Price analysis 9/23: BTC, ETH, XRP, BCH, DOT, BNB, CRO, LTC, LINK, BSV

According to survey data from crypto nugget insurance firm, Evertas, institutional investors believe that clearer regulations and better infrastructure in terms of trading, reporting, and custodial services will increase their participation in the crypto market.

About a quarter of the respondents expect that alimony funds, sovereign wealth funds, insurance companies, and family offices will also go more involved with digital avails. The survey also constitute that 32% of the participants expect hedge funds to essentially increase their crypto holdings in the future.

The blessing of the world's first crypto asset exchange-traded fund on the Bermuda stock exchange is a positive stride that is likely to entice several institutional investors to add exposure to cryptocurrencies. The ETF is a partnership betwixt Nasdaq and Brazilian fund director Hashdex and is expected to trade on the BSX by the end of 2022.

Daily cryptocurrency market performance. Source: Coin360

Afterward the 2022 acquit market, fifty-fifty a minor fall in Bitcoin (BTC) turns investor sentiment bearish as many instantly fear that a abrupt fall is on the cards.

However, on-chain analytics provider Santiment has found that crypto assets tend to bounce sharply when incertitude and fear are high.

With Bitcoin price nonetheless trapped below the $11K level, traders will want to know if  the current technical motion-picture show supports a rebound or farther downside.

Let'due south analyze the charts of the peak 10 cryptocurrencies to find out.

BTC/USD

Bitcoin formed an within twenty-four hour period candlestick blueprint on Sep. 22, which shows indecision amidst the bulls and the bears. If the bulls can push button the price back to a higher place $10,625, the recovery can extend to the 50-solar day simple moving average at $11,197.

BTC/USD daily chart. Source: TradingView

If the bulls can push the cost above the 50-24-hour interval SMA and the downtrend line, the recovery is likely to choice up momentum and reach the recent highs of $12,460. A intermission higher up this resistance volition increment the possibility that the uptrend resumes.

Nonetheless, if the BTC/USD pair turns downwardly from $10,625 or the 50-day SMA, the bears will once once again effort to sink the toll below the $ix,835 support. If they succeed, the reject can extend to the 200-day SMA ($9,204).

The l-day SMA has started to slope downwards gradually, while the 200-day SMA is moving up slowly. This suggests a balance between supply and demand and points to a few days of range-jump action between the moving averages.

A breakout of either moving average will be a pregnant event that is likely to showtime a trending move.

ETH/USD

Later on the sharp autumn on Sep. 21, the bulls are attempting to abort the turn down and offset a relief rally in Ether (ETH). However, the small-scale inside day candlestick pattern on Sep. 22 shows a lack of urgency among the bulls.

ETH/USD daily chart. Source: TradingView

If the ETH/USD pair does non break higher up the downtrend line within the adjacent few days, the bears are likely to intensify their selling. The relative strength alphabetize in negative territory suggests that the advantage is with the bears.

If the pair turns downward from the current levels or the downtrend line and breaks below the $308.392 support, the decline can extend to the 200-24-hour interval SMA ($255).

Conversely, if the bulls can push the price in a higher place the downtrend line, it will be the commencement sign of strength. A breakout of the 50-mean solar day SMA ($389) will suggest that the correction has ended and a retest of the recent highs of $488.134 may be on the cards.

XRP/USD

XRP closed (UTC fourth dimension) below $0.235688 on Sep. 21 and since and so, the bears have non allowed the bulls to reclaim the level. The bears volition now attempt to sink the price below $0.2290 and resume the downtrend.

XRP/USD daily chart. Source: TradingView

If they succeed, the XRP/USD pair could reject to the 200-twenty-four hours SMA ($0.214). The bulls will attempt to defend this level aggressively because if the price sustains beneath the 200-solar day SMA, it acts as a stiff resistance equally seen between March and July of this year (marked via ellipses on the nautical chart).

The outset sign of strength will be a breakout and close (UTC time) above the downtrend line. This volition increment the possibility of a move to the 50-day SMA ($0.269), which could act as a resistance. However, if the buyers can push the price above this resistance, bullish momentum is likely to pick up.

BCH/USD

The bulls purchased the dip on Sep. 22 just could not maintain the ownership pressure today. This has renewed the selling and the bears are at present attempting to sink Bitcoin Greenbacks (BCH) to the critical support at $200.

BCH/USD daily chart. Source: TradingView

The price is trading beneath both moving averages that are sloping down and the RSI is in the negative zone, which suggests that the bears have the upper paw.

If the $200 back up cracks, the BCH/USD pair might starting time a new downtrend that tin consequence in a autumn to $140.

This bearish view volition exist invalidated if the pair rebounds off the $200 level aggressively and rises in a higher place the 200-day SMA ($243).

DOT/USD

Polkadot (DOT) is witnessing a stiff battle at the $4 support level with the bears attempting to break below it and the bulls trying to defend information technology.

DOT/USD daily chart. Source: TradingView

The pocket-size range day on Sep. 22 and the doji candlestick blueprint today shows indecision among the bulls and the bears about the side by side direction.

If the bears tin sink the toll below $3.90, the DOT/USD pair may decline to $iii.5321. This is an of import back up to spotter out for because if it cracks, the drop can extend to $two.60 and below it to $ii.00.

Contrary to this assumption, if the bulls can button the cost above $four.50, an up-motion to $4.921 is possible.

BNB/USD

Binance Money (BNB) plunged below the 50-twenty-four hour period SMA ($23.78) on Sep. 21 just the bears could not sustain the selling pressure and the bulls reclaimed the level on Sep. 22. Currently, the bulls are attempting to sustain the cost in a higher place the 50-day SMA.

BNB/USD daily nautical chart. Source: TradingView

A breakout of the downtrend line volition be the offset sign that the correction might be over. Above this level, a relief rally to the $25.82–$27.1905 resistance zone is possible.

Withal, the bears are likely to defend the downtrend line aggressively. If they tin once more sink the BNB/USD pair below the fifty-day SMA and the $22 back up, the pass up may extend to the 200-solar day SMA ($17.95).

The bulls are likely to buy the drop to the 200-day SMA and the forcefulness of the rebound will suggest whether the downtrend is over or not.

CRO/USD

Crypto.com Money's (CRO) stride of decline has slowed down nigh the critical support at $0.144743, which shows that the selling pressure level is reducing. Even so, any recovery attempt is likely to face resistance at the downtrend line.

CRO/USD daily nautical chart. Source: TradingView

A weak relief rally from the current levels will suggest a lack of confidence among the buyers that the correction is over. That could attract selling by the aggressive bears who will then try to sink the price beneath $0.144743.

If they succeed, the CRO/USD pair can decline to the 38.two% Fibonacci retracement level of $0.12749 simply if this support likewise cracks, the side by side major back up is $0.eleven, just in a higher place the 200-day SMA ($0.107).

This bearish view will be invalidated if the pair turns up from the current levels and rises above the downtrend line.

LTC/USD

Litecoin (LTC) plummeted below the 200-day SMA ($46) on Sep. 21. If the bulls do non push the cost back in a higher place this moving boilerplate quickly, the possibility of a fall to the next back up at $39 increases.

LTC/USD daily chart. Source: TradingView

The three previous declines to $39 had proven to be a good buying opportunity, hence, the ambitious bulls might once over again attempt to arrest the decline at this level. Any pullback is likely to face potent resistance at the 200-solar day SMA.

If the LTC/USD pair turns downward from the 200-day SMA, it will increment the likelihood of a break below $39. If that happens, the refuse may extend to $32. Conversely, if the bulls tin can push the cost back higher up the 200-twenty-four hour period SMA, the pair can movement upwards to $51.

LINK/USD

Chainlink (LINK) broke below the $8.908 support on Sep. 21 and has continued its journeying towards the next disquisitional back up at $6.90, which is only to a higher place the 200-day SMA ($6.62).

LINK/USD daily nautical chart. Source: TradingView

The RSI is shut to the oversold levels for the first time since March, which suggests that the decline has been overdone in the curt-term. Therefore, as the price nears the disquisitional support at $6.90, the bulls might buy the dip.

If the rebound off this level tin rise above the downtrend line and the $8.908 resistance, it volition be the first signal that the downtrend may be over.

Still, this does not hateful that a new uptrend will starting time immediately considering, later on such a sharp autumn, the cost unremarkably forms a bottoming pattern earlier turning bullish.

BSV/USD

The bulls purchased the dip below $146.20 on Sep. 22 simply they could not push button Bitcoin SV (BSV) above the downtrend line. This shows that the bears are selling on pullbacks to this resistance.

BSV/USD daily chart. Source: TradingView

The downsloping moving averages and the failure of the RSI to rise to a higher place the 40 level suggests that the bears are in command.

If the BSV/USD pair turns downward and breaks below the $146.20–$135 support zone, a new downtrend might beginning. The get-go support on the downside is $100 but if the bears sink the price beneath it, the decline can extend to $77.

Contrary to this assumption, if the bulls can push the price above the downtrend line, the pair could ascension to the 200-twenty-four hour period SMA ($185).

The views and opinions expressed hither are solely those of the author and do not necessarily reverberate the views of Cointelegraph. Every investment and trading motion involves risk. You should conduct your ain enquiry when making a decision.

Market information is provided past HitBTC exchange.

Source: https://cointelegraph.com/news/price-analysis-9-23-btc-eth-xrp-bch-dot-bnb-cro-ltc-link-bsv

Posted by: freemanspoicken.blogspot.com

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