th. Today sellers seek to bring Uniswap (UNI) below the September 7 intraday low of $ 21.

UNI / USDT daily chart. Source: TradingView

The moving averages are on the verge of a bearish crossover and the RSI has fallen below 36, suggesting the bears have the upper hand. If the $ 21 level breaks, the UNI / USDT pair could slide to $ 18.69 where buyers could try to halt the decline.

On the flip side, if the price rebounds from $ 21, it suggests that bears are piling up on slumps. The bulls will then make one more attempt to push the price above $ 25. If they are successful, it indicates that the fix may be over. The pair could then climb to $ 31.41.

The views and opinions expressed are those of the author only and do not necessarily reflect the views of Cointelegraph. Every investment and trading movement carries risks. You should do your own research when making a decision.

Market data is provided by HitBTC Exchange.

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