Bitcoin’s failure to sustain above the $60,000 level indicates a lack of buying interest at higher prices. The uncertainty surrounding the Federal Reserve’s rate cut on Sept. 18 and its impact on the markets may be contributing to this nervousness.
While some analysts believe that the rate cuts will have a positive effect on the crypto markets, others are more skeptical. They argue that aggressive rate cuts are a sign of deeper concerns in the economy.
The S&P 500 Index has been showing strength, with sustained buying by the bulls. If the bears fail to defend the overhead resistance, the index could resume its uptrend and target 6,000.
The US Dollar Index has been in a downtrend, but a break below the support at 100.50 could lead to further downside. On the other hand, a move above the resistance at 102 could signal an end to the downtrend.
Bitcoin has pulled back below the 20-day exponential moving average, indicating bearish pressure. If the price fails to turn up from current levels, it could retest the support at $55,724.
Ether turned down from the 20-day EMA and dropped to the support near $2,300. The bears have the edge, but a rally above the moving averages could indicate a trend change.
BNB has been trading in a range between $460 and $635, with buying near support and selling near resistance. A break below the moving averages could lead to a decline towards $460, while a rally above the moving averages could signal a shift in sentiment.
Solana rose above the 20-day EMA but failed to maintain higher levels. The bears will try to push the price to the critical support at $116, but a move above the 50-day SMA could start a recovery.
XRP has been trading within a range between $0.41 and $0.64. A break above the resistance could indicate a shift in favor of the bulls, while a break below the uptrend line could favor the bears.
Dogecoin has struggled to break above the downtrend line, and a move below the 20-day EMA could lead to a decline towards $0.09. On the other hand, a break above the downtrend line could signal a trend change.
Toncoin turned down from the 50-day SMA, and the bulls will need to defend the 20-day EMA to start a recovery. A move above the 50-day SMA could lead to a rally towards $7.
Cardano slipped below the moving averages and is forming a bearish descending triangle pattern. A break below the support at $0.31 could lead to a downward move towards $0.24.
It is important to note that this article does not provide investment advice and readers should conduct their own research before making any investment decisions.