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In the short term, it seems that corporate traders are also taking a cautious approach. According to the CoinShares report, there was a $55 million outflow from digital asset investment products in the week of September 13th. What are the important support and resistance levels that need to be overcome for the start of a trend movement in Bitcoin and altcoins?
Bitcoin (BTC)
The long tail of Bitcoin’s candlestick on August 22nd is a positive sign as it indicates that bulls are fiercely defending the $24,800 support. However, bulls may remain under pressure until they clear the hurdle at $26,833 and then the 20-day exponential moving average (EMA) at $27,777. Breaking both resistances could suggest that the BTC/USDT pair may continue to stay in the range of $24,800 to $31,000 for a while longer. Although the falling 20-day EMA indicates an advantage for bears, oversold levels on the relative strength index (RSI) could indicate a possible recovery in the near term. To further strengthen the bears’ grip, they may need to push the price below and sustain it below $24,800. This could open the doors for a potential drop to $20,000.
Ethereum (ETH)
Ethereum once again fell below the strong support at $1,626, but the long tail on the candlestick could indicate strong buying at lower levels. It is the responsibility of the bulls to push the price above the overall resistance at $1,700. If they do, the ETH/USDT pair could reach the 20-day EMA at $1,756. This level continues to be a key level to watch in the near term. If the price falls below this level, bears may attempt to pull the pair back below the $1,626 to $1,550 support zone. If successful, it could initiate a downward move towards $1,368. On the contrary, a breakout above the 20-day EMA could increase the chances of the pair staying in the range of $2,000 to $1,626 for a few more days.
Binance Coin (BNB)
BNB managed to bounce back from the psychological support at $200 on August 17th, indicating that bulls are trying to halt the drop at this level. The recovery could reach the 20-day EMA at $227, which could once again pose a tough hurdle. If the price sharply drops below the 20-day EMA, bears may make another attempt to push the BNB/USDT pair below $200. If successful, the pair could drop to $183. On the other hand, a breakout above the 20-day EMA could indicate that bears have lost control. The pair could then rise towards the resistance line, which is an important level for bears to defend.
Ripple (XRP)
XRP retreated to $0.56 from the overall resistance level. However, a small positive aspect is that bulls did not allow the price to drop below $0.50. The XRP/USDT pair could consolidate between $0.50 and $0.56 for a while. The falling 20-day EMA and RSI close to the oversold zone could indicate an advantage for bears. If the price falls below $0.50, the pair could start a drop towards the next major support at $0.41. This could indicate a range-bound action between $0.41 and $0.50. Alternatively, if buyers push the price above the 20-day EMA, it could mean that bulls are making a comeback. The pair could then rise towards the 50-day simple moving average (SMA) at $0.63.
