The market is shaking Yesterday the EDF decided to raise rates by 75 bps, which caused volatility. the Bitcoin continues to evolve below the psychological threshold of $20,000 without falling below the latest lows. Ethereum, for its part, is experiencing a real “buy the rumour, sell the news”, as it has recorded a drop of more than 25% since September 15. Ethereum is losing strength against Bitcoin, but what about the token exchange sector? Are they undergoing or is he resisting? We analyze the charts of the token exchange sector!
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The Exchange Token Index back in the reload zone
We were talking about it last week in the previous edition of the Exchange Token Weekly, the Exchange Token Index chart fell and found the reloading area (0.618-0.786 Fibonacci retracement):
The trend is bearish in the short term, because the bottoms and tops of the asset are descending. In addition, the price always evolves under the bearish trendline what makes the course brittle. However, the course is found in the reloading area, an area conducive to buyers. Of course, we will have to wait for reversal signals to think that the decline may fade.
the weekly support is not very far away, it is possible that buyers are waiting for the level at $5,800 to press the “buy” button. It is absolutely necessary to maintain this level to avoid a panic movement under the support. The momentum is rebounding at the level of the bullish trendlineit would also be necessary to find a bullish momentum on the RSI.
The sector is not doing too badly given the current context, but that could quickly change if the support is lost. The course could install a tidy Between $5,800 and $8,000 waiting for a clear direction.
Binance Coin back to $240 soon?
The Binance coin is solidbut buyers seem asleep:
the BNB blocked at the resistance at $330. Since then, vendors have regained control by installing a bearish momentum short term. The BNB installs a tidy Between $330 and $210. the first stop (0.382 Fibonacci retracement) does not seem to hold, a return in the reloading area is worth considering (between $217 and $242).
The course has been located, for several weeks, on the other side of the bearish trendline. It’s a first bullish signalbut the momentum on the other side of the trendline is bearish. We will have to wait for a return of bullish momentum to have favorable elements for a return to the rise on this asset. In the meantime, one must be vigilant, as the BNB may continue to fall along the bearish trendline. The momentum is globally bullishthe RSI is still moving above the bullish trendline.
Against Bitcoin, BNB shows strength solidity :
The BNB is installed in a bullish momentum against bitcoin. In addition, the price continues to move above the resistance that has become support. It should be remembered that the cryptocurrency market is experiencing a bearmarketbut this asset remains bullish against Bitcoin.
The momentum shows a bearish divergencea tidy between the two dotted lines could also settle on this chart in the coming weeks. We will have to watch the exit of this range carefully. A fall would show weakness on the buy side as the price has just broken out of this resistance which has been pushing the price back since the beginning of May 2021. This is an important level for buyers to maintain.
FTX Token drops below support at $24
The FTT was already showing some signs of weaknessthese signals are confirmed:
FTT is weaker than BNB. In the short term, the dynamic is bearish and the sellers allow themselves the luxury of causing the price to fall below the weekly support. The reload zone failed to bounce, but the current move could be a DETOUR. For this, we will wait for a change in dynamics to see it. Buyers had shown interest under the support, they may do the same in the coming days. Be careful, however, not to settle permanently below the support.
The momentum is always brittlethe RSI was once again pushed back to the level of the bearish trendline. We will have to wait for a clear exit for buyers to benefit from the momentum.
Against Bitcoin, FTT is back at the level of the support. This is a level to keep:
We were talking about it last week, bullish right triangle has been broken from below, buyers should now show up at the support level. A reaction is to be expected at this level, because it is an important resistance that has been crossed by the price. This had been postponing the course since May 2021. Again, we will have to wait to find a bullish momentum in contact with the support to avoid reintegration under the support (red arrow).
FTT shows signs of weakness, buyers need to wake up to avoid panic below support at $24.
Coinbase back to $90?
The price of the giant Coinbase seems to want to keep the support :
After doing a local top at $116, the price was able to react in the reloading zone. The top was built in a “V top” and the buyers kept control for the moment. Now the buyers’ objective is to close above $84 to confirm the bullish momentum. If they succeed, he will remain there. bearish trendline to cross.
Review Coinbase above $84 would be a good omen, as it would demonstrate the interest of institutional actors for cryptocurrencies. It should not be forgotten that, since Coinbase experienced its peak at $368 in November 2021, cryptocurrencies fall.
the Binance Coin and the FTX Token could well install a range. The BNB could range between $330 and $210, while the FTX Token could range between $24 and $33. For this, the buyers must absolutely show themselves at the level of the weekly supports. Coinbase is showing strength, definitely need to confirm by closing above $84. If so, it could show sell-side fatigue among institutional players.
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