0
📈 Price Predictions
80 views

Bitcoin on Rising Wedge, Monero Looks Good, NEO Among Top Gainers: Crypto Price Analysis, Sept.7, 2018

Buy Bitcoin with Credit Card
Sponsored by
  • Vaido Veek
    📈 Price Predictions

    Bitcoin makes a small recovery but it is on the “Rising Wedge,” Monero (XMR) shows some positive signs and our mentioned NEO was yesterday one of the top gainers

Bitcoin on Rising Wedge, Monero Looks Good, NEO Among Top Gainers: Crypto Price Analysis, Sept.7, 2018
Cover image via u.today

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

*** Please note the analysis below is not investment advice. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of U.Today. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Bitcoin started to make a small recovery and so have alts

Currently, Bitcoin starts to make a recovery but definitely nothing remarkable because we dropped -$1,100 and we have made recovery +$200. At the moment, it moves slowly upwards and a positive sign is this that the daily candle closes above the strong area $6,509. In August, the $6,500 area was very hard resistance to beat but after many attempts it was successful and now the old resistance becomes a support.

image

Like you see on the one-hour timeframe, we start to make new short-term higher highs and higher lows on the important level.

Currently, it looks good but those HH's and HL's starts to form a continuation pattern "Rising Wedge" which will indicate the future direction. If it breaks below the lower trendline then it's simple, we follow the trend, which is down and continuation pattern starts to work correctly and the first bigger target would be around $6,000 but if we make a breakout upwards then we might go and retest the $6,767 area. This area is also historically very strong and it would require a lot of power to break above but there are also other criteria:

*Fibonacci retracement level 38 percent (pulled from the Sept. 5th, which is the high point, to Sept. 6th which is the low point)

* Different timeframes EMA's starts to work as resistances.

Let’s look at how altcoins have reacted after Bitcoin’s small recovery.


Monero (XMR) looks good but it all depends on Bitcoin

The day before yesterday, Monero was down 22 percent but Bitcoin finds a support from the strong area and after that, we saw a nice upwards movement from Monero.

image

Technically the bounce came from the strong price levels where are several reversal criteria:

1. Channel bottom trendline bounce

2. In the three-hour and the four-hour chart we could see that EMA 200 works as a support

3. Smaller Fibonacci retracement level is perfectly 62 percent

4. Bigger Fibonacci retracement level is 50 percent

5. Old resistance becomes support

6. We are in the higher high area

So, technically Monero can continue climbing up, but all depends on Bitcoin: if it breaks above the “Rising Wedge” then Monero will follow. The starting platform is very good and the first target would be the major trendline touch above us. If it breaks above the trendline then there are several red lines, those are monthly lows and monthly highs and that makes the $150 very hard to beat.

If Bitcoin makes a breakout from the continuation pattern downwards then Monero bearish confirmation area would be a close around $105. Then we have a breakout from the upwards channel and if we get a close below the $100 then we have also a break below the round number and we have made a new lower low which all indicates bearishness.

NEO followed our forecast and yesterday it was one of the top gainers

“...if BTC finds the support from the current price then NEO will follow suit because it looks solid compared to others altcoins.”

Those are our words from yesterday’s market overview. Bitcoin found a support and NEO start to climb higher. NEO was one of the biggest climbers on the top coins list because like we said the platform looked pretty solid to starting the climb upwards compared to other alts.

image

Now, the current price is above the round number $20 and we are back in the upward channel. NEO price structure stayed positive even after the panic and currently it made a new HL which is a very good sign.

If the market stays healthy, without pumps and dumps, then NEO chart shows to us that we have almost a resistance-free area between $25-$27.

Bearish scenario:

A close below $18 confirms a lower low and in addition, we have a change in the price structure which will indicate that we may come down and retest the $13 area.

Join our Telegram channel to get news even faster!

About the author

Vaido Veek hopes to become a leading voice in technical analysis by educating people about how the perfect TA  should look like. He has over 5 years of charting experience and loves to solve the patterns that   they show us. His slogan is "keep it simple"!

TOP TRADING BOTSPromoted
Recommended articles
CLOUD MININGPromoted
0
📰 News
516 views

John McAfee to List 'Epstein Didn’t Kill Himself' Token on Friday

Buy Bitcoin with Credit Card
Sponsored by
  • Alex Dovbnya
    📰 News

    The Jeffrey Epstein murder conspiracy continues to grow in proportion with John McAfee releasing his own token

John McAfee to List 'Epstein Didn’t Kill Himself' Token on Friday
Cover image via u.today

Eccentric antivirus mogul, international fugitive and crypto baron John McAfee is moving forward with the launch of his 'Epstein Didn’t Kill Himself' (WHACKD) token that can easily out-crazy his earlier projects. 

In his freshly posted tweet, which features a picture of former First Lady Hillary Clinton frantically staring at a presumably hanging body, McAfee revealed that WHACKD would be listed on his own cryptocurrency exchange on Friday.     

👉MUST READ

Updated: China Zombie Creators Thank John McAfee for Taking Part in Their Social Experiment

Updated: China Zombie Creators Thank John McAfee for Taking Part in Their Social Experiment

The WHACKD token is one of a kind. Apart from being distributed for free, ten percent of every WHACKD transaction will be sent to the burn address. The recipient of every 1000th transaction loses the whole thing. 

The sudden suicide of Jeffrey Epstein raised many eyebrows, and McAfee is among those who believe in a popular conspiracy theory that Epstein was, in fact, murdered in his jail cell on Aug. 10. 

In the meantime, a California-based brewery recently started printing “EPSTEIN DIDN’T KILL HIMSELF” on its beer cans, The New York Post reports.  

Only the most important posts per day. Infographics, analytics, reviews & summaries. Follow us on Facebook!

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

TOP TRADING BOTSPromoted
Recommended articles
CLOUD MININGPromoted

This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy

Cookie settings