Bitcoin (BTC) is showing signs of a positive recovery after forming successive Doji candlestick patterns on the weekly chart for the past three weeks. This indicates that the uncertainty between the bulls and the bears is resolving in favor of the bulls. However, the upcoming Federal Open Market Committee meeting on September 20 could increase volatility in the market. While most market participants expect the Federal Reserve to maintain rates, surprises could occur during Fed Chair Jerome Powell’s press conference following the rate decision.
Bitcoin’s recovery from its strong support near $24,800 has ignited buying interest in select altcoins, providing trading opportunities. For these altcoins to continue their upward trajectory, Bitcoin needs to maintain a level above $26,500. If Bitcoin’s relief rally gains momentum and triggers buying in select altcoins, there are several cryptocurrencies showing promise in the near term.
Bitcoin’s price analysis reveals that it has risen above the 20-day exponential moving average ($26,303), indicating a reduction in selling pressure. Bulls have successfully prevented price declines below the 20-day EMA. Buyers will try to drive the BTC/USDT pair to the 50-day simple moving average ($27,295), with a potential target of $28,143. However, if bears sink the price below the 20-day EMA, it could lead to a retest of the pivotal support at $24,800.
Maker (MKR) has seen a surge in buying interest, propelling it above the 50-day SMA ($1,162). The MKR/USDT pair is on its way to $1,370, but this level is expected to witness a tough battle between bulls and bears. If bulls manage to break above $1,370, the pair could pick up momentum and move towards $1,759. On the downside, the 20-day EMA ($1,162) is a crucial support level, and a break below it may lead to a swing within a large range between $980 and $1,370.
Aave (AAVE) has shown bullish signs by surging above the moving averages. Buyers have attempted to sustain the price above the 50-day SMA ($59). If successful, the AAVE/USDT pair may accelerate towards $70 and later $76. However, the 20-day EMA ($56) is an important support level to watch, as a break below it could suggest bearish activity and a potential fall to $48.
THORChain (RUNE) has witnessed a smart recovery, indicating a potential comeback by buyers. The up-move is nearing a solid resistance at $2, which could act as a major roadblock. A sharp turn down from $2 would suggest bearish sentiment, pulling the price to the 20-day EMA ($1.62). Conversely, if the price holds strong at the current level, it may indicate a continuation of the rally towards $2.30 and subsequently $2.80.
Render (RNDR) broke out and closed above the 50-day SMA ($1.58), indicating a potential reduction in selling pressure. The moving averages are on the verge of a bullish crossover, and the RSI is in positive territory, giving bulls a slight advantage. If the price turns up from the 20-day EMA ($1.50), it could signal a sentiment shift and start a stronger recovery to $1.83, then $2.20. However, a break below the moving averages may lead to a drop to $1.38 and later $1.29.
It is important to note that this article does not provide investment advice or recommendations. Investors should conduct their own research before making any decisions.
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