The crypto price analysis for the week.
This week has been a roller-coaster ride for bitcoin. The cryptocurrency rose and fell during the week as markets anticipated the release of the US Consumer Price Index Report (CPI).
According to this report, inflation in the united states was expected to fall by 8.1% in August after declining by 8.5% in July.
Bitcoin rose during the week, testing the $22,600 – $23,000 levels (which has been its highest points since august 19th)
During the week, the 10-day moving average and the 25-day moving average overlapped and even crossed one another. However, prices have declined to the $19,700 level despite this.
Although the RSI on the daily timeframe indicates oversold conditions as the market consolidates, there is still a possibility that the bears will take over again and send bitcoin lower than the $19,700 level.
Bitcoin currently trades at $19,754 after declining by 2.02% over the last day. It has a trading volume of $30 billion – a 23.45% decline from yesterday's figure.
If bitcoin's price continues to drop and eventually goes below the $19,200 mark, general prices could drop sharply to the $18,600 – $17,600 zone.
As of Tuesday, volatility on Ethereum was high as the cryptocurrency fell below $1700. However, the bulls reentered soon after, reviving type price and pushing it to a high of $1,752.
Despite this, many expected the price of Ethereum to break the $1800 resistance during the week. Largely because of the upcoming merge and partially because of the crossover between the 10 and 25-day moving averages.
However, the price of Ethereum failed to cross this margin and has slipped downwards below the $1500 mark.
As of today, 16th September, Ethereum is currently at $1460 after declining by 8.43% over the last 24 hours.
It has a trading volume of $20 billion – a 20.34% decline from yesterday's figure. Ethereum's market dominance currently sits at 18.64% and is less than half of bitcoin's.
BNB declined from the $300 level on September 12th through the 13th, shifting in favor of the bears over the short term.
The $225 level seems to be a strong support zone, as the bulls seem to be defending it with vigor. In a bid to push the price above the 20-day exponential moving average ($285)
If this key level holds, BNB/USDT may just find its way back up to the $300 zone. And if the bulls manage to break this level upwards as well, then the bullish momentum will be massive.
Conversely, if the bulls fail to defend this level around the 20-day moving average, the bears would have the advantage and will attempt to push the price below the $275 mark and to the $258 – $240 mark.
From Monday through Wednesday, XRP hovered around the 50-day moving average ($0.35). However, the bulls lost the fight eventually on Thursday, seeing the price decline below this level and hitting $0.34.
It was initially assumed that if the bulls managed to hold the price above the 20-day moving average, a new higher low at $0.32 would have been formed. Instead, prices broke below this level and now trade around support at $0.32
During the week, ADA tested and bounced off the $0.46 area as the bulls managed to raise the price above the daily moving averages.
However, the price of ADA is back to the $0.46 zone and is being defended by the bulls. If the bulls fail to keep the price of ADA above the $0.40 level, the ADA/USDT pair could decline again to the $0.42 level.
Solana has been hovering between the $31 – $37 levels for a while. It currently trades at $32.66 after a 3.46% decline over the last 24 hours.
Similar to the price action on the 13th of September (Tuesday), the bears pushed the price below the 20-day EMA through strong selling pressure.
The bears pushed the prices lower throughout the week, testing the $34 mark. If this support around $32 fails to hold, a decline to the $30 zone is possible, and if that level fails to hold as well, the price can fall to as low as $26.
Disclaimer: The author's comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR (do your own research)