Bitcoin and altcoins are heating up ahead of the long-awaited Ethereum Merge. Bitcoin’s rally above $22,000 cleared the closely watched metric of the realized price, which is at $21,700. The next major barrier on the upside is the 200-week moving average near $23,330.
BTC
Bitcoin is attempting to form a bottom. Buyers pushed the price above the 20-day EMA of $20,831 on Sept. 9 and the 50-day SMA of $21,944 on Sept. 12. This suggests that the bears may be losing momentum. If buyers sustain the price above the 50-day SMA, BTC could attempt a rally to the overhead resistance at $25,211.
ETH
Ether broke above the overhead resistance at $1,700 on Sept. 9 but the bulls are facing stiff resistance at $1,800. This indicates that bears have not given up and they continue to sell at higher levels. The bears will try to pull the price back below the moving averages while the bulls will attempt to defend this support.
BNB
BNB turned up from $258 and climbed back above the neckline of the head and shoulders pattern on Sept. 7. This suggests that the breakdown may have been a bear trap. The bears tried to stall the recovery at the 20-day EMA of $287 on Sept. 8 but the buyers bulldozed their way through and pushed the price above the moving averages on Sept. 9. Both moving averages are sloping up gradually and the RSI is in the positive zone, indicating an advantage to buyers.
XRP
XRPs tight range trading between $0.32 and $0.34 resolved to the upside on Sept. 9, and the price reached the 50-day SMA of $0.35. The bears are attempting to stall the recovery at this level but they have not been able to pull the price below the 20-day EMA of $0.34. This suggests strong buying at lower levels.
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