Bitcoin (BTC) surpassed $ 10,000 on July 27 and has remained above that level ever since. The data shows that this line for 63 consecutive days after closing more than $ 10,000 is a new record.
It also shows that the level is now a strong support after having acted as tough resistance earlier. Bulls have consistently bought dips to $ 10,000 and below, and this important psychological level can now serve as a platform for the next phase of the uptrend.
Currently, the monetary and tax incentives introduced around the world appear to have boosted the appeal of cryptocurrencies as investors seek alternative investment opportunities to protect their portfolios from fiat depreciation.
With less than 2.5 million bitcoin left to return, a scarcity factor could soon emerge as demand from institutional investors rises.
Could bitcoins and altcoins develop positive momentum over the past few days to resume the trend after weeks of bearish price action and short consolidations?
Let’s analyze the graphs to find out.
Bitcoin / US dollar
Bitcoin is currently the limiter of the band between the upward line and the upper resistance at $ 11,178. The flat moving averages and the RSI just above the midpoint indicate several days of consolidation.
Bears will build fierce resistance in the area between the 50-day SMA ($ 11,097) and the bearish line. If the price falls from any of the resistors, the bears will try to drag the price below the trend line.
If successful, the BTC / USD pair could fall to the key support level of $ 9835. Sales could rise if this critical support ends.
However, during the next decline, if the pair rebounds from the trendline, the bulls will make another attempt to push the price above the upper resistance level and resume the trend. The first growth target is $ 12,048 and above is $ 12,460.
ETH / USD
ETH rallied above the descending line and now the bulls are trying to push the price above the 20-day exponential moving average ($ 362). This bullish move indicates a decrease in selling pressure.
If the ETH / USD pair breaks and closes (UTC) above the 20-day moving average, you can quickly jump to the 50-day moving average ($ 385).
The bears will try to defend the area between the 50-day SMA and the $ 395 simple moving average, and if the price is below this resistance, the pair could remain trapped in this area for several days.
However, a break of $ 395 indicates a possible resumption of the trend with a target of $ 488,134.
This uptrend will be ignored if the pair falls from the current level and the bears fall below the critical support level of $ 308,392.
XRP / US dollar
The bulls are trying to keep XRP above the 20-day moving average ($ 0.244). If they can get the job done, the amount could rise to $ 0.26. The bears will try to defend this resistance and place a 50-day simple moving average ($ 0.263) just above it.
If the price drops from $ 0.26, XRP / USD could remain in the range for a few more days. The more time he spends consolidating, the stronger the final breakout will be than his.
A break above the 50-day moving average could lead to pressure at $ 0.303746, and if crossed, the pair could reach $ 0.326113. The trend could be negative if the price of the bears falls below the recent low of $ 0.219712.
BCH / USD
A strong rebound in Bitcoin Cash (BCH) pushed it above the 20-day moving average ($ 228). This bullish move indicates that the immediate threat of a crash below the $ 200 support level has diminished.
Now the bulls will try to push the price above the downtrend and general resistance at $ 242. Above this level, the 50-day SMA ($ 254) may act as resistance, but if this rally crosses, it could stretch to $ 280.
The 20-day simple moving average disappears and the RSI rallies to the 50 level, indicating a possible change in the short-term trend. If the price falls from $ 242, the Bitcoin Cash / USD pair may consolidate several days before the trend starts.
BNB / USD
On September 26, Binance Coin (BNB) broke the 20-day moving average ($ 25.52) and continued to rally. The next target is the 50% Fibonacci retracement level of $ 27.7542.