The bulls tried to shake Bitcoin (BTC) from its slumber on Sept. 7 but the rally was short-lived. This suggests a lack of clarity between the bulls and the bears about Bitcoin’s next directional move. Analyst CryptoCon said on X (formerly Twitter) that Bitcoin could remain in a “mid cycle lull” until the start of the next bull run in November 2024.
On similar lines, ARK Invest said in a report that cryptocurrencies could continue to face headwinds in the remainder of 2023 due to several macroeconomic issues such as interest rates, gross domestic product estimates, unemployment, and inflation.
![](https://s3.cointelegraph.com/uploads/2023-09/22c08fb6-49a2-4ae4-bda1-9cd120574280.png)
In comparison, the bulls will be closely following the decision of the United States Securities and Exchange Commission on the various Bitcoin spot exchange-traded fund (ETF) applications. In addition to that, the race for a spot Ethereum ETF also began officially on Sep. 6 with filings from VanEck and ARK Invest. Bloomberg ETF analyst James Seyffart expects more Ethereum ETF filings to happen in the next few days.
Could Bitcoin’s range-bound action increase the selling pressure on altcoins? Let’s study the charts of the top-10 cryptocurrencies to find out.
Bitcoin price analysis
Bitcoin reached the 20-day exponential moving average ($26,419) on Sep. 7 but the bulls could not overcome this obstacle. This suggests that the bears are fiercely guarding the 20-day EMA.
![](https://s3.cointelegraph.com/uploads/2023-09/1ae6f7cf-ed26-4cce-aa91-c457e566290a.png)
However, the failure of the bears to challenge the crucial support at $24,800 suggests that selling dries up at lower levels. The relative strength index (RSI) is trying to form a positive divergence, indicating that the bearish momentum is weakening.
The first sign of strength will be a break and close above the 20-day EMA. That clears the path for a sustained recovery toward $28,143.
On the contrary, if the $24,800 support crumbles, the BTC/USDT pair could start a downtrend. There is a minor support at $24,000 but it may not arrest the decline. The pair could eventually reach pivotal support at $20,000.
Ether price analysis
Ether (ETH) continues to trade inside a narrow range between the 20-day EMA ($1,668) and the formidable support at $1,626.
![](https://s3.cointelegraph.com/uploads/2023-09/399b88ea-d43a-458b-82ee-2a22cb221104.png)
The failure of the bulls to clear the overhead hurdle at the 20-day EMA increases the risk of a breakdown. Below $1,626, the ETH/USDT pair could retest the Aug. 17 intraday low of $1,550. Buyers may purchase the dip to this level with vigor because if the support cracks, the pair could plunge to $1,368.
Time is running out for the bulls. If they want to prevent the collapse, they will have to first drive the price above the 20-day EMA and thereafter attempt a rally to the 50-day SMA ($1,762). That could increase the likelihood of the pair being range-bound between $2,000 and $1,626 for a few more days.
BNB price analysis
The bulls tried to push BNB (BNB) above the breakdown level of $220 on Sep. 6 but the bears did not relent. This indicates that the sellers are trying to flip the $220 level into resistance.
![](https://s3.cointelegraph.com/uploads/2023-09/dd96ad05-bf1c-4dde-bcd1-3bae927706c5.png)
There is a minor support at $211 but if bears pull the price below it, the BNB/USDT pair could reach the psychological level at $200. This level is likely to attract solid buying by the bulls. If the price rebounds off this support, it will indicate that the pair may consolidate between $200 and $220 for a while.
Contrary to this assumption, if the price turns up from the current level and rises above $220, it will suggest accumulation at lower levels. That could launch a recovery toward the downtrend line.
XRP price analysis
The bulls purchased XRP’s (XRP) dip below $0.50 on Sep. 6 but the failure to start a strong rebound indicates a lack of demand at higher levels.
![](https://s3.cointelegraph.com/uploads/2023-09/e65b4329-4a07-476a-8652-00a9687c8f28.png)
The bears will try to strengthen their position further by yanking the price below $0.50. If they can pull it off, the XRP/USDT pair could nosedive to the next major support at $0.41. This fall is likely to be swift as there is no major support between $0.50 and $0.41.
On the contrary, if the price once again turns up from the current level, it will suggest that the bulls are trying to flip $0.50 into support. A break above the 20-day EMA will indicate that the pair is likely to oscillate between $0.50 and $0.56 for a while longer.
Cardano price analysis
Cardano (ADA) formed a Doji candlestick pattern on Sep. 6 and again on Sep. 7, which shows indecision between the bulls and the bears.
![](https://s3.cointelegraph.com/uploads/2023-09/c5896d7a-2238-4970-ac29-32eb8546a07f.png)
The downsloping 20-day EMA ($0.26) and the RSI in the negative territory enhance the prospects of a downside breakdown. If the price skids below $0.25, the ADA/USDT pair could drop to the critical support at $0.24.
On the upside, the bears have repeatedly halted the advance near the 20-day EMA, hence this becomes an important level to watch out for. If bulls force the price above the 20-day EMA, the pair could reach the overhead resistance at $0.28.
Dogecoin price analysis
The bulls tried to shove Dogecoin (DOGE) above the 20-day EMA ($0.06) on Sep. 6 but the bears held their ground.
![](https://s3.cointelegraph.com/uploads/2023-09/e2526c3c-6128-43ee-a995-39fc220cddd6.png)
The price remains stuck between the 20-day EMA and the horizontal support at $0.06. When the price trades inside a range, it is difficult to predict the direction of the breakout but the downsloping 20-day EMA and the RSI near 40 signal an edge to the bears. Below $0.06, the DOGE/USDT pair could descend to $0.055.
This negative view will invalidate in the near term if bulls kick and sustain the price above the 20-day EMA. Such a move will suggest the start of a stronger recovery to $0.07 and eventually to $0.08.
Solana price analysis
Solana (SOL) has been gradually correcting inside the large range between $14 and $27.12. The bears have been selling the relief rallies to the 20-day EMA ($20.53) indicating that the sentiment remains negative.
![](https://s3.cointelegraph.com/uploads/2023-09/990e3918-b4b1-40ee-bffd-cdb4a2150e0b.png)
The repeated failure of the bulls to thrust the price above the 20-day EMA suggests that the path of least resistance is to the downside. If bears tug the price below the immediate support at $19, the SOL/USDT pair could slump to $18 and subsequently to $16.
The bulls are likely to have other plans. They will try to push the price above the 20-day EMA. If they succeed, the pair may reach the overhead resistance at $22.30. This is an important level for the bears to defend because a break above it could clear the path for a potential rally to $26.
Related: Why is Bitcoin price down today?
Toncoin price analysis
Toncoin (TON) attempted a rebound on Sep. 6 but the long wick on the Sep. 7 candlestick shows that bears continue to sell on rallies.
![](https://s3.cointelegraph.com/uploads/2023-09/a5563c61-cc84-4132-af35-ba94aa596c3d.png)
The 20-day EMA ($1.68) remains the key level to keep an eye on in the short term. If the price rebounds off the 20-day EMA, the bulls will again attempt to drive the TON/USDT pair above the overhead resistance at $2.07.
Contrarily, if the price slips below the 20-day EMA, it will suggest that the traders are aggressively booking profits. The first stop on the downside is at the breakout level of $1.53 and then the 50-day SMA ($1.44).
Polkadot price analysis
The bears pulled Polkadot (DOT) below the strong support at $4.22 on Sep. 6 but they could not sustain the lower levels as seen from the long tail on the candlestick. This shows buying at lower levels.
![](https://s3.cointelegraph.com/uploads/2023-09/1696999d-294f-44df-a98c-09da9ba47852.png)
However, the bulls could not maintain the momentum and push the price to the 20-day EMA ($4.41). This shows that every minor rally is being sold into. The bears have pulled the price back to the important support at $4.22. If this support crumbles, the DOT/USDT pair could fall to the psychological support at $4.
If bulls want to make a comeback, they will have to propel the price above the 20-day EMA. If they do that, the pair is likely to climb to the downtrend line. This is the key level to keep an eye on because a break above it could signal that the downtrend is ending.
Polygon price analysis
Buyers tried to propel Polygon (MATIC) above the 20-day EMA ($0.56) for the past three days but the bears held their ground. This suggests that traders are selling on minor rallies.
![](https://s3.cointelegraph.com/uploads/2023-09/ba3ca2ce-043d-49da-9ff6-2c1d2aa60f11.png)
The bears will try to pull the price below the immediate support at $0.53. If they manage to do that, the MATIC/USDT pair could plummet to the vital support at $0.50.The bulls are expected to protect this level with vigor because a break below it may open the gates for a further fall to $0.45.
The bulls will have to push and sustain the price above the 20-day EMA to suggest that the bearish pressure is reducing. That could start a recovery to $0.64 where the bears may again mount a strong defense.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.