PRICE ANALYSIS: Increased accumulation in the market as the lower support gets tested again!

Noticias • 2020/10/02 • por
tiwari

BITCOIN / U.S. DOLLAR

Price Analysis

Bitcoin, after consolidating above its twenty-day exponential MA and the basis (middle line) of Bollinger Bands for a week, dropped below both and is trading near the $10500 support level. We can see in the price chart below how the bears are trying to push the price below the $10,500 support again. The line of up-trend and down-trend both have now formed a symmetrical triangle depicted by the pink lines below. This kind of triangle is formed after a series of price consolidations.

If bears take over and push the price below the up-trend line acting as symmetrical triangle support, a bearish trend will begin. But if bulls increase more magnitude of momentum and strength to take the price above the basis of Bollinger Bands towards the $11K resistance, we can expect the asset to breakout above the triangle, which will lead to a new bullish trend to start.

We can also see how bulls saved the cryptocurrency from slipping below the $10.5K support and closed the price a few points above it at $10,568 on 2nd October 2020. This is a positive signal that bulls are not ready to give up at any cost as they bought back the low from just above the up-trend line today, not allowing the price to slip below it.

Key points to mark:

  • Bitcoin is facing immediate resistance at its 20-day EMA and the basis of BB at $10,730, followed by $10,900 (symmetrical triangle resistance). If bulls successfully push the price above these levels, we can expect it to cross above the upper Bollinger Band, i.e. above $11,150 resistance.

  • The immediate support it faces is $10,500 + $10,350 (symm triangle support). If bears push the price below these levels, Bitcoin will again go to test $10,000 support.

Indicators

MACD has reduced its deceleration a lot with the MACD sloping down touching the signal line which is sloping up nearing 0. Bulls need to induce more positive momentum for the MACD to correct and cross above 0. RSI is sloping down at 44.5 level, indicating an equal battle between the bulls and bears.

ETHEREUM / U.S. DOLLAR

Price Analysis

Ethereum follows the same behavior and goes down below the basis of Bollinger Bands and twenty-day EMA. We can see how the price got rejected from the downtrend after bulls tried to push it above the $365 resistance. This indicates more buying at lower levels. Bulls need to increase more strength to push the price back into the upper half zone of Bollinger Bands, otherwise, bears might pull it down below the lower Bollinger Band. We can see how short-term traders are trying to book small profits which are attracting more sales to occur. But the bulls are not ready to give up as they buy these lower dips again, basically accumulating more and more Ethers.

Key points to mark:

  • Immediate resistance that ETH is facing = $359.6 (20 EMA) + $360 (basis of BB) + $365. If bulls can take the price above these levels, ETH will test $380 + $382.6 (50 MA) + $392.8 (upper BB), before rising to $410 resistance level.

  • If bears take over and push ETH to lower levels, $327.5 (lower BB) support will be tested, followed by $316.5, and then $288.7 before declining to $253 support level.

Indicators

MACD has reduced its acceleration to almost nil with the MACD line sloping down touching the signal line which is sloping up towards 0. RSI has sloped down to 43 indicating bulls still have the upper hand.

RIPPLE / U.S. DOLLAR

Price Analysis

Ripple continues to struggle to cross above its lower support depicted by the neon green line in the price chart below. We can see how the bears have mounted themselves pretty strongly at the $0.241 support level. Bulls require to increase more magnitude of momentum and strength to push the price above this critical level of support. We can see the continuous accumulation of Ripple at lower levels which shows that the long-term investors and traders are keen on collecting more and have trust in the asset. But the MAs are sloping down giving negative feedback. However, bulls will again try to push the altcoin back above the basis of Bollinger Bands.

Key points to mark:

  • Immediate resistance that XRP is facing = $0.241 (basis of BB) + $0.242 (20 EMA) + $0.250 (downtrend) + $0.256 (upper BB). If bulls push XRP above these levels, $0.260 (50 MA) will be tested, followed by $0.271, before rising to $0.285 resistance level.

  • Immediate support that XRP is facing = $0.226 (lower BB). If bears push XRP below this level, $0.200 will be tested before XRP declines to the $0.190 level.

Indicators

The MACD line sloping down almost touching the upsloping signal line. RSI has sloped down to 40.7 level indicating bears are trying to push the asset back into the overbought zone. If bulls can increase strength, we can see RSI correcting again soon.

LITECOIN / U.S. DOLLAR

Price Analysis

Litecoin has formed a downtrend channel and has also slipped below the basis (middle line) of Bollinger Bands. The bulls successfully bought the low a few points above the lower Bollinger Band today, indicating more accumulation at lower levels. They tried to take the price above the twenty-day EMA by making a high of $47 on 2nd October 2020. As the bears did not let Litecoin sustain in the upper half region of the Bollinger Bands, a positive momentum needs to be induced for the altcoin to escalate above its resistances.

Key points to mark:

  • Immediate resistance that LTC is facing = $46 (basis of BB) + $46.8 (20 EMA). If bulls can take the price above these levels, LTC will test $48 (downtrend) + $50 (upper BB) + $51, followed by $52.5 (50 MA) before rising to $60.5 resistance level.

  • Immediate support that LTC is facing: $42.9 (lower BB). If bears push the price below this level, it will again test the crucial $39 support and the support of the downtrend channel, below which LTC might decline below the $32 support level.

Indicators

The MACD line is slightly sloping down but parallel to the upsloping signal line. RSI has sloped down to 40, indicating a strong battle between the bulls and bears.

BITCOIN CASH / U.S. DOLLAR

Price Analysis

Bitcoin Cash slipped below the basis (middle line) of Bollinger Bands after consolidating above it for 5 days. It made a close exactly at the $217.5 support, which indicates that bulls are not ready to give up and not allowing the asset to slip off below it. They bought back the dip from a few points above the lower Bollinger Band by making a low of $212.5, two hours before today's candle closes. Bulls tried to take the price above the twenty-day EMA as well, making a high of $228 on 2nd October 2020 but failed to sustain there. If they do not increase more magnitude of momentum, we can expect the cryptocurrency to trade in the lower half region of Bollinger Bands again for a few days. But if the strength increases and bulls are able to push the price above the basis of BB, traders and investors will witness profitable levels in no time as the lower support has already been tested multiple times.

Key points to mark:

  • Immediate resistance that BCH is facing = $217.5 + $224 (basis of BB) + $226.8 (20 EMA). If bulls take BCH above these levels, it will face resistance at $239 (upper BB) + $246 + $249 (50 MA), followed by $260 before rising to $280.5 resistance level.

  • Immediate support that BCH is facing = $217.5 + $209.8 (lower BB). If bears push BCH below these levels, it will test $200 support before declining to $140 level.

Indicators

MACD has reduced its acceleration and the MACD line is slightly sloping down towards the upsloping signal line. If bulls can induce some positive strength, the MACD will correct and move towards 0. RSI is sloping down at 41, indicating bulls are not ready to give up.

Comentarios (9)
Invitado
ugospecial
hace 6 años
In summery Bitcoin as seen on the graph will remain at $10,500 to $11,000(price consolidation state) unless the bears can be able to take over and push the price below the up-trend line acting as a symmetrical triangle support, a bearish trend will begin. But if the bulls could increase more magnitude of momentum and strength to be able to take the price above the basis of boiling bands towards $11,000 resistance then the asset will breakout above the triangle leading to the state of a new bullish trend. To the look of things the RSI is slopping down at 44.5 level and this is an indication that there is an equal battle between the bulls and bears. Ethereum on the other hand is following same behaviour and tend to go down below the basis of Bollinger Bands and twenty-day EMA. At this point the bulls need to increase more strength to be able to push back the price into the upper half zone of Bollinger Bands if not the bears might pull it down below the lower Bollinger Band. The immediate resistance that ETH is facing is $359.6(20EMA) + $360(basis of BB) + $365 and the RSI has sloped down to 43 indicating bulls still have the upper hand. Ripple could be seen on a continues struggle to cross above it's lower support and since the bears have mounted themselves strongly at the $0.241 support level then the bulls will have to increase more magnitude of momentum and strength to be able to push the price above it's critical level of support. Now the bulls need to push XRP above $0.260(50MA) level followed by $0.271, before having a rise of $0.285 resistance level, to the look of things the bears are trying to push the asset back into the overbought zone therefore if the bulls could be able to increase it's strength then we could see RSI correcting again soon. Litecoin is seen to indicate a strong battle between the bulls and bears and this is shown by the immediate resistance that it is facing. But if the bulls could be able to take the price above $46 basis of BB) + $46.8(20EMA) level, then LTC is going to test $48(downtrend) + $50(upper BB) + $51 followed by $52.5(50MA) before rising to a $60.5 resistance level. But if the bears could push the price below $42.9(lower BB) then LTC could test the crucial $39 support/the support of the downtrend channel. The RSI down slop to 40 indicates a strong battle between the bulls and bears. Bitcoin cash; If the bulls can be able to induce some positive strength, the MACD could be corrected and moved towards 0. $217.5 + $224(basis of BB) + $226.8(20EMA) wich are the immediate resistance that BCH is facing, before rising to $280.5 resistance level, then BCH should be able to face a resistance level at $239(upper BB). Bitcoin cash making a close at $217.5 support is a clear indication that the bulls are not ready to give up going by the fact drawn from the graph wich shows the RSI slopping down at 41.
exodusab
hace 6 años
I can see that ethereum has more potential than every other coin.
whenayon
hace 6 años
Bitcoin is set to retrace after reaching a height of, $11000 as at 1th of October.  We should expect more of the  bears till it reaches the upward trend line. If it  pushes  the price below the upward tend line we should expect more of a  bearish trend. But if bulls increase we should expect more of a upward trend and we should expect the market  to push to the resistance level of $11k or breakout. In my own opinion  The bulls have saved the cryptocurrency from coming below the $10.5K support.  So I think this is  a positive signal that bulls are not ready to give up.
ugospecial
hace 6 años
BITCOIN Price Annalysis To my own understanding deduced from the graph as seen in the price chart, the bears are trying to push the price of Bitcoin below the $10,500 support again why the bulls are trying to take the price above the basis of Bollinger Bands towards the $11K resistance. A new bullish trend would start as a result of the breaking out of the asset above the triangle to take the price of Bitcoin above $11,000 though there is an equal battle between the bulls and bears. ETHEREUM Price Analysis As the bulls try to push Ethereum above the $365 resistance the price got rejected and this was an indication of more buying at lower level, and now the bulls need to increase more strength to be able to push the price of Ethereum back into the it's upper half zone of Bollinger Bands otherwise, bears might pull it down below the lower Bollinger Band though RSI has sloped down to 43 wich is an indication that the bulls still have the upper hand. RIPPLE Price Analysis For Rippol since the bears have mounted themselves pretty strongly at the $0.241, then the Bulls are required to increase more magnitude of momentum so as to have the strength to be able to push the price of Ripple above it's critical level of support and if this can be done then we could be able to see the RSI correcting again soon. LITECOIN Price Analysis Litecoin is seen to have formed a downtrend channel and has also slipped below the basis (middle line) of Bollinger Bands. The immediate resistance that LTC is facing = $46 (basis of BB) + $46.8 (20 EMA) and if the bulls can be able to take the price above these levels, then LTC will test $48 (downtrend) + $50 (upper BB) + $51, followed by $52.5 (50 MA) before rising to $60.5 resistance level. The immediate support that LTC is facing is $42.9 (lower BB), now If the bears can be able to push the price below this level then it will again test the crucial $39 support and the support of the downtrend channel, below which LTC might decline below the $32 support level, the RSI as seen on the graph is indicating a strong battle between the bulls and bears. BITCOIN CASH Price Analysis BCH making a close at the $217.5 support is an indication that the bulls are not yet ready to give up to the bears and not allowing a sleep off of the asset. MACD has reduced its acceleration and the MACD line is slightly sloping down towards the upsloping signal line. If the bulls can be able to induce some positive strength then the MACD will correct and move towards 0.
visiblemoney
hace 6 años
In the reading of the Bitcoin price actions, the technical analysis clearly showed that there is equal battle between the bull and the bear. It is clear that the long resistance between 11,000 and 10,000 support levels have been kept afloat by increasing use of Bitcoin as means of payment order than mere investment adoption. From the look of detailed analysis, if the RSI slopping to 44.5 level eventually dip towards 40 level, we can expect another bull that will take new price at $11,150 just above the upper Bollinger Band. Ethereum following the similar pattern unveiled in Bitcoin is a consequent action of resistance of 20 EMA at $359.6 which would be determined by the impart of the next price action whether bull or bear. If the bull occurs right at $359.6, the RSI position slops towards 40 to make a raise to new basis of BB at $365 and the strength of the bull will determine whether upper BB $410 will be reached. Likewise, if bull occurs at $359.6 the RSI rises toward zero to push ETH to the lower levels $327.5 and the magnitude of the momentum will determine whether the bear will soon achieve far downward trend at $253 support level. Litecoin seems to be operating a different sphere of preference to sustain its bull above the middle BB. Although, this soon meet resistance on 2nd Oct in upper BB but it is envisaged that slight bull can move price to $46.8 (20 EMA) and depending on RSI momentum towards 40 could make 50 MA to reach new resistance level at $60.5. However, if the bear prevails, LTC might flatly fall to $32 support level which is not option for short traders. Bitcoin cash unlike LTC made some strong resistance for upward price actions until bull sets in at $228 after momentum declines. The 20 EMA at BB $226.8 will uphold next resistance level at $239 only if resumes and the strength of the momentum will determine its span to prolong to $280.5 resistance level or bearish downtrend towards $140 support levels. From these analysis, the margin of all price action is within little momentum of Relative Strength Index (RSI) at consolidating levels that always support quick call up and break out without extremity and that explains why crypto market has been less extremely volatile below 10,000 support levels for over 65 days trendy views.
freshprinx
hace 6 años
the price has been going bullish and bearish this days
freshprinx
hace 6 años
BTC/USD Bitcoin once again reversed direction from close to $11,000 on Oct. 1, which shows that the bears are aggressively defending the zone between the 20-day exponential moving average ($10,704) and the 50-day simple moving average ($11,017). The price action of the past few days has formed a symmetrical triangle pattern, which shows indecision among the bulls and the bears about the next directional move. This uncertainty could resolve after the price breaks above or below the triangle. The gradually downsloping moving averages and the relative strength index in the negative territory suggest that bears have a slight advantage. If the BTC/USD pair breaks and closes (UTC time) below the triangle, it will suggest that the bears have overpowered the bulls. The sellers will then try to break the critical support at $9,835 and if they succeed, a drop to $9,000 could be on the cards. However, the long tail on today’s candlestick shows that the bulls are accumulating on dips to the uptrend line. They will now try to push the price above the resistance line of the triangle. If they succeed, the pair may face minor resistance at $11,178 but if the bulls can push the price above this level, a rally to $12,460 is possible. It is difficult to predict the direction of the breakout with certainty, hence, it is better to wait for the breakout to happen before taking large bets. ETH/USD The bulls had pushed Ether (ETH) above the downtrend line on Oct. 1, but they could not sustain the higher levels. This may have attracted profit-booking by short-term traders that pulled down the price back below the 20-day EMA ($358). The gradually downsloping moving averages and the relative strength index in the negative zone suggests that sellers have the upper hand. However, the previous two sharp bounces off the $308.392 support zone show that the bulls aggressively accumulate closer to this level. Hence, the buyers may again use the current dips to buy. A breakout of the 20-day EMA will be the first indication that the correction could be over. Conversely, a break below $308.392 may signal the start of a deeper correction to $240. XRP/USD XRP’s failure to rise above the 20-day EMA ($0.241) could have attracted profit-booking by the aggressive bulls and shorting by the bears. The downsloping moving averages and the RSI in the negative zone suggest that the sellers have the upper hand. If the bears sink the XRP/USD pair below the $0.2295–$0.219712 support zone, the downtrend could resume. The next support on the downside is at $0.19. However, the bulls are likely to defend the support zone aggressively and make one more attempt to push the price above the 20-day EMA and the downtrend line. If they succeed, it could signal a possible change in trend. BCH/USD Bitcoin Cash (BCH) turned down from just below the downtrend line on Oct. 1 and has continued its downward march towards the critical support at $200. The repeated retest of a support level within a short interval tends to weaken it. A breakdown and close (UTC time) below $200 could lead to panic selling and increase the possibility of a deeper fall to $140. Contrary to this assumption, if the price turns up from the current levels or rebounds sharply from the $200 support, it will suggest that bulls are accumulating at lower levels. A breakout and close (UTC time) above the downtrend line will be the first sign of strength and a break above $242 will increase the possibility of a rally to $280. LTC/USD Litecoin (LTC) broke above the 20-day EMA ($46.83) on Oct. 1 but could not rise above the downtrend line. This could have led to profit booking by the short-term traders and has pulled the price back below the 20-day EMA. However, the long tail on today’s candlestick suggests that the bulls are buying on dips. The buyers will once again try to push the price above the downtrend line. If they succeed, the LTC/USD pair could move up to the 50-day SMA ($52.51) and if this level is scaled, the rally may extend to $64. This bullish view will be invalidated if the pair turns down and breaks below the $41.6298–$39 support zone. Such a move could start a new downtrend.
godgrace1
hace 6 años
From my point of view bitcoin is losing ground, and from its 20 days moving average calculation you can see that bitcoin dropped, and you can see that the bear is at work trying to push bitcoin beloww the $10500 support level, and you can see from the analysis board that the uptrend and downtrend lines are forming a symmetrical triangle, for the ethereum market, the market behaviour is just like that of the bitcoin market trend, and from my own analysis i would say the market trend for ethereum will be bullish, and will cross above the $365 resistances level , due to some facts i researched not listed on the price analysis data, for RIPPLE LITECOIN AND BITCOIN CASH, from the data indicator available they are all bearish.
omogbai
hace 6 años
This weekend cryptocurrency traders are expecting some possible big moves.
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