Indodax Market Signal January 16, 2023
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Indodax Market Signal January 16, 2023

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Indodax Market Signal January 16, 2023

Market Signal 16 Januari 2023

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This week’s market signal presents Bitcoin as the top trending crypto asset, which is indicated to be Bullish! Let’s read more!

5 Bullish Crypto Assets

Bitcoins (BTC)

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The movement of BTC in the 4-hour zone is quite positive, only being able to move Sideways with a tendency to be in the Downtrend area due to a lack of momentum. Still, January 9, 2023, will be a turning point for Bitcoin because it can break the Sideways area and confirm it is in the Bullish area with an estimated strengthening in the 15% range.

The RSI indicator shows that if the current trend has entered the Overbought area, BTC has experienced a massive price appreciation. If the price can go to and break the resistance level in the area of 325,100,000 – 331,000,000, it will further strengthen BTC’s position.

Contrary to the assumption above, a correction, if it occurs, will test the price at the 303,000,000 level. A break of this level will go to the range of 295,000,000.

Aave (AAVE)

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Aave has been in the bullish area since January 12, 2023, when the price could stay above the 930,000 level and even touched the price range of 1,222,345.

The movement in the Bullish zone will be stronger if there is a price strengthening, and it can break the Support level in the 1,249,000 – 1,300,000 area.

Axie Infinity (AXS)

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Strengthening in price has occurred, and the MACD indicator shows an upward crossing of the two lines so that the trend is in a positive zone with a positive histogram.

If a full-form candle can form above the 149,000 – 162,500 area, the potential to strengthen to the 180,000 level will be even more significant.

DASH (DASH)

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The increase in DASH is inseparable from the ability of the price to break through the quite strong resistance level in the range of 680,000 – 690,500. The direction of the bullish trend will be more decisive if the price can break the resistance level in the 817,200 – 865,000 area. Before breaking this level, the price will move quite dynamically. A support level is available around 725,000 – 750,000.

Pax Gold (PAXG)

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The increase in PAXG on the one-day chart is inseparable from the trend in the bullish zone. This occurs when the trend succeeds in moving above the EMA/200. This is followed by passing the support level area of around 26,100,000.

Trend indications will continue to strengthen if prices pass the Resistance level available at 29,200,000 – 29,500,000.

The MACD indicator shows a downward crossover between the two lines indicating a negative trend, indicating a weakening toward the support level at 27,000,000 – 27,730,000.

5 Bearish Crypto Assets

Pando (PANDO)

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After being able to touch the price of 900 on December 25, 2022, PANDO experienced a significant weakening with several broken support levels, such as 597. Although it had strengthened but was not strong enough to hold above the price of 430, PANDO has weakened to around 60%.

The RSI indicator indicates that the price has weakened quite deeply if the current trend is in the Oversold zone. The weakening trend will be able to strengthen again and improve the direction of the trend if it can pass the price of 295 and will increase the indication to give WMA/85.

Efforce (WOZX)

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The WOZX price declined after being unable to form a complete candle above the price of 2,000, so the price weakened to 670, which is Efforce’s lowest price since listing on Indodax.

The nearest resistance area is at the 1.180 level. If this level can be passed, then a fairly strong resistance area is indicated around the 1.300 – 1.670 range.

ABBC Coin (ABBC)

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If using a chart with a 4-hour time frame, ABBC has been in the bearish zone since November 16, 2022. It had experienced strengthening above WMA/85, but this failed to continue because the support level at 1,400 was broken.

Attenuation is still wide open. The MACD indicator shows that, currently, the trend is in a negative area with a negative histogram.

Automata Network (ATA)

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If you look at the direction of the price trend, the MACD indicator is in the positive zone after an upward crossover. If the price can break the resistance level pressure in the 1.990 – 2.280 area, it will open opportunities to increase price level changes.

If a correction occurs, it will try to test the support level 1,390 – 1,520. If this price is penetrated, there is an indication to touch the lowest price, large open ATA.

Kunci Coin (KUNCI)

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On the 4-hour trend chart, it can be indicated that Kunci Coin has been in the Bearish zone since January 7, 2023, confirmed by the price being unable to stay above the 380 – 405 area, so a significant weakening is unavoidable.

The Bearish trend gave KUNCI a significant price change, touching the lowest price since it was traded on Indodax due to the weakening. The Bearish trend will be suppressed if the price strengthens and penetrates WMA/75.

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.

 

ATTENTION: All contents which includes text, analysis, predictions, images in the form of graphics and charts, as well as news published on this website, is only used as trading information, and is not a recommendation or suggestion to take action in transacting either buying or selling. certain crypto assets. All crypto asset trading decisions are independent decisions by the users. Therefore, all risks arising from it, both profit and loss, are not the responsibility of Indodax.

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