Bitcoin (BTC) has dropped below $60,000, indicating nervousness among the bulls. Bitcoin’s volatility is likely to rise after the interest rate decision by the Federal Reserve on Sept. 18, but it is unlikely to kick start a trending move in either direction. After the initial knee-jerk reaction, the price is likely to settle down, remaining inside the large range between $52,500 and $73,777.
Analysts have different views about the short-term reaction to the rate cuts. BitMEX co-founder and Maelstrom chief investment officer Arthur Hayes expects the markets to drop following the rate cuts as it will “narrow the interest rate differential between the US dollar and the Japanese yen.”
Crypto market data daily view. Source: Coin360
In contrast, quantitative Bitcoin and digital asset fund Capriole Investments founder Charles Edwards believes that Bitcoin is ready to resume its bull phase if the Federal Reserve cuts rates, signaling the start of a dovish policy regime.
What are the critical levels in Bitcoin and altcoins that need to be crossed to indicate a bullish sentiment? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
Bitcoin’s price action of the past few days has formed a symmetrical triangle pattern, indicating indecision between the bulls and the bears.
BTC/USDT daily chart. Source: TradingView
The price has turned down from the resistance line and is likely to fall to the 20-day exponential moving average ($58,639). This is an important level for the bulls to protect, because a break below it may open the doors for a fall to the support line of the triangle.
On the contrary, if the price rebounds off the 20-day EMA, it will improve the prospects of a rally above $61,200. If that happens, the BTC/USDT pair could start a recovery to $65,000 and subsequently to $70,000.
Ether price analysis
Buyers tried to shove Ether (ETH) above the 20-day EMA ($2,397) on Sept. 17, but the bears did not budge.
ETH/USDT daily chart. Source: TradingView
The uptrend line is the critical support to watch out for on the downside. If this support gives way, the selling could accelerate, and the ETH/USDT pair could plunge to $2,111 and eventually to $2,000.
Contrary to this assumption, if the bulls push the price above the 50-day SMA ($2,553), it will signal that the bears are losing their grip. The pair could rally to the breakdown level of $2,850. Buyers will have to clear this level to suggest a potential trend change.
BNB price analysis
BNB (BNB) has been attempting to maintain above the moving averages, indicating a short-term positive sentiment.
BNB/USDT daily chart. Source: TradingView
Buyers will have to drive the price above $562 to indicate the continuation of the relief rally. The BNB/USDT pair could reach $600, where the bears are likely to pose a substantial challenge. If bulls overcome this barrier, the pair may reach $635.
Conversely, if the price breaks below the moving averages, it will suggest that the bears have overpowered the bulls. The pair could move downward toward the critical support at $460.
Solana price analysis
The bulls tried to push Solana (SOL) above the 20-day EMA ($134) on Sept. 17, but the bears held their ground.
SOL/USDT daily chart. Source: TradingView
The 20-day EMA has started to turn down and the RSI is in the negative territory indicating that bears have the upper hand. Minor support at $128, but if this level gives way, the SOL/USDT pair could plunge to $116.
Contrary to this assumption, if the price turns up from the current level and breaks above the 50-day SMA ($141), it will indicate the start of a sustained recovery. The pair may attempt a rally to $164.
XRP price analysis
XRP (XRP) bounced off the 20-day EMA ($0.56) on Sept. 16, but the bulls could not push the price above the $0.60 overhead resistance.
XRP/USDT daily chart. Source: TradingView
The bears have pulled the price back to the moving averages on Sept. 18. If this support breaks down, the XRP/USDT pair may drop to the uptrend line. The bulls are expected to protect the uptrend line because a break below it may sink the pair to $0.46.
Instead, if the price turns up from the moving averages and breaks above $0.60, it will signal that the dips are being purchased. The pair could rally to $0.64, which may be a difficult hurdle to cross.
Dogecoin price analysis
Dogecoin (DOGE) has been trading near the downtrend line of the falling wedge pattern, indicating that the bulls have kept up the buying pressure.
DOGE/USDT daily chart. Source: TradingView
If the price turns up and breaks above the downtrend line, it will suggest the start of a new uptrend. The DOGE/USDT pair could rally to $0.14, where the bears may mount a strong defense.
Contrary to this assumption, if the price turns down sharply from the current level, it will suggest that the bears are selling on rallies. The pair may slump to $0.09 and subsequently to $0.08.
Toncoin price analysis
Toncoin (TON) has been trading near the 20-day EMA ($5.46) for the past two days, indicating a tough battle between the bulls and the bears.
TON/USDT daily chart. Source: TradingView
The flattening 20-day EMA and the RSI near the midpoint do not clearly favor either the bulls or the bears. If the price turns up from the 20-day EMA and breaks above the 50-day SMA ($5.82), it will signal the start of a strong recovery. Above $6, the TON/USDT pair may travel to $7.
Contrarily, if the price skids below the 20-day EMA, the selling may pick up, and the pair could plummet to the $4.72 to $4.44 support zone.
Related: Ethereum fractal hints at $3.3K as analyst says its \'go time\' for ETH price
Cardano price analysis
Cardano (ADA) has formed a descending triangle pattern, which will complete on a break and close below $0.31.
ADA/USDT daily chart. Source: TradingView
If that happens, the ADA/USDT pair is likely to dip to $0.24. This is an essential level to watch out for because if it cracks, the selling could intensify, and the pair may enter a free fall toward $0.20.
If bulls want to prevent the decline, they will have to quickly propel the price above the downtrend line. That will invalidate the bearish pattern, resulting in a possible short squeeze. The pair could then attempt a rally to $0.40 and later to $0.45.
Avalanche price analysis
The bulls are struggling to push Avalanche (AVAX) above the resistance line of the descending channel, but a positive sign is that they have not allowed the price to dip below the 50-day SMA ($22.82).
AVAX/USDT daily chart. Source: TradingView
The bulls will again try to drive the price above the channel’s resistance line. If they succeed, the AVAX/USDT pair could rally to the breakdown level of $29 and thereafter to $33.
Contrarily, if the price continues lower and breaks below the 50-day SMA, it will signal that the bulls have given up. That may drag the price down to the solid support at $19.50. The bulls are expected to vigorously defend this level.
Shiba Inu price analysis
(SHIB) continues to trade between the 50-day SMA ($0.000014) and the horizontal support at $0.000012, indicating that the bears have a slight edge.
SHIB/USDT daily chart. Source: TradingView
The bears will try to sink the price below the $0.000012 support. If they succeed, the SHIB/USDT pair could start the next leg of the down move to $0.000011 and then to $0.000010.
Alternatively, if the price turns up and closes above the 50-day SMA, it will suggest that the sellers are closing their positions. That may start a recovery to $0.000016. This level may act as a temporary barrier, but if cleared, the pair may reach $0.000020.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.