Cardano rose above the 20-day EMA on September 25 but the long wick on the day’s candlestick shows that bears aggressively sold at higher levels as we had projected in the previous analysis.
Binance Coin dropped to £238.30, just below our target of £240 projected in the previous analysis. The BNB/GBP pair has been trading below the 100-day SMA for the past three days, indicating a lack of demand even at these levels.
XRP has been trading between the 100-day SMA and the 20-day EMA for the past few days. The failure of the bulls to push the price above the 20-day EMA suggests that sentiment remains negative and traders are selling on rallies.
Ether has been sandwiched between the 100-day SMA and the 20-day EMA for the past few days. This shows that bulls are buying on dips but demand dries up at higher levels and bears assert their dominance.
We had warned that Bitcoin could face selling near the 20-day exponential moving average (EMA) and that is what happened. The bulls tried to push the price above the 20-day EMA on September 24 and again on September 27 but failed.
The bears had several opportunities but they could not sink Litecoin below £100 in the past few days, which suggests strong demand at lower levels.