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The price of Bitcoin started to drop on August 31st as crypto investors anticipated ETF delays. Shortly after, the SEC announced delays for three applications. On the macro front, things are still not going well, and the performance of the US stock market shows us that.
Bitcoin Chart Analysis
The cryptocurrency markets did not start September as expected. The bad news is that historical data suggests a 6% drop for September 2023, and the price has already fallen below the critical $27,500 level at the beginning of the month. What is concerning is the possibility of testing the $23,500 and $22,000 levels that many experts have mentioned within September. Many cryptocurrencies are below the 600-800 day declining resistance lines and are feeling the pressure of overselling. If BTC experiences larger losses, it will mean a drop to new ATL levels for the rest of the altcoins.
The target of the double top pattern on the weekly Bitcoin chart is $22,000. If Bitcoin loses $25,100, it will head towards its target. On the other hand, such a test would mean a return to the downtrend, which is quite risky. What we have seen in the recent weekly candle is that the rallies are seen as selling opportunities. This indicates that the majority may have adopted the bearish scenario.
Shiba, XRP, and Dogecoin Analysis
The declines on the weekly charts after the peaks in April and August are noteworthy. While the negative scenario for BTC is likely to occur, Shiba Coin investors will also see a drop to $0.00000647. This level is critical, and there may be a drop to $0.0000055 on closing below it. Below that, Shiba Coin will start running towards the lowest prices it has seen since May 2021.
With the victory on July 13th, XRP Coin reached its peak in April 2023. However, it was not enough as it was dragged down by the SEC’s appeal intentions and the general market decline. In the coming days, the second circuit will decide whether the appeal request by the SEC is appropriate or not. If the appeal is deemed appropriate, the regulatory agency will fight to overturn the decision. However, if the appeal is not accepted, the popular altcoin may show positive divergence in this scenario. In the optimistic scenario, the target is $1, but $0.42 and $0.38 are possible in case of a decline.
Lastly, let’s take a look at Dogecoin (DOGE). The meme coin king was forgotten by the mischievous billionaire. It is certain that there is no place for crypto in X payments service. The community was even willing to settle for a DOGE emoji on the like button, but Musk preferred anime characters. There is no reason for DOGE’s price to rise while the market is falling.
The price could drop to $0.055. It seems that the bearish scenario will continue in case of closing below $0.095.
