Summary:
- Bitcoin is trading near the $26,000 level and is back inside its range after failing to sustain higher levels.
- The price action of the past few days has formed two successive doji candlestick patterns on the weekly chart, indicating uncertainty about the next directional move.
- The United States Securities and Exchange Commission (SEC) may eventually approve one or more pending applications for a spot Bitcoin exchange-traded fund, which could limit the downside for Bitcoin.
- Major altcoins are under pressure due to the lack of clarity about Bitcoin’s next trending move.
- Only a few altcoins are showing signs of strength in the short term.
Bitcoin price analysis:
- Bitcoin is back inside the $24,800 to $26,833 range, but the bulls continue to buy the dips.
- The downsloping moving averages indicate an advantage to bears, but the recovering relative strength index (RSI) suggests weakening bearish momentum.
- A break and close above the range at $26,833 could lead to a retest of the Aug. 29 intraday high of $28,142.
- If bears sink the price below $24,800, it could decline to $20,000.
Toncoin price analysis:
- Toncoin is in an uptrend but is facing resistance near the overhead resistance at $2.07.
- If the bulls don’t give up much ground, a rally above $2.07 becomes more likely.
- If there is a deeper correction, the price could pullback to the 20-day EMA support at $1.58.
Chainlink price analysis:
- Chainlink has been trading inside a range between $5.50 and $9.50.
- Bulls are trying to start a recovery, but they are facing resistance near the 20-day EMA ($6.24).
- A break above the 20-day EMA could lead to a journey toward the 50-day SMA ($6.95).
Maker price analysis:
- Maker has taken support near $1,000 and is attempting to resume its uptrend.
- If the price turns up, it will suggest positive sentiment, and the bulls could push the price to $1,370.
- A break below the 20-day EMA could signal that bears are fiercely defending the downtrend line.
Tezos price analysis:
- Tezos has been witnessing a tussle between bulls and bears near the strong support at $0.70.
- A close above the 20-day EMA ($0.71) will indicate strength and pave the way for a rally.
- The price is consolidating between $0.66 and $0.69, and a move above $0.69 could indicate solid buying at lower levels.
Disclaimer: This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research.
