Bitcoin performed slightly better for the second week of September, peaked at $18,510 on the 5th, and closed at $21,860 on the 11th. BTC is still at its accumulation level according to the 200-day Moving Average, although some altcoins have performed significantly better than the rest of the market, including Cosmos (ATOM), Apecoin (APE), and Quantum (QNT).
Crypto traders have opened up new recommended levels and possible scenarios for each coin that coincides with BTC’s movement, including further support and resistance zones. Of course, these areas are not guaranteed as “official” spots because prices may continue to fluctuate. However, the coins repeatedly proved that they bounce on specific levels, indicating new breakouts.
Disclaimer: This article is not financial advice.
Speculations on Septem-“bear” Still On-Going.
Experienced traders indicated that the price action for the given cryptocurrencies would happen in the short term during the month unless a key adverse event shakes things up, like a new Fed announcement or an influence from the stock market’s decline.
September has also never been a good month for cryptocurrency since the official market opening, hence why the community calls it “Septem-bear” or, as experts call it, The September Effect. It is always a period of massive corrections for cryptos, although some consider it a “pit stop” and accumulation phase before Bitcoin and most major altcoins rise again.
However, given that 2022 did not start with good price actions for crypto, it is still hard to determine the outcome of the charts. Fortunately, some tokens performed better than others and formed clean movements for day traders to understand the following possible directions.
Even if the September Effect once again influences stakeholders’ marketing psychology, perhaps the following could outdo the others in the market.
Bitcoin (BTC)
Bitcoin has been moving in between $17,500 to $25,000, which indicates a stalemate between buyers and sellers. However, looking at the weekly chart, BTC is still resting on the critical support area of the 200-day MA. Should this fall, there is no indication where the next bottom will hit.
However, looking at the 20-day Exponential Moving Average, BTC went over $20,662 on September 9, Friday. The 20-day EMA and the Relative Strength Index show a positive signal that buyers will continue to spike the price from here. The rise indicates that the sellers could resist higher, possibly at $21,950.
If BTC reaches above $22,000, it could propel to $23,500, which will set a new resistance level. If the indicators fail and the bears take over the market, BTC may descend to the $18,500 zone again.
Cosmos (ATOM)
ATOM was one of the better-performing altcoins since July 2022, with a roughly 86.93% gain. It started from the lowest bottom of the year at $5.55, but it is now floating at the $16 line. The chart shows beautiful curves of the price movement in the 10-day Simple Moving Average. As of September 9, it jolted from $13.88 to $17.98.
ATOM kept breaking new resistance levels and turned them into new support regions. It is now determining whether the $16 zone is the new support line or the latest tough resistance to beat.
Apecoin (APE)
Despite the hacking issues in the Bored Ape Yacht Club, APE seemed to outmaneuver the competition as soon as September started. It did fall into a 46% correction last month from $7.73 and closed at $4.7, but the MA and RSI indicators now show that the coin has passed through the “golden cross” – a price pattern where the 5-day MA gives through the 10-day MA line in the daily chart.
During the week of September 5 to 11, it gained 34.78%. It is in the $5.47 zone as of press time.
Quant (QNT)
QNT was one of the few altcoins that did better than the market in June, the worst month of 2022 so far. For the past three months, QNT surged 104.16%, constantly riding along the 10-day MA line until its correction on August 24 from $0.26 to a current $.2058.
Previous support levels indicate that the $0.1850 area makes a vital zone for bulls to hold, or the bears may push it down to $0.1660.
