Well for some day’s now bitcoin has been on a drastic fall after the El Salvador bitcoin roll out and with the recent observations on BTC and most altcoins are look for a way to capitalize on the market world wide due to the over sold as at September 8 but looking at the way the recovery is going it might be thwarted by the increase in sells pressure with the overhead resistance level.
With what most analysts are saying Bitcoin (BTC) Plunge on the 7th of September might lead to the liquidation of most leverage position.
With a clear understanding you should know that in Every bull market there is a unique share of corrections this makes weaker hands to shake out or leave the industry and the stronger hands which are those who HODL solidify their position the more. Therefore, most investors actually believe in the long-term story, with more findings they are perturbed by the pullbacks if there is any.
Read also: Mp3 Tag for WordPress Music Websites – Upload to Cpanel
With the new report recently by Standard Chartered’s cryptocurrency research team they have projected that Bitcoin might $100,000 “in late 2021 or early 2022” and also $175,000 in the long-term. This same analysts also have a positive effect on Ether (ETH) which will be valuing it “structurally” between $26,000 and $35,000.
Contents
Today’s Price Analysis : BTC, ETH, ADA, BNB, XRP, SOL, DOGE, DOT, UNI, BCH
Below is a study the charts of the top 10 cryptocurrencies to find out how this coins are likely to develop into in the nearest future.
BTC/USDT
With the recent activities, Bitcoin has experienced a huge volatility on September. 7 when it went down from an as high as $52,920 to low at $42,843.05. The recent price of bitcoin has made buying more Stronger event at lower stage to observe a sharp recovery by the close, as seen from the long tail on the day’s candlestick.
ETH/USDT
Checking the Ether’s poor rising ability and also sustain above $4,000, well this could have attracted much more though profit-booking from the short-term traders in the industry. The rate at which traders were selling after the price went below the immediate support at $3,705.05.
ADA/USDT
ADA was doing well not until there was aa big shock and which resulted to a waterfall declines and made so many traders to pack up and exit. With the recent happenings in Cardano (ADA) on the 7th of September and this bad record has left the price below expectations for traders.
BNB/USDT
The Binance coin which has being doing well for the past few weeks back has been up and doing due to the recent bull in the market. The Binance Coin (BNB) had went high to $518.90 on the 7 of September and was pulled back and collapse below the moving averages. with a critical analysis on the bulls dit is said to be shield with the 50-day SMA ($399) on a closing basis, but looking at the structure and it’s failure to push and sustain the price higher than $433 might result to a drastic selling by trader’s.
XRP/USDT
Well the almighty XRP has been moving fast and closed high beyond the overhead resistance which is $1.35 on September 6th but with a little cross check on the breakout it proves that it is a bull trap. The bears which means rise in the cryptocurrency world if sold with much aggressiveness then we are like to expect a pull in the price to the 50-day SMA ($0.98).
SOL/USDT
Solana (SOL) is one out of many surprising coins that did well this week and also it has soared higher to an unimaginable new all-time high at $198 on September 8 but during this period the higher levels attracted profit-booking which was amazing. It is good to also know that the bears pulled the price drastically down but when we took a close look at the long tail on the day’s candlestick it shows that strong buying near the 50% Fibonacci retracement level at $130.84.
DOGE/USDT
Dogecoin (DOGE) in the past few weeks has failed to recover from it momentum after it broke off the falling wedge pattern. Looking at the price slipped below both moving averages on September 7th simply indicates that traders had went into strong selling.
We also observed that the DOGE/USDT had paired dropped to the $0.21 and with a support where most buyers pulled in. Looking at the recovery which started shortly, as seen from the long tail on the day’s candlestick.
DOT/USDT
Polkadot (DOT) collapsed below the rising wedge pattern on September 7th. The drastic selling has pulled the market price even below the breakout level which is at $28.60, but it tends to be resulting in a fall to the 50-day SMA ($22.77).
With what the bulls are currently trying to move the price above the overhead resistance at $28.60. Now all you have to know is that If this price is sustained above this level, then this buyers will buy again and then try to resume the market activities.
UNI/USDT
The Uniswap’s (UNI) range-bound action between $25 and $31.41 came down to the downside on September 7. With the recent developments this bulls tried to result to recovery and push the price back above $25 on September 8 but due to some factors it wasn’t possible so it failed.
If there was going to be a positive outcome at the end, the UNI/USDT pair might drop to the pattern target at $18.69. looking at the entire structure and current price rebounds it might get off this support, and this pair may trade between $18.69 and $23.45 in the coming days. The bulls will have to push and resist the price above $25 to signal a comeback.
BCH/USDT
Bitcoin Cash (BCH) has came so low from the overhead resistance zone at $806.90 to $864.30 on September 7. The observation made was that bears are rapidly defending the overhead zone. Most altcoin will now keep being stuck inside the large range between $383.50 and $864.30 in the coming weeks.