InstaForex

September 29, 2021

Bitcoin and Altcoins Price Analysis: Near-Term Support Zones

 Cryptocurrencies are still on the retreat these days, but it looks like buyers might return to defend these nearby support areas.


Will rallies resume soon? Which altcoins are looking most bullish these days?


BTC/USD: Daily

Bitcoin still ain’t in the mood to rally!


Price continues to retreat after hitting a ceiling at the $ 50,000 mark, setting its sights on the next support areas from here.


Are buyers about to jump in anytime soon?


Technical indicators are looking mixed, with Stochastic hovering near the oversold region and the 100 SMA still below the 200 SMA.

Then again, the moving averages might simply be oscillating to signal market consolidation.


If that’s the case, BTC could keep sliding to the longer-term support at the bottom of its descending triangle on the daily time frame. For now, it seems that the resistance-turned-support around $ 40,000 and the 100 SMA dynamic inflection point is holding.


Is BTC/USD a buy or a sell?


ETH/USD: Daily

ETH might be in for a deeper decline, as price is forming a double top pattern on its long-term chart!


There’s still plenty of room to go before it breaks below the neckline to confirm a major downtrend, though.


Is ETH/USD a buy or a sell?



Bulls might step up at the current area of ​​interest, which happens to line up with the dynamic support at the moving averages. Also, the 100 SMA is above the 200 SMA to suggest that support is more likely to hold than to break.

Bullish pressure might be weakening since the gap between the moving averages is narrowing and Stochastic is still heading south.


XMR/USD: Daily

XMR might be in for a bounce, as price is testing support at the bottom of a freshly-forming rising channel on its daily time frame.


If support holds, XMR could recover to the top of the channel around $ 350 or at least until the middle around $ 300. Buying energy could pick up as soon as Stochastic pulls higher.


However, the 100 SMA is still below the 200 SMA to suggest that the path of least resistance is to the downside. In that case, there’s still a chance that the channel support around $ 220 might break.


LTC/USD: Daily

LTC is still in selloff mode, as price seems to be drawn by the next support area around $ 118.


Is LTC a buy or a sell?


Moving averages confirm a continuation of the slide, as the 100 SMA is below the 200 SMA.

At the same time, price is falling below the 100 SMA dynamic inflection point, so this could hold as resistance on a bounce.


Stochastic is also heading south to reflect the presence of bearish pressure, but the oscillator is dipping into the oversold region to indicate exhaustion among bears.