Bitcoin and altcoins are holding their immediate support levels, but traders are probing for a trigger to push the market higher.
BTC
Bitcoin has been stuck inside a tight range between $19,520 and $20,576 for the past few days. This indicates indecision among the bulls and the bears. Although bulls are buying the dips, they have failed to clear the overhead resistance. The downsloping 20-day EMA ($20,775) and the RSI in the negative territory increase the likelihood of a break below $19,520. If that happens, BTC could drop to the strong support zone between $18,910 and $18,626.
ETH
Ether has been stuck between the 20-day EMA ($1,605) and the neckline of the head and shoulders pattern since Aug. 31 but this tight-range trading is unlikely to continue for long. If buyers push and sustain the price above the 20-day EMA, ETH could rally to the overhead resistance at $1,700. This is an important level to keep an eye on because a break and close above it could signal that bulls are back in control.
BNB
BNB has been trading near the strong support of $275 for the past few days but the bulls have not been able to achieve a strong rebound off it. This indicates a lack of demand at higher levels. The 20-day EMA ($286) has been sloping down and the RSI is below 41, indicating that bears have the upper hand.
XRP
XRP has been stuck between $0.32 and $0.34 for the past few days but this tight range trading is unlikely to continue for long. The bears will attempt to sink the price below $0.32. If they succeed, XRP could extend its decline to the crucial support at $0.30.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Crypto News. Every investment and trading move involves risk. The reader should conduct their own research when making a decision.
