16 Sep 2022 · 2 min read

Bitcoin Price and Ethereum Might Recover, CHZ and LINK Turn Attractive

  • Bitcoin price might recover if it clears $20,000.
  • Ethereum is facing resistance below $1,500, XRP at risk of a drop to $0.312.
  • CHZ is gaining pace above the $0.20, and LINK is up over 5%.

Bitcoin price started a consolidation phase after it dropped to $19,500. BTC is currently (11:00 UTC) trading above $19,500 and eyeing an upside break above $20,000. A clear move above the $20,000 resistance might send the price towards $20,450 in the near term.

Similarly, most major altcoins might attempt a recovery wave. ETH is approaching a short-term breakout above the $1,480 and $1,500 resistance levels. XRP is struggling to stay above the $0.32 support. ADA could rise and retest the $0.48 resistance zone.

Bitcoin price

After a fresh drop, bitcoin price found support near the $19,500 zone. BTC started a consolidation phase below the $20,000 level and the 50-hour simple moving average. On the upside, the price is facing resistance near $19,880. 

The next major resistance is now near the $20,000 level and the 50-hour simple moving average. A close above the $20,000 zone might start a wave towards the $20,450 level.

Chart Source: Tradingview

On the downside, an initial support is near the $19,600 level. The next major support is near the $19,500 zone, below which the price could dive towards the $18,800 support zone.

Ethereum price

Ethereum price stayed below the $1,500 support zone. Recently, there was a minor bearish reaction and the price traded to a new low at $1,440. It is now consolidating above the $1,450 level and below the 50-hour simple moving average. 

ETH is now attempting to clear a key contracting triangle with resistance near the $1,470 level, above which the price may perhaps clear the $1,500 resistance.

Chart Source: Tradingview

On the downside, an initial support is near the $1,440 level. The next major support is $1,420, below which price could revisit $1,350.

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) is stuck near the $0.462 level. It seems like the price might rise and test the $0.48 resistance zone. A clear move above the $0.48 level might send the price towards $0.50.

BNB is slowly moving higher and trading near the $275 level. It is facing resistance near the $280 and $282 levels. Any more gains might send the price towards the $292 resistance.

Solana (SOL) is consolidating above the $32.20 support. If there is a recovery wave, the price may perhaps test the $33.50 resistance. Any more gains could open the doors for a move to $35.00.

DOGE is attempting to clear the $0.060 resistance level. The next resistance sits at $0.0605, above which the price might recover and rise towards the $0.062 level.

XRP price is consolidating above the $0.32 support zone. If there is a downside break, the price might drop to $0.312 or even $0.305.

Other altcoins market today

Many altcoins are down over 5%, including RVN, ETC, CEL, LUNA, GNO, LDO, LTC, APE, DCR, AVAX, KSM, and LEO. Conversely, CHZ gained over 8% and there was a move above the $0.20 resistance.

To sum up, bitcoin price is showing signs of a minor recovery above $20,000. If BTC fails to recover, there could be a sharp drop below the $19,500 support.

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