Price analysis 9/6: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB
Bitcoin ( BTC ) has been in a sideways price action pattern for several months, but the bears are trying to seize control. The resolution of the large $55,724 to $73,777 range in favor of the sellers could start a downtrend.
Arthur Hayes, former CEO of crypto exchange BitMEX, has projected Bitcoin to fall below $50,000 . A similar view was offered by veteran trader Peter Brandt, who has a target of $46,000 for Bitcoin.
Crypto market data daily view. Source: Coin360
However, not everybody shares the bearish view. Some analysts anticipate the macro factors to surprise the bears .
“Although September is historically a negative month for BTC, the combination of a Fed [United States Federal Reserve] rate cut and a relatively robust US economy could surprise the bears,” Tyr Capital chief investment officer Ed Hindi told Cointelegraph.
Will Bitcoin start a new downtrend, pulling the altcoins lower? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
Bitcoin’s rebound off the $55,724 support on Sept. 4 did not find buyers at higher levels. The bears maintained their selling pressure and pulled the price below $55,724 on Sept. 6.
BTC/USDT daily chart. Source: TradingView
Minor support exists in the $53,500 to $54,000 range, where buyers will try to arrest the decline. However, if the bears prevail, the BTC/USDT pair could retest the $49,000 support. This is an essential level to keep an eye on because a break below it may start a downtrend.
Any rebound off the current level is likely to face strong selling at $55,724 and then at the 20-day exponential moving average ($58,804). Buyers will have to push the price above the 20-day EMA to suggest that the range-bound action may extend for some more time.
Ether price analysis
Ether ( ETH ) bounced off the $2,300 support on Sept. 4, but the bulls could not maintain the higher levels. The bears have pulled the price below $2,300 on Sept. 6.
ETH/USDT daily chart. Source: TradingView
Both moving averages are sloping down, and the relative strength index (RSI) is near the oversold territory, indicating that the bears are in charge. If the price closes below $2,300, the ETH/USDT pair could decline to $2,111 and thereafter to $2,000.
The bulls have an uphill task if they want to start a recovery. A break and close above the 20-day EMA ($2,530) will be the first sign of strength. The pair may then ascend to the breakdown level of $2,850.
BNB price analysis
The bulls held the $495 support in BNB ( BNB ) for the past two days, but they could not start a rebound. That increases the risk of a breakdown.
BNB/USDT daily chart. Source: TradingView
The downsloping 20-day EMA ($528) and the RSI in the negative zone suggest that the bears have the upper hand. A break and close below the $495 support could sink the BNB/USDT pair to $460.
The bulls are expected to defend the $495 to $460 zone, but the recovery is likely to face selling at the moving averages. Buyers will have to clear the 50-day simple moving average ($543) to suggest that the range-bound action remains intact.
Solana price analysis
The bulls are trying to prevent Solana ( SOL ) from falling to the crucial support at $116, but the bears have kept up the pressure.
SOL/USDT daily chart. Source: TradingView
The downsloping 20-day EMA ($139) and the RSI in the negative territory suggest that the bears have the upper hand. Sellers will try to sink the SOL/USDT pair to the crucial support at $116. Buyers will have to defend this level with all their might because a break below $116 may drag the pair to $100.
Instead, if the price turns up and breaks above the 20-day EMA, it will suggest that the selling pressure is weakening. The pair may rally to the 50-day SMA ($152) and later to $164.
XRP price analysis
XRP ( XRP ) turned down from the 20-day EMA ($0.56) on Sept. 4 and plummeted below the $0.54 support on Sept. 6.
XRP/USDT daily chart. Source: TradingView
This suggests the XRP/USDT pair may slide toward $0.50. That could keep the pair stuck inside the $0.64 to $0.46 range for a while. The bulls are expected to defend the $0.46 level with vigor.
Any recovery attempt by the bulls is expected to face selling at the moving averages. A break and close above the 50-day SMA ($0.57) will suggest that the bears may be losing their grip. The bulls will gain further strength above $0.64.
Dogecoin price analysis
Dogecoin ( DOGE ) bounced off the $0.09 support on Sept. 4, but the bulls failed to push the price above the 20-day EMA ($0.10).
DOGE/USDT daily chart. Source: TradingView
The bears will try to strengthen their position by yanking the price below $0.09. If they can pull it off, it will signal the resumption of the downtrend. The DOGE/USDT pair may dive to $0.08 and later to the support line of the falling wedge pattern.
Buyers will have to push and maintain the price above the downtrend line to signal a comeback. The pair may then climb to $0.14, indicating the start of a potential up move. If this level is crossed, the rally could reach $0.18.
Toncoin price analysis
Toncoin ( TON ) is witnessing a tough battle between buyers and sellers near the critical support at $4.72.
TON/USDT daily chart. Source: TradingView
If the price continues lower and breaks below $4.50, it will signal the completion of a bearish head-and-shoulders pattern. That may start a downward move, pulling the TON/USDT pair to $3.50.
Conversely, if the price rises from the current level, it is likely to reach the 20-day EMA ($5.47). This is an important level to watch out for because if the price turns down sharply from the 20-day EMA, it will suggest that the sentiment remains negative.
The first sign of strength will be a break and close above the 20-day EMA. That may open the doors for a rally to the 50-day SMA ($6.18) and later to $7.
Related: Why is XRP price down today?
Cardano price analysis
Cardano ( ADA ) bounced off the $0.31 support on Sept. 4, indicating that the bulls are fiercely defending the level.
ADA/USDT daily chart. Source: TradingView
On the upside, the long wick on the Sept. 5 candlestick shows that the bears are selling on rallies to the 20-day EMA ($0.34). If bears sink the price below $0.31, the ADA/USDT pair could plunge to $0.27 and later to the crucial support at $0.24.
Contrarily, if the price turns up from the $0.31 support and rises above the moving averages, it will suggest a short-term bottom formation. The pair could then rally to the downtrend line, where the bears are expected to offer a strong resistance.
Avalanche price analysis
Avalanche ( AVAX ) has been trading below the moving averages for the past few days, but the bears have failed to challenge the $19.50 support. This suggests that selling dries up at lower levels.
AVAX/USDT daily chart. Source: TradingView
The bulls are attempting to push the price above the moving averages. If they succeed, the AVAX/USDT pair could reach the resistance line of the descending channel pattern. A break and close above the channel will suggest that the downtrend may be over. The pair may climb to $33 and later to $37.
This positive view will be invalidated in the near term if the price turns down and breaks below $19.50. That may sink the pair to $17.29 and eventually to the channel’s support line.
Shiba Inu price analysis
Shiba Inu ( SHIB ) has been trading between the 20-day EMA ($0.000014) and the horizontal support at $0.000013.
SHIB/USDT daily chart. Source: TradingView
The tight-range trading signals a possible range expansion in the next few days. If the price breaks above the moving averages, the likelihood of a rally to $0.000020 increases. There is a minor resistance at $0.000016, but it is likely to be crossed.
Alternatively, if the price plummets below $0.000013, it will suggest the start of the next leg of the downtrend. The SHIB/USDT pair may plummet to $0.000011 and subsequently to $0.000010.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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