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Nov 18, 2019 at 12:56 // News

The altcoin under review were making an impressive move in previous weeks. However, as most of the coins reach their major resistance levels, the various coins dropped in price valuation. Some of the coins are in a sideways move, pending the determination of the next price direction.

EOS /USD Major Trend: Ranging

EOS has been stagnant in price movement since November 3. The coin is fluctuating between $3.35 and $3.68. In November, the bulls made an attempt at the $3.70 resistance but were repelled. The selling pressure has made the coin to fluctuate in the current price range. Nevertheless, if the $3.35 support cracks, the coin will drop either to $3.0 or $3.2 price level. On the other hand, if the bulls retest the $3.70 price level and break it, EOS will move up to $4 price level.

EOS price

XMR /USD Major Trend: Ranging

After its recent bullish move in October, Monero is facing resistance at $66. In November the price has tested the resistance at $66 but pulled back. Two days later, a repeat retest was made and coin dropped to a low at $62. However, if the price had fallen below the resistance line of the descending channel, the downtrend would have resumed. Nevertheless, the coin is in a bullish move to reach the previous resistance. A break at the resistance will propel the price to reach a high of $70 or $80 price level.

Monero price

ZEC /USD Major Trend: Ranging

Zcash is consolidating at the bottom of the chart after the last bearish impulse in September. The pair is in a tight between the levels of $30 and $40. The market is in a tight consolidation as the EMAs are horizontally flat. The Fibonacci tool has indicated that Zcash will fall and reverse at the 1.272 extension level. From the price action, the market is neither under bull nor bear control. 

Zcash price 

HOT /USD Major Trend: Ranging

The HOT/USD pair is currently at the $0.0041price level. The pair is fluctuating between $0.0041 and $0.01. The bulls had made concerted efforts to break the resistance at $0.01 but were repelled. The resistance was the previous support in October 2018. The market is making an upward move to retest the resistance level.

Holo price

ZRX/USD Major Trend: Bearish

0x has been in a bullish trend in October. The price rose and was resisted twice at the $0.34 price level. The resistance led to the formation of a bearish double top. The coin may decline to a low of $0.26 and commence a bullish move. However, if the $0.26 support cracks, the price will decline to a low of $0.22 price level.

0x price
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. By Coin Idol , 2019-11-18 12:56:00 ,

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NewsBlock © 2019 - 2020 All rights reserved.

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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