While Bitcoin (BTC) struggles to stay above the 200-day simple moving average, ALGO, ATOM, XTZ, and EGLD continue to rise. Bitcoin (BTC) is in a bull-bear war near the 200-day simple moving average. It regards as a fundamental level by institutional investors attempting to determine whether the asset is bullish or bearish.
In addition, crypto investors are keeping an eye on the emergence of a golden cross in Bitcoin. If this bullish setup plays out, it will indicate a bullish trend. For the time being, investors are concentrating their efforts on a few altcoins that have sustained their upward trend.
On September 10, Bitcoin dropped below the 200-day SMA ($45,894), but bears could not profit on this move. The bulls aim to drive the price back above the 200-day simple moving average (SMA). The moving averages are on the verge of completing a golden cross, indicating that the advantage is likely to shift to the bulls.
If the bulls do not give up much ground, the chances of a break over $52,920 improve. If this occurs, the pair could rise to $60,000.
On the other hand, if the price falls from its current level, it indicates that bears are actively defending the 200-day SMA. The pair may next retest the crucial support level of $42,451.67. A break below this level might tip the scales in favor of the bears. The 4-hour chart reveals that the price dropped from $47,550 on two separate occasions. As a result, this becomes a fundamental level to keep an eye on in the short run. A break and closing above this resistance level could pave the way for a move to $50,500.
On the other hand, the moving averages are on the cusp of a bearish crossing, indicating that sellers aim to make a comeback.
The lengthy tail on September 7 indicates that bulls aggressively bought the decline to the 50-day simple moving average ($1.10). On September 8, a strong buying lifted Algorand (ALGO) above the solid overhead resistance at $1.84. On September 10, the bears attempted to trap the bulls by lowering the price below the breakout mark of $1.84, but the purchasers had other intentions. Today, the ALGO/USDT pair has significantly returned from the support level, and bulls are seeking to take the price above $2.49.
The pair could restart its rise if successful, with the initial upside target at $3 and $3.32.
Cosmos (ATOM) bounced off the breakthrough level of $17.56 on September 7, indicating that bulls are firmly defending this level. It was the second time bulls successfully held this level, the first being on August 26 and 27. On September 8, the long tail indicated that mood was improving and traders were buying on dips. The moving averages have completed a golden cross, signaling that the bulls have reclaimed control.
Today’s strong purchasing has lifted the price above the overhead resistance level of $32.32.
On September 7 and 8, Tezos (XTZ) successfully retested the breakout level at $4.47. Bears could bring the price below the 200-day SMA ($4.19), but they could not sustain the lower levels. It shows that accumulation occurs on dips. On September 9, the XTZ/USDT pair gained traction, and on September 10, bulls pushed the price above the overhead barrier at $6.14. The candlestick’s lengthy wick over the last two days signals significant selling near $7.
On September 7 and 8, Elrond (EGLD) recovered from the 200-day SMA ($131), indicating considerable demand at cheaper levels. The moving averages completed a golden cross on September 9, signifying that the bulls had retaken control. Despite bears ‘ attempts to halt the uptrend, sustained buying boosted the EGLD/USDT pair to a new all-time high on September 11. However, the bulls were not about to give up their lead and pushed the price to a new all-time high today.
If bulls keep the price above $245.80, the pair may begin the second phase of its rally. At the psychological level of $300, the bears may give a hard fight, but if the bulls can overcome this resistance, the rise might extend to $357.80.