Bitcoin’s (BTC) failure to rebound strongly in recent days has resulted in profit posting on most of the major altcoins, threatening to bring the total crypto market cap back below $ 2 trillion.

US equity markets posted profit bookings and the S&P 500 fell 1.69% last week, suggesting risk-taking sentiment is developing. Charles Edwards, CEO of investment manager Capriole, pointed out that “almost every bitcoin correction in 2021” represented a decline in the S&P 500 of 2% or more.

Daily performance of the cryptocurrency market. Source: Coin360

Despite Bitcoin’s short-term weakness, MicroStrategy continued to add to its holdings. The company’s CEO Michael Saylor recently announced a purchase of 5,050 Bitcoin, which was bought at an average price of $ 48,099 per coin. This has increased the company’s stash to 114,042 Bitcoin, which was purchased at an average price of around $ 27,713 per coin.

Is Bitcoin firmly under control and could this lead to a sell-off of large altcoins? Let’s check out the top 10 cryptocurrency charts to find out.

BTC / USDT

Bitcoin again slid off the 20-day exponential moving average (EMA) ($ 47,061) today, suggesting that short-term sentiment has turned negative and traders are selling on rallies.

BTC / USDT daily chart. Source: TradingView

The falling 20-day EMA and Relative Strength Index (RSI) below 43 suggest that the path of least resistance is on the downside.

It is now up to the bulls to defend the critical level at $ 42,451.67 as if that support cracks, the BTC / USDT pair could fall to the support zone of $ 37,332.70 to $ 36,670.

Such a move could reduce the chances of a strong rebound and keep the pair in a range for a few days.

Contrary to this assumption, the bulls will make another attempt to resume the uptrend if the price rebounds from $ 42,451.67. A breakout and close above $ 47,400 could open the doors to a retest of the overhead resistance zone of $ 50,500 to $ 52,920.

ETH / USDT

Ether (ETH) has been sandwiched between the moving averages for the past few days. This suggests that bulls will buy on dips to the 50-day simple moving average (SMA) ($ 3,129) and bears will sell on rallies to the 20-day EMA ($ 3,413).

ETH / USDT daily chart. Source: TradingView

The 20-day EMA is gradually falling and the RSI has fallen below 46, suggesting that the bears have the upper hand. If bears pull the price below the 50-day SMA, the ETH / USDT pair could see further selling, causing it to fall to $ 3,000.

This is vital support for the bulls to be defended as a break below it could lead to panic selling.

On the contrary, if the price recovers from the 50-day SMA, the bulls will try again to push the price above the 20-day EMA. A breakout and close above $ 3,567.06 could tip the advantage in favor of the bulls. Buyers will then try to push the price down to $ 4,000.

ADA / USDT

Cardano (ADA) bounced off the 50-day SMA ($ 2.16) on September 7 and rose above the 20-day EMA ($ 2.57) on September 11. September 11th and 12th candlesticks.

ADA / USDT daily chart. Source: TradingView

The bears pulled the price back below the breakout level of $ 2.47 today. The falling 20-day EMA and RSI in negative territory suggest that bears have a slight advantage.

If sellers pull price below the 50-day SMA, the correction could deepen to the next support at $ 1.94. Alternatively, if price rises from current levels or rebounds from the 50-day SMA, the bulls will make another attempt to push price towards the overhead resistance zone at $ 2.97 to $ 3.10.

BNB / USDT

Binance Coin (BNB) closed below the 50-day SMA ($ 410) on September 10, but bears were unable to sustain the lower levels. The bulls bought the dip and pushed the price back above the 50-day SMA on September 12th.

BNB / USDT daily chart. Source: TradingView

However, the bulls’ failure to break the overhead hurdle at $ 433 may have sparked a new round of selling today. If the price stays below $ 393.20, the BNB / USDT pair could fall to $ 369 and then to $ 340.

The downward trending 20-day EMA ($ 438) and the RSI below 40 suggest that the path of least resistance is on the downside. The bulls have to push and hold the price above $ 433 to indicate the correction may be over.

XRP / USDT

Ripple (XRP) is currently stuck between the moving averages. The bulls’ failure to push the price above the 20-day EMA ($ 1.13) has resulted in profit bookings from short-term traders.

XRP / USDT daily chart. Source: TradingView

The 20-day EMA has fallen and the RSI has fallen below 45, suggesting the bears have the upper hand. If sellers pull price below the 50-day SMA ($ 1.03), the XRP / USDT pair could challenge the September 7th intraday low of $ 0.95.

A break and close below this support suggest that the uptrend may be over. This could open the doors for further decline to $ 0.75. This negative view will be invalidated if the price bounces off current levels and rises above the 20-day EMA. The bulls will then attempt to push the price into the overhead resistance zone at $ 1.35-1.41.

SOL / USDT

Solana (SOL) is currently correcting in a strong upward trend. The break below the trendline suggests that the bullish momentum has weakened. The price could now drop to the 20-day EMA ($ 141).

SOL / USDT daily chart. Source: TradingView

If the price rises from current levels, it suggests that sentiment will remain positive and traders will accumulate on dips. The bulls will then attempt to resume the uptrend but should face strong resistance on the trendline.

If the price deviates from the trendline, the SOL / USDT pair could fall to the 20-day EMA. A break below this level could drag the price to the 61.8% Fibonacci retracement level at $ 123.43.

Conversely, a breakout and close above the trendline increases the likelihood of retesting the all-time high at $ 216.

DOT / USDT

Polkadot (DOT) rose above the overhead resistance at $ 35.68 on September 12, suggesting the bulls are trying to resume the uptrend. The rising moving averages favor the bulls, but the negative divergence in the RSI suggests that the bullish momentum may slow.

DOT / USDT daily chart. Source: TradingView

The bears are currently attempting a tough challenge near the resistance line, but unless the bulls give up much, the possibility of a break above the overhead resistance increases. That could pave the way for a rally to $ 41.40 and then $ 46.83.

Contrary to this assumption, the DOT / USDT pair could retest the breakout level at $ 28.60 if the price turns down and falls below the 20-day EMA ($ 30.34).

A strong rebound from these levels will suggest the bulls continue to accumulate on dips, but a break below that could drag the pair down to the 50-day SMA ($ 24.68). If the price stays below $ 28.60, it suggests that bears are back in the game.

Related: Fake news: Litecoin price rises 35% after Walmart adoption

DOGE / USDT

Dogecoin (DOGE) has been trading below the moving averages for the past few days, suggesting that bulls have no urgency to buy at current levels. The bears will now attempt to break the price below the strong support at $ 0.21.

DOGE / USDT daily chart. Source: TradingView

The 20-day EMA has fallen and the RSI has fallen into negative territory, suggesting that the bears have the upper hand. A break and a close below $ 0.21 could drag the price to the critical support at $ 0.15.

Alternatively, if the price rebounds from $ 0.21, the bulls will try again to push the DOGE / USDT pair above the moving averages. If they do, the pair could rally to the downtrend line. A break and a close above this resistance are the first signs that the correction may be over.

MOON / USDT

The Terra Protocol’s LUNA token fell from $ 45.01 on September 11th, indicating profit bookings by traders. The key support to watch on the downside is the breakout level at $ 36.89 and then the 20-day EMA ($ 32.77).

LUNA / USDT daily chart. Source: TradingView

A strong rebound from either level suggests sentiment remains positive and traders buy on dips. The bulls will then attempt to resume the uptrend and push the price down to the psychological level of $ 50.

The rising moving averages indicate an advantage for the bulls, but the negative divergence in the RSI signals caution. If bears drag below the 20-day EMA, the LUNA / USDT pair could slide to the 50-day SMA ($ 24.14).

UNI / USDT

Uniswap (UNI) has traded below the plunge of $ 25 for the past few days, suggesting traders are not accumulating aggressively at current levels.

UNI / USDT daily chart. Source: TradingView

The moving averages have made a bearish crossover and the RSI is in negative territory, suggesting an advantage for bears. If sellers drop below the immediate support at $ 21, the negative momentum could pick up.

The UNI / USDT pair could then fall as low as $ 18.69. This level can act as support, but unless the bulls push the price above $ 25 the decline could extend to $ 13. This negative view will be invalidated if the price rises from the current level and rises above the moving averages.

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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