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Bitcoin Shows Bullish Momentum, Monero and NEO Have to Fight Key Levels: Crypto Price Analysis Update, Sept. 13, 2018

  • Vaido Veek
    📈 Price Predictions

    Bitcoin shows a bullish momentum, Monero and NEO has to fight the key levels

Bitcoin Shows Bullish Momentum, Monero and NEO Have to Fight Key Levels: Crypto Price Analysis Update, Sept. 13, 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 shows a bullish momentum

Yesterday, we said that we have seven failed attempts to break below the $6,250 level and after we post it, the eighth attempt was successful but with a very low volume and the close wasn't in our mentioned "red box.” The buyers were alert because each bigger selling attempt was pushed quickly back upwards. So, this action drew us a smaller triangle and we made a breakout upwards from it with a nice volume inside the candles.

image

Currently, we are back above the counter trendline (pulled from Sept. 8) but below the April low and below the round number $6,500. These orange price zones are strong resistances and at the moment we got a bounce from the April low and from the lower orange resistance area. The small throwback will guide us to the counter trendline and there we have to watch what the price action wants to tell and show us but currently, looks like the price shows some bullish strength and momentum and we may go higher than $6,500 but the candle which guides us through these levels have to be full of volume.

Monero (XMR/USD) starts to fight against the heavy resistance

Almost all the altcoins got a bounce from yesterday’s ‘run’ and so as Monero. It bounced upwards from previous support level at $97. It made a massive bullish "engulfing" candle which guides us above the round number $100 and the profit from the bottom was +11 percent.

image

But looks like we have a heavy resistance above us. This red area has been historically a support and has been historically a resistance and now, again it starts to work as a resistance. In this area, around the $110, are all important EMA's on the four-hour chart and also we could find a counter trendline which passing through this area and makes a cross. This will all indicate that the key level is around $110.

Break above the mentioned level will guide us back above the counter trendline, back above the EMA's and we make a new short-term higher high. Those criteria are all bullish and if it could do this then definitely we are in the bullish zone again.

NEO (NEO/USD) got a bounce from the trendline and possible target

Yesterday, when Bitcoin' started to show some strength and volume upwards the whole market showed some positive signs and so did NEO.

NEO got a bounce from the minor trendline which started from Sept. 6 and now the third bounce guides us upwards back around the $18 level.

image

Currently, we have a breakout from the short-term downtrend trendline which was pulled from Sept. 7. We have a breakout and also the retest + bounce, which will indicate that it is technically a good breakout trade. NEO finds resistance from the strong area (blue line), this area is worked historically very strong and break above could mean another leg upwards.

Where should be your first target?

The first target has to be just a little bit below the round number area at $20. In this area, we have Fibonacci retracement level 38 percent (pulled from Sept. 7 to Sept. 12) and also we have a harmonic chart pattern called a "Cypher.” The cypher pattern shows us that the target area has to be below the $20. Yes, you can take some of Your profits out from the $20 but remember: always be less greedy than the others.

If the market loses bullish momentum (considering that bearish last week candle close- bearish "engulfing" candlestick pattern, which indicates that the week could be negative for BTC), then if NEO breaks below the short-term down trendline it will be a sign that we can't go higher. In this scenario, we are back on the down channel going back to the lower levels.

Hopefully, those levels and this analysis helped you out a little bit to confirm your own analysis.

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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"!

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TOP 3 Price Predictions for BTC, ETH, XRP: Next Stop for the Bears?

  • Denys Serhiichuk
    📈 Price Predictions

    Analyzing the reasons for today’s cryptocurrency market decline

TOP 3 Price Predictions for BTC, ETH, XRP: Next Stop for the Bears?
Cover image via www.tradingview.com

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.

November 22nd started with a huge market dump as Bitcoin, the top cryptocurrency, lost nearly 10% of its value since yesterday. The altcoins have also followed today's downward trend, as the top 10 coins are all located in the red. 

Top 10 coins by Coinstats

Here is key information about Bitcoin (BTC), Ethereum (ETH), and XRP (XRP).

Name

Ticker

Market Cap

Price 

Volume (24H)

Change (24H)

Bitcoin

BTC

$129,201,282,733

$7,153.53

$29,610,280,555

-9.95%

Ethereum

ETH

$16,292,927,175

$149.96

$10,741,686,263

-11.77%

XRP

XRP

$10,151,900,406

$0.234456

$1,818,796,100

-4.67%

BTC/USD 

Our BTC prediction from yesterday came true as the price has almost reached the expected $6,875 mark.

BTC/USD chart by TradingView

Today’s sharp price drop for the leading crypto has more to do with a fundamental reason than a technical one. This mainly happened because of China's policy to ban any providers of crypto transactions to its citizens.

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Bitcoin Price May Drop to $6,800 but Small Bullish Reverse Is Likely: Crypto Analysts

Looking the 4H chart, BTC has updated the bottom by touching the $7,000 mark. It is unlikely to go any deeper according to the Stochastic RSI and other indicators because they are showing that BTC is oversold. Meanwhile, the $7,500 mark will be retested soon as this previously served as a support level for BTC. A bounce back might occur through the end of the current week.

At press time, BTC is trading at $7,114.

ETH/USD

Compared to BTC and XRP, ETH has faced the biggest price drop (more than 11%) since yesterday.

ETH/USD chart by TradingView

Even though ETH has lost significant value from its shares, it is more likely to return to its previous positions faster than BTC. The last bearish candle has a long wick, which suggests that sellers could not fix the rate below $150 for a long period of time. Moreover, the coin is oversold on all time frames, especially the daily ones. Respectively, this chief altcoin could come back to the $155-$160 range soon.

At press time, ETH is trading at $149.74.

XRP/USD

XRP has shown the best price dynamics against the market decline. While the majority of altcoins have lost about 10%, the rate of the third most popular crypto has been reduced by 5%.

XRP/USD chart by TradingView

XRP has more than justified our previous scenario as the rate has gone far below the $0.24 mark. In terms of a short-term price projection, it is bullish as sellers have almost sold everything, giving a chance for buyers to accumulate positions before an additional decline against the bearish market. To sum it up, a bounce back could push the price up to $0.2450. 

At press time, XRP is trading at $0.2323.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and make predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others.

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