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Probing Key Support
BTC: Price: $10,200 | MCAP: $184 billion | 24-Hr Volume: $14.64 billion
Short-term trend: Neutral
Bitcoin fell to lows below $10,100 in the U.S. trading hours on Monday, signaling a downside break of the narrowing price range created near $10,300 in the three days to Sept. 15.
Even so, the outlook remains neutral, as the cryptocurrency is holding on to support of the trendline connecting Aug. 30 and Sept. 11 lows, currently at $10,120.
That said, the probability of the cryptocurrency breaking below the trendline support is high, as the 4-hour chart shows weakening bullish pressures – last week's falling wedge breakout ended up creating another bearish lower high at $10,458.
Acceptance below $10,120 would open the doors for a deeper drop to recent lows near $9,850. On the higher side, key resistance levels are $10,458 and $10,956 (Aug. 20 high).
Long-term trend: Neutral
Bitcoin's monthly chart shows a double inside bar pattern – August’s candle falls within July's high and low and July’s candle is engulfed by June's high and low.
Double inside bars indicate indecision and lack of volatility and are considered a sign of bullish exhaustion, if they occur after a notable price rally, which seems to be the case here.
Also, the selling volume witnessed in July was the highest since March 2018. So, the long-run outlook stands neutralized.
A break above the high of the first inside bar ($13,200) is needed to revive the bullish outlook and a move below the low of the first inside bar ($9,049) will confirm a bearish reversal.
Traders can also take a weekly (Sunday, UTC) close or consecutive high-volume daily closes above $12,000 as a sign of bullish continuation. After all, a weekly close above $12,000 has remained elusive the last week of June.
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Metaverse ETP Breathes A Little
META: Price: $0.74 | MCAP: $57.6 million | 24-Hr Volume: $5.5 million
Short-term trend: Bull exhaustion
Up 8.2 percent on the day, ETP resides within a falling wedge (unconventional) formation on the daily chart, backed by fluctuating levels of total trading volume.
The short-term trend appears capped as momentum wanes near the top between $0.71 and $0.80, illustrated by the RSI resistance along the neutral zone (50).
Watch for a breakout above $0.87 in the coming week for confirmation on both direction and strength of the short-term trend.
Long-term trend: Bearish
Its overall market structure remains bearish long-term until a firm close above $0.96 occurs as this stands as a barrier to growth based on the current levels of interest in META's market, exemplified by the MACD signal line residing firmly below 0.
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Look To The Cosmos For Answers
ATOM: Price: $7.81 | MCAP: $92.2 million | 24-Hr Volume: $4.3 million
Short-term trend: Neutral
ATOM has begun to correct from the downward pressure felt from June 23 to Sept. 25 with a test of former supports now considered resistance at $3.45.
However, before considering a viable entry, the contentious crypto needs a firm close above $3.60 to break the bearish market structure and provide greater investor confidence.
Volume also appears quite poor from recent days past, so consider the declining momentum, illustrated by falling histogram bars on the daily MACD.
Long-term trend: Bearish
While the RSI signalled a strong move on Sept. 8 as it passed above the neutral 50 zone followed by a bounce from that zone on Sept. 11 acting as support; Price action has now begun to cool from overbought conditions.
The trend remains bearish long-term as $3.60 presents a considerable barrier capping further upside growth, a move above would reinvigorate bullish aspirations.
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Ethereum’s ether cryptocurrency is currently trading at $200 – the highest level since Aug. 20.
The world’s second-largest cryptocurrency as per market capitalization has jumped by more than 20 percent in the last 18 days and could rise further in the near future, as the daily chart is reporting bullish conditions.
To start with, the 5- and 10-day moving averages (MAs) are trending north. The price has charted higher lows and higher highs setup over the last few days, adding credence to the bearish-to-bullish trend change signaled by Sept. 7’s falling wedge breakout – a bull reversal pattern.
What’s more, the cryptocurrency has found acceptance above the widely-tracked 50-day moving average (MA).
All-in-all, the path of least resistance is to the higher side and the cryptocurrency could soon beat the immediate resistance of $204 (Aug. 19 high).
A high-volume UTC close above that level would bolster the bullish setup, opening doors to $230.
The bullish view would be invalidated if prices fall below Sept. 9’s high of $186. |
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| Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments. |
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