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Buyers and Sellers Balanced, BTC, LTC, XMR and NEO Show No Clear Direction

Thu, 05/10/2018 - 16:39
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Andrew Strogoff
Bitcoin, Litecoin, Monero and NEO fluctuate with no clear direction. Who is going to take control over the markets?
Buyers and Sellers Balanced, BTC, LTC, XMR and NEO Show No Clear Direction
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The currency pairs were unable to make substantial progress since our early European session review. However, the current flat is a kind of preparation for significant moves that may happen in the nearest future. We recommend paying attention to all the charts and candlestick patterns as this price consolidation will not last long.

BTC/USDD:\Пробы пера\sergeytn\10.05 follow up\btc hourly.jpgThe currency pair has left the Ichimoku cloud, but there is no momentum as the price is flat. There is no direction currently.Bitcoin  fluctuates within a very narrow channel demonstrating the balance between bulls and bears.

BTC/USD is close to the next resistance area ($9,440) and should be able to reach it in the nearest future. However, the current situation is uncertain as both buyers and sellers are in the position to take control now. The closest support lies around the $9,200 area and almost coincides with the upper boundary of the Ichimoku cloud.

There are two scenarios currently. The price may reach the above mentioned resistance, or fall towards the support line.

BTC/USD is currently above the descending trend line and the Ichimoku cloud signaling the end of the midterm downside tendency.

LTC/USDD:\Пробы пера\sergeytn\10.05 follow up\ltc hourly.jpgLitecoin moves in a more technical manner that Bitcoin does, as the price goes towards the lower boundary of the Ichimoku cloud. Litecoin is likely to test the formation in the nearest future. Two scenarios are possible.

The price may either rebound off the lower boundary of the Ichimoku cloud and start its growth towards the upper boundary at least, or break through the lower line of the Ichimoku cloud and resume its decline towards the descending trend line.

The price is currently above the descending trend line, indicating an uptrend. However, we think that to confirm the tendency, LTC/USD needs to leave the Ichimoku cloud, breaking out its upper side.


XMR/USDD:\Пробы пера\sergeytn\10.05 follow up\xmr hourly.jpgMonero buyers seem to consolidate the progress as XMR/USD establishes new highs. The currency pair is likely to reach the resistance line area at $234 in the nearest future. The current upside tendency is quiet, and has both trend and correction movements.

The price is above the descending trend line and the Ichimoku cloud formation signaling that the uptrend is still in progress. However, we cannot exclude the possibility of a reversal towards the upper boundary of the Ichimoku cloud, which coincides with the descending trend line.

NEO/USDD:\Пробы пера\sergeytn\10.05 follow up\neo ourly.jpgThe currency pair has a neutral tendency at the moment, as the price establishes neither new highs nor new lows. It is now within the Ichimoku cloud, fluctuating in the middle of the formation. NEO/USD is still testing the resistance area at $76 but has no positive results as the price is below this level.

Two scenarios are possible currently. NEO/USD will break through the resistance line and the upper boundary of the Ichimoku cloud to move towards the next resistance line in the $79 area. However, we can see that buyers have no power to take the initiative in their hands as bears hold the price below the $76 resistance area.


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About the author

Andrew Strogoff is a skilled Forex trader and technical analyst from Limassol, Cyprus. He started cryptocurrency trading three years ago, and now is fond of blogging, swimming, cars, new technologies. Loyal blockchain adopter.