Price analysis 8/26: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, SHIB, MATIC

cointelegraph.com:

Federal Reserve Chairman Jerome Powell warned that the central bank will continue to use the “tools forcefully” to bring down inflation, which is close to its highest level in 40 years. He cautioned that the restrictive policy may remain for some time and warned that it could “bring some pain to households and businesses.”

The United States equities markets reacted negatively to Powell’s comments with the Dow Jones Industrial Average dropping more than 600 points. The cryptocurrency markets also witnessed sharp selling with Bitcoin (BTC) and most altcoins threatening to break below their immediate support levels.

Along with a not-so-supportive macro environment, Bitcoin’s historical data for September also presents a negative picture. According to CoinGlass data, Bitcoin has witnessed an average decline of 6% in September and barring 2015 and 2016, the month has produced negative returns for investors between 2013 and 2021.

Could Bitcoin and major altcoins remain weak in the near term? Let’s study the charts of the top-10 cryptocurrencies to find out.

Bitcoin’s shallow rebound off the support line of the ascending channel indicated that bulls are cautious at higher levels. The downsloping 20-day exponential moving average (EMA) ($22,249) and the relative strength index (RSI) in the negative territory, indicate that bears have the upper hand.

Strong selling has pulled the price below the ascending channel on Aug. 26. If bears sustain the price below $20,762, the selling could intensify and the BTC/USDT pair could drop to $18,900. This level may again act as a strong support but if it breaks, the decline could extend to the June 18 intraday low at $17,622.

This negative view will be invalidated in the near term if the price