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USDCAD Technical Analysis - The bias remains bearish in the short term
The Bitcoin (BTC) price and the Crypto Market Cap (TOTALCAP) are nearing the end of their patterns. ImmutableX (IMX) failed to sustain its increase.

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).

Crypto Market Cap (TOTALCAP) Movement
TOTALCAP Six-Hour Chart. Source: TradingView

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.

Bitcoin Price Movement
BTC/USDT Six-Hour Chart. Source: TradingView

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.

IMX Price Movement
IMX/USDT Daily Chart. Source: TradingView

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 BeInCryptos latest crypto market analysis, click here.


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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