While the price are fighting to hold above the 200-day SMA, , , and continue to rise higher.

( ) is seeing a stiff skirmish between the bulls and the bears near the 200-day simple moving average, seen as a key level by institutional investors trying to decide if the asset is increase or decrease.

It is easy to see that investors also watching the formation of a golden cross in Bitcoin. If this bullish setup completes, it will signal a trend in favor of the bulls. For now, investors continue to focus on a number of continued their journey north.

Market data watch daily. Source: Coin360

Basically, Bitcoin reached another major milestone as miners generated the 700,000th block on September 11th. Bitcoin was trading close to $8,000 when it reached the 600,000th block on October 18, 2019.

Reaching this milestone prompted some Twitter users to quote Hal Finney, one of the early Bitcoin pioneers as saying, “Every day goes by and Bitcoin doesn't crash due to regulatory issues. or technical, that brings new information to the market. It increases Bitcoin’s chances of eventual success and justifies a higher price.”

Let's study the charts of the top 5 cryptocurrencies that could attract a trader's attention in the short term.

BTC/USDT

Bitcoin closed below the 200-day SMA ($45,894) on September 10 but the bears were unable to capitalize on the move. The bulls are currently attempting to push the price back above the 200-day SMA.

Daily chart / . Source: TradingView

The moving averages are close to completing a golden cross, suggesting that the advantage is likely in favor of the bulls. If buyers push the price above 47,399.97 usd, the BTC/ will try to increase to the area above 50,500 usd to 52,920 usd.

The bears are likely to defend the upper zone aggressively but if the bulls don't give up much of the ground, a breakout above $52.920 increases. If that happens, the pair can rise to $60,000.

On the other hand, if the price turns down from the current levels, it shows that the bears are actively defending the 200-day SMA. The pair can then retest the critical support at $42.451.67. A break below this level could tilt the advantage in favor of the bears.

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BTC 4 Hour Chart / USDT. Source: TradingView

The 4-hour chart shows that the price has dropped from $47,550 on two occasions. Therefore, this becomes an important level to watch in the short term. A break and close above this resistance could open the door for a possible move to $50,500.

However, the moving averages are on the verge of a bearish crossover, suggesting that sellers are trying to pull back. A break and close below $44,000 could signal a slight advantage to the bears. After that, the pair can drop to the critical level of 42,451.67 usd.

ALGO/USDT

The long tail on September 7 shows that the bulls were actively buying on a drop to the 50-day SMA (1.10 usd). Strong buying on September 8 pushed Algorand () above the overhead resistance at 1.84 usd.

Daily chart ALGO / USDT. Source: TradingView

The bears tried to trap the bulls by pushing the price below the breakout at 1.84 usd on September 10 but the buyers have other plans. The ALGO/USDT pair bounced back off the support with strength today and the bulls are now attempting to push the price above $2.49.

If they succeed, the pair can resume the uptrend with the upside target first at $3 and then $3.32. Conversely, if the price once again turns down from $2.49, the pair can drop to $1.84 and maintain a range-bound between the two for the next few days.

A break and close below 1.84 usd would indicate that the current breakout is a bull trap. After that, the pair can slide to 1.60 usd.

ALGO/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows that the bears are defending the overhead resistance of $2.49. If sellers drag the price below $2.30, the pair can once again slide to the breakout level at $1.84. A break out of this support could suggest a range-bound action for a while.

If the bulls do not give up much ground from the current levels, it will increase the likelihood of a break above $2.49. If the buyers sustain the breakout, it could signal the continuation of the uptrend.

ATOM/USDT

Cosmos ( ) bounced off the breakout at $17.56 on September 7, showing that the bulls are aggressively defending this support. This is the second instance where the bulls have successfully held this level, the previous one being on August 26 and 27.

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ATOM/USDT Daily Chart. Source: TradingView

The long tail on September 8 shows that sentiment is turning positive and traders are buying on the downside. The moving averages have completed a golden cross, showing that the bulls are back in the driver's seat.

Strong buying today pushed the price above the overhead resistance of 32.32 usd. If the bulls sustain the breakout, the ATOM/USDT pair can rally to 39.43 usd.

The bears likely have other plans. They will try to pull the price back below 32.32 usd and trap aggressive bulls. If they succeed, the pair can drop to 26 usd. A break below this level would indicate that bullish momentum has weakened.

ATOM/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows that the bears sold a breakout above 32.32 USD but they were unable to sustain the pair below 32 USD. This shows that the bulls continue to buy on every slight dip. If the bulls sustain the price above 32.32 usd, the pair can rise to 38.49 usd.

Conversely, if the bears once again drag the price below 32.32 usd, the pair can drop to 30.98 usd. If the price recovers from this level, the bulls will attempt to resume the uptrend but if the support cracks, the drop can extend to the critical support at $26.

XTZ/USDT billion

( ) completed a successful retest of the breakout at 4.47 usd on september 7 and 8. Although the bears dragged the price below the 200-day SMA (4.19 usd), they did not lower levels can be maintained. This shows accumulation on pullbacks.

XTZ/USDT Daily Chart. Source: TradingView

The XTZ/USDT pair picked up momentum on September 9, and the bulls pushed the price above the overhead resistance of $6.14 on September 10. The long wick on the candlestick bar for the past two days shows strong selling near 7. USD.

Hence, this becomes an important resistance for the bulls to overcome. If they manage to do that, the pair could retest the all-time high at $8.42. A breakout and close above this level would suggest the start of a new uptrend.

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Alternatively, if the price once again turns down from the overhead resistance, a drop to $5 is possible. Such a move would suggest aggressive profit booking at higher levels.

XTZ/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows that the pair is currently consolidating between 5.88 usd and 6.80 usd. If the bulls propel and sustain the price above the overhead resistance area of $6.80 to $6.95, a rally to $7.72 is possible.

If the price turns down from $6.80, the pair can extend its range-bound action for a while longer. A break and close below $5.88 will be the first sign that the bulls are losing their grip. After that, the pair can drop to the 50-SMA.

EGLD/USD

() recovered from the 200-day SMA (131 usd) on September 7 and September 8, showing strong demand at lower levels. The moving averages completed a golden cross on 9/9 showing that the bulls are back in command.

Daily chart of EGLD/USDT. Source: TradingView

Continuous buying pushed the EGLD/USDT pair to a new all-time high on September 11, where the bears attempted to halt the upward momentum. However, the bulls are not in the mood to let go of their advantage and have pushed the price to an all-time high today.

If the bulls sustain the price above $245.80, the pair could start the next phase of the uptrend. The bears could pose a strong challenge at the psychological level at $300, but if the bulls can break through this resistance, the rally can extend to $357.80.

The bears will have to drag and sustain the price below the breakout at $245.80 to signal a possible change in trend.

EGLD/USDT 4-hour chart. Source: TradingView

The bulls are currently attempting to push and sustain the price above the resistance line of the ascending channel pattern. If they manage to do that, the upside momentum could increase further and the pair could enter a bearish phase.

On the other hand, if the price turns down from the current levels, the pair can drop to the support line of the channel. A strong bounce from it will show that sentiment remains positive and traders are buying on the downside.

A break and close below the channel will be the first sign that bullish momentum may be waning.

The views and opinions expressed here are solely those of the author and do not necessarily reflect those of Cointelegraph. Every investment and trading move is risky, you should do your own research when making your decision.

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