Bitcoin is again leading the market. As BTC’s price started to decline the rest of the market slid, but three coins stood out with major losses. The following technical analysis will evaluate Monero, Tezos, and Basic Attention Token.
After the recent drop below $11,000 Bitcoin may continue its decline. The support given by the 100-twelve hour moving average, around $10,900, was violated (as seen on the 12-hour chart below). As a result, BTC could be expected to reach the 150-twelve hour moving average. This moving average currently sits around the middle line of the descending parallel channel where Bitcoin has been trading since June 26.
Therefore, the support cluster around the area previously mentioned could be strong enough to contain the price action of Bitcoin from a further decline. If it does indeed hold, then the cryptocurrency could rebound back to the 100-twelve hour moving average or the top of the descending parallel channel pictured below.
Nonetheless, a break below the 150-twelve hour moving average will signal a plunge to the 200-twelve hour moving average or the bottom of the descending parallel channel.
The TD sequential indicator was able to predict the last two major price movements on Monero’s trend, as seen on the 1-day chart. On July 30, the technical indicator gave a buy signal in the form of a red nine that resulted in a 26 percent upswing, taking XMR from $77.64 to nearly $98.
At its peak, the TD sequential indicator signaled a correction as the Aug. 8 candlestick turned into a green nine. Combined with a hanging man candlestick, the indicators affirmed the ongoing correction that took Monero down 15 percent from its recent high.