Another slow day in the cryptocurrency world as most coins are still trading sideways. Most cryptos only registered a single digit percent change in the past 24 hours with Bitcoin trying to wake everybody up. Let’s take a look at some of our favorite cryptocurrencies and see if the charts tell us anything.
The hourly trading of BNB/USD pair is at the press time, representing a strong bearish outlook. The descending channels formed reflected the downside move displayed. Afterward, BNB/USD pair has massively dipped by 6.7%, having moved from $21.287 to the current price of $19.865 over the last 24hrs.
Besides, the bullish pressure seemed to have been contained by the long-term SMA that gravitated above the short-term SMA. The pair’s price dropped from yesterday support level $21.555, which is now the resistance level that signified an intense selling pressure. Imminent support is likely to be seen near $19.800 with several retests before an upside breakout.
Currently, the RSI indicator is on the overbought zone, thereby a pullback formation is expected in the near term. That is if the price gets support from $19.800 and $19.8734 support level, then an upside correction near $21.3000 or even a break above $21.600 resistance level is possible. On the south ways move, a break below the lower descending channel may lead to a continuation of bearish move near $18.0000.
BSV/USD pair is also on a downside move. It has broken below the $127.52, which was the immediate support level. The market also seemed to have encountered a small number of transactions as reflected by the presence of a four-price Doji that was seen severally. Additionally, the bearish momentum was influenced by the moving averages (A and B) that suggested a negative outlook throughout the intraday.
At around 22:00 a bearish engulfing pattern was seen that dropped the price to test the critical support level near $115.36. A bullish reversal pattern later followed that resulted to an upside momentum to the current price of $117.24.The RSI indicator is hovering near the oversold territory thus suggests an extension of a bearish performance.
Since the moving averages are sliding south ways, the BSV price may continue to fall to the $112.00 or $110.00 support level. However, if the support level turns to be strong, then the bulls can take over the market momentum and push the price upside to rally near $125.00.
BTT/USD pair has also recorded a bearish performance. The price escalated from $0.00061 to $0.00055 current price value. Afterward, the pair’s price market seemed to have lacked dominance since the RSI is trading between the midpoints that suggest a range-bound for a short period. In the BTT market, there were a minimal number of transactions reflected by the emergence of a four-price Doji that was seen repeatedly. This shows equality in the market; thus, neither buyers nor the bulls had the upper hands. The RSI is now pointing south that gives negative sign.
A downside move below $0.00053 may further downward rally near $0.00040. Conversely, an upside correction above $0.00058 may bring a positive step near $0.00061.
Cryptocurrency Charts By Tradingview
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency or digital currency.
A crucial development is taking place at the intersection of legacy finance and blockchain as…
Morgan Stanley is taking a big step into digital assets space with the launch of…
Coinbase is about to undergo one of its largest structural reorganisations in some time, with…
The suspicious DSJ Exchange (DSJEX) and BG Wealth Sharing scheme, now confirmed a Ponzi operation,…
Demand from institutions is heating up again, with U.S. spot Bitcoin ETFs logging a tally…
Western Union expands its participation in the digital asset ecosystem with USDPT, a Solana native…
