Autor Cointelegraph By Rakesh Upadhyay

The Federal Reserve hiked rates by 75 basis points on Sept. 21 and Fed Chair Jerome Powell projected another 125 basis points increase before the end of the year. If that happens, it will take the benchmark rate to 4.4% by the end of the year, which is sharply higher than the June estimates of 3.8%. The Fed also intimated that it only expects rate cuts to be considered in 2024.The expectation of higher rates pushed the 2-year Treasury to 4.1%, its highest level since 2007. This could attract several investors who are looking for safety in this uncertain macro environment. Higher rates are also likely to reduce the appeal of risky assets such as stocks and cryptocurrencies and may delay the start of a new uptrend.Daily cryptocurrency market performance. Source: Coin360Even though Bitcoin (BTC) faces several headwinds in the near term, it did not deter MicroStrategy from buying more coins. After the latest purchase of 301 Bitcoin, the company’s stash has risen to 130,000 Bitcoin. This shows that MicroStrategy and its executive chairman, Michael Saylor, remain bullish on the long-term prospects of Bitcoin.Bitcoin and altcoins are trying to stabilize after the Fed’s announcement. Could they start a recovery? Let’s study the charts of the top-10 cryptocurrencies to find out.BTC/USDTBitcoin plunged below the immediate support at $18,626 on Sept. 19 but the long tail on the candlestick shows strong buying at lower levels. The bulls again defended the level on Sept. 21, which is a positive sign.BTC/USDT daily chart. Source: TradingViewBuyers will have to push the price above the 20-week exponential moving average (EMA) ($20,100) to indicate that the sellers may be losing their grip. The BTC/USDT pair could then rise to the 50-day simple moving average (SMA) ($21,363). This level may again act as a stiff resistance but if bulls overcome this barrier, the pair could rally to $25,211.If the price turns down from the 20-day EMA, the bears will again try to sink the pair below the strong support zone between $18,626 and $17,622. If they succeed, the pair may witness panic selling and could drop to $14,000.ETH/USDTEther (ETH) has been declining in a descending channel pattern for the past few days. The price bounced off the support line of the channel on Sept. 19, indicating buying on dips.ETH/USDT daily chart. Source: TradingViewThe bulls are attempting to start a relief rally which could pick up strength above $1,400. If this level is conquered, the ETH/USDT pair could rise to the 20-day EMA ($1,513). This level could be the real test for the bulls in the near term because a break above it could clear the path for a possible rally to the resistance line of the channel. If the price turns down from the 20-day EMA, it will suggest that the sentiment remains negative and traders are selling on rallies. That could sink the price to the support line of the channel. If this support fails to hold up, the pair could plummet to $1,000.BNB/USDTBNB is correcting inside a descending channel pattern. The strong bounce off $258 is a positive sign as it indicates demand at lower levels.BNB/USDT daily chart. Source: TradingViewThe bulls will attempt to push the price above the 20-day EMA ($278) and challenge the resistance line of the channel. The 50-day SMA ($293) is placed just above the channel, hence the bears are expected to defend the level aggressively.If the price turns down from the resistance line, the BNB/USDT pair could again drop to $258. If this support cracks, the pair could slide to the support line of the channel.The bulls will have to push and sustain the price above the channel to improve the prospects of a rally to the stiff overhead resistance at $338.XRP/USDTXRP broke and closed above the overhead resistance at $0.41 on Sept. 20 but the bulls could not build upon this strength. The bears pulled the price back into the range on Sept. 21.XRP/USDT daily chart. Source: TradingViewIf the bulls do not give up much ground from the current level, it will increase the possibility of a break above $0.41. The 20-day EMA ($0.36) has started to turn up and the RSI is in the positive territory, indicating that the path of least resistance is to the upside. If the price breaks and sustains above $0.41, the XRP/USDT pair could reach $0.46 and then $0.52.The bears will have to sink the price below the moving averages to suggest that the pair may continue to oscillate inside the range for some more time.ADA/USDT Buyers are trying to sustain Cardano (ADA) above the uptrend line. The bulls tried to push the price higher on Sept. 21 but the long wick on the candlestick shows that bears are selling on intraday rallies.ADA/USDT daily chart. Source: TradingViewIf the price continues lower and slips below the uptrend line, the ADA/USDT pair could drop to the pivotal level at $0.40. If bears sink the price below this support, the pair could start the next leg of the downtrend.On the upside, if bulls push the price above the 20-day EMA, the pair could rally to the downtrend line. Buyers will have to thrust the price above this resistance to gain the upper hand. The pair could then rise to $0.52 and thereafter to $0.60.SOL/USDTSolana (SOL) bounced off the immediate support at $30 but the bulls could not push the price above the 20-day EMA ($33). This indicates that bears are active at higher levels.SOL/USDT daily chart. Source: TradingViewA minor positive is that the bulls have not given up and are again trying to propel the price above the 20-day EMA. If they manage to do that, the SOL/USDT pair could rally to the 50-day SMA ($36). The bears may attempt to defend the zone between the 50-day SMA and $39 because if they fail to do so, the pair may soar to $48.To invalidate this bullish view, bears will have to pull the price below $30. That could sink the pair to the important level at $26. If this support gives way, the pair could resume the downtrend.DOGE/USDTDogecoin (DOGE) is getting squeezed between the 20-day EMA ($0.06) and the immediate support at $0.06. This suggests that the bulls are buying the dips but they continue to face strong resistance from the bears on every minor rally.DOGE/USDT daily chart. Source: TradingViewIf the price breaks above the 20-day EMA, it will suggest that buyers are making a comeback. The DOGE/USDT pair could then rise to the 50-day SMA ($0.07) where the bears will again try to stall the recovery. The bulls will have to overcome this obstacle to open the doors for a possible rally to $0.09.If the price turns down and breaks below the strong support at $0.06, it will indicate that the uncertainty has resolved in favor of the bears. The pair could then decline to the crucial support at $0.05.Related: Crypto and stocks soften ahead of Fed rate hike, but XRP, ALGO and LDO look ‘interesting’DOT/USDTPolkadot (DOT) has been consolidating between $6 and $10 for the past several days. The price has slipped to the critical support at $6, which had held successfully in mid-July.DOT/USDT daily chart. Source: TradingViewBuyers are expected to defend the $6 level with vigor because a break and close below it could signal the resumption of the downtrend. The DOT/USDT pair could then decline to the next major support at $4.Alternatively, if the price rebounds off the current level and breaks above the 20-day EMA, it will suggest accumulation at lower levels. The pair could then rise to the 50-day SMA ($7.69). A break above this level could clear the path for a possible rally to $10.MATIC/USDTPolygon (MATIC) has been trading inside a large range between $0.72 and $1.05 for the past several days. The price has currently reached the support of the range.MATIC/USDT daily chart. Source: TradingViewIf the price bounces off $0.72, the pair could reach the 20-day EMA. This is an important level to keep an eye on in the short term. If the price turns down from this resistance, the likelihood of a break below $0.72 increases. The MATIC/USDT pair could then drop to $0.62 and later to $0.52.On the contrary, if the price rises above the moving averages, it will suggest strong demand at lower levels. That could keep the pair stuck inside the range for a few more days.SHIB/USDTShiba Inu (SHIB) bounced off the immediate support at $0.000010 on Sept. 18 but the bears stalled the recovery at $0.000011. The bears will again attempt to sink the price below the support at $0.000010. SHIB/USDT daily chart. Source: TradingViewThe downsloping 20-day EMA ($0.000012) and the RSI in the negative zone suggest that bears are in command. If the price slips and sustains below $0.000010, the SHIB/USDT pair could extend its decline to the vital support at $0.000007.If bulls want to avert this collapse, they will have to quickly push the price above the 20-day EMA. The pair could then rise to $0.000014 where the bears may again mount a stiff resistance. If the price turns down from this level, the pair may consolidate between $0.000010 and $0.000014 for some time.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.Market data is provided by HitBTC exchange.

The United States equities markets and the crypto markets are likely to remain volatile in the near term because traders remain nervous about the size of the next Federal Reserve rate hike on Sept. 20 and 21. While the majority favors a 75 basis point rate hike, according to the CME FedWatch Tool, some analysts expect the Fed to hike rates by 100 basis points, the first such instance since the early 1980s.Many expect Bitcoin (BTC) to continue its slide and drop below the June low in the future. Although anything is possible in the markets, many times, the markets do not oblige the majority. If the Fed does not surprise the markets, traders who may be cautious and sitting on the sidelines could jump right back in, resulting in a brief relief recovery. Daily cryptocurrency market performance. Source: Coin360Bear markets offer an opportunity for investors to accumulate in the long term. It is futile to catch the bottom, hence, traders may be on the lookout to start accumulating during periods of extreme pessimism. A strong stomach is needed to tide over the volatility but the ones who do that are likely to benefit when the next bull run begins.Could Bitcoin and altcoins stage a turnaround or is a deeper decline possible? Let’s study the charts of the top-10 cryptocurrencies to find out.BTC/USDTBitcoin has been in a strong downtrend for several months. Buyers started a recovery from the June low at $17,622 and pushed the price above the 200-week simple moving average (SMA) but they could not sustain the higher levels. BTC/USDT daily chart. Source: TradingViewThe bulls again tried to push the price above the 200-week SMA last week but the bears held their ground. This shows that bears are defending the 200-week SMA with vigor. Hence, this level becomes a key resistance to watch for on the upside.On the downside, the bulls are expected to aggressively defend the support at $17,622. The first sign of strength will be a break and close above $20,000. That will suggest a range-bound action for the BTC/USDT pair between $17,622 and $25,211.A trend change will be signaled after buyers propel the price above $25,211. The pair could then rally to $32,000.Conversely, if bears sink and sustain the price below $17,622, it could signal the resumption of the downtrend. The pair could then decline to $14,000.ETH/USDTThe bears have been defending the 20-week exponential moving average (EMA) ($1,732) for the past few weeks. This suggests that the sentiment in Ether (ETH) remains bearish and traders are selling on rallies.ETH/USDT daily chart. Source: TradingViewThe ETH/USDT pair turned down sharply from the 20-week EMA last week and has reached the 200-week SMA ($1,283). Buyers are expected to defend this level vigorously. The bulls will have to push and sustain the price above the 20-week EMA to indicate that the bears may be losing their grip. A potential trend change could be signaled on a break above $2,030. Until then, the bears are likely to sell on every rally. If the price breaks below the 200-week SMA, the selling could intensify and the bears will try to pull the price to the June low of $881. This is an important level for the bulls to defend because a break below it could result in panic selling.BNB/USDTBNB is one of the outperformers among the major cryptocurrencies as it is trading well above its 200-week SMA ($175). Buyers pushed the price above the 20-week EMA ($295) but they could not build upon this strength. The bears stalled the recovery at $338 and pulled the price back below the 20-week EMA. BNB/USDT daily chart. Source: TradingViewSince then, the bears have thwarted several attempts by the bulls to drive the price back above the 20-week EMA. This indicates that bears are selling the rallies to the 20-week EMA. The bears will attempt to sink the BNB/USDT pair to the 200-week SMA, which is likely to attract strong buying by the bulls.The first sign of strength will be a break above the 20-week EMA. That could clear the path for a retest of $338. The bulls will have to clear this overhead hurdle to suggest the start of a new up-move.XRP/USDTRipple (XRP) has been consolidating in a downtrend for the past few weeks. Buyers attempted to push the price above the resistance of the range at $0.41 last week but the bears successfully defended the level.XRP/USDT daily chart. Source: TradingViewThe sellers will try to pull the price to the support at $0.30. This remains the important level to keep an eye on because if bears sink the price below $0.30, the XRP/USDT pair could begin the next leg of the downtrend. The pair could then decline to $0.24 and later to $0.17.The 20-week EMA is flattening out, indicating that the selling pressure could be weakening. If the price rebounds off $0.30, the pair could extend its stay inside the range for a few more days. Buyers will have to push and sustain the price above the 200-week SMA ($0.48) to indicate that the pair may have bottomed out.ADA/USDT Cardano (ADA) has been trading below the moving averages for the past few weeks. Attempts by the bulls to push the price above the 200-week SMA ($0.57) were met with strong selling by the bears.ADA/USDT daily chart. Source: TradingViewAlthough the bulls have held the $0.40 support for the past several weeks, the failure to push the price above the 200-week SMA indicates that bears are selling on rallies. The bears will try to sink the price below the support at $0.40. If they succeed, the ADA/USDT pair could resume its downtrend. The next support on the downside is $0.33 and then $0.28.If bulls want to avert this catastrophe, they will have to quickly push the price above the 200-week SMA. The bears may again attempt to pose a strong challenge at $0.70 but if bulls overcome this barrier, the pair may indicate the start of a new uptrend. The pair could first rise to the 50-week SMA ($0.96) and thereafter to $1.25.SOL/USDTSolana (SOL) rallied from the June low of $26 but the recovery fizzled out near $48. The failure of the bulls to push the price to the 20-week EMA ($46) suggests that bears are selling on minor rallies.SOL/USDT daily chart. Source: TradingViewThe bears will try to pull the price to the crucial support of $26, which has not been tested since June. If this support cracks, the selling could pick up momentum and the SOL/USDT pair could drop to $20. The bulls are likely to defend this level aggressively.Alternatively, if the price turns up from the current level or rebounds off $26, the bulls will again try to drive the pair to the overhead resistance at $48. Buyers will have to clear this obstacle to indicate the start of a new uptrend. The pair could then attempt a rally to $78.DOGE/USDTDogecoin (DOGE) recovered from $0.05 in June and reached the 20-week EMA ($0.08) in August but the bulls could not push the price above this resistance. The bears aggressively defended the level and are trying to sink the price back to $0.05.DOGE/USDT daily chart. Source: TradingViewIf the $0.05 support gives way, the DOGE/USDT pair could resume its downtrend. The next support on the downside is at $0.04 but if bulls fail to defend this level, the selling could intensify and the pair could collapse below $0.01.There is a small ray of hope for the bulls because the RSI is attempting to form a positive divergence. This suggests that the selling pressure could be reducing. If the price rebounds off $0.05, the bulls will again try to propel the pair above $0.09. If that happens, the pair could rise to the 50-week SMA ($0.13).Related: XRP price risks 30% decline despite Ripple’s legal win prospectsDOT/USDTPolkadot (DOT) has been consolidating between $6 and $10 for the past few weeks. Usually in a range, traders buy the dips to the support and sell near the overhead resistance.DOT/USDT daily chart. Source: TradingViewIf the price rebounds off the $6 support with strength, it will suggest that buyers are accumulating on dips. That could keep the DOT/USDT pair stuck inside the range for some more time. The longer the price trades inside a range, the stronger will be the eventual breakout from it.If buyers propel the price above $10, it will suggest that the downtrend could be ending. That could clear the path for a possible rally to the 50-week SMA ($19). Contrarily, if the price slips below the $6 support, the pair could start the next leg of the downtrend. The pair could then drop to the $3.50 to $4 support zone.MATIC/USDTPolygon (MATIC) moved up sharply from $0.31 in June and broke above the 20-week EMA ($0.87) but the buyers could not extend the recovery. The bears stalled the relief rally at $1.05 and pulled the price back below the 20-week EMA. MATIC/USDT daily chart. Source: TradingViewThe bulls again tried to thrust and sustain the price above the 20-week EMA last week but the bears did not relent. They sold aggressively and have pulled the price to the immediate support of $0.72. If this support breaks down, the MATIC/USDT pair could slide to $0.45 and then to $0.31.On the contrary, if the price rises from the current level and breaks above the 20-week EMA, the pair could challenge the overhead resistance at $1.05. A break and close above this level will suggest that the downtrend may be over. The price could then rally to the 50-week SMA ($1.31) and after that to $1.75.SHIB/USDTShiba Inu (SHIB) rallied sharply from its June low and rose above the 20-week EMA ($0.000013) in August. However, the breakout proved to be a bear trap as the price turned down from $0.000018 and slipped back below the 20-week EMA.SHIB/USDT daily chart. Source: TradingViewEven though the price has been trading below the 20-week EMA, the bulls have not allowed the SHIB/USDT pair to retest the June low at $0.000007. This indicates that buyers are attempting to form a higher low.The first sign of strength will be a break and close above the 20-week EMA. The pair could then rally to $0.000018. If bulls drive the price above this resistance, it will suggest a potential trend change. The pair could then surge to $0.000030.This positive view could invalidate if the price continues lower and breaks below $0.000007. That could sink the pair to $0.000005.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.Market data is provided by HitBTC exchange.

The United States equities markets and the cryptocurrency markets had been rising leading up to the Sept. 13 release of the August consumer price index data, but the rally fell apart once the data showed inflation rising, rather than falling.The negative data dashed any hope of a Federal Reserve pivot in the near term and it triggered a sharp decline in risky assets. The market capitalization of U.S. stocks plunged by about $1.6 trillion on Sept. 13 and the market cap of the cryptocurrency markets slipped below $1 trillion.Daily cryptocurrency market performance. Source: Coin360Statistician and independent market analyst Willy Woo, believes that Bitcoin (BTC) may have to fall further before it reaches the maximum pain experienced during previous bottoms. Woo expects Bitcoin price to decline below $10,000.Could Bitcoin and altcoins resume their downtrend? Let’s study the charts of the top-10 cryptocurrencies to find out.BTC/USDTBitcoin broke above the 50-day simple moving average ($21,902) on Sept. 12, but this proved to be a bull trap. Buyers attempted to extend the recovery on Sept. 13 but the rally reversed direction from $22,799.BTC/USDT daily chart. Source: TradingViewAggressive selling by the bears pulled the price back below the 20-day exponential moving average ($20,722). A minor positive is that the bulls are attempting to stall the decline at $20,000. If buyers push the price back above the 20-day EMA, it will suggest that lower levels continue to attract buyers. The BTC/USDT pair will then attempt to rise to the 50-day SMA and later retest $22,799. A break and close above this resistance could open the doors for a possible rally to $25,211.Contrary to this assumption, if the price slips below $19,860, the pair could drop to the $18,510 to $17,622 zone. The bulls are expected to defend this zone with vigor.ETH/USDTEther (ETH) turned down and plummeted below the moving averages on Sept. 13, tilting the short-term advantage in favor of the bears. A minor positive is that the bulls are attempting to defend the support line of the rising wedge pattern.ETH/USDT daily chart. Source: TradingViewIf the price rebounds off the current level and rises above the moving averages, the ETH/USDT pair could rally to the resistance line of the wedge. The bulls will have to push and sustain the price above the wedge to clear the path for a possible rally to $2,030.Alternatively, if the price fails to cross above the moving averages, the likelihood of a drop below the bearish wedge pattern increases. If that happens, the selling pressure could pick up and the pair could drop to $1,422 and later to $1,280. Buyers are expected to mount a strong defense at this level.BNB/USDTBinance Coin (BNB) turned down from $300 on Sept. 12 and plunged below the moving averages on Sept. 13. This tilted the short-term advantage in favor of the bears but the bulls have not yet given up. BNB/USDT daily chart. Source: TradingViewBuyers are attempting to defend the immediate support at $275 and push the price above the 20-day EMA ($285). If they succeed, the BNB/USDT pair could challenge the $300 to $307.50 resistance zone. If buyers clear this zone, the rally could pick up momentum.Conversely, if bulls fail to push the price above the 20-day EMA, it will suggest that bears are selling on minor rallies. That could enhance the prospects of a break below $275. If that happens, the pair could decline to $258 and then to $240.XRP/USDTAfter trading near the 50-day SMA ($0.35) for three days, XRP turned down and broke below the moving averages on Sept. 13. This pulled the price below the breakout level of $0.34.XRP/USDT daily chart. Source: TradingViewBuyers are trying to push the price back above the 20-day EMA ($0.34) on Sept. 14. If they succeed, it will suggest that the XRP/USDT pair has formed a higher low at $0.33. The pair could then retest the overhead resistance at $0.36. A break and close above this level could push the pair toward $0.39.Contrary to this assumption, if the price turns down from the 20-day EMA, it will suggest that bears are selling on minor rallies. That could pull the price down to the strong support at $0.32.ADA/USDT Cardano (ADA) rose above the 50-day SMA ($0.49) on Sept. 9 but the bulls could not continue the recovery and push the price to the downtrend line. This indicates hesitation by the bulls to buy at higher levels.ADA/USDT daily chart. Source: TradingViewThe failure to extend the recovery may have tempted short-term traders to book profits. That pulled the price back below the moving averages on Sept.13. A minor positive is that the ADA/USDT pair rebounded off $0.46 and the bulls are attempting to push the price back above the moving averages. This indicates that lower levels continue to attract strong buying by the bulls. If the price rises above the 50-day SMA, the pair could reach the downtrend line.This view will invalidate in the near term if the price turns down from the moving averages and plummets below $0.45. The pair could then decline to $0.42.SOL/USDTBuyers pushed Solana (SOL) above the 50-day SMA ($37.30) on Sept. 13 and Sept. 14 but the bulls could not sustain the higher levels. This shows that bears are defending the 50-day SMA with vigor.SOL/USDT daily chart. Source: TradingViewStrong selling on Sept. 13 pulled the price below the 20-day EMA ($34). The bears will now try to sink the SOL/USDT pair to the immediate support at $30. The repeated retest of a support level tends to weaken it. If the $30 level cracks, the pair could start its descent to the vital support at $26.Contrary to this assumption, if the price turns up from the current level and breaks above the 20-day EMA, the pair could rise to the 50-day SMA. The bulls will have to clear this overhead hurdle to indicate the start of an up-move to $48.DOGE/USDTDogecoin (DOGE) bounced off the support zone near $0.06 on Sept. 7 but the recovery fizzled out at the 20-day EMA ($0.06). This indicates that bears are defending the moving averages aggressively.DOGE/USDT daily chart. Source: TradingViewThe price turned down from the 20-day EMA on Sept. 13 and reached the support at $0.06. The bulls are expected to defend the level aggressively as a break and close below it could sink the DOGE/USDT pair to the June low at $0.05. If this support cracks, it could signal the resumption of the downtrend.This negative view could invalidate if the price rebounds off the current level and rises above the moving averages. If that happens, the pair could attempt a rally to $0.09.Related: Ethereum’s Merge will affect more than just its blockchainDOT/USDTPolkadot (DOT) repeatedly tried to rise and sustain above the 50-day SMA ($7.90) from Sept. 9-13 but the bears held their ground. This indicates that the sentiment remains negative and bears are selling on rallies to resistance levels. DOT/USDT daily chart. Source: TradingViewThe failure to rise above the 50-day SMA may have attracted strong selling by the bears and profit-booking by the short-term bulls. That pulled the price back below the 20-day EMA ($7.43) on Sept. 13. The bears will now attempt to sink the DOT/USDT pair below the immediate support at $6.75 and challenge the crucial level at $6.Alternatively, if the price rebounds off the current level and rises above the 20-day EMA, it will suggest that bulls continue to buy on dips. The bulls will then again try to overcome the barrier at the 50-day SMA and start a rally toward $10.MATIC/USDTPolygon (MATIC) has been stuck inside a large range between $0.75 and $1.05 for the past several weeks. Both moving averages have flattened out and the relative strength index is near the midpoint, indicating a balance between buyers and sellers.MATIC/USDT daily chart. Source: TradingViewThe MATIC/USDT pair has been attempting to rise inside an ascending channel for the past few days. If the price plummets below the channel, it will signal a minor advantage to the bears. The pair could then decline to the strong support at $0.75. Contrary to this assumption, if the price rebounds off the current level and rises above the moving averages, the pair could reach the resistance line of the channel. A break and close above the channel could open the doors for a possible rally to $1.05.SHIB/USDTShiba Inu (SHIB) managed to stay above the moving averages between Sept. 9-12 but the bulls could not build upon this strength and clear the overhead hurdle at the downtrend line. This indicates a lack of demand at higher levels.SHIB/USDT daily chart. Source: TradingViewThe price plunged back below the moving averages on Sept. 13 and the bears will now attempt to pull the SHIB/USDT pair below the strong support at $0.000012. If they succeed, the pair will complete a descending triangle pattern. This bearish setup has a target objective of $0.000009.Contrary to this assumption, if the price rebounds off the current level and breaks above the moving averages, the pair could reach the downtrend line. A break and close above this level will invalidate the bearish setup and clear the path for a rally to $0.000018.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.Market data is provided by HitBTC exchange.