BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB

The crypto market fell on September 3rd due to the weakness in the US stock market. The sell-off in the crypto market continued on September 4th, but the small positive is that the lower levels are attracting buyers. Trading firm QCP Capital told its Telegram channel subscribers that Bitcoin (BTC) and Ether (ETH) could be entering a period of high volatility.

Many analysts believe that the expected rate cut by the US Federal Reserve on September 18 will be positive for risk assets. However, Bitfinex analysts have a different view, as they expect Bitcoin to crash between 15% and 20% after the rate cut. In a note dated September 2, they said Bitcoin could bottom between $40,000 and $50,000.

Bitcoin is at risk of breaking below its long range, putting pressure on altcoins, which continue to show weakness. This has led to the total cryptocurrency market capitalization falling below $2 trillion, according to CoinMarketCap data.

Could Bitcoin fall below its range and trigger further selling in altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin Price Analysis

Bitcoin fell from the 20-day exponential moving average ($59,655) on September 3 and fell to support at $55,724 on September 4.

The bulls are expected to defend the $55,724 level with all their might, as a break below the support could see the BTC/USDT pair fall to $49,000. This level could draw solid buying from the bulls, but the bears will likely try to stop the rescue rally at $55,724. Below $49,000, the next stop could be at $42,000.

This negative view will be invalidated in the short term if the price rises from the current levels and breaks the 50-day simple moving average ($61,712). Then, the pair can rise to $65,000 and later to the important resistance of $70,000.

Ether Price Analysis

Ether has been fluctuating between $2,300 and $2,850 for several days, suggesting it is better to buy on dips and sell on rises.

If the price continues to rise from current levels and breaks above the 20-day EMA ($2,577), it will signal that the consolidation could continue for a few more days.

Conversely, if the relief rally breaks below the 20-day EMA, it suggests that sentiment is still negative and traders are selling off every small upside move. This will increase the likelihood of a drop below $2,300. This could send the ETH/USDT pair crashing to $2,111 and eventually to the psychological level of $2,000.

BNB Price Analysis

BNB (BNB) bounced off the $495 support level on September 3rd and reached the 20-day EMA ($535), but the bulls failed to overcome this barrier.

If the $495 level is broken, the BNB/USDT pair could plunge to the $460 support. This is a crucial level for bulls to protect, as a drop below it could lead to increased selling, which could push the pair to $400.

In an uptrend, the bulls will need to push the price above the moving average and hold it, suggesting that the range-bound movement could continue for a while longer. The next phase of the uptrend is expected to begin with a close above $635.

Solana Price Analysis

Solana (SOL) is nearing support in the $116-$210 range, where buyers are likely to step in.

The bulls will try to push the price above the 20-day EMA ($141), which is the first sign of strength. Then, the SOL/USDT pair can rise to the 50-day SMA ($153). A break and close above this resistance level would suggest that the pair could remain range-bound for a while.

The bears most likely have other plans. They will defend the moving averages and try to push the price down below $116. If they succeed, it will signal the start of a new downtrend towards $100.

XRP Price Analysis

On September 4, a bearish trend pushed XRP (XRP) below the $0.54 support level, but the long tails of the candlesticks show solid buying at lower levels.

Any relief rally is likely to face strong resistance at the moving averages. Assuming the price breaks down from the moving averages, there is a high chance that it will break and close below $0.54. This could send the XRP/USDT pair crashing to $0.49.

Conversely, if buyers push the price above the moving average, it suggests that the pair may remain in the $0.54 to $0.64 range for a while. A break above $0.64 could trigger a rally to $0.74.

Dogecoin Price Analysis

On September 3, the bulls attempted to push Dogecoin (DOGE) above the 20-day EMA ($0.10), but the bears held the resistance.

The bears are trying to push the price down to $0.09, but the bulls are likely to defend that level aggressively. If the price rises from current levels and breaks the 20-day EMA, it suggests that selling will be reduced at lower levels. This could push the DOGE/USDT pair up to the downtrend line.

Conversely, if the price continues to decline and falls below $0.09, the downtrend may extend to $0.08 and then to the support line of the falling wedge pattern.

Toncoin Price Analysis

Toncoin (TON) has formed a large head and shoulders pattern, which is expected to close below $4.72.

The bears have managed to push the price down to $4.72, but are likely to find buyers at lower levels. If the bears win and the price closes below $4.72, it will signal the start of a new downtrend. The next support level for the downtrend is $3.50.

Alternatively, if the price fails to close below $4.72, this would be a signal that the bulls are active at lower levels. The bulls would need to push the TON/USDT pair above the 50-day SMA ($6.27) and hold it to signal a comeback.

relevant: Why did Bitcoin price drop today?

Cardano Price Analysis

Cardano (ADA) is witnessing a fierce battle between bulls and bears at the $0.31 support level.

The downward moving average and RSI in the negative zone indicate that the bears are in the upper hand. If the price stays below $0.31, selling pressure may increase and the ADA/USDT pair may plunge to $0.27 and later to $0.24.

Instead, if the price rises above $0.31, the recovery is likely to face resistance at the moving average. Buyers need to hold the price above the downtrend line and move higher to signal the start of a new uptrend.

Avalanche Price Analysis

Avalanche (AVAX) is gradually moving lower towards the horizontal support line of $19.50, indicating a continued downtrend.

Sellers will try to strengthen their position by pushing the price below $19.50. If successful, the AVAX/USDT pair could crash to $17.29 and later to the support line of the descending channel pattern.

Conversely, if the price bounces off $19.50, it suggests that the bulls are trying to defend that level. Buyers should push the price above the channel and hold it to indicate a potential trend change.

Shiba Inu Price Analysis

Shiba Inu (SHIB) once again fell below the 20-day EMA ($0.000014) on September 3, indicating that the downtrend is still dominant.

Sellers are trying to push the price down and hold it below the immediate support level of $0.000013. If they can do so, the SHIB/USDT pair is likely to drop to the intraday low of $0.000011 on August 5, and then to the psychological support level of $0.000010.

If the buyers want to stop the decline, they will have to quickly push the price above the moving average. If they do, the pair will likely rally to the $0.000020 level.