23/09/2021

The crypto markets and U.S. equity markets attempt to rebound on September 22, amid fears of widespread contagion due to Chinese developer Evergrande defaulting on its debt decline. Ray Dalio, co-chair and co-chief investment office of Bridgewater Associates, said Sept. 22 that Evergrande’s debt was “manageable”.
Ming Tan, director of the rating agency Standard & Poor’s, said the Chinese government could step in and restructure Evergrande.
The Crypto Fear & Greed Index had fallen to 21 levels, indicating extreme fear among investors. Speaking on CNBC, Mike Novogratz, CEO of Galaxy Digital, said the crypto markets will remain in good shape as long as Bitcoin (BTC) stays above $ 40,000 and Ether (ETH) above $ 2,800.
Daily performance of the cryptocurrency market. Source: Coin360
Traders can now focus on the Federal Reserve’s Statement of Principles on Economic and Interest Rate Forecasts on September 22, which will be followed by a press conference by Fed Chairman Jerome Powell.
Could Bitcoin and Altcoins keep the rally, or will higher levels attract sales by the bears? Let’s check out the top 10 cryptocurrency charts to find out.
Table of Contents
BTC / USDT
Bitcoin plunged below the neckline on September 21, completing the bearish head and shoulders pattern. On the positive side, however, the bulls pushed the price back above the cutout on September 22nd. This indicates strong buying at lower levels.
BTC / USDT daily chart. Source: TradingView
If buyers keep the price above the cutout, it could catch several aggressive bears, which could result in a short squeeze. The BTC / USDT pair could then rebound to the 20-day exponential moving average (EMA) ($ 46,038) where bears could be a major challenge.
The moving averages have made a bearish crossover and the relative strength index (RSI) is in negative territory, suggesting that the bears are in charge.
If price cannot hold above the neckline, the bears will try to resume the downtrend. Initial downside support is at $ 37,332.70 and the pattern target is at $ 32,423.05.
A break and a close above the moving averages are the first signs that the correction may be over.
ETH / USDT
Ether tumbled, closing below $ 3,000 on September 20, completing the bearish head and shoulders pattern. Usually the breakout from the clipping is retested and that happened on September 22nd.
ETH / 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 price moves down from current levels, the bears will attempt to continue the downward move towards the pattern target at $ 1,972.12.
Conversely, if the bulls hold above $ 3,000, it indicates an accumulation of dips. The ETH / USDT pair could then rally to the 20-day EMA (USD 3,303), which could act as strong resistance again. A breakout and close above this level could signal that the bulls are back in the game.
ADA / USDT
Cardano (ADA) is in a strong correction phase but the bulls are trying to halt the decline in the strong support at $ 1.94 where they are likely to hit a wall at the 20-day EMA ($ 2.38).
ADA / USDT daily chart. Source: TradingView
The moving averages are on the verge of a bearish crossover and the RSI is in negative territory, suggesting that the bears have the upper hand. If the price deviates from the 20-day EMA, the bears could again question the $ 1.94 support.
A break and close below this level could open the doors for further decline to $ 1.60. The bulls need to push and hold price above the 20-day EMA to signal the start of a sustained rebound. The ADA / USDT pair could then rise to $ 2.60 and later to $ 2.80.
BNB / USDT
Binance Coin (BNB) broke below the September 7th low of $ 369 on September 20 and hit strong support at $ 340 on September 21. The bulls are currently trying to defend this level.
BNB / USDT daily chart. Source: TradingView
The moving averages have made a bearish crossover and the RSI is below 41, suggesting that bears are at an advantage. Any pullback is likely to face strong selling near the 20-day EMA ($ 410).
If bears drop the price below $ 340, the BNB / USDT pair could drop to psychological support at $ 300 and then to $ 250. This negative view will be nullified if the bulls lift and hold the price above the overhead resistance at $ 433.
XRP / USDT
Ripple (XRP) plunged, closing below the September 7 intraday low of $ 0.95 on September 20, indicating that supply is outstripping demand. The moving averages have made a bearish crossover and the RSI is in negative territory, suggesting that the bears have the upper hand.
XRP / USDT daily chart. Source: TradingView
The current relief rally is likely to hit a hurdle at the 20-day EMA ($ 1.06). If the price deviates from this resistance, it suggests that traders continue to sell on rallies. The bears will then try to continue the downward movement.
If the price drops below $ 0.85, the XRP / USDT pair could drop to the nearest support at $ 0.75. The bulls must push and hold price above the overhead resistance zone at $ 1.07-1.13 to indicate strength.
SOL / USDT
Solana (SOL) broke and closed below the 20-day EMA (USD 144) on September 20th, which is the first sign that the upside momentum may wear off. The bulls attempted to push the price back above the 20-day EMA on September 21, but failed, suggesting the bears are trying to make a comeback.
SOL / USDT daily chart. Source: TradingView
The SOL / USDT pair bounced off the 61.8% Fibonacci retracement level at $ 123.42 and has hit the 20-day EMA.
If the bulls push price above the 20-day EMA and downtrend line, the pair could rise to $ 171.47. This level could act as a resistance again, but a break above it could push it up to $ 200 and then to $ 216.
On the contrary, if the price drops from the current level or the downtrend line, a sale at higher levels is suggested. The bears will then attempt to take the price below $ 123.42 and extend the decline to the 50-day simple moving average ($ 104).
DOT / USDT
Polkadot (DOT) broke below the 50-day SMA ($ 27.71) on September 21, but the bulls aggressively bought the dip and hit levels on September 22. That seems to have caught the bears, which resulted in a short squeeze.
DOT / USDT daily chart. Source: TradingView
The DOT / USDT pair has hit the 20-day EMA ($ 31.42), which is an important level to look out for. If buyers push the price above this resistance, the pair could rise to $ 35 and then retest $ 38.77.
Conversely, if the price drops from the 20-day EMA, it suggests that traders are selling on rallies. The bears will then make another attempt to pull the price to the September 7th intraday low of $ 22.66.
Related: Bitcoin is bouncing again after briefly losing support at $ 40,000 – Check out these BTC price levels
DOGE / USDT
Dogecoin (DOGE) broke and closed below the $ 0.21 support on September 20, but the bears failed to crack the next support at $ 0.19. This indicates lower demand.
DOGE / USDT daily chart. Source: TradingView
The bulls are trying to keep the price above $ 0.21 on September 22nd. If that happens, the DOGE / USDT pair could hit the 20-day EMA ($ 0.24). The bears will likely defend this level aggressively.
If the price deviates from the 20-day EMA, the bears will make another attempt to bring the price below the $ 0.21 to $ 0.19 support zone. If they do, the pair could fall to the critical support at $ 0.15.
The bulls need to push and hold the price above the downtrend line to indicate that the correction may be over.
AVAX / USDT
Avalanche (AVAX) rebounded sharply from the 20-day EMA ($ 56.34) on September 22, suggesting sentiment remains positive and traders buy on dips.
AVAX / USDT daily chart. Source: TradingView
Buyers pushed the price above the overhead resistance at $ 66.24, increasing the possibility of retesting the all-time high at $ 76.27. A breakout and close above this resistance signals the resumption of the uptrend.
Contrary to this assumption, if the price drops from current levels or from overhead resistance, it suggests that higher levels are attracting profit bookings. The bears will then make another attempt to bring the price below the 20-day EMA.
If successful, the AVAX / USDT pair could begin a lower correction to $ 48 and then to the 50-day SMA ($ 40.49).
UNI / USDT
Uniswap (UNI) broke and closed below the September 7 intraday low at $ 21, suggesting traders are rushing to exit. The price is currently correcting within a descending channel pattern.
UNI / USDT daily chart. Source: TradingView
The 20-day EMA ($ 24.10) is sloping down and the RSI is below 41, suggesting the bears have the upper hand. Any recovery from current levels should face strong resistance in the 20-day EMA.
If the price deviates from this resistance, the UNI / USDT pair could fall to the support line of the channel. A break below $ 18 could open the doors for a possible drop to $ 13.
This negative view will be invalidated when the price breaks through and closes above the descending channel. The pair could then gradually climb to $ 27.62.
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.
#positivenews #thefed
? ⬆️ ? ?? ?
Relevant news

BTC, ETH, ADA, BNB, XRP, SOL, DOT, DOGE, UNI, AVAX
The crypto markets and U.S. equity markets sold on Sept. 20 amid fears that the…

Cardano price dips after smart contract launch, Walmart working with Litecoin is fake news, Coinbase raises $2B from junk-bond sale: Hodler’s Digest, Sept. 12-18
Hodler’s Digest kommt jeden Samstag und hilft Ihnen dabei, jede einzelne wichtige Nachricht zu verfolgen,…

BTC, ETH, ADA, BNB, XRP, SOL, DOT, DOGE, UNI, LUNA
Bitcoin’s (BTC) rebound is facing strong resistance near $ 48,500, suggesting that bears are active…

China’s version of McJob meme, eCNY airdrops, Canaan’s record revenue – Cointelegraph Magazine
This weekly roundup of news from mainland China, Taiwan, and Hong Kong attempts to curate…

BTC, ETH, ADA, BNB, XRP, SOL, DOT, DOGE, UNI, LUNA
Bitcoin (BTC) is leading the recovery in the crypto sector, and the cryptocurrency briefly rebounded…

Price analysis 9/13: BTC, ETH, ADA, BNB, XRP, SOL, DOT, DOGE, LUNA, UNI
Bitcoin’s (BTC) failure to rebound strongly in recent days has resulted in profit posting on…
Be the first to comment