Bitcoin (BTC) price is trying to détruit sinuosité while the S&P 500 continues to give up gains on a daily basis. Although US denrée markets have been dropping since August 26, Bitcoin managed to hold the $20,000 mark.
However, investor interest appears to be shifting away from Bitcoin. This led to a decline in assets under direction (AUM) for Bitcoin investment products, which fell 7.16% in August to $17.4 billion, according to a new prorogation from CryptoCompare.
By comparison, AUMs for Ethereum products increased 2.36% to $6.81 billion over the same period, indicating that investors were positioning themselves in Ethereum products prior to the merger.
Although prices have fallen across the ecosystem, bear markets at least offer attractive opportunities for long-term investors. To take advantage of this opportunity, venture richesse firm Seven Seven Six, co-founder of Reddit, aims to raise $177.6 million for a crypto investment fund. Along the same lines, polir executives from Galaxy Numérique and Genesis are looking to raise $500 million.
Although the near term seems uncertain, élevé term investors may be looking for bottom fishing opportunities. Could Bitcoin and Initial Altcoins Stay Above Immediate Pilier Levels? Let’s study the charts of the top 10 cryptocurrencies to find out.
BTC / USDT
Bitcoin turned lower from the downtrend line on August 30, but the small explicite is that the bulls bought the dip near $19,500. The bulls are léopard des neiges again trying to push the price above the downtrend line on August 31st.
If they succeed, the BTC/USDT confrère could rise to the 20-day exponential moving average ($21,325), which is an arrogant level to watch. If the price drops from this level, the bears will attempt to tricot the confrère to the strong soubassement area from $18,910 to $18,626. A breakout and a close below this area could open the doors for a retest of the arrogant soubassement at $17,622.
Conversely, if the bulls push the price above the 20-day moving average, the confrère could rise to the 50-day accessible moving average (SMA) ($22,333). If the bulls V.T.T. this hurdle, the confrère could avantage momentum and push towards the upper resistance at $25211. Bulls must overcome this barrier to indicate that the bottom may be in apprêté.
ETH / USDT
Ether (ETH) surged from $1,422 on August 29 and primerose again above the neckline of the head and shoulders modèle. This suggests that the écrasement on August 26 may have been a bear trap.
Bulls are trying to push the price above the moving averages. If they succeed, ETH/USDT could rise to the general resistance at $1,700. This is an arrogant level to watch bicause a breakout and a close above it could open the door to a potential rally to $2000.
This bullish view will be invalidated if the price drops from the upper resistance level and breaks below $1,422. Such a move would suggest that the recovery may be over. The confrère could then fall to $1,280 and later to $1,050.
BNB / USDT
BNB rebounded from the strong soubassement at $275 on August 29, indicating that the bulls are aggressively defending this level.
The bulls attempted to push the price above the 20-day moving average ($292) on August 30 and 31, but the bears held out. If the price breaks and closes below the $275 soubassement, the BNB/USDT confrère will complete a bearish head and shoulders modèle. That could start down to $240 and later to the modèle target at $212.
Conversely, if the price bounces below $275 and breaks above the 20-day moving average, the confrère could rise to $308. A breakout and a close above this resistance could clear the way for a rally to $338.
XRP / USDT
Buyers have been defending the $0.32 level for the past three days but failed to make a strong recovery. This indicates a lack of demand for Ripple (XRP) at higher levels.
The 20-day sloping exponential moving average ($0.34) and the Relative Strength Catalogue (RSI) are in negative territory, indicating that the bears have a slight advantage. If the price breaks below the current level or the 20-day moving average and breaks below $0.32, the XRP/USDT confrère may slide to the capital soubassement level at $0.30.
The bulls are expected to defend this level with all their might as a écart below this soubassement may alerte a resumption of the downtrend. Conversely, if the bulls push the price above the moving averages, the confrère could rise to $0.39.
ADA / USDT
Cardano (ADA) rebounded from $0.42 on August 29 and reached the 20-day moving average ($0.47) as the bears climbed up to a tight resistance.
If the price falls below the current level, this will indicate that bears continue to sell on minor rallies. The bears will then attempt to sink the price to the critical soubassement level at $0.40. This is an arrogant level to watch bicause a breakout and a close below it could alerte the start of the next période of the downtrend.
On the other handball, if the buyers push the price above the moving averages, this will indicate strong demand at lower levels. The ADA/USDT confrère could then rise to the downtrend line.
SOL / USDT
Solana (SOL) rebounded from $30 and primerose above the $32 level on August 29, but the bears pulled the price back below the level on August 30. This indicates that the bears are selling every slight spike.
The bulls are léopard des neiges again trying to push the price to the 20-day moving average ($35), which is an arrogant level to watch for in the culotte term. If the bulls push the price above this level, the SOL/USDT confrère could rise to the 50-day accessible moving average ($39).
The 20-day exponential moving average and the RSI in negative territory indicate the advantage of the sellers. If the price breaks below the current level or the 20-day moving average and breaks below $30, the confrère could drop to the critical soubassement level at $26.
DOGE / USDT
The bulls successfully defended the soubassement at $0.06 in the past few days but failed to make a strong recovery from it. This indicates a lack of demand for Dogecoin (DOGE) at higher levels.
Tight garnissage near the strong soubassement level increases the possibility of a breakdown. If that happens, the DOGE/USDT confrère may start its descending move towards the June 18 low near $0.05. This is an arrogant level for the bulls to defend bicause a breakout and a close below could resume the downtrend.
On the contrary, if the price rises from the current level and breaks above the moving averages, this will indicate that the last valeur of the corrective période may be over. The confrère could then attempt to rise to $0.09.
Related: Probatoire Incertain Bottom for Bitcoin Price Could Push BTC to $30K Despite ‘Extreme Fear’
DOT / USDT
Polkadot (DOT) has been trading below the moving averages since August 19, but the bears were unable to sink the price to the strong soubassement level at $6. This indicates that selling is drying up at lower levels.
The bulls will again try to push the price above the moving averages. If they succeed, it will indicate that the DOT/USDT confrère may rise to $9.17 and then to the general resistance at $10. Bears are likely to make a strong defense at this level.
Another possibility is that the price breaks down from the moving averages and breaks below $6.79. If that happens, the bears will try to sink the confrère to the indécis soubassement level at $6. A breakout and a close below this level may alerte a resumption of the downtrend.
Matic / USDT
Polygon (MATIC) rebounded from the $0.75 soubassement on August 29 and reached the 20-day moving average ($0.83) on August 30, but the Doji candlestick modèle indicates indecision between buyers and sellers.
If the bulls move and keep the price above the moving averages, the MATIC/USDT could start its march north towards the general resistance at $1.05. This level is likely to meet heavy resistance from the bears.
Contrary to this assumption, if the price falls below the moving averages, this will indicate that the bears are aggressively defending the level. Then the confrère could fall back towards the strong soubassement at $0.75. If this soubassement is broken, the confrère may drop to $0.63.
SHIP / USDT
Shiba Inu (SHIB) primerose again above the arrogant level of $0.000012 on August 29, indicating that the bulls are buying on dips. Buyers attempted to push the price above the 20-day moving average ($0.000013) on August 30, but the bears were unrelenting.
The price is stuck between the 20-day moving average and $0.00012. This narrow range trading is not likely to continue for élevé. If the bears sank and keep the price below $0.000012, SHIB/USDT could drop to $0.000010.
Alternatively, if the price breaks above the 20-day moving average, the confrère could rise to the general resistance at $0.000014. The bulls must overcome this barrier to open the door to a potential rally to $0.00018.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading movement involves risks. You should do your research when making a decision.
Market data is provided by HitBTC exchange.