According to crypto analyst Rakesh Upadhyay, the leading cryptocurrency and 4 altcoins are giving bullish signals. The analyst says that Bitcoin’s volatility could increase soon, which could increase interest in ETH, TON, XMR and OKB. Will the bear market go deeper or is it showing signs of starting a relief rally? The analyst studies Bitcoin and bullish altcoins to find out.
An overview of the cryptocurrency market
cryptocoin.comAs you follow, the crypto markets are showing no signs of volatility as we enter the end of the year. This is a sign that both bulls and bears are playing it safe. It also shows that he did not place big bets due to uncertainty about the next directional move. This unstable phase is unlikely to continue for long. Because periods of low volatility are usually followed by an increase in volatility. Willy Woo, creator of on-chain analytics resource Woobull, predicts the duration of the current bear market to be ‘longer than 2018 but shorter than 2015’.
According to Forbes estimates, the crypto winter resulted in the loss of more than $116 billion in the personal equity of 17 investors and founders in the cryptocurrency space. The carnage was so violent that the names of 10 investors were dropped from the list of crypto billionaires. Now it’s time for analysis…
The leading cryptocurrency Bitcoin (BTC) is in the first place.
Bitcoin has been trading in a tight range for the past few days, near the 20-day exponential moving average ($16,929). This shows that the bears are defending the level but the bulls are not giving up yet.
This quiet period is unlikely to last long. Also, it is possible for BTC to witness a range expansion soon. In general, the direction of the breakout is difficult to predict. Therefore, it is better to wait for BTC to make a decisive move before starting direction bets.
If the price rises above the moving averages, the probability of a rebound of the overhead resistance at $18,388 increases. This level again serves as a major barricade. However, if the bulls continue to move forward, it is possible that the momentum will increase and BTC will rally to $20,000. On the downside, a break below $16,256 would indicate that the bears are in control. Sellers will then attempt to lower BTC to the vital support at $15,476.
Both moving averages on the 4-hour chart have flattened out. Also, the relative strength index (RSI) is just below center. This suggests range-bound action in the near term. The limits of the range could be $17,061 on the upside and $16,256 on the downside. A break above $17,061 will indicate that the bulls have peaked and this could start a short term upward move. On the other hand, a drop below $16,256 will show that the bears are strengthening their grip.
Second cryptocurrency Ethereum (ETH)
ETH has been holding onto the 20-day EMA ($1,228) for the past few days. This indicates that traders are expecting a break above this overhead resistance.
The 20-day EMA is flattening and the RSI is just below the midpoint, indicating equilibrium between buyers and sellers. If the bulls push the price above the moving averages, further buying is possible. ETH is likely to rise to $1,352 later and then to the downtrend line. It is possible that this level will act as a tough resistance again.
On the contrary, a few short-term traders are likely to sell aggressively if the price fails to break above the moving averages. This is likely to push the price towards the strong support at $1,150. If this level collapses, the head and shoulders pattern can be completed. This opens the way for a potential drop to $1,075 and then to $948.
The 4-hour chart shows that the recovery is facing resistance in the region between the 38.2% Fibonacci retracement level of $1,227 and the 50% retracement level of $1,251. If the price drops below $1,180, it is possible for ETH to retest the crucial support at $1,150. Conversely, if the price rises and rises above $1,251, the rally is likely to reach $1,275, the 61.8% retracement level. If the bulls manage to break through this hurdle, it is possible for ETH to complete a 100% retracement to $1,352.
The third crypto to burn a bullish signal is Toncoin (TON)
TON has been consolidating in an uptrend for the past few days. While the bears have stopped the upside at $2.90, the fact that the bulls haven’t left much ground is a minor positive. This suggests buying on the dips.
The rising 20-day EMA ($2.25) and the RSI in the positive zone indicate that the bulls have the upper hand. If buyers push the price above $2.50, it is possible for the TON to rise to $2.65. Then it is likely to retest $2.90. The bears will try to push the price below the 20-day EMA and strengthen their position. So, they will probably have other plans. There is a minor support at $2.15. However, if this support fails, TON is likely to drop to the 50-day SMA ($1.91).
TON has formed a symmetrical triangle on the 4-hour chart. This shows the indecision between the bulls and bears. The flat moving averages and the RSI near the midpoint also give no one a clear advantage. The first sign of strength will be a break and close above the resistance line of the triangle. It is possible that this could start a rally towards $2.90. If this level scales, the up move is likely to hit the $3.24 pattern target. If the price turns down from the 50-SMA or the resistance line of the triangle, this will suggest that the TON will extend its stay inside the triangle. A break below the support line indicates that the bears have regained control.
Monero (XMR) also caught the bullish flame
XMR has failed to break above the resistance line of the falling wedge formation over the past few days. However, it is a positive sign that the bulls are trying to keep the price above the 50-day SMA ($140).
The moving averages have flattened out and the RSI is near the centre. This shows the balance between supply and demand. If the price rises above the 20-day EMA ($144), buyers will try to gain the upper hand by pushing XMR above the wedge. If this happens, it is possible for XMR to rally to $174. A break above this level signals a potential trend change. On the other hand, if the price dips below $138, the advantage is likely to turn in favor of the bears. Thus, it is possible for XMR to drop to $125 later.
The coin recovered from strong support at $138.50. Also, the bulls are trying to push the price above the moving averages. If they are successful, it is possible for XMR to rise to the downtrend line where the bears can again make a strong defense. If the price breaks down from the downtrend line, the bears will try to push XMR to $138.50. This is an important level to watch in the near term. Because a break below this completes a descending triangle pattern. XMR is likely to drop to the $132 and then $124 model target later on. On the upside, a break above the downtrend line invalidates the downtrend. This opens the way for a possible rally to $153.
Latest cryptocurrency OKB (OKB)
Centralized cryptocurrency exchanges have been at the center of the storm since the collapse of FTX. But OCD is very close to completing the uptrend. This is why it was selected for the list.
OKB formed a major upside-down head and shoulders pattern that would complete on a break and close above $23.22. Both moving averages are rising and the RSI is in the positive territory. This indicates that the path of least resistance is up. If the price rises above the psychological level of $25, it is possible for OKB to start a fresh upward move towards $28 and then $31. The pattern target of the reversal pattern is $36. This positive view will be invalidated if the price breaks down from the current level and falls below the moving averages. OCD is likely to drop to $17 later.
OKB has formed an ascending triangle formation on the 4-hour chart. This bullish setup will complete on a break and close above $24.15. If this happens, it is possible for OKB to start a fresh upward move towards the $31 pattern target. Alternatively, the bullish pattern is invalidated if the price falls and breaks below the triangle. This could trigger the stops of aggressive buyers taking a long position in anticipation of a breakout. OCD is likely to slide to $20 later.
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