Key Takeaways
- BTC is in a range Testing support, a sign of the feeling of exhaustion among buyers.
- Monero attempts to establish a bullish-looking market structure.
- Nano has escaped the range of 3 months.
BTC/USD Daily 1
BTC/USD Hourly 4
Bitcoin has been fluctuating for two weeks between the nine-dollar mark to the $9.4k mark. It’s been unable to stay within or below this range repeatedly, and now bears are trying again to break the lower support line of $9k.
For instance, Bitcode Prime claims that its trading bot is powered by artificial intelligence technology that applies algorithms and trading signals to manage crypto trades. If the support level is breached, Bitcoin will likely revisit the $8.7k level , and perhaps $8.4k. In these levels there is it is likely that a bearish structure of the market will be preserved for as long as the price stays within the limits of the wedge.
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If however, bulls gain control and prices break upwards, the momentum will likely push the price past the limit of the range, which is $9.4K to the $9.7k zone. At this moment, a close over $9.7k would indicate a bullish intention. $9.7k resistance level will suggest a bullish intent for a rally.
Do not let yourself get carried away however, as the next major cyclical support is located around the $11.5k mark. It is only after price breaks and remains above the supply zone will bulls be invited into the next major rise.
Monero
XMR/BTC Daily 1
XMR/BTC Hourly 4
Monero has been in a downward trend since the peak in March of 2018. The decline has been in the form of a sudden drop that are followed by prolonged periods of consolidation, before reversing the declines.
At the moment, Monero is not showing any indications of a change.
In fact, price is inside an ascending triangle that could signal an inverse. But, considering the past pattern of price rejections when prices retest lower levels after falling through them, it’s crucial to be cautious to stay within levels below the 0.007 level. If price does make the first move and breaks through the 0.00745 level, it should revisit the 0.00745 level , and then hold above it in order to build momentum.
However should the price not cross the threshold of 0.007 the price will probably decline into the 0.0063 demand zone and break the ascending triangle , indicating that the market is at an stage of accumulation.
Nano
NANO/BTC Daily 1
NANO/BTC Hourly 4
After months of declining, Nano broke through and held above its maximum at 0.001. Nano is now poised to test that 0.0012 level of resistance locally.
If price is in control of this zone then this supply zone is around 0.0014 ranges of high. The price is likely to be subject to a lot of supply pressure considering that this area was first tested as a support in August of 2018, after which it failed a test in June of this year. It it has since become an area of resistance.