#Crypto Market Rebound

#Gate Square Mid Autumn Creator Incentive
- Chart of the day: Can Bitcoin maintain its upward trend towards $120,000?
The price of Bitcoin settled a little above $115,000 after correcting from its intraday high of $116,331. Over the past two weeks, the largest cryptocurrency by market capitalization has surpassed several key levels to a support level, including the (EMA) 100-day exponential moving average at $111,012, the 50-day exponential moving average at $113,117, and the reference level at $114,500, highlighting the positivity of the market.

The Moving Average Convergence Divergence (MACD) ( strengthens bullish expectations with a buy signal that has persisted since Sunday on the daily chart, while the Relative Strength Index (RSI) ) at 57 indicates a steady upward momentum.

Traders will look to close above the $116,000 level to determine the strength of the bullish trend towards $120,000. However, market participants should exercise caution, as the (RSI) shows signs of declining towards the 50 midpoint, which could indicate a decrease in buying pressure.

Attached is the daily chart for the BTC/USDT pair.

- Altcoin updates: Ethereum and XRP maintain their recovery:
The price of Ethereum has settled above $4,500 at the time of writing this report on Friday. Its short-term outlook suggests an increase, supported by a steady rise in the Relative Strength Index (RSI) at 58 on the daily chart. High readings of the Relative Strength Index approaching the overbought area indicate increasing buying pressure, which supports the upward trend, anticipating a breakout above the historical high of $4,956.

Traders will consider increasing their exposure if the blue MACD line crosses above the red signal line. The buy signal encourages investors to take a proactive stance ahead of a potential price increase.

If profit-taking dominates in the short term, a reversal may occur as Ethereum reduces its recent gains. The 50-day exponential moving average at $4,126 and the 100-day exponential moving average at $3,680 are expected to provide support.

Attached is the daily chart for the ETH/USDT pair.

As for Ripple (XRP), it seems that the path of least resistance is moving upwards, supported by a break of a downward trend line that lasted for three months on the daily chart. The cross-border payment token also stabilizes above its key moving averages, including the 50-day exponential moving average at $2.92, the 100-day exponential moving average at $2.79, and the 200-day exponential moving average at $2.54, confirming the bullish trend in the cryptocurrency markets.

Attached is the daily chart for the XRP/USDT pair.

With the MACD indicator continuing to show a buy signal since Monday, on the daily chart as well, XRP has the potential to consolidate its recovery towards the resistance level at $3.35, which was previously tested in mid-August. An extended breakout is likely to propel XRP towards its all-time high of $3.66.