Cryptocurrencies are typically seen as assets that gain value in times of geopolitical tensions, possibly due to their decentralized and somewhat untraceable nature. Let’s see what TradingView analysts are thinking for this week.
In the BTC/USDT price chart, Bitcoin has remained within a price range of $25,000 to $28,000 for quite some time. Predictions have not changed. In the long-term chart, we continue to observe an intense battle between bears and bulls as we wait to see who will take control of the situation, whether it be to push prices up (bulls) or down (bears).
In the medium-term chart, bulls have a slight advantage as they operate within an uptrend pivot. They have reached important price regions and are currently consolidating around the head of this uptrend pivot, around $26,800.
However, in the short term, bears have the advantage. Prices are trading below the long-term average, within a downtrend pivot, and the $20,000 price range could be the imminent destination unless bulls intervene.
Looking at the BTC/USD chart, we highlight the 121 and 200 period moving averages represented by the yellow and green lines, respectively. Although the price is currently below these averages, we observe a possible testing trend towards the 200 period moving average while the 121 period moving average acts as a resistance base, currently located at 27,121.
Additionally, the ADX indicator suggests a weakening in the downtrend but with a positive slope towards the value area, indicating a potential weakening of the downtrend.
It’s worth noting the confirmation of previous recommendations regarding the trend of the dollar index (DXY), which is testing significant resistance highlighted in purple in the Pi cycle. This suggests a potential appreciation of 5.38%. There is a strong possibility of correlation between Bitcoin’s movement and the DXY index.
Analyzing the SPX 500 index, we notice a notable interest in maintaining the support established on September 15. The index is facing difficulties in surpassing previous highs, which may indicate a search for alternative investments, including dollar liquidity and high-risk assets such as cryptocurrencies and high-risk options in the stock market.
Finally, considering the Total Crypto, it is currently below the moving averages, suggesting a search for balance references. There are indications of a possible resumption of value areas and a weakening of the selling trend, which may result in limited positive movements.
This could include significant movements and pumps in some assets in the cryptocurrency market.
The potential appreciation of the XDC/USDT pair, which represents the exchange rate between the XinFin (XDC) cryptocurrency and Tether (USDT), is a topic of great interest for investors and cryptocurrency enthusiasts. I would like to share a personal experience that connected me to the world of XDC.
Let’s analyze the daily chart of this cryptocurrency. It had an incredible increase of 225% in just 36 days, which is impressive. After this rapid appreciation, the asset went through a 71-day correction period, during which its value dropped approximately 51.62%. At this moment, I am in a buying position with an average price of $0.0547 and an estimated settlement price around $0.033.
It’s interesting to note that the correction found support at the Fibonacci ratio of 0.618, indicating a significant level of price support. I based my hopes and aspirations of becoming a successful trader on technical analysis and the potential of the underlying project of this cryptocurrency. I am eager to see how this journey unfolds.
Disclaimer: The analyses presented here are only studies. They are not investment recommendations, nor buy or sell recommendations, nor do they reflect the opinion of the media outlet where they are being published. They are studies aimed at individuals with knowledge and experience in the financial market.
Our Authors: MACD_Bollinger, Space Cash, and João Gabriel.