Bitcoin remains range-bound, while certain altcoins show signs of breaking down in the near term.
The bulls attempted to rally Bitcoin on September 7, but the rally was short-lived, indicating a lack of clarity between the bulls and bears about Bitcoin’s next move.
Cryptocurrencies may face headwinds for the remainder of 2023 due to macroeconomic issues such as interest rates, GDP estimates, unemployment, and inflation.
The decision of the US SEC on Bitcoin spot ETF applications will be closely followed by the bulls.
Ether continues to trade within a narrow range, with a risk of a breakdown below $1,626.
BNB faces resistance at $220, with a potential drop to $200 if support at $211 fails.
XRP struggles to rebound, with a potential nosedive to $0.41 if support at $0.50 is breached.
Cardano shows indecision between bulls and bears, with a downside breakdown possible below $0.25.
Dogecoin remains stuck between the 20-day EMA and support at $0.06, with a bearish edge.
Solana sees negative sentiment, with a potential downside to $18 if support at $19 is breached.
Toncoin attempts a rebound, but bears continue to sell on rallies.
Polkadot faces strong support at $4.22, with a potential fall to $4 if support is broken.
Polygon sees selling on minor rallies, with a potential drop to $0.50 if support at $0.53 fails.
Bitcoin’s range-bound action may increase selling pressure on altcoins.
Summary:
– Bitcoin remains range-bound, lacking clarity on its next move.
– Cryptocurrencies may face headwinds due to macroeconomic issues.
– The decision on Bitcoin spot ETF applications will be closely watched.
– Altcoins like Ether, BNB, XRP, Cardano, Dogecoin, Solana, Toncoin, Polkadot, and Polygon show signs of potential breakdowns or resistance levels to watch.
– Bitcoin’s range-bound action may impact altcoin performance.