Crypto Analysis for September 6

We make up a crypto markets overview containing the detailed technical analysis on Bitcoin and top altcoins. The market analysis is performed on the Daily timeframe.

Key topics

• Bitcoin (BTC/USDT)
• Axie Infinity (AXS/USDT)
• Binance Coin (BNB/USDT)
• NEAR (NEAR/USDT)
• Solana (SOL/USDT)
• Bottom Line

Bitcoin (BTC/USDT)

The market remains in the downtrend after breaking through $20,770 – the low of August 26. We observe the flat formation now.

The upper border of this flat is the resistance level formed on August 31 – September 3. The borders of this resistance are $20,140 – $20,460. The nearest support was formed on September 2 – 4. Its borders are $19,840 – $19,585.

This flat is likely to be broken through soon. In case of the support level breakout, the potential for the downward movement is limited since another support is around $19,290 and the price can reach it easily.

If the Daily candle is closed above the resistance level, the trend will reverse and the bullish trend will start. In this case the first target is the resistance level formed on August 21 – 26 with the borders of $21,560 – $21,870.

In case of successful development of the trend, a more distant target will be on the highs of August 12 – 15, where the next resistance is located with the borders of $24,500 – $25,210.

Axie Infinity (AXS/USDT)

The resistance level with the upper border of $15.02 was broken on the Daily price chart on September 3. The trend is bullish now and the correction wave develops.

A pullback buying opportunity will appear after the correction completion on the Daily timeframe.

The highs of September 3 – 5 will be the target for the bullish movement continuation after the correction is finished.

In case of successful development of the trend, a more distant target will be on the highs of August 12 – 15, where the next resistance is located with the borders of $19.23 – $19,90.

Long positions will remain relevant until the market is above the nearest support level on the Daily timeframe, the lows of August 26 – 30. The borders of this support are $13.0 – $13.15.

Binance Coin (BNB/USDT)

The market is in the uptrend on the Daily timeframe. The price is around the support level now. The correction came to an end last week and the pullback buying opportunity was formed.

The movement in recent days has formed a new support level with the borders of $270.5 – $277.5.

The nearest target for the upward movement is the resistance level with the borders of $286.5 – $292.3 formed on August 29 – 31.

If the market is closed above this resistance successfully, the price is likely to move forward to the target #2 – it is the resistance level with the borders of $301 – $307.5. formed on August 25 – 26.

Long positions will remain relevant until the market is above the nearest support level on the Daily timeframe, the lows of September 1 – 4.

NEAR (NEAR/USDT)

NEAR starts forming a converging formation on the Daily timeframe. The upper border of this price range is the resistance level formed on August 30 – September 2. The borders of this resistance are $4.57 – $4.37. The nearest support was formed on September 2 – 5. Its borders are $4.07 – $4.17.

This price range is likely to be broken through soon. The price is in the resistance zone now.

After the bullish candle on the Daily timeframe is closed above the resistance level the market will reverse and the uptrend will start. The first target in this case is the resistance level formed on August 10 – 14 with the borders of $5.95 – $6.20.

When breaking through the support, the trend will continue and we should look for selling opportunities. In this case the target will be around the support level with the borders of $3.70 – $3.76.

Solana (SOL/USDT)

Solana remains in the downtrend on the Daily price chart but we observe the deep correction wave now.

The movement in recent days has formed a new support level with the borders of $30.75 – $31.05. A few days ago, a new resistance level with the borders of $33.15 – $32.45 was also formed.

One of these levels is likely to be broken through soon. In case of support level breakout, the potential for the downward movement is limited since the new support level is located around $30.25.

After the bullish candle on the Daily timeframe is closed above the resistance level the market will reverse and the uptrend will start. The first target in this case is the resistance level formed on August 21 – 24 with the borders of $36.60 – $37.10.

In case of successful development of the trend, a more distant target will be on the highs of August 12 – 15, where the next resistance is located with the borders of $46,60 – $48.55.

Bottom Line

In terms of medium-term trading, the token with the correction close to completion on the Daily timeframe and with potentially the most promising risk-reward ratio is AXS/USDT.

In the near future, many tokens, for example, Solana and Bitcoin will provide excellent opportunities to enter the market with a huge reward / risk ratio.

We used support and resistance levels for the analysis in this market overview.
FYI. We are building an indicator that will automatically plot key levels on all timeframes on all popular tokens..

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