Bitcoin price is expected to range-trade for the short-term, but traders appear to be uncertain on the price action of most altcoins.
) 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 indicating that the sentiment remains negative.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.Toncoin attempted a rebound on Sep. 6 but the long wick on the Sep. 7 candlestick shows that bears continue to sell on rallies.The 20-day EMA remains the key level to keep an eye on in the short term.
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 .
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