Equities markets have extended their decline, but Bitcoin and select altcoins have not given up much ground, leading some traders to believe that the bottom is in.
BTC
Bitcoin bounced off the strong support at $18,626 on Sept. 28, signifying that the bulls continue to fiercely defend this level. The long tail on the candlestick of the past two days shows that bulls are buying the intraday dips. The bulls pushed the price above the 20-day EMA of $19,602 but are struggling to sustain the higher levels. This shows that bears are selling near the 50-day SMA ($20,621).
ETH
Ether has been declining in a descending channel pattern for the past several days. In the short term, the price has been stuck between $1,250 and $1,410, signifying demand at lower levels but selling near the resistance. If the price breaks above $1,410, it will suggest that the bulls have absorbed the supply. That could propel the price to the resistance line of the channel. The bulls will have to overcome this barrier to suggest a potential trend change.
BNB
BNB turned up sharply from $266 and broke above the 20-day EMA of $278 on Sept. 28. This shows that lower levels are attracting strong buying by the bulls. The bulls pushed the price above the resistance line of the descending channel on Sept. 29 but are facing resistance at the 50-day SMA of $288. If bulls do not allow the price to plummet back below the 20-day EMA, it will improve the prospects of a break above the 50-day SMA.
XRP
XRP rebounded off the 20-day EMA of $0.43 on Sept. 28, indicating a change in sentiment from selling on rallies to buying on dips. However, the bears are unlikely to give up as they will try to stall the recovery in the $0.52 to $0.56 zone. If buyers do not give up much ground from the current level, the possibility of a break above the overhead zone increases.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of CryptoNews. Every investment and trading move involves risk. The reader should conduct their own research when making a decision.
