Autor Cointelegraph By Rakesh Upadhyay

Federal Reserve Chairman Jerome Powell warned that the central bank will continue to use the “tools forcefully” to bring down inflation, which is close to its highest level in 40 years. He cautioned that the restrictive policy may remain for some time and warned that it could “bring some pain to households and businesses.”The United States equities markets reacted negatively to Powell’s comments with the Dow Jones Industrial Average dropping more than 600 points. The cryptocurrency markets also witnessed sharp selling with Bitcoin (BTC) and most altcoins threatening to break below their immediate support levels.Daily cryptocurrency market performance. Source: Coin360Along with a not-so-supportive macro environment, Bitcoin’s historical data for September also presents a negative picture. According to CoinGlass data, Bitcoin has witnessed an average decline of 6% in September and barring 2015 and 2016, the month has produced negative returns for investors between 2013 and 2021.Could Bitcoin and major altcoins remain weak in the near term? Let’s study the charts of the top-10 cryptocurrencies to find out.BTC/USDTBitcoin’s shallow rebound off the support line of the ascending channel indicated that bulls are cautious at higher levels. The downsloping 20-day exponential moving average (EMA) ($22,249) and the relative strength index (RSI) in the negative territory, indicate that bears have the upper hand.BTC/USDT daily chart. Source: TradingViewStrong selling has pulled the price below the ascending channel on Aug. 26. If bears sustain the price below $20,762, the selling could intensify and the BTC/USDT pair could drop to $18,900. This level may again act as a strong support but if it breaks, the decline could extend to the June 18 intraday low at $17,622.This negative view will be invalidated in the near term if the price turns up from the current level and breaks above the 50-day simple moving average (SMA) ($22,414). Such a move will indicate that lower levels continue to attract buyers. The pair could then attempt a rally to the resistance line of the channel.ETH/USDTBuyers could not push Ether (ETH) above the 20-day EMA ($1,697) on Aug. 25, indicating that bears are defending this level with vigor. ETH/USDT daily chart. Source: TradingViewThe selling picked up momentum and the bears have pulled the price below the 50-day SMA ($1,588). A close below this support could sink the ETH/USDT pair to $1,500. If the price slips below this crucial support, the pair will complete a bearish head and shoulders pattern. The target objective of this setup is $1,050.Contrary to this assumption, if the price rebounds off the $1,500 support, the bulls will again attempt to clear the overhead hurdle at $1,700. If they succeed, it will suggest that the pair could rise toward the overhead resistance at $2,000.BNB/USDTThe bulls pushed BNB above the 20-day EMA ($300) on Aug. 25 but the long wick on the candlestick suggests that bears are selling at higher levels.BNB/USDT daily chart. Source: TradingViewThe price has turned down on Aug. 26 and the bears are attempting to sink the price below the immediate support at $275. If they succeed, the BNB/USDT pair could complete a bearish head and shoulders pattern. That could result in a decline to $240 and then to the pattern target at $212.Conversely, if the price turns up and breaks above $308, it could catch the aggressive bears off guard. The pair could then rally to the overhead resistance of $338. If bulls clear this hurdle, the pair will complete a bullish inverse head and shoulders pattern.XRP/USDTThe bulls pushed Ripple (XRP) above the moving averages on Aug. 26 but the long wick on the candlestick suggests strong selling at higher levels. XRP/USDT daily chart. Source: TradingViewThe price turned down sharply and the bears are attempting to sink the XRP/USDT pair below the immediate support at $0.33. If they succeed, the next stop could be the critical support at $0.30. A break and close below this level could indicate the resumption of the downtrend.Alternatively, if the price rebounds off $0.30, it will suggest that bulls continue to buy at this level. That could increase the possibility that the pair may remain stuck between $0.30 and $0.39 for some more time.ADA/USDT Cardano’s (ADA) recovery turned down sharply from the 20-day EMA ($0.49) on Aug. 26, suggesting that the higher levels continue to attract strong selling by the bears.ADA/USDT daily chart. Source: TradingViewThe price could reach the immediate support at $0.43 and if that level also gives way, the next stop could be the crucial level at $0.40. The bulls successfully defended this support on two previous occasions, hence the level may again attract buying.If the price rebounds off the current level or $0.40, the bulls will again try to clear the overhead hurdle at the moving averages. If they manage to do that, the ADA/USDT pair could rally to the downtrend line where the bears may mount a strong defense.SOL/USDTSolana (SOL) has been gradually declining toward the strong support at $32, which suggests a lack of demand at higher levels.SOL/USDT daily chart. Source: TradingViewThe 20-day EMA ($38) is sloping down and the RSI is in the negative territory, indicating advantage to bears. If the $32 support collapses, the SOL/USDT pair could drop to the vital support at $26. This is an important level to keep an eye on because a break below it could signal the resumption of the downtrend.Contrary to this assumption, if the price rebounds off the support at $32, it will suggest that bulls are buying the dips to this level. The buyers will have to push the price above the 50-day SMA ($39) to indicate that the range-bound action between $32 and $48 may continue for a few more days.DOGE/USDTDogecoin (DOGE) marginally rose above the 20-day EMA ($0.07) on Aug. 25 but the bulls could not sustain the higher levels. This suggests that bears are defending the level aggressively.DOGE/USDT daily chart. Source: TradingViewStrong selling on Aug. 26 pulled the price below the trendline of the ascending triangle pattern. If the price sustains below the triangle, it will invalidate the bullish setup. The DOGE/USDT pair could then decline to $0.06 and later to $0.05.Alternatively, if the price rebounds off the current level, the buyers will again attempt to clear the overhead hurdle at the 20-day EMA. If they succeed, the pair could rally to $0.08 and thereafter to $0.09.Related: XRP price pumps and dumps amid mysterious $51M whale transfers — What’s next?DOT/USDTThe bulls could not push Polkadot (DOT) above the 50-day SMA ($7.82) in the past few days, indicating that bears continue to sell on minor rallies.DOT/USDT daily chart. Source: TradingViewThe downsloping 20-day EMA ($7.93) and the RSI in the negative territory indicate that bears have a slight edge. The negative momentum could pick up if bears sink the price below the strong support at $7. If that happens, the DOT/USDT pair could decline to the crucial support at $6.Alternatively, if the price turns up from the current level or $7 and rises above the moving averages, the pair could attempt a rally to $9.17 and then to the overhead resistance at $10.SHIB/USDTShiba Inu’s (SHIB) volatility picked up and the bulls pushed the price above the overhead resistance at $0.000014 on 25 August. However, the long wick on the day’s candlestick suggests that bears continue to sell on rallies.SHIB/USDT daily chart. Source: TradingViewThe sellers are currently attempting to sustain the price below the 20-day EMA ($0.000013). If they succeed, the SHIB/USDT pair could drop to the next support at $0.000012. This is an important level for the bulls to defend because if it cracks, the decline could extend to $0.000010.To invalidate this negative view, the buyers will have to push and sustain the price above $0.000014. If they manage to do that, the pair could rally to the stiff overhead resistance at $0.000018.MATIC/USDTPolygon’s (MATIC) rebound off the strong support at $0.75 is facing resistance near the 20-day EMA ($0.85). This suggests that the sentiment remains negative and bears are selling on rallies.MATIC/USDT daily chart. Source: TradingViewThe sellers will make an attempt to sink the price below the strong support at $0.75. If they succeed, the MATIC/USDT pair could decline to $0.63. The bulls may mount a strong defense at this level but if the support cracks, the next stop could be $0.52.This negative view could be invalidated in the near term if the price turns up from the current level and breaks above the 20-day EMA. If that happens, the pair could attempt a rally to the stiff overhead resistance of $1.05.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.

Bitcoin (BTC) and several major cryptocurrencies have been trading sideways as traders avoid taking large bets before the United States Federal Reserve’s Jackson Hole Economic Symposium, which begins on Aug. 25. The volatility is likely to soar as investors get some clarity on the Fed’s stance in the next few days.On Aug. 23, a team led by Goldman Sachs chief economist Jan Hatzius said that Fed chair Jerome Powell could sound dovish when he speaks on Aug. 26, reiterating that the central bank may move at a slower pace in future meetings. The analysts expect the Fed to raise rates by 50 basis points in the September meeting, which would be less than the 75 bps hike done in June and July.Daily cryptocurrency market performance. Source: Coin360Although the short-term price action remains uncertain, on-chain data suggests that Bitcoin may be undervalued, meaning it could provide strong returns if history repeats itself. According to Jarvis Labs resident analyst JJ, Bitcoin’s Market Capitalization versus Realized Capitalization indicator reading is at its lowest level since 2015. Bitcoin’s bottom in 2015 and 2019 formed when the indicator reached a low reading, but that has reached extremely low levels in 2022.What are the critical levels to watch on the upside and the downside? Let’s study the charts of the top-10 cryptocurrencies to find out.BTC/USDTBitcoin has been trading near the support line of the ascending channel since Aug. 19. Although the bulls have defended the support successfully, they have failed to achieve a strong rebound off it. This indicates that demand dries up at higher levels.BTC/USDT daily chart. Source: TradingViewThe 20-day exponential moving average (EMA) ($22,523) has started to turn down and the relative strength index (RSI) is near 41, indicating that bears have a slight edge. If the price breaks below the support line of the channel, the selling could intensify and the BTC/USDT pair could drop to $18,900. To invalidate this negative view, the bulls will have to push and sustain the price above the moving averages. If they do that, it will suggest that the pair could gradually climb to the resistance line of the channel near $26,000.ETH/USDTThe bulls are aggressively defending the 50-day simple moving average (SMA) ($1,571), as seen from the long tail on the Aug. 22 and 23 candlestick. Ether (ETH) will now attempt to rise above the 20-day EMA ($1,712).ETH/USDT daily chart. Source: TradingViewIf that happens, the ETH/USDT pair could pick up momentum and rise toward the stiff overhead resistance near $2,000. The bears are expected to defend this level aggressively.Contrary to this assumption, if the price turns down from the overhead resistance, it will suggest that bears are attempting to flip the 20-day EMA into resistance. The pair could then remain stuck between the moving averages for a few more days. If the price breaks below the 50-day SMA and the $1,500 support, the selling could pick up momentum and the pair may plummet toward the strong support at $1,280.A tight squeeze is usually followed by an expansion in volatility but it is difficult to preempt the direction of the breakout with certainty. Therefore, it is better to wait for the breakout to happen before initiating fresh positions.BNB/USDTBNB’ rebound off the $275 level has been facing stiff resistance at the 20-day EMA ($301). A minor positive is that the bulls have not given up much ground as they expect the up-move to continue.BNB/USDT daily chart. Source: TradingViewIf the price turns up from the current level and breaks above $305, the BNB/USDT pair could rise toward the overhead resistance at $338. Such a move will form an inverse head and shoulders pattern, which will complete on a break and close above $338. If that happens, the pair could rally to $420 and then to $460. The pattern target of this bullish setup is $493.Alternatively, if the price turns down sharply from the current level, the pair could drop to $275. A break below this level will complete a head and shoulders pattern. The pair could then decline to $240 and later to $212.XRP/USDTRipple (XRP) has been trading in a tight range between $0.33 and $0.35 for the past four days. This suggests indecision among the bulls and the bears.XRP/USDT daily chart. Source: TradingViewIf the price turns down and breaks below $0.33, the advantage could tilt in favor of the sellers. The XRP/USDT pair could then decline to the crucial level at $0.30. The bulls are likely to defend this level aggressively. A strong rebound off this level will suggest that the pair may remain range-bound between $0.30 and $0.39 for some more time.On the other hand, if the price breaks above $0.35 and the moving averages, it will suggest that bulls are attempting to form a floor at $0.33. The pair could then rise to $0.39, which is an important level to keep an eye on. If bulls clear this hurdle, the pair could rally to $0.48.ADA/USDT Cardano (ADA) has been trading between $0.43 and $0.47 for the past four days. Although the bulls bought the dip to $0.43 with vigor, they have not been able to clear the overhead hurdle at $0.47.ADA/USDT daily chart. Source: TradingViewThe price action formed an inside-day candlestick pattern on Aug. 24, indicating indecision among buyers and sellers. If bulls thrust the price above $0.47, the ADA/USDT pair could rise to the moving averages. A break and close above this resistance could open the doors for a possible rally to the downtrend line.Conversely, if the price turns down and breaks below $0.43, the pair could slide to the strong support at $0.40. This is an important level to watch out for because if it cracks, the pair could resume its downtrend.SOL/USDTSolana (SOL) is struggling to start a recovery as bears are posing a strong challenge near $37. The bears may now attempt to pull the price to the strong support at $32.SOL/USDT daily chart. Source: TradingViewThe bulls have successfully defended the $32 support on two previous occasions; hence, the level may again attract buyers. If the price rebounds off $32, the bulls will again try to push the SOL/USDT pair above the moving averages. If they succeed, the pair could rally to the overhead resistance at $48. The buyers will have to propel the price above this level to signal a potential trend change.On the contrary, if the price turns down and breaks below $32, it will suggest that bears are in control. The pair could then drop to the crucial support at $26.DOGE/USDTDogecoin (DOGE) slipped below the trendline on Aug. 22 but the bulls purchased the drop as seen from the long tail on the day’s candlestick. However, a negative sign is that the bulls failed to clear the overhead resistance at the 50-day SMA ($0.07). DOGE/USDT daily chart. Source: TradingViewThe bears will once again attempt to sink the price below the trendline. If they succeed, the DOGE/USDT pair could decline to $0.06. If this support also cracks, the next stop could be the crucial level of $0.05.Contrary to this assumption, if the price turns up from the current level and rises above the 20-day EMA ($0.07), it will suggest strong demand at lower levels. The pair could then rise to the overhead resistance at $0.08 and later to $0.09.Related: 3 reasons why Chiliz is up 35% this week — and where is CHZ price heading next?DOT/USDTPolkadot (DOT) has been attempting to climb above the 50-day SMA ($7.81) but the bears have held their ground. The long tail on the Aug. 22 and 23 candlestick shows strong buying at lower levels.DOT/USDT daily chart. Source: TradingViewThe bulls will have to push the price above the 50-day SMA and the 20-day EMA ($8.07) to clear the path for a possible rally to $9.17 and then $10. This is an important level to keep an eye on because a break and close above it could signal that the DOT/USDT pair may have bottomed out. The pair could then rise to the overhead resistance at $12.44.On the contrary, if the price turns down from the moving averages, it will suggest that bears are active at higher levels. The sellers will then attempt to sink the pair below $7. If they manage to do that, the pair could slide to $6.SHIB/USDTShiba Inu (SHIB) continues to trade near the 20-day EMA ($0.000013) for the past few days, which suggests a state of indecision among the bulls and the bears.SHIB/USDT daily chart. Source: TradingViewThe flattening 20-day EMA and the RSI near the midpoint suggest that the SHIB/USDT pair could remain range-bound for the next few days. If the price sustains below the 20-day EMA, the pair could slide to $0.000012. This is an important support for the bulls to defend because a break below it could open the doors for a fall to $0.000010.Alternatively, if the price turns up and breaks above $0.000014, the pair could start its northward journey toward $0.000018. The bulls will have to overcome this barrier to signal the start of a new uptrend.MATIC/USDTPolygon (MATIC) has been rising along the 50-day SMA ($0.82) for the past four days as bulls are buying the dips. The bears will attempt to stall the recovery at the 20-day EMA ($0.86).MATIC/USDT daily chart. Source: TradingViewIf the price turns down from the 20-day EMA, the bears will make one more attempt to sink the MATIC/USDT pair below the critical level at $0.75. If that happens, the pair could slide to the next major support at $0.63.Alternatively, if the support at $0.75 holds, the pair will attempt to climb above the 20-day EMA and rally to the overhead resistance at $1.05. The bulls will have to overcome this barrier to indicate the resumption of the uptrend.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 European stock markets and the United States equities markets are both deep in the red on Aug. 22 as investors fear that aggressive rate hikes may not be off the table. Another thing keeping investors nervous could be the upcoming  Jackson Hole economic symposium, which is scheduled to begin on Aug. 25. Investors are concerned that Federal Reserve chairman Jerome Powell could further elaborate on the Fed’s hawkish stance and plans for future interest rate hikes.This macro uncertainty has kept the institutional investors away from the crypto markets. CoinShares data showed that crypto investment products recorded weekly volumes of $1 billion, which is 55% lower than the yearly average.Daily cryptocurrency market performance. Source: Coin360On-chain analytics resource Material Indicators said that Bitcoin (BTC) has not broken below the July lows. This suggests that the bear market rally is not yet over. However, buyers will have to push the price above the 200-week moving average of near $23,000 to gain the upper hand.Could Bitcoin and most major altcoins make a strong comeback in the next few days and what are the critical levels to watch out for? Let’s study the charts of the top-10 cryptocurrencies to find out.BTC/USDTThe buyers defended the support line of the ascending channel on Aug. 19 and started a bounce but the recovery stalled at $21,800. This suggests that bears are posing a strong challenge near the moving averages. BTC/USDT daily chart. Source: TradingViewA minor positive is that the long tail on the Aug. 22 candlestick shows that bulls are attempting to defend the support line with vigor. If bulls push the price above $21,800, the BTC/USDT pair could rise to the 20-day exponential moving average (EMA) ($22,725).If the price turns down from this resistance, it will suggest that the sentiment has turned negative and traders are selling on rallies. That could increase the possibility of a break below the channel. If that happens, the selling momentum could pick up and the pair could plummet toward the June 18 low at $17,622.Conversely, if buyers thrust the price above the 20-day EMA, it will suggest that the pair may extend its stay inside the channel for a few more days. The bulls will then try to push the price toward the resistance line of the channel.ETH/USDTEther (ETH) plunged below the 20-day EMA ($1,718) and the breakout level of $1,700 on Aug. 19, which suggests that traders who had purchased at lower levels were exiting their positions. ETH/USDT daily chart. Source: TradingViewThe bulls attempted to stall the decline at the 50-day simple moving average (SMA)($1,549) but the weak bounce off it suggests a lack of aggressive buying at the level. This increases the likelihood of a break below the support.If that happens and the ETH/USDT pair breaks below $1,500, the selling could intensify as the bulls may wait for the price to reach the next strong support before buying again. The pair could therefore decline to $1,280.Conversely, if the price bounces off the current level and rises above the 20-day EMA, traders who did not buy at the 50-day SMA may buy aggressively lest they miss out on the up-move. That could push the price toward $2,000.BNB/USDTBinance Coin’s (BNB) bounce off the strong support at $275 is facing stiff resistance at the 20-day EMA ($301) but a minor positive is that the bulls have not ceded ground to the sellers. This indicates that buyers expect the recovery to continue further.BNB/USDT daily chart. Source: TradingViewIf the price rises above the 20-day EMA, the BNB/USDT pair could rally to the overhead resistance at $338. This is an important level to keep an eye on because a break and close above it will complete the bullish inverse head and shoulders pattern. This setup has a pattern target of $493.It may not be a straight dash to the target objective as bears may attempt to stall the rally at $420 and then again at $460.Conversely, if the price turns down from the current level and breaks below $275, the pair will complete a short-term head and shoulders pattern. That could start a decline toward the pattern target of $212.It is better to wait for either pattern to complete before establishing a position because the setups tend to break down more often than not.XRP/USDTRipple (XRP) remains stuck inside the range between $0.30 and $0.39. The bulls are attempting to defend the support at $0.33 but are facing stiff resistance at higher levels.XRP/USDT daily chart. Source: TradingViewIf the price turns down and breaks below $0.33, the likelihood of a drop to $0.30 increases. This level has previously acted as strong support; hence, traders may buy the dip, expecting a rally back to $0.39.Another possibility is that the price bounces off $0.33 and breaks above the moving averages. If that happens, the XRP/USDT pair may rally to the stiff overhead resistance at $0.39. It is difficult to predict the direction of the breakout from a range. Therefore, traders may wait for the break to happen before establishing fresh positions.ADA/USDT Cardano (ADA) slipped below the 50-day SMA ($0.49) on Aug. 19, indicating that bears have the upper hand. Buyers tried to start a relief rally on Aug. 20 but the weak bounce shows a lack of demand at higher levels.ADA/USDT daily chart. Source: TradingViewThe bears will now try to sink the price to the strong support at $0.40. This is an important level to keep an eye on because the bulls have defended the level successfully since May 12. A break and close below this support could signal the start of the next leg of the downtrend.Conversely, if the price rebounds off $0.40, the buyers will attempt to push the ADA/USDT pair above the moving averages. If they manage to do that, the pair could rally to the downtrend line. SOL/USDTSolana (SOL) broke below the moving averages on Aug. 19, indicating that bears have the upper hand in the near term. The sellers will try to sink the price to the immediate support at $32. SOL/USDT daily chart. Source: TradingViewIf the price rebounds off $32, the bulls will attempt to push the SOL/USDT pair above the moving averages. If they succeed, it will suggest that the pair may rise toward the overhead resistance at $48.Contrary to this assumption, if the price slips below $32, the pair could slide to the crucial support at $26. The bulls are expected to defend this level with all their might because the failure to do so may signal the resumption of the downtrend.DOGE/USDTDogecoin (DOGE) bounced off the trendline on Aug. 20 but the bulls could not clear the overhead hurdle at the 20-day EMA ($0.07). This indicates that bears do not want to surrender their advantage and are selling on minor rallies.DOGE/USDT daily chart. Source: TradingViewThe DOGE/USDT pair formed a Doji candlestick pattern on Aug. 21, which resolved to the downside on Aug. 22 and the price slipped below the trendline. If the price sustains below the trendline, the pair could further decline to $0.06. This is an important level for the bulls to defend because a break below it could result in a drop to the crucial support at $0.05.To invalidate this bearish view, the bulls will have to push and sustain the price above the 20-day EMA. If that happens, it will suggest that bulls aggressively purchased the drop below the trendline. That could open the doors for a possible rally to the overhead resistance at $0.08.Related: BTC to lose $21K despite miners’ capitulation exit? 5 things to know in Bitcoin this weekDOT/USDTPolkadot (DOT) broke below the 50-day SMA ($7.78) on Aug. 19, indicating a lack of buying support from the bulls. The bears will now attempt to sink the price to the strong support at $6.DOT/USDT daily chart. Source: TradingViewWhen the price is trading inside a large range, traders generally buy the rebound off the support by keeping a tight stop-loss. This improves the risk-to-reward ratio. Therefore, the likelihood of a bounce off the $6 support is high. If that happens, the DOT/USDT pair may remain range-bound between $6 and $10 for some more time. The next trending move could start on a break below $6 or on a break above $10. If the support at $6 gives way, the pair may start the next leg of the downtrend.SHIB/USDTShiba Inu (SHIB) is witnessing a tussle near the 20-day EMA ($0.000013) with both the bulls and the bears vying for supremacy. The buyers are attempting to push the price above the overhead resistance at $0.000014 but the bears have held their ground.SHIB/USDT daily chart. Source: TradingViewThe 20-day EMA has flattened out and the relative strength index (RSI) is near the midpoint, indicating a balance between supply and demand. This balance could tilt in favor of the bulls if the price rises above $0.000014. If that happens, the SHIB/USDT pair could rise to the stiff overhead resistance at $0.000018.Conversely, if the price breaks below $0.000012, the pair could tilt in favor of the sellers. The pair could then drop to the next strong support at $0.000010.MATIC/USDTPolygon (MATIC) has been consolidating in a large range between $0.75 and $1 for the past few days. The bulls purchased the dip to the support of the range but the rebound is facing stiff resistance from the bears at higher levels.MATIC/USDT daily chart. Source: TradingViewIf bulls push the price above the 20-day EMA ($0.86), the MATIC/USDT pair could attempt a rally to the overhead resistance at $1 where the bears are likely to mount a strong defense. If the price turns down from this resistance, the pair could extend its stay inside the range for some more time.Contrary to this assumption, if the price turns down from the current level and breaks below $0.75, it will suggest that bears are back in command. The pair could then decline to the next support at $0.63.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.