This week’s sharp rally in Bitcoin and Ether signals that bulls are back in force and altcoins are likely to follow. Bitcoin finally broke above the $50,500 resistance and Ether has risen over the $4,000 mark. This shows that there is an growing interest in crypto currencies and several legacy finance companies are initiating steps to tap into this increasing demand.
BTC/USDT
The bears defended the $50,500 resistance, but they could not pull and endure the price back below the downtrend line. This could have attracted buying from the bulls which have pushed Bitcoin above $50,500 today. If buyers sustain the price above $50,500, the BTC/USDT could rally to $60,000. This level may again act as a stiff resistance but if bulls can thrust the price above it, the pair could challenge the all-time high at $64,854.
ETH/USDT
Ether picked up momentum after breaking above $3,377.89 and hit the $4,000 mark today. If bulls sustain the price above this psychological level, the biggest altcoin could challenge the all-time high at $4,372.72. The upsloping 20-day EMA ($3,344) and the RSI in the overbought zone suggest that bulls are in control. If buyers push the price above $4,372.72, the ETH/USDT pair could start its journey toward the critical level at $5,000.
ADA/USDT
ADA broke above the $3 mark on but the bulls could not sustain the higher levels. Although the price fell back below $2.97 today, the bulls bought the dip and are again trying to drive the price above $3. A breakout and close above $3.10 will signal the resumption of the uptrend. The ADA/USDT pair could then rally to $3.50.
BNB/USDT
Binance Coin has been trading between the 20-day EMA $456 and the overhead resistance at $518.90. This suggests that bears are selling above $500 but the positive sign is that bulls are not giving up much ground. The buyers will again try to push and sustain the price above $518.90. If they manage to do that, the BNB/USDT pair could pick up momentum and rally to $600.
XRP/USDT
XRP was pushed above the downtrend line invalidating the developing bearish descending triangle pattern. The bears tried to pull and sustain the price below the downtrend line today but failed. If bulls sustain the price above the downtrend line, the XRP/USDT pair could rally to $1.35.
SOL/USDT
The bears attempted to stall Solana’s (SOL) uptrend at $130 but the bulls were in no mood to relent. The buyers did not allow the price to break below the psychological support at $100. Buying resumed on Sep. 2 and the bulls have extended the SOL/USDT pair to a new all-time high today. Vertical rallies are rarely sustainable and they usually result in sharp declines. The RSI above 88 also indicates the pair is overextended in the short term.
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