Bitcoin has been stuck within a narrow range between $19,520 and $20,576 in the past few days. This indicates indecision between bulls and bears. Although the bulls bought the lowers, they failed to remove the upper resistance.
BTC/USDT daily chart. Source: TradingView
The 20-day Sloping Exponential Moving Average (EMA) ($20,775) and the Relative Strength Index (RSI) in negative territory increase the likelihood of a break below $19,520. If that happens, BTC/USDT could drop to the strong support zone between $18,910 and $18,626.
Buyers are expected to defend this area with all their might. If the rebound breaks above the 20-day moving average, the pair could rise to the 50-day simple moving average (SMA) ($22,253). The bulls will have to overcome this hurdle to open the doors to a potential rally to $25211.
Conversely, if the bears cut the price below $18,626, the pair could retest the final support at $17,622. A break below this support may signal a resumption of the downtrend.
ETH / USDT
Ethereum (ETH) has been stuck between the 20-day moving average ($1,605) and the head and shoulders (H&S) neckline pattern since August 31 but this narrow range trading is unlikely to continue for a long time.
ETH/USDT daily chart. Source: TradingView
If buyers push the price above the 20-day EMA and hold it, ETH/USDT could rise to the general resistance at $1,700. This is an important level to watch because a breakout and a close above it could indicate that the bulls are back in control. The pair could then rise to $2030 and later to the downtrend line.
This bullish view will be invalidated in the near term if the price breaks below the moving averages and breaks below $1,422. If that happens, the pair could drop to $1,280. The bulls are expected to defend this level aggressively but if the bulls beat them, the decline could extend to the pattern’s target of $1,050.
BNB / USDT
BNB has been trading near the strong support of $275 in the past few days but the bulls were unable to make a strong recovery from it. This indicates a lack of demand at higher levels.
BNB/USDT daily chart. Source: TradingView
The 20-day moving average ($286) is sloping down and the RSI is below 41, indicating that the bears have the upper hand. If the price breaks and closes below $275, the BNB/USDT pair will complete a bearish head and shoulders pattern. The pair could then start a decline to $240 and later to the $212 target pattern.
Contrary to this assumption, if the price rises above the current level and breaks above the moving averages, this will indicate the return of the bulls to the game. The pair could then rise to the upper resistance at $308.
XRP / USDT
Ripple (XRP) has been stuck between $0.32 and $0.34 for the past few days but this narrow range trading is unlikely to last for long.
XRP/USDT daily chart. Source: TradingView
Bears will try to sink the price below $0.32. If they succeed, the XRP/USDT pair may extend its decline to the crucial support level at $0.30. Buyers are likely to defend this level aggressively as they did on the previous three occasions.
Alternatively, if the price bounces below $0.32 and breaks above $0.34, it will indicate a short-term advantage for the bulls. The pair could then rise to the 50-day simple moving average ($0.36) and later to the critical resistance at $0.39.
ADA / USDT
Cardano (ADA) broke out and closed above the 50-day SMA ($0.49) on September 4, but the bulls were unable to sustain the break. This indicates that the bears continue to sell on rallies.
ADA/USDT daily chart. Source: TradingView
The price turned lower and broke below the 50-day SMA on September 5, indicating that the bears are trying to corner the aggressive bulls. If the price breaks below the 20-day moving average ($0.47), the pair may drop to $0.44 and after that to $0.42.
Conversely, if the price bounces off the 20-day moving average and rises above $0.51, it will signal a change in sentiment from selling on rallies to buying on dips. The ADA/USDT pair could then rise to the downtrend line.
SOL / USDT
Solana (SOL) has been trading near $32 in the past few days but there is a negative sign that buyers were unable to push the price above it and hold it.
SOL/USDT daily chart. Source: TradingView
If the price breaks down and falls below $30, the SOL/USDT may fall back to the vital support level at $26. This is an important level for the bulls to defend because if this support gives way, the pair could start the next phase of the downtrend.
In the near term, if the buyers push the price above the 20-day moving average ($34), this will indicate that selling pressure may decrease. The pair may then attempt to rise to the 50-day SMA ($38) as the bears may pose a strong challenge once again.