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Dec 01, 2019 at 13:47 // News

Cryptocurrencies made bullish adventures that resulted in stiff resistance causing the coins to drop

Recently, Monero, DASH, and NEO were making impressive moves. These cryptocurrencies made bullish adventures that resulted in stiff resistance causing the coins to drop. The coins dropped and made a pullback which was rejected as the coins face another selling. The Dogecoin and Maker have been relatively stable in price as the coins continue its sideways move.

XMR /USD Major Trend: Bearish


Monero (XMR) had been on a steady decline since June. The coin has dropped from $120 to $54 as a result of consistent selling pressure. Today, the XMR/USD pair may further decline because the previous low has been broken. In the last three months, the price has been stable above $50. However, the support at $50 was breached after the market moved up and faced another selling at $65. The coin dropped to $47 and pulled back. In other words, the price breaks below the resistance line and pulls back. Monero is facing resistance at the 26-day EMA indicating a further depreciation. Besides, the RSI period 14 levels 45 is below the centerline 50 which also confirms further selling.


XMR_price,_Dec_1.pngXMR

DASH /USD Major Trend: Bearish


Recently, the two months old range bound movement was terminated as the coin dropped to a low of $50. The price pulled back and it is being resisted by the $12-day EMA or below the price at $60. Today, the market is falling and if the bears break the current low at $50, the selling pressure will resume and reach a low of $40. Conversely, if the buyers come in at the oversold region the bullish move will be sustained and the price will break above the EMAs. All the same, the DASH is in a bullish momentum as the price approaches the 20% range of the daily stochastic.


DASH_price,_Dec_1.png

NEO/USD Major Trend: Bullish


The pair is now trading below the resistance at $10. This was the previous support level in July. In November, the coin moved up to $13 but was repelled. NEO lacks buyers at the upper price level, as the coin nosedives below the previous low. The pair fell below the 12-day EMA and the 26-day EMA. This indicates that NEO may suffer further selling. If the coin falls and breaks below the support at $7, it means the downtrend has resumed. However, if the current level holds, the coin may resume a sideways move.


NEO_price,_Dec_1.png  

DOGE /USD Major Trend: Ranging


Dogecoin had been range-bound since April. The market price has been fluctuating between the levels of $0.0022 and $0.0035. Presently, the price is trading above the support line. The coin is expected to rise to revisit the resistance line as it is above the 40% range of the daily stochastic. That means that Dogecoin is in a bullish momentum.


DOGE_price,_Dec_1.png

MAKER/USD Major Trend: Ranging


Maker had been trading in a sideways trend since April. The coin has been fluctuating consistently between the levels of $400 and $700. The coin is good for position traders who trade coins that maintain stability in price. The reverse is the case for short term traders who hardly profit in such coins that don’t trend. The RSI period 14 level 43 indicates that the market is in the range-bound zone.


Maker_price,_Dec_1.png


Disclaimer. This analysis and forecast are the personal opinions of the author are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds

coinidol.com By Coin Idol , 2019-12-01 15:47:00 ,

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NewsBlock © 2019 - 2020. All rights reserved.


While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock


Nick Chong , 2019-11-10 12:00:38

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