Last week, Bitcoin (BTC) attempted to break out of its range, but the bulls were unable to sustain the higher levels. Now, Bitcoin is trading near the $26,000 level, forming two successive Doji candlestick patterns on the weekly chart, which indicates uncertainty about the next directional move.
It is difficult to predict the direction of the breakout, but the downside may be limited in the near term, as former United States Securities and Exchange Commission (SEC) chair Jay Clayton expressed confidence that the approval of one or more pending applications for a spot Bitcoin exchange-traded fund is “inevitable”.
In the short term, it is difficult to pinpoint a specific catalyst that could shake Bitcoin out of its range. This has kept most major altcoins under pressure. However, there are a few altcoins that are showing signs of strength and could potentially start a rally if they break above their respective overhead resistance levels.
Chainlink crypto today, crypto charts, crypto btc, crypto altcoins, crypto chainlink, chain link crypto, crypto buy the rumor sell, crypto and analysis, build web 3.0 website, and battle infinity crypto are some of the key words that may be useful for crypto traders to keep an eye on.
Bitcoin price analysis
Bitcoin is trading within the range of $24,800 to $26,833, but the bulls are showing strength by buying the dips, as evidenced by the long tail on the Sep. 1 candlestick.
The downsloping moving averages indicate the bears have the advantage, yet the gradually recovering RSI suggests that the bearish momentum may be weakening. If the bulls can break and close above the range at $26,833, the BTC/USDT pair could retest the Aug. 29 intraday high of $28,142.
The bears will need to sink and sustain the price below $24,800 in order to take control. This could be difficult as the bulls are likely to defend this level. If the bears are successful, the pair could plunge to $20,000. There is minor support at $24,000, but it may not be enough to stop the decline.
The bears attempted to push the price below the immediate support at $25,300, but the bulls held their ground. Buyers will now try to gain the upper hand by driving the price above the 20-exponential moving average. If they succeed, it will signal a stronger recovery.
The 50-day simple moving average may act as a roadblock, yet it is likely to be crossed. This could open the door for a possible rally to the overhead resistance at $26,833.
Sellers may have other plans in mind. They will attempt to sink the price below $25,300 and challenge the vital support at $24,800.
Toncoin price analysis
Toncoin (TON) is currently in an uptrend, but bears are attempting to impede the upward movement close to the overhead resistance at $2.07.
The two moving averages have both turned up, indicating a benefit to buyers, but the overbought levels on the RSI suggest that a slight correction or consolidation is possible. If the bulls do not relinquish much ground from the current level, the probability of a rally above $2.07 increases. The TON/USDT pair could then surge to $2.40.
Contrarily, a deeper correction could pull the price to the 20-day EMA ($1.58). A powerful bounce off this level will indicate that the sentiment has turned positive and traders are buying the dips. The trend will turn negative if the 20-day EMA support fails.
The 4-hour chart shows that the bulls have been buying the pullback to the 20-EMA. This remains the key level to watch out for. If the price rebounds off the 20-EMA with strength, the pair could retest the local high at $1.98. A break above it could challenge the resistance at $2.07.
On the contrary, if the 20-EMA support breaks down, it will signal that traders are rushing to the exit. That could start a deeper pullback toward the 50-SMA. A bounce off this level could face selling at the 20-EMA, but if this obstacle is cleared, it will suggest that the bulls are back in control.
Crypto traders may be buying the rumor and selling the news when it comes to chainlink crypto today, but crypto charts, crypto btc, crypto altcoins, crypto chainlink, and chain link crypto are all essential when it comes to building a web 3.0 website and battling infinity crypto.
Chainlink price analysis
Chainlink (LINK) has been trading inside a large range between $5.50 and $9.50 for the past several months. Bears attempted to push the crypto below the support of the range on June 10, but they were not successful.
The LINK/USDT pair dropped close to the support of the range on Aug. 17, however, buyers stepped in as seen from the long tail on the candlestick. Buyers are attempting to start a recovery but are facing resistance near the 20-day EMA ($6.24), which makes it an essential level to watch out for.
If buyers manage to propel the crypto above the 20-day EMA, the pair could start its journey toward the 50-day SMA ($6.95). There is a minor resistance at $6.40 but it is likely to be crossed.
On the other hand, if the crypto turns down sharply from the 20-day EMA, it will suggest that the sentiment is still negative and traders are selling on rallies. That could pull the price down to $5.50.
The moving averages have flattened out on the 4-hour chart and the RSI is near the midpoint. This suggests that the selling pressure is reducing. Buyers will have to kick the crypto above $6.40 to initiate a new up-move. The pair could then rise to $6.87 and later to $7.07.
Alternatively, if the price turns down from $6.40, it will indicate that bears are selling on rallies. That may keep the pair range-bound between $5.50 and $6.40 for a while longer.
Maker price analysis
The crypto chainlink bulls are attempting to resume the uptrend of Maker (MKR) after it took support near $1,000. However, they are facing resistance at the downtrend line, but the price remains above the 20-day EMA ($1,107).
If the crypto altcoins price turns up from the current level, it will indicate that traders are viewing dips as a buying opportunity. The bulls will then try to push the price to $1,370.
On the other hand, if the crypto btc price continues lower and breaks below the 20-day EMA, it could lead to a decline to the strong support at $980 and eventually to $860.
The 4-hour crypto charts show that the bulls have pushed the price above the downtrend line, but they are struggling to sustain the higher levels. This shows that the bears are still active and selling on rallies.
The 20-EMA is witnessing a tough battle between the bulls and the bears. If the price rebounds off this level, the bulls will try to overcome the obstacle at $1,186 and then at $1,227. If they succeed, the rally could reach $1,280.
Alternatively, if the crypto buy the rumor sell price remains below the 20-EMA, it could result in a decline to the 50-SMA and then to $1,040.
Tezos price analysis
The XTZ/USDT pair has been facing a tug of war between the bulls and the bears near the strong support at $0.70. The lack of success for the bears to bring down and keep the price below this level reveals buying at lower levels.
The downward-sloping moving averages suggest an advantage to the bears, but the increasing RSI suggests that the bearish momentum is decreasing. A close above the 20-day EMA ($0.71) will be the first sign of strength. This could potentially lead to a rally to the downtrend line.
This level may be a formidable obstacle, but if the bulls manage to overcome it, the XTZ/USDT pair could begin a new uptrend. The pair could first surge to $0.94 and then to $1.04. This optimistic outlook will be invalidated if the price drops and stays below $0.66.
The 4-hour chart shows that the price is consolidating between $0.69 and $0.66. The crossing moving averages and the RSI just below the midpoint indicate that bears have a slight edge. Sellers will try to push the price to the strong support at $0.66. If this level fails, the pair may start the next leg of the downtrend to $0.61.
On the other hand, if the price rises and goes above $0.69, it will indicate buying at lower levels. The pair could then climb to the overhead resistance at $0.74. Buyers will have to push the price above the downtrend line to signal the start of a new uptrend.
Subscribe to our email newsletter to get the latest posts delivered right to your email.
Comments