Markets Remain Hesitant For Gains

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price analysis

The market is still fluctuating after the gains witnessed at the beginning of the week. The flagship cryptocurrency has itself reached a $10,700 peak before falling back. Bitcoin has left a sizeable upper shadow and created a reversal 4H candlestick. The cryptocurrency is still hovering at break-even point.

Meanwhile the top ten altcoin are experiencing minor losses while Monero is on an uptrend. It’s not such bad news for a market on a retracement trend the last couple of days. In spite of the small corrections, you could say the tokens are moving with optimism.

Market capitalization still holds above $267 billion while bitcoin dominance is close to 70% which is a new high for the year.

Bitcoin Technical Analysis

A sneak peek on Bitcoin’s 4 hour chart reveals that the $10,700 level has been rejected at least twice, yesterday evening being the latest. A sharp candle shows a large upper shadow that looks like a reversal bar

Thereafter, the price creates a string of small bodied candles alongside decreasing volume that is slightly above the $10,500 level which acts as support.

It is also apparent that the price is approaching the mid-line Bollinger bands and that is a typical bitcoin behavior. From there onwards, the most common scenario is a continuation of the previous price action.

The moving average convergence divergence (MACD) is making a crossover to the downside. A strong candle could switch it back on the upper side.

Ethereum Technical Analysis

Ethereum has lost most of the gains acquired the first two days of the week. A price rejection at the $180 level forced the price down to $175. The price is now hovering below its support level of $173. A few more hours to close and if Ethereum doesn’t find a new buyer, it may continue the downward trend to a $167.6 base.

Hours ago, its MACD made a bearish crossover which seemed to confirm the current price action. The 4 hour chart can observe that the price is moving to below the one line Bollinger bands, an additional indication of a change in trend.

Binance

Monero Price Analysis

Monero has been on an uptrend lately and today, the XMR closed above the $75. Although the currency has been perceived as selling pressure, the price continues to move near +1 BBline. Monero’s Bolinger lines still point on the upside while the moving average convergence divergence is on a bullish phase.

Unless there is a substantial bitcoin drop, there is a real possibility that the altcoin might escalate towards $77.

Binance Coin Analysis

The coin had a sizeable bullish candle yesterday. Today, the same continues after some consolidation. Binance coin’s price is above the +1 Bollinger line while the MACD is bullish. The coin could recover from its august losses and head towards $25

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