Video-streaming site Odysee home to extremist crypto, new report finds
USDCAD Technical Analysis - The bias remains bearish in the short term
The crypto exchange OKX is approaching Binance, the world’s largest exchange in levels of active users. The former is also attempting to expand in Europe. Last week, there was a total inflow of $261 million in crypto investment products.
TOTALCAP Trades in Bearish Pattern
TOTALCAP has increased inside an ascending wedge since October 23.
The ascending wedge is considered a bearish pattern, meaning an eventual breakdown from it would be the most likely future price outlook. Currently, TOTALCAP trades close to the wedge’s resistance trendline.
Despite the bearish wedge pattern, the six-hour Relative Strength Index (RSI) is bullish.
Market traders use the RSI as a momentum indicator to identify overbought or oversold conditions and to decide whether to accumulate or sell an asset.
Readings above 50 and an upward trend indicate that bulls still have an advantage, whereas readings below 50 suggest the opposite.
The indicator is increasing and is above 50. Moreover, it broke out from its bearish divergence trendline (green).
Whether TOTALCAP breaks out from the wedge or gets rejected can determine the future trend’s direction. A successful breakout can lead to a 10.50% increase to the next resistance at $1.43 trillion.
On the other hand, a breakdown from the wedge can cause a 4% drop to the $1.25 trillion support area.
Bitcoin Deviates Above Resistance
The BTC price reached a new yearly high of $24,984 on November 2 but fell sharply afterward. The decrease caused a deviation above the $35,000 horizontal area, now acting as resistance.
The price also follows an ascending support trendline, which creates an ascending triangle when combined with the $35,000 resistance area.
Unlike in TOTALCAP, the six-hour RSI has not broken out from its bearish divergence trendline, nor is it moving upwards.
Whether BTC breaks out above the $35,000 resistance or breaks down instead can determine the future trend’s direction. A breakout can lead to a 9% increase to $38,000, while a breakdown can cause an 11% drop to the $31,000 support area.
IMX Creates Massive Upper Wick
The IMX price reached a high of $1.28 on November 6, a culmination of a significant increase going on for three days. However, the price created a very long upper wick afterward (red icon), validating the $1.25 area as resistance.
The long upper wick is a sign of selling pressure and led to a 35% drop in two days. IMX now trades just above the $0.80 horizontal support area.
If it breaks down, the price can fall by another 35% and reach a long-term ascending support trendline at $0.60.
Despite this bearish forecast, a significant bounce at the $0.80 horizontal support area can lead to a 45% increase to the $1.25 resistance area.
For BeInCrypto‘s latest crypto market analysis, click here.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.
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About the Author: Editorial team of BIPNs
