So far it has been a bad start of the week as most cryptocurrency markets started bleeding. Every single coin in the top 10 in exhibiting bearish pressure, including our favorite cryptocurrencies Bitcoin Cash, Tron and BNB. Let’s take a look at what the charts have in store for us and set some predictions for the upcoming days.
Today the cryptocurrency market surrendered to the bears. This is because the bulls seemed to lack needed strength to control the momentum, question being for how long will sellers rain the crypto market?
On the hourly chart, BCHUSD pair has given a bearish outlook, as it is currently struggling to break below $303.0 support level. Besides, BCH first exhibited a steady decline that almost dropped below $303.0 significant support level. However, later on, the bulls picked up the momentum and drug the price upside where it rallied to near $308.8 strong resistance level.
However, the bulls failed to sustain the upward momentum since the strength provided was not strong enough. Thus, sellers took over and dropped the price down to the current price of $303.6. Besides, in terms of the technical indicators, the long term SMA hovered above the short-term SMA bolstering the downside pressure. The RSI is also trading below level 50 that gives investors a negative sign. Thus, further decline is most likely in the near term.
Investors should take a short position if sellers retain the momentum and manage to push the price below $303.0 level that may trigger further dip near $285.0 support area.
TRX/USD pair has also sway down by 6.7% over the last 24hrs. The downward move was also reflected by the descending triangular pattern formed at the end of the session. This also showed a high possibility of a further downside correction. The pair’s price, therefore, escalated from $0.0178 to now changing hands at $0.0166.
Support levels have also been moved down from $0.0176 to $0.0165, which confirmed an intense bearish pressure. Besides, the long-term SMA has been hovering above the short-term SMA. Also, the RSI is now trading below average that indicates a continuation of a downside rally in the near-term.
It is a recommendation for investors to go short if the price drops below $0.0165 level. This is because a break below the critical support level might result in further decline near $0.0145.
BNB/USD pair is also on a downtrend with most technical indicators suggesting bearish scenarios. The long term SMA has been gravitating above the short-term SMA, and the RSI is trading near the negative territory that gives a bearish outlook.
However, despite the bearish run, the trend is sideways as reflected by the horizontal channels, and at the press time, there is a struggle to break past $19.915 level support level. Besides, the price failed to climb further past the healthy resistance level $20.703 that showed lack of interest of better price value. Instead, it massively dropped to the current price of $19.916 that translates to a dip of 3.5% over the intraday. This showed an increase in sellouts, thus a reduction in investor’s sentiment.
More bear run is likely, therefore, investors should wait for a break below $19.800 to take a short position. New targets should be set near $18.000 and $18.100.
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.
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