Despite the bears trying their best to win the battle, the bulls prove themselves strong again. As the Altcoin market followed Bitcoin's price trend this entire week, we can see the market follow the trend again as it upsurges. Before this week ends, the decent positive close of the prices above their lower support levels have given us good hopes, confirming some positive action in the following days. We can see how these cryptocurrencies are making way for their new trend upwards. But is this trend going to last, or is it just another trap? Let's find out in today's analysis.
BITCOIN / U.S. DOLLAR
Price Analysis
Bitcoin broke back above the $10.5K resistance with bulls pushing the price above its twenty-day exponential MA and the basis (middle line) of Bollinger Bands. In the one-day chart below, we can see that the bulls made a high above the twenty-day EMA (yellow line) at $10,774 level, but closed below it at $10,708 on Friday, 25th September 2020. Bulls saved Bitcoin from going down below the basis of Bollinger Bands and the $10.5K support and bought back the low from $10,580 today. As we had discussed in our previous price analysis, the same indication occurred, i.e., bulls accumulated more at lower levels that attracted traders to buy more. We can also see how bears failed to sink Bitcoin out of the Bollinger Bands which prevented panic selling by small traders.
Remitano's previous analysis came through right and Bitcoin finally entered the upper half region of Bollinger Bands. Now, these bulls have to maintain their increased momentum and strength for traders and investors to witness profitable levels.
Key points to mark:
Immediate resistance that BTC is facing: $10,728.6 (20 EMA). If bulls take the price above this level, BTC will again test $11,000 resistance, followed by $11,160 (upper BB) + $11,166 (50 MA), and then $11,500 before rising towards $12,325 resistance level.
Immediate support that BTC is facing: $10,586 (basis of BB) + $10,500. If the price falls below these levels, $10,200 (uptrend line) will be tested, followed by $10,000 (lower BB) support before BTC declines below it.
Indicators
MACD is increasing its acceleration. The MACD line has sloped up above the signal line, which is also sloping up, but both still below 0. RSI has also corrected well and has flattened at 48.7 level indicating how bulls are in command.
ETHEREUM / U.S. DOLLAR
Price Analysis
Ethereum made a higher high in the lower half region of Bollinger Bands. The bulls tried to push the price above the basis (middle line) of Bollinger Bands, but made a high just a few points below it at $358.6 and closed the price at $352.6 on Friday, 25th September 2020. The bulls saved the price from going below a low of $338 today. We can see that these bulls have increased their strength by making consecutive higher highs and if they maintain this momentum, Ether will soon enter into the upper half zone of Bollinger Bands to give us profits. The twenty-day exponential MA with the basis of BB has begun to slope up inducing positive momentum in Ethereum's price movement. This indicates that we can surely accumulate more Ethers before the price escalates further upwards anytime soon.
Key points to mark:
Immediate resistance that ETH is facing: $362 (basis of BB) + $364.5 (20 EMA) + $365. If bulls can take the price above these levels, ETH will test $380 + $387.9 (50 MA) + $398.5 (upper BB), before rising to $410 resistance level.
Immediate support that ETH is facing: $325.7 (lower BB) + $316.5. If bears push ETH below these levels, it will test $288.7 before declining to the $253 support level.
Indicators
MACD has reduced its deceleration with the MACD line sloping up towards 0 and the signal line, both still below 0. RSI is also sloping upwards at $46 indicating bulls are in the upper hand.
RIPPLE / U.S. DOLLAR
Price Analysis
Ripple made a pretty positive close above its crucial lower support and the basis (middle line) of Bollinger Bands. The bulls are now trying to take the altcoin towards the $0.255 resistance as they increase their strength. In the one-day chart below, we can see how the bulls made a high above Ripple's twenty-day exponential MA at $0.245 and closed the price positively a few points above the lower support (depicted by the pink line) at $0.24175 on Friday, 25th September 2020. The bulls did not allow the price to go below the lower Bollinger Band and hence the dip was bought back at a low of $0.230 today. Traders and investors are now very eager to witness profits seeing some increasing momentum.
As the twenty-day EMA and the basis of BB have started to slope up, we can surely accumulate more in our Ripple bags because the price will rise anytime soon.
Key points to mark:
Immediate resistance that XRP is facing: $0.244 (20 EMA). If bulls push XRP above this level, $0.255 + $0.256 (upper BB) will be tested, followed by $0.267 (50 MA) + $0.271, before rising to $0.285 resistance level.
Immediate support that XRP is facing: $0.241 (basis of BB). If bears push XRP below this level, it will test $0.226 (lower BB) support, below which XRP might decline to $0.190 level.
Indicators
MACD has reduced its deceleration a lot. The MACD line is sloping up touching the signal line, both still moving in negative values below 0. RSI has significantly sloped up at 46.5 level indicating bulls have taken over.
LITECOIN / U.S. DOLLAR
Price Analysis
Litecoin has made a good close above its previous day's high and at the immediate resistance that it was facing earlier. Our previous price analysis comes true and Litecoin rebounds up from the lows it was making below the lower Bollinger Band after continuously testing them levels for 4 days. We can see the cryptocurrency making its way upwards in the daily chart below. The bulls are trying to take the price towards the support line of the symmetrical triangle making a high of $46.6 and closing the price exactly at the $46 support level on Friday, 25th September 2020. The bulls saved the asset from sinking below the lower Bollinger Band by buying the low at $44 today. As the twenty-day exponential MA and the basis (middle line) of Bollinger Bands have begun to slope up, we can expect higher levels soon. If bulls maintain this increased strength and momentum, Litecoin will enter back inside the symmetrical triangle and the upper half zone of Bollinger Bands anytime soon.
Key points to mark:
Immediate resistance that LTC is facing: $46 + $47 (basis of BB and symmetrical triangle support) + $48 (20 EMA). If bulls can take the price above these levels, LTC will test $51 (upper BB), followed by $54 (50 MA) before rising to the $60.5 resistance level.
Immediate support that LTC is facing: $43 (lower BB). If bears push the price below this level, it will again test the crucial $39 support, below which LTC might decline below the $32 support level.
Indicators
MACD has reduced its deceleration a lot. The MACD line is sloping upwards touching the signal line, both still in negative values below 0. RSI is sloping up at 42.7 level showing how bulls have taken the upper hand.
BITCOIN CASH / U.S. DOLLAR
Price Analysis
Bitcoin Cash has made a dragonfly Doji patterned candle today. This simply indicates that the price holds the potential to reverse its previous price trend, i.e., from a downtrend action happening for 5 days to a new path upwards. We can see in the daily chart below that after some extensive selling, the bulls absorbed it and pushed the price above to make such a close. This candlestick formation is giving a positive signal and we should be ready to witness an uptrend soon. The bulls made a high above the $217.5 resistance at $218 and closed the price at $216 on Friday, 25th September 2020. The bulls did not allow the altcoin to slip off below the lower Bollinger Band by buying it back from a low of $211 today. If these bulls increase some more strength and momentum, the dragonfly pattern will give confirmed results and we can soon witness higher levels to make profits.
Key points to mark:
Immediate resistance that BCH is facing: $217.5. If bulls take BCH above this level, it will face resistance at $224.7 (basis of BB) + $228 (20 EMA), followed by $238.9 (upper BB) + $246, and then $259 (50 MA) + $260 before rising to $280.5 resistance level.
Immediate support that BCH is facing: $210.5 (lower BB). If bears push BCH below this level, it will test $200 support before declining to $140 level.
Indicators
MACD has increased its acceleration. The MACD line and the signal line are overlapping each other, both moving parallel to 0. RSI has corrected itself and flattened at 40 indicating that bulls are not ready to give up so easily.
