Bitcoin bulls have set their sights on $50,000 and this renewed momentum is also increasing large and small-cap altcoin prices.
Bitcoin is facing rejection near $50,000, meaning that bears are not ready to give up without a fight. Many analysts expect Bitcoin to climb in the last quarter and worst-case scenario for Bitcoin in October is $63,000 and $98,000 by November.
BTC/USDT
The bulls pushed Bitcoin above the overhead resistance at $48,843.20 but the long wick on the day’s candlestick shows that bears are defending the level in a aggressive manner. The price has been trading between the 50-day simple moving average at $46,667 and $48,843.20 for the past two days.If bulls drive and hold the price above the overhead resistance, Bitcoin could pick up momentum and rally to $50,000 and later on to $52,920.
ETH/USDT
The bulls pushed Ether above the downtrend line and the moving averages but the bears have not given up. The sellers are attempting to delay the up-move near $3,500 and pull the price back below the 50-day SMA of $3,297.
If they manage to do that, the Ether could drop to the 20-day EMA of $3,194. This is an significant support for the bulls to defend because a break below it could entice further selling. Ether may then drop to the psychological level at $3,000 and later to the 100-day SMA at $2,841.
BNB/USDT
The Binance Coin has been facing strong resistance at the overhead resistance at $433 but the optimistic sign is that bulls have not given up much ground. This indicates that the buyers are holding on to their positions as they hope for a move higher.
The 20-day EMA of $395 has turned up and the RSI is in the positive territory, indicating a slight advantage to the bulls. If buyers drive and hold the price above $433, The Binance coin could pick up momentum and rally to $518.90.
ADA/USDT
The bulls pushed ADA above the 20-day EMA of $2.25 for the past two following days but they could not hold the higher levels. This indicates that the sentiment remains negative and traders are defending the 20-day EMA.
The price has turned down from the 20-day EMA today and the bears will now try to sink ADA to the critical support at $1.94. If this level gives way, the pair could witness aggressive selling and fall to $1.60.
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