The market drops in volatility – the Bitcoin stabilizes and retains at this stage the stand at $19,000. The cryptocurrency market drop in volatility like Bitcoin, but it usually doesn’t last very long. the BNB and the FTT are at a loss of speed against Bitcoin, and the situation could quickly get worse if buyers do not react. Is the token exchange sector out of breath? Here is the Weekly Token Exchange!
This market analysis is brought to you in collaboration with CryptoTrader™ and its algorithmic trading solution is finally accessible to individuals.
The exchange token index blocks institutional bias
In recent weeks, the rebounds have been less and less significant. Volatility is falling. The market accumulates positions before taking a clear direction. At the moment, the index created by the FTX platform blocks against institutional bias (EMA 9 / EMA 18).
The Exchange Token Index is in a weekly range between 5,800 and $8,000. The price is still below the bearish trendline, which means that the course is brittle. However, the course bounced in the reload area (0.618-0.786 Fibonacci retracement), and this is a prime zone for buyers. It is therefore not impossible for the price to return to this zone in an attempt to change momentum. Whatever happens, the momentum remains bearish in the short term.
Momentum is encouraging on the other hand, as the RSI builds bottoms and ascending tops. If the momentum continues, it would bode well for the price of the Exchange Token Index.
Binance Coin fluctuates between $265 and $295
The Binance Coin (BNB) also drops in volatility. Currently, buyers defend the $265 bracket but sellers act at $295. An intermediate-range result and the price is currently at $265.
A week after the hack on the BSC, the price continues to tidy up. It would seem that the problem that arose did not scare the operators. The bearish trendline has once again rejected the price, but it remains stuck in a row between $265 and $295. A bullish exit would quickly take the price against the resistance at $330 and a bearish exit would bring the price back to $215. If we want to see the BNB perform again, we will have to break out of the bearish trendline and go back above the resistance at 330 dollars.
The momentum is bullish. The RSI maintains the bullish trendline. In addition, the RSI could find support in the coming days at this trendline. In case of failure, the price may well fall towards the next technical support at $265, as stated above. Momentum is encouraging, but buyers need to confirm.
Against Bitcoin, BNB could quickly rebound, as the price is at the level of the institutional bias and this could act as support.
BNB fails to make clean highs again. The course is back at the level of institutional bias. Buyers would have to show up to revive the momentum. A range could be set up between the two terminals materialized by the dotted lines.
At the momentum level, a new bearish divergence should be confirmed. This shows that the buyers are running out of steam and that the ranging scenario is all the more likely. However, the RSI retains the bullish trendline and this could allow the price to revive. Do not break this trendline, as this could signal the end of the upward movement and a return to the level of the weekly support (-15%).
The FTX Token is on a knife edge
FTT is less resilient than BNB. The FTT has already dangerously slipped under the support and the price goes back below this important level.
The support is once again threatened. Buyers must hold the last low at $21 and they have to change dynamics by closing above $26. If the sellers manage to make the buyers bend, the next bracket solid is at $10.5be one 55% drop additional. This support is very important and the primary dynamic could change in the event of a permanent break of the support.
For now, the institutional bias postpones the course. It will be necessary to overcome it to hope for a rebound toward the top of the range at $32. Momentum holds the bullish trendline for the time being and buyers might take advantage of it. Attention! The support begins to weaken. We no longer count the number of times he has allowed a rebound. It would be necessary to react quickly and change dynamics to avoid a movement of panic under the support.
Against Bitcoin, FTT needs to hold the latest low and change momentum.
The two scenarios discussed last week are still current. To avoid the disaster scenariobuyers are going to have to defend the last low printed in September 2022. If the scenario materialized with the red arrow is realized, the price of FTT against the dollar will fall below support permanently and change direction. primary dynamics.
The momentum could pick up in the days to come, the RSI is in the process of the contract. A contraction in momentum often results in volatility. To know the direction, we will have to wait to see if the support is preserved (change of dynamics in contact with the support) or if the support gives way (falls under the support).
Coinbase back to $48 soon?
On October 11, Coinbase announced that Google would go through Coinbase Premium for payment on its cloud products. It’s a huge partnership that comes a few months after the one concluded with Near Protocol. However, the course is steady and the news did not relaunch the dynamic.
This kind of news should drive up the price of the asset in question. This is not what we observe, and this is often the case in a bear market. Institutional bias is making resistance and, if the sellers prevail, the next strong support is at $48 (Red Arrow).
For now, Coinbase price is brittle. Indeed, the price evolves under the bearish trendline and the resistance at $82. We will have to get rid of these two resistors to resume bullish momentum on this asset. Also, the RSI is in contact with the bearish trendline. There is a good chance that this will push back the RSI and bring the price down.
BNB must hold support at $265 to avoid a fall of almost 20%. On his side, the FTT is already at the ultimate support level and buyers must defend the latest lows. If the support is not maintained, a panic movement could arrive and make the price fall towards the next support. Coinbase is not rising despite the various good news and this shows that the price is fragile. Institutional players do not yet seem ready to move toward risky assets.
Is it possible to be a winner every time? Whether the price of Bitcoin is in great shape or going through turbulence, CryptoTrader™ allows you to increase your chances of success through its 100% automated algorithmic trading tool.