Bearish Outlook Prevails In The Market!

SOL ANALYSIS: SEPTEMBER, 2021

Market Structure:

Sol is the fastest growing blockchain system and referred to as the Ethereum killer for its similar functions. Here’s the bearish market structure of Sol.

Sol is trading at $128.13. The market structure of Solana is looking weak and a little bearish. This is so because Solana has retraced to the 0.618 level of the Fibonacci retracement after a great rally from $60 to $210. Moreover, the sellers are very much active in the market as the volumes for the fall are above average while the bulls are insignificant. Signs of reversal can be seen as the Fibonacci level will provide a great support for Sol.

On the hourly chart, Sol has been forming lower-highs and lower-lows as the coin completed its retracement from the swing high of $200. Once the strongest altcoin in the entire market has fallen more than 40% in two weeks. The coin may see a reversal if Bitcoin sustains above $42,000.

Bearish structure
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating mild price weakness for the coin in the short-term. The hourly RSI is below the neutral region. It stands at 42.45 and has the potential to move in either direction.

The MACD is above the signal line indicating that the coin may witness a reversal from the Fibonacci support.

Bearish structure
Source: tradingview

Conclusion:

On the breakout and close above $132.48, $141.26 and $151.68 are the targets on the upside.

On the breakdown and close below $123.81, $110.98 and $99 are the targets on the downside.

AVAX ANALYSIS: SEPTEMBER, 2021

Market Structure:

Avax is a cryptocurrency used to stake or lock up to provide liquidity on the avalanche blockchain. Here’s the market structure of Avax.

Avax is trading at $62.45. The market structure of Avax is extremely bullish as the coin is rising in a falling market. Moreover, the coin has rallied over 100% from its September 7 lows. The coin’s overall higher-high and higher-low formation is still intact as the coin has not broken any structure points during the crashes. The nearest supply zone is between $63.37 and $64.77.

On the hourly chart, the coin has faced multiple rejections from the aforementioned supply zone between $63.37 and $64.77. However, the coin is showing strength near the resistance as big bullish candles are formed near the same. In such a case, the supply zone can be invalidated in the coming days to see a big rally thereafter.

Bearish structure
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating mild price strength for the coin. The hourly RSI is above the neutral region. It stands at 53 and has the capacity to break the resistance.

The MACD is above the signal line indicating that the coin may give a breakout of the supply zone.

Bearish structure
Source: tradingview

Conclusion:

On the breakout and close above $63.35, $64.82 and $65.5 are the targets on the upside.

On the breakdown and close below $59.26, $58 and $57 are the targets on the downside.

BNB ANALYSIS: SEPTEMBER, 2021

Market Structure:

BNB is a cryptocurrency owned and regulated by the largest crypto exchange by volume, Binance. Here’s the market structure of BNB.

BNB is trading at $354.3. The market structure of BNB is bearish as the coin broke multiple structure points on the downside. During the recent sell-off, the coin gave up $459.3 and $396.1 respectively. Both structure points marked the previous lower-high formations. The coin must close above $400 to expect some reversal or gain bullish momentum again. The above average bearish volumes are adding confirmations to the bearish outlook for BNB. The immediate supply zone that the coin must overcome is between $355 to $360.

On the hourly chart, the coin is making lower-highs and lower-lows due to the intense sell-off in the broader market. The coin gave up an important demand zone of $355 to $360 which will now serve as a supply zone. The overall bias remains bearish.

BNB Anlaysis
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating mild price weakness for the coin in the short-term. The hourly RSI, although volatile, is below the neutral region. It stands at 42 and has the capacity to go lower.

The MACD is above the signal line due to the mitigation of loss on the hourly chart.

BNB analysis
Source: tradingview

Conclusion:

On the breakout and close above $360, $370.4 and $381.3 are the targets on the upside.

On the breakdown and close below $349.9, $342.8 and $330 are the targets on the downside.

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