Bitcoin (BTC) and Ether (ETH) try to bounce off their critical support levels as the bulls try to thwart attempts by the bears to deepen the correction.

Elon Musk, CEO of Tesla, recently said at the Code Conference in California that because of its decentralized nature, governments cannot “destroy crypto” but “can slow its progress”.

The data shows that whales have moved record amounts of Bitcoin in the past two weeks. The total transfer volume of transactions valued at $ 10 million and more has exceeded the level seen at Bitcoin’s price near $ 60,000.

According to the on-chain analytical resource Material Indicators, “smaller” whales have been sold and megawales have been added to their populations.

Daily performance of the cryptocurrency market. Source: Coin360

Bobby Lee, the former CEO of the BTCC exchange, said in an interview with Bloomberg on Sept. 29 that Bitcoin’s rally is expected to begin in 2021, which will not only push the price to an all-time high, but also the psychological mark at 100,000 Reach US dollars and possibly US $ 200,000.

Are Bitcoin and Altcoins preparing for a relief rally or will bears pull the price below their respective support levels? Let’s analyze the top 10 cryptocurrency charts to find out.

BTC / USDT

Bitcoin continues to trade between the 100-day simple moving average ($ 41,221) and the 20-day exponential moving average (44,229). Price rallied from the 100-day SMA today, suggesting the bulls continue to aggressively defend that support.

BTC / USDT daily chart. Source: TradingView

The 20-day EMA is sloping down and the relative strength index (RSI) is in negative territory, suggesting sentiment remains negative and bears may sell on rallies. If the price deviates from the 20-day EMA, the narrow range action may continue for a few more days.

A break and close below the 100-day SMA could panic selling and push the price to $ 37,332.70. If this level breaks too, the BTC / USDT pair could fall to $ 30,000.

Alternatively, a break and close above the 20-day EMA is the first sign that selling pressures may ease. The pair could then move to the 50-day SMA ($ 46,580) followed by a surge to $ 48,843.20.

ETH / USDT

Ether turned down from the 20-day EMA ($ 3,118) on September 27 and fell to the 100-day SMA ($ 2,771) on September 28. The bulls have again held support and are trying to push the price towards the 20. to press -day EMA.

ETH / USDT daily chart. Source: TradingView

The falling 20-day EMA and the RSI in negative territory suggest the bears are in control. If the price drops from current levels or the 20-day EMA, the bears will make another attempt to break the 100-day SMA support.

If so, the ETH / USDT pair could slide to $ 2,400, and if that support also gives way, the decline could extend to $ 1,972.12. The bulls need to push and hold the price above $ 3,174.50 to signal that the correction may be over. The pair could then climb to the 50-day SMA ($ 3,291) and then to $ 3,676.28.

ADA / USDT

Cardano (ADA) has been trading between the 20-day EMA ($ 2.27) and the $ 1.94 support for the past few days. The long wick of today’s candlestick suggests that bears are selling on recovery rallies.

ADA / USDT daily chart. Source: TradingView

The falling 20-day EMA and RSI below 40 indicate that the bears have the upper hand. The sellers can make another attempt to bring the price down and hold below the zone between $ 1.94 and the 100-day SMA ($ 1.87).

If the price falls below this support zone, selling could gain momentum and the ADA / USDT pair could fall to $ 1.60 and then $ 1.40. This negative view will be invalidated if the bulls push and hold the price above $ 2.47.

BNB / USDT

Binance Coin (BNB) closed under the support of USD 340 on September 27, but the bears failed to benefit from this move and brought the price below USD 320. This shows that sales are drying up at lower levels.

BNB / USDT daily chart. Source: TradingView

The RSI has formed a positive divergence, suggesting that bearish momentum may be easing. The strong rally today suggests aggressive buying at lower levels and possible short coverage by the bears.

If the bulls are driving price above the 20-day EMA (USD 381), it suggests that the correction may be over. The BNB / USDT pair could then rise to $ 433.

On the contrary, if the price drops again from the 20-day EMA, it suggests that traders are selling on rallies. The bears will then make one more attempt to push the price below $ 320.

XRP / USDT

XRP fell again to the 100-day SMA ($ 0.88) on September 28. Repeated retests of a level of support tend to weaken it, but one small positive sign is that the bulls have successfully defended the level several times in the past few days.

XRP / USDT daily chart. Source: TradingView

The bulls pushed price to the 20-day EMA (USD 1.00) today, but the long wick on the daily candle suggests that the bears are in no mood to give way.

If the price drops from current levels, the bears will make one more attempt to move the price below the 100-day SMA and hold it. If successful, the XRP / USDT pair could drop to $ 0.69.

Contrary to this assumption, if the bulls push the price above the 20-day EMA, the pair could rise to the 50-day SMA ($ 1.11).

SOL / USDT

Although Solana (SOL) has broken out of the downtrendline, the bulls are struggling to keep the price above the 20-day EMA (USD 141). This suggests sentiment remains negative and bears are selling on rallies.

SOL / USDT daily chart. Source: TradingView

A break and close above the 20-day EMA is the first indication that selling pressures may ease. The SOL / USDT pair can then rise to the 38.2% Fibonacci retracement level at $ 154.20 and then to the 50% retracement level at $ 166.

Alternatively, if price drops from the 20-day EMA or the overhead resistance, the bears will attempt to pull the pair below the 50-day SMA ($ 118). A break and close below $ 116 could panic selling.

DOT / USDT

Polkadot (DOT) tries to ricochet off the section of the developing head and shoulders pattern. This is an important level for the bulls to defend as a break and a close below complete the bearish setup.

DOT / USDT daily chart. Source: TradingView

The sell could gain momentum below the cutout, dragging price to the 100-day SMA ($ 22.28) and then the pattern target at $ 12.23. The falling 20-day EMA ($ 30.12) and the RSI just below the middle point to a slight upside for bears.

Conversely, if bulls push price above the 20-day EMA and the downtrend line, it suggests that the bears may be losing control. The pair could then climb to $ 33.60, where bears could be another big challenge. A break and close above this resistance could pave the way for a retest at $ 38.77.

Related: VORTECS ™ Report: This key trading algo spotted bullish altcoin setups even as BTC price fell

DOGE / USDT

Dogecoin (DOGE) has ranged from $ 0.19 to $ 0.21 for the past three days. This tight trade indicates indecision among the bulls and bears about the next directional move.

DOGE / USDT daily chart. Source: TradingView

The RSI is trying to create a positive divergence, suggesting that selling pressures may ease. If the bulls push the price above $ 0.21, the DOGE / USDT pair could rise to the 20-day EMA ($ 0.22), which in turn could act as strong resistance.

A break and close above the 20-day EMA are the first signs of strength and could open the gates for a possible move up to the downtrendline.

Alternatively, if the price drops from current levels or from overhead resistance and falls below $ 0.19, the pair could drop to $ 0.15.

AVAX / USDT

The long wick on the Avalanche (AVAX) candlestick on September 27 shows that bears are aggressively sold in rallies. Selling continued and bears dragged the price below the ascending channel support line on September 28th.

AVAX / USDT daily chart. Source: TradingView

Although the bulls pushed price back into the channel today, the long wick on the day candle suggests that the bears will sell with every little recovery. The 20-day EMA ($ 62.12) has flattened and the RSI is just above the middle, suggesting that the bulls may be losing control.

If price cannot hold within the channel, the AVAX / USDT pair could slide to the nearest support at USD 52. Conversely, if the bulls keep the price within the channel, the pair could rise to $ 72, and if that level is exceeded, a retest of the all-time high at $ 79.80 is possible.

UNI / USDT

The bulls have pushed Uniswap (UNI) above the downtrend line of the descending channel for the past two days, but they have failed to hold the higher levels. On a small positive though, the bulls haven’t given up much ground and are trying again today to overcome the overhead resistance.

UNI / USDT daily chart. Source: TradingView

The flat 20-day EMA ($ 23) and the RSI near the middle suggest that the bears are losing their hold. If the price holds above the channel, the UNI / USDT pair could climb to the 50-day SMA ($ 25.88) and then to $ 27.62 later.

A break and a close above $ 27.62 could re-test the stiff overhead hurdle at $ 31.41. Conversely, this suggests that the bears will aggressively defend the resistance if the price drops from current levels. If the pair slips below $ 21.84, the next stop could be at $ 17.73.

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.

# support # recovery

? ?

Relevant news