Cryptocurrencies are currencies that normally gain value in times of geopolitical tensions, perhaps due to their decentralized and, at some level, untraceable characteristics. Check out what TradingView analysts are thinking for this week.
The BTC/USDT price has remained in this price range ($25,000 to $28,000) for quite a while. The forecasts have not changed. On the long-term chart, we continue to observe an intense battle between bears and bulls as we wait to see who will take control of the situation, whether to drive prices higher (bulls) or push them lower (bears).
On the medium-term chart, we can see that the bulls have a slight advantage as they are operating within a bullish pivot. They have reached important price regions and are now consolidated at the head region of this bullish pivot, around $26,800.
However, looking at the short term, bears have the upper hand. Prices are trading below the long-term average, within a bearish pivot and the $20,000 price range could be the imminent destination unless the bulls intervene. (See PivotChart).
When analyzing the BTC/USD chart, we highlight the averages of 121 and 200 periods, represented by the yellow and green average, respectively. Although the price is currently below these averages, we observe a possible testing trend at the 200 average, while the 121 average acts as a base of resistance, currently located at 27,121.
Furthermore, the ADX indicator suggests a loss of strength in the downtrend, but with a positive slope towards the value area, indicating a possible weakening of the downtrend.
It is worth noting the confirmation of previous recommendations related to the trend in the Dollar Index (DXY), which is testing significant resistance highlighted in purple in the Pi cycle. This suggests an upside potential of 5.38%. There is a strong possibility of correlation between the movement of Bitcoin and the DXY index.
When analyzing the SPX 500 index, we noticed a notable interest in maintaining the support established on September 15th. The index faces difficulties in surpassing previous highs, which may indicate a search for alternative investments, including dollar liquidity and high-risk assets such as cryptocurrencies and high-risk options on the stock exchange.
Finally, when considering Total Crypto, we note that it is currently below averages, suggesting a search for balance benchmarks. There are indications of a possible rebound in value areas and a weakening of the selling trend, which could result in limited positive movements.
This may include significant movements and “pumps” in some assets in the cryptocurrency market. (See more about Bitcoin).
The potential appreciation of the XDC/USDT pair, which represents the exchange rate between the cryptocurrency XinFin (XDC) and Tether (USDT), is a topic of great interest for investors and cryptocurrency enthusiasts. I want to share a personal experience that connected me to the world of XDC.
Let’s analyze the daily chart of this cryptocurrency. She had an incredible 225% increase in just 36 days, which is impressive. After this rapid appreciation, the asset went through a 71-day correction period, during which its value fell by approximately 51.62%. Right now, I am in a buy position with an average price of $0.0547 and an estimated liquidation price of around $0.033.
Interestingly, the correction found support at the Fibonacci ratio of 0.618, which indicates a significant level of price support. I based my hopes and aspirations of becoming a successful trader on technical analysis and the potential of the project underlying this cryptocurrency. I look forward to seeing how this journey unfolds. (See more about cryptocurrencies).
Disclaimer: The analyzes presented here are only studies. They are not investment recommendations, neither buying nor selling, nor do they reflect the opinion of the media vehicle in which they are being published. These are studies aimed at people with knowledge and experience in the financial market.
Our Authors: MACD_Bollinger, Space Cash and João Gabriel.