![]() However, before that, the bears will try to pull the price below the breakout level of $13.45. The next stiff resistance is at $20.30, which leaves room for a rally. ATOM/USDTĬosmos ( ATOM) broke above the overhead resistance of $13.45 on Sept. A break below this level will suggest that the pair may consolidate in a large range between $22,000 and $18,626 for some time. If the bulls propel the price above $22,000, the pair could quickly rally toward $23,500 where the bears may again attempt to stall the up-move.Ĭontrary to this assumption, if the price turns down and breaks below the 20-EMA, the pair could drop to $20,576. ![]() This suggests that every minor dip is being purchased. Buyers are facing a stiff challenge near $22,000 but they have not ceded ground to the bears. The sharp rally pushed the RSI into the overbought territory, suggesting a minor consolidation or correction. The pair picked up momentum after rising above the breakdown level of $19,520. Alternatively, if the price rebounds off the 20-day EMA, it will increase the likelihood of a break above the 50-day SMA. This is an important level to keep an eye on because a break and close below it could open the doors for a drop to $18,626. If that happens, the pair may drop to the 20-day EMA. The bears are expected to defend this level with vigor.Īnother possibility is that the price turns down from the 50-day SMA. If the bulls propel the price above the 50-day SMA, the BTC/Tether ( USDT) pair could rally toward the stiff overhead resistance at $25,211. The 20-day EMA has started to slope up gradually and the relative strength index (RSI) is in the positive territory indicating that the path of least resistance is to the upside. The bears are attempting to stall the recovery at the 50-day simple moving average (SMA) of $21,946, but a positive sign is that the bulls have not given up much ground. 9, which was the first indication that the selling pressure could be reducing. BTC/USDTīitcoin soared above the 20-day exponential moving average (EMA) of $20,662 on Sept. Let’s study the charts of five cryptocurrencies that look interesting in the near term. ![]() ![]() Both the Ethereum Merge and Cardano’s Vasil hard fork scheduled in the next few days could heighten volatility in several cryptocurrencies.Īlthough choppy markets increase the risk, they may offer short-term trading opportunities to nimble traders. Source: Coin360Īlong with taking cues from the equities markets, the cryptocurrency space has its own important events to look forward to. 13 and the Federal Reserve meeting on Sept. The equities markets may remain on the edge before the release of the U.S. The sharp rally in the stock markets and cryptocurrency markets are showing signs of a bottoming formation but it may be too early to predict the start of a new bull move. equities markets, Bitcoin ( BTC) also made a strong comeback and is trying to end the week with gains of more than 7%. Continuing its close correlation with the U.S. The S&P 500 rose 3.65% last week while the Nasdaq Composite soared 4.14%. The United States equities markets rallied sharply last week, ending a three-week losing streak. ![]()
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