Price analysis 9/19: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, SHIB

cointelegraph.com:

The United States equities markets and the crypto markets are likely to remain volatile in the near term because traders remain nervous about the size of the next Federal Reserve rate hike on Sept. 20 and Sept. 21. While the majority favors a 75 basis point rate hike, according to the CME FedWatch Tool, some analysts expect the Fed to hike rates by 100 basis points, the first such instance since the early 1980s.

Many expect Bitcoin (BTC) to continue its slide and drop below the June low in the future. Although anything is possible in the markets, many times, the markets do not oblige the majority. If the Fed does not surprise the markets, traders who may be cautious and sitting on the sidelines could jump right back in, resulting in a brief relief recovery.

Bear markets offer an opportunity for investors to accumulate for the long term. It is futile to catch the bottom, hence traders may be on the lookout to start accumulating during periods of extreme pessimism. A strong stomach is needed to tide over the volatility but the ones who do that are likely to benefit when the next bull run begins.

Could Bitcoin and altcoins stage a turnaround or is a deeper decline possible? Let’s study the charts of the top-10 cryptocurrencies to find out.

Bitcoin has been in a strong downtrend for several months. Buyers started a recovery from the June low at $17,622 and pushed the price above the 200-week simple moving average (SMA) but they could not sustain the higher levels.

The bulls again tried to push the price above the 200-week SMA last week but the bears held their ground. This shows that bears are defending the 200-week SMA with vigor. Hence, this level becomes a key resistance to watch for on the upside.

On the downside, the bulls