Let’s kick off a slow Wednesday with technical analysis for the three big Bs: BTC, BCH and BNB. Even though crypto markets may look like they are snoozing, the indicators are very much alive.
BTC/USD has corrected gains to trade above resistance level $10501.68. An attempt to break above $10718.57 (R) level was also seen. However, there seemed to be a rejection of a much higher price level, since sellers seemed to fight to take the position and take over the market movement. The RSI indicator that moved from the overbought region to trade above level 50 reflected an increase in selling pressure. Contrary there is still some hope for a further upward rally since the RSI is still above 50 levels, thus bullish mode is quite stable.
Afterwards, a bullish trend line was formed (A) that signified the bullish outlook. The price moved from an opening price of $10390.95 to the current price of $10542.10 that showed a slight gain by 1.43% over the last 24hrs.
The moving averages are currently suggesting a bearish outlook, with the 21-day MA above the 7-day MA. If the price drops below $10501.68 then a downside correction near $10200 and 10220 is possible.
BCH/USD pair began the day with an upside rally that moved from $299.2 to a high of $306.9. The pair’s price later consolidated between $304.0 and $302.0 level before experiencing a downside rally. That then dipped the price and is now trading at $297.2 the RSI indicator (C) suggested a decline since it was seen sliding south. This also indicates that sellers are in control and are interested in the lower price level.
The moving averages are now giving a negative sign since the long-term SMA (A) has crossed above the short-term SMA (B). A breach below $295.1 might trigger a further decline. However, a breach above $300.0 may be a turnaround for the bears.
BNB/USD pair has experienced a bearish outlook even though Binance has been doing everything possible to better BNB’s price. However, BNB seemed to have lost its value at a much bigger pace, having dropped from $22.5631 to $22.0621.
On the hourly chart, the BNB/USD pair is hovering in descending channels that signifies a continuation of a downside move. The RSI has also dropped and is now below 50, but it shows sign of recovery since it is tending north ways.
Unrelated to indicators, the drop in price might be attributed to the upcoming closure of Binance to US customers on September 12th. As many users on binance are from the US, we might be seeing many of these traders dumping on the market and withdrawing their funds in anticipation of the block.
Despite the extended southward correction, the $21.8585 may prevent further decline. That is if the price maintains above that level. Traders should wait for the price to breach the upper descending trend line that is around $22.3000 to take a long position.
Cryptocurrency Charts By Tradingview
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency or digital currency.
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