Is it true that Bitcoin is in a bearish phase? The following is a list of crypto assets that are indicated to be in bullish and bearish this week, Read more below!
5 Bullish Crypto Assets
1x Short Bitcoin Token (HEDGE)
HEDGE confirmed to be in the bullish phase after EMA/5, WMA/75 and WMA/85 crossed and stayed above the EMA/200. The trend will strengthen further if the price can break through the 2,100,000 price level, a break of this level will open the opportunity to reach the 2,300,000 level.
The trend on the 4-hour chart shows that the RSI indicator is already in the overbought area, a weakening will test the nearest support level at the 1.710,000 price range, and a fairly strong support level is at 1,600,000. If this level is broken it will put negative pressure on the bullish trend.
The trend movement is dominated by sideways which is limited between 23,000 and 31,800 before it could break the resistance level and confirm that ERG is on the uptrend line. The uptrend had made Ergo touched the 80,000 level which is an All-Time High of ERG since it first listed on Indodax, but the strengthening stopped short and reversed the trend instead.
The MACD indicator shows that the trend is in a negative direction, the bullish position will turn negative if the price breaks the support level at 35,000.
If it strengthens and is able to penetrate the 53,000 level, it will make the bullish position on the positive side.
It was weakened and crossed through the EMA/200 line to touch the 600 and 590 prices, but it could not break the strong support line at the 580 level and rebound and formed a new candle above 655. It hit the 800 level but did not last long , the price has experienced a significant correction, because the RSI indicator shows that the trend is already in the overbought area. Strengthening will test the resistance level at the price range of 780, next it will test 865.
Stuck at the resistance level of 15,035 caused USDT to weaken quite significantly, breaking through the WMA/75 and WMA/85, stuck at the EMA/200, before rebounding to stay above the WMA/75 and WMA/800. Strengthening will test the nearest resistance level at 15,000.
The MACD indicator illustrates that the trend is in a positive direction, the direction of the next price trend will be more dynamic. This indication can be seen from the Bollinger Bands whose two lines are far apart.
The uptrend will stop if USDT breaks through the 14,700 price level, the next price level will be at 14,550.
1X Short XRP Token (XRPHEDGE)
On August 26, 2022 in the 4-hour time frame, it can be seen that 1X Short XRP Token suddenly dropped to the range of 930,000, after that, it immediately rose and stayed above the WMA/75, WMA/85 and EMA/200 levels. Looking at the broad Bollinger Bands indicator, price fluctuations are likely to occur.
There is a resistance level at the price of 104,000. If this price is broken it will go to the next level at the price of 110,000. On the contrary, a correction will try to break through WMA/85 at 992,000.
5 Bearish Crypto Assets
The 4-hour time frame illustrates that BTC has been in the Bearish area since August 21, 2022, after failing to stay above 346,000,000, the BTC continued to experience a deep correction such as breaking through the 333,000,000 level and then 323,000,000. The RSI indicator illustrates that the current trend is in the oversold area, the next weakening will test the level of 290,000,000.
The MACD indicator still needs confirmation for the next price movement. The resistance level is at the price range of 312,000,000. If this level is broken then it will be an indication of a reversal in the direction of the trend.
On the 4-hour chart BORA/IDR has dropped after the price broke the support level at 5,100. The MACD indicator has shown a crossing of the lines, which is likely to strengthen but the price must first be able to break out and stay above the EMA/200.
The strengthening will try to test the 5,000 price level, if this level has not been broken then it will likely stay in the downtrend channel.
When DFG touched the 43,600 level, is a turning point to change the direction of the trend, which was previously in the sideways phase in between 31,600 and 34,200 price range. It was then broken and the price dropped forming a complete candle below the EMA/200, WMA/85, EMA/5 confirming bearish trend.
The MACD indicator indicates that the trend is in a negative direction if the price is able to break out and form a complete candle below the 23,000 level.
Using a 1-day chart, it can be seen that NXT has entered the bearish phase since July 02, 2021, this long-standing weakening cannot be separated from the sales of NXT that dominate over buying. Looking at the indicators, such as Bollinger Bands, it shows that both lines are narrowing, indicating that the trend is on bearish sideways where the movement is limited between the 45 – 55 range, the direction of the next trend will be determined by a break between these two price levels.
On August 19, 2022, ABYSS experienced a price decline from 310 to 253, after weakening, the price strengthened for a short while, but was unable to penetrate the EMA/200. It weakened instead, support level is at 250, if this price is broken then the next level is at 235.
The bearish phase will be broken if ABYSS can stay above the 280 and EMA/200 levels, which will make the direction of the trend move to break the 300 level.
NOTE: If the 5 EMA crosses the WMA 75, 85 and 200 EMA lines and the lines intersect from the bottom up, then the market trend tends to go up (bullish), each table above shows that if the 5 EMA value is higher than the 75.85 WMA and 200 EMA, the market tends to go up (bullish).
If the RSI and MACD values ??show the same condition, it means that the market is showing the same trend. Overbought or oversold conditions are an indicator that the market is already at the point of changing direction of a trend.
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