The Bitcoin (BTC) price has attempted to reverse course while the S&P 500 continues to give up gains on a daily basis.Although the US stock markets have been falling since August 26, Bitcoin has managed to hold on to the $20,000 mark.
However, investor interest seems to be moving away from Bitcoin.That has led to a reduction in assets under management (AUM) for Bitcoin investment products, which fell 7.16% in August to $17.4 billion, according to a new report from CryptoCompare.
In comparison, AUM for Ethereum (ETH) products increased 2.36% to $6.81 billion in the same period, indicating that investors are positioning themselves in Ethereum products ahead of the merger.Daily performance in the cryptocurrency market.Source: Coin360
Although prices are down across the ecosystem, bear markets at least offer attractive opportunities for long-term investors.To capitalize on this opportunity, Reddit co-founder Alexis Ohanian’s venture capital firm Seven Seven Six aims to raise $177.6 million for a crypto investment fund.
Along similar lines, former executives from Galaxy Digital and Genesis want to raise a $500 million fund.
Although the near term looks uncertain, long-term investors can look for bottom fishing opportunities.Can Bitcoin and major altcoins hold above their immediate support levels? Let’s study the charts of the top 10 cryptocurrencies to find out.BTC/USDT
Bitcoin rejected from the downtrend line on August 30, but on a less positive note, the bulls bought the decline near $19,500.The bulls are again trying to push the price above the downtrend line on August 31.
BTC/USDT Daily Chart.Source: TradingView
If they succeed, the BTC/USDT pair could rally to the 20-day exponential moving average (EMA) ($21,325), which is an important level to watch.If the price breaks down from this level, the bears will try to pull the pair to the strong support zone of $18,910 to $18,626.A break and close below this zone could open the door to a retest of the critical support at $17,622.
Conversely, if bulls push the price above the 20-day EMA, the pair could rise to the 50-day simple moving average (SMA) ($22,333).
If bulls clear this hurdle, the pair could gain momentum and increase towards the overhead resistance at $25,211.The bulls need to cross this barrier to indicate that a bottom may be in place.ETH/USDT
Ether emerged from $1,422 on August 29 and climbed back above the neck of the head and shoulders pattern.This suggests that the collapse on 26 August may have been a bear trap.
ETH/USDT Daily Chart.Source: TradingView
The bulls are trying to push the price above the moving averages.If they succeed, the ETH/USDT pair could rise to the $1,700 overhead resistance.This is an important level to keep an eye on because a break and close above it could open the door for a possible rally to $2,000.
This bullish view will be invalidated if the price breaks down from the overhead resistance and breaks below $1,422.Such a move would indicate that the recovery may be over.The pair could then go down to $1280 and later to $1050.
BNB/USDT
BNB returned the strong support at $275 on August 29, indicating that the bulls are aggressively defending this level.BNB/USDT daily chart.Source: TradingView
The bulls tried to push the price above the 20-day EMA ($292) on August 30 and 31, but the bears held their ground.If the price breaks and closes below the $275 support, the BNB/USDT pair will complete a bearish head and shoulders pattern.
It could start a decline to $240 and later to the pattern target of $212.
On the contrary, if the price retraces $275 and breaks above the 20-day EMA, the pair may rise to $308.A break and close above this resistance could clear the way for a rally to $338.XRP/USDT
Buyers have been defending the $0.32 level for the past three days, but have failed to make a strong pullback.This suggests a lack of demand for Ripple (XRP) at higher levels.
XRP/USDT Daily Chart.Source: TradingView
The bearish 20-day EMA ($0.34) and the relative strength index (RSI) in the negative territory indicate that bears have a slight edge.If the price breaks down from the current level or the 20-day EMA and breaks below $0.32, the XRP/USDT pair could slide to the vital support at $0.30.
The bulls are expected to defend this level with all their might because a break below this support could signal resumption of the downtrend.Conversely, if bulls drive the price above the moving averages, the pair could rise to $0.39.
ADA/USDT
Cardano (ADA) bounced off $0.42 on August 29 and reached the 20-day EMA ($0.47) where the bears are mounting stiff resistance.ADA/USDT Daily Chart.Source: TradingView
If the price declines from today’s level, it would indicate that the bears continue to sell on smaller rallies.The bears will then try to lower the price to the crucial support of $0.40.This is an important level to keep an eye on because a break and close below it could signal the start of the next leg of the downtrend.
On the other hand, if buyers push the price above the moving averages, it would suggest strong demand at lower levels.The ADA/USDT pair can then rally to the downtrend line.
SOL/USDT
Solana (SOL) bounced back from $30 and rose above the $32 level on August 29, but the bears again pulled the price back below the August 30 level.This suggests that the bears are selling at every minor increase.SOL/USDT Daily Chart.Source: TradingView
The bulls are again trying to push the price to the 20-day EMA ($35), which is an important level to watch out for in the short term.If bulls drive the price above this level, the SOL/USDT pair could rise to the 50-day SMA ($39).
The downtrending 20-day EMA and RSI in the negative territory indicate upside for sellers.If the price declines from today’s level or 20-day EMA and breaks below $30, the pair may fall to the crucial support at $26.DOGE/USDT
The bulls defended the $0.06 support for the past few days but have not been able to pull off a strong pullback from it.
This suggests a lack of demand for Dogecoin (DOGE) at higher levels.
DOGE/USDT Daily Chart.Source: TradingView
A tight consolidation near a strong support increases the possibility of a breakdown.If that happens, the DOGE/USDT pair could start its downward move towards the June 18 low near $0.05.This is an important level for the bulls to defend because a break and close below it could resume the downtrend.
Conversely, if the price rises from the current level and breaks above the moving averages, it will indicate that the last part of the correction phase may be over.The pair may then attempt a rally to $0.09.
Related: Bitcoin Price Potential Double Bottom Could Trigger BTC Rally To $30K Despite ‘Extreme Fear’ DOT/USDT
Polkadot (DOT) has been trading below its moving average since August 19, but the bears have been unable to lower the price to the strong $6 support.This suggests that sales are drying up at lower levels.
DOT/USDT Daily Chart.Source: TradingView
The bulls will again try to push the price above the moving averages.If they succeed, it would suggest that the DOT/USDT pair could rise to $9.17 and then to the overhead resistance at $10.The Bears will likely mount a strong defense at this level.
Another possibility is that the price breaks down from the moving averages and breaks below $6.79.
If that happens, the bears will try to lower the pair to the crucial $6 support.A break and close below this level may indicate the resumption of the downtrend.MATIC/USDT
Polygon (MATIC) rebounded off the $0.75 support on August 29 and reached the 20-day EMA ($0.83) on August 30, but the Doji candlestick pattern indicates indecision among buyers and sellers.MATIC/USDT daily chart.
Source: TradingView
If bulls drive and sustain the price above the moving averages, the MATIC/USDT pair could start its northward march towards the $1.05 overhead resistance.This level will likely again face stiff resistance from the bears.
Contrary to this assumption, if the price breaks down from the moving averages, it would indicate that bears are strongly defending the level.The pair may then fall again towards the strong support at $0.75.If this support breaks, the pair could fall to $0.63.SHIB/USDT
Shiba Inu (SHIB) climbed back above the important $0.000012 level on August 29, indicating bulls are buying on the dip.Buyers tried to push the price above the 20-day EMA ($0.000013) on August 30, but the bears did not relent.SHIB/USDT Daily Chart.Source: TradingView
The price is fixed between the 20-day EMA and $0.000012.
This tight trade is unlikely to continue for long.If bears decline and sustain the price below $0.000012, the SHIB/USDT pair may fall to $0.000010.
Alternatively, if the price breaks above the 20-day EMA, the pair may rise to the overhead resistance at $0.000014.The bulls need to overcome this barrier to open the doors for a possible rally to $0.000018.
The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph.Every investment and trade involves risk.
You should do your own research when making a decision.
Market data is provided by HitBTC Exchange.
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