Bitcoin's Recovery Triggers Buying Interest in Altcoins, Top 5 Cryptocurrencies Show Promise
Summary:
Bitcoin is on track for a positive week, with potential upward momentum. Altcoins are also seeing buying interest as Bitcoin finds support above $26,500. The charts of the top 5 cryptocurrencies show promise for near-term gains. Maker, Aave, THORChain, and RNDR are among the altcoins showing bullish signs. Investors should perform their own research and consider the risks before making investment decisions.
Bitcoin (BTC) is poised to end the week positively after three weeks of successive Doji candlestick patterns on the weekly chart. This indicates that the uncertainty between the bulls and bears is resolving in favor of the upside. The Federal Open Market Committee meeting on September 20 could introduce volatility to the market, as there could be surprises during Fed Chair Jerome Powell's press conference following the rate decision. Bitcoin's recovery from the support level at $24,800 has sparked interest in altcoins, but it relies on Bitcoin maintaining positivity above $26,500. The charts of the top 5 promising cryptocurrencies reveal the potential for a relief rally in Bitcoin, triggering altcoin buying. Bitcoin's price analysis shows resistance at $27,295 on the way to the 50-day simple moving average ($27,295) and $28,143. The 20-day exponential moving average ($26,303) acts as a support level. On the 4-hour chart, the price is above the 20-EMA, indicating bullish sentiment, with resistance at $26,900 and potential targets at $27,600 and $28,143. Maker (MKR) has also shown bullish momentum, breaking above the 50-day SMA ($1,162) and targeting $1,370. The price should be monitored to stay above the 20-day EMA ($1,162) to avoid entering a large range between $980 and $1,370. On the 4-hour chart, the sentiment continues to be positive with a bounce off the 20-EMA, potentially leading to a rally towards $1,370. Aave (AAVE) has surged past moving averages on September 16, with resistance at $63 before soaring towards $70 and eventually $76. The 20-day EMA ($56) is crucial to maintain support to avoid dropping to $48. On the 4-hour chart, the pullback to the 20-EMA indicates confident buying sentiment, with resistance at $63 leading to a potential climb to $70. THORChain (RUNE) has experienced a recovery, but faces significant resistance at $2. Breaking above this level could lead to a new uptrend towards $2.30 and then $2.80. On the 4-hour chart, the $2 resistance is holding, with a pullback to the 20-EMA expected as strong support. A bounce off this level may lead to another attempt to break above $2. RNDR has broken above the 50-day SMA ($1.58), indicating reduced selling pressure. The moving averages are on the verge of a bullish crossover and the RSI is positive, suggesting an advantage for the bulls. If the price turns up from the 20-day EMA ($1.50), it indicates a sentiment shift towards buying on dips. This could lead to a recovery towards $1.83 and then $2.20. The first support to watch is the 20-EMA on the 4-hour chart, with a potential rally to $1.77 if the price bounces off this level.
Published At
9/17/2023 7:34:51 PM
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