BTC, ETH, QNT, UNI, and LINK Market Update Heading Into the Weekend

Bitcoin continues the sideways action established in mid-September with some range-bound trading. The cryptocurrency made a few attempts to break above $20,000 during the week but failed to close above the level on each push.

As a result, the markets have been relatively tame during the week, but everything might change over the weekend after major indices such as the SP&500 lost crucial support during the week. 

Still, there are some altcoins that are in the green. Today, we will look at Bitcoin (BTC), Ethereum (ETH), Quant (QNT), Uniswap (UNI), and Chainlink (LINK). In addition, we will highlight some support and resistance areas and see where the market can go next week.

Bitcoin Price Analysis

BTC/USD saw a small 2.5% price hike this week as it currently hovers around $19,400. The volatility during the week has been relatively tame, except for an attempted false break above $20,000 on Tuesday. 

The daily chart below shows that BTC struggled to gain much ground above the November 2020 highs at $19,720 during the week. At the same time, it looks like the support at $18,560 is holding relatively well.

According to our automatic BTC price prediction, the world’s largest crypto could fall to as low as $11,500 in the next three months, before rallying toward $40,000 early in the third quarter of 2023.

Image source: TradingView

Short-term trend: NEUTRAL

The current range mentioned above has rendered BTC neutral in the short term. The cryptocurrency would need to break one of these levels to establish some form of a short-term trend. Realistically, BTC would need to break the September highs at $22,650 to start a short-term bullish trend. Conversely, a break beneath the support at $18,560 could send BTC back toward the June support.

Looking ahead, the first resistance lies at $19,720 (Nov 2020 highs). This is followed by $20,000, $20,700, $21,000, and $21,600.

On the other side, the first support lies at $19,000. This is followed by $18,585, $18,160, $18,000, and $17,830 (December 2020 support). Added support lies at $17,160 (downside 1.414 Fib Extension), and $16,615.

Ethereum Price Analysis

ETH/USD also saw a small 2% price hike this week but has largely been trapped inside a range of its own between resistance at $1,400 and support at $1,258.

The RSI for the token has been in bearish territory for the majority of the month and is showing no signs that the bullish momentum is starting to increase.

In the near term, our algorithmically generated ETH price model forecasts mostly sideways activity. However, ETH could see a break above $2,400 in early 2023 and strong bullish momentum 12 months from now, with the price surpassing it’s previous all-time high and hitting $6,100 in September 2023.

Image source: TradingView

Short-term trend: BEARISH

Ethereum is considered bearish after breaking beneath the August lows during mid-September. The coin would need to break back above the September highs at $1,800 to start a short-term bullish trend. A break beneath the September lows of $1,220 could send ETH into a bearish spiral toward the July/June 2022 lows again.

Looking ahead, the first support lies at $1,280 (Feb 2021 lows). This is followed by support at $1,258 (downside 1.272 Fib Extension), $1,200, $1,150 (downside 1.414 Fib Extension), and $1,070.

On the other side, the first resistance lies at $1,400. This is followed by $1,420, $1,510 (March 2021 lows), $1,600, and $1,650 (June 2021 lows).

Quant Price Analysis

QNT/USDT has seen an exceptional week of trading after seeing an epic 30% surge, pushing the price of the token above the August highs to reach the current $137.5 level. 

QNT started the current surge on the 17th of September and has been climbing ever since. The RSI only recently reached overbought territory but still has room to push higher. 

On a six- to twelve-month time scale, QNT could see a major break towards its ATH of around $410. However, it is worth noting that our prediction algorithm forecasts a considerable drop to the $50-60 range in the next three months.

Image source: TradingView

Short-term trend: BULLISH

With the break above the August highs, QNT is now considered bullish. The coin would need to slip beneath $110 to turn neutral and would have to fall further beneath $100 to be in danger of turning bearish again.

Looking ahead, the first level of resistance lies at $143 (1.414 Fib Extension). This is followed by resistance at $150, $156 (1.618 Fib Extension), $162, $170, and $181. 

On the other side, the first level of support lies at $133.3 (August 2022 highs). This is followed by support at $130, $122.8 (.382 Fib Retracement), $116 (.5 Fib Retracement), and $110 (.618 Fib Retracement). 

Uniswap Price Analysis

UNI/USDT also had a good week of trading as the cryptocurrency surged by 11%, allowing the price to make another attempt at $6.50. UNI reached as high as $6.97 earlier in the month but started to fall during mid-September. 

It continued to drop until support was found at $5.12 last week. From there, UNI has been slowly increasing but is still struggling to produce a daily closing candle above $6.50.

For more information about potential future price movements of UNI, check our Uniswap price prediction page.

Image source: TradingView

Short-term trend: NEUTRAL

UNI is now considered neutral and would need to break the resistance at $7 to start a short-term bull run. A break beneath $5.12 would send UNI into a bearish spiral again.

Looking ahead, the first resistance lies at $6.50. This is followed by resistance at $7, $7.40, $8.20, and $9.

On the other side, the first support lies at $6. This is followed by support at $5.50, $5.12, $5.00, and $4.50 (Nov 2020 resistance).

Chainlink Price Analysis

LINK/USDT saw a smaller 7% price hike this week as it currently trades at $7.70. LINK did manage to reach as high as $8.55 on Wednesday but struggled to close the daily candle above resistance at $8. As a result, LINK has since rolled over alongside the RSI.

The coin is now in a wide range between $6.56 and $8.

The oscillation between roughly $6 and $8 is in the cards for the next 30 days, according to our LINK price prediction algorithm. After a potential dip below $4, LINK could see a massive upswing in Q3 2023, with the price reaching an all-time peak of roughly $70 next September. 

Image source: TradingView

Short-term trend: NEUTRAL

LINK is considered neutral right now and must break the aforementioned range to dictate the next direction for the market. 

A daily closing candle above $8 could allow LINK to turn bullish and a break beneath the September lows at $6.55 would turn the market bearish.

Looking ahead, the first resistance lies at $8. This is followed by $8.55, $8.85 (1.272 Fib Extension), $9 (Jul 2020 resistance), and $9.50 (August 2022 highs).

On the other side, the first support lies at $7.50. This is followed by support at $7.00, $6.55, $6.20 (August 2022 lows), and $6.