Bitcoin (BTC), EOS and NEM (XEM) Price Technical Analysis: Cryptocurrencies Engaging Reverse Gear

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Bitcoin (BTC) price breached the resistance level at $9,500 and even traded above $9,600 before encountering selling pressure at $9,648. The sellers grabbed the opportunity to push the price lower after the bulls had them battered for about two weeks. Bitcoin price made a historic recovery from$6,800 to $7,800 in less than an hour carrying the entire cryptocurrency market bullishly along with it. The move ushered in a period of bullish corrections following extended selling pressure that had swept across the crypto market leading to more than 60% loss of Bitcoin value.

Currently, Bitcoin price is exchanging hands below $9,000, while there is a bearish momentum forming in progress close to $8,933. BTC/USD is testing the support area at $8,800, besides the gap between the moving averages is widening to signal that the path of least resistance is to the downside. Similarly, MACD is pulling further into the negative regions to signal the sellers have the market control.

BTC/USD must find a support at the earlier mentioned $8,800, failure to which declines could continue. The 100 Simple Moving Average on the 4-hour timeframe chart will provide support further down towards $8,500. At the time of publication, the reason behind the current slide has not been identified. Although, Bitcoin price could be seeking equilibrium after the recent ascend above $9,500 from trading lows of $6,800.

EOS Price Analysis

EOS price had broken above the bullish trend line we talked about yesterday. However, it is currently correcting lower towards it on the daily chart. EOS/USD exchanged hands above the resistance level at $15.00 and it gave signals of it smashing its all-time high of $16.00 traded in January 2018. The price, however, faced selling pressure at $15.00 opening the gate for sellers to enter the market.

EOS/USD also broke below the highlighted support at $13.5, although it traded below this level briefly before bouncing to exchange hands above $14.00. There is a bearish momentum that forming below $14.5, although the MACD is pointing upwards to signal that the buying pressure is present. Similarly, the 100 SMA will provide resistance to the upside as the price retraces towards $15.00. There is a highlighted support zone at $14.00 which could hold the price and prevent further declines.

NEM (XEM) Price Analysis

NEM (XEM) price, on the other hand, has tanked by 10% in the last 24 hours testing the key support at $0.35. XEM/USD gains were initiated around $3.9 where further upside movements broke above the key resistance zones at $0.4 and $0.43 respectively, although NEM price encountered growing resistance below $0.45.

Consequently, the 78.6% Fib retracement level with the previous swing high of $0.44 and a $0.35 low failed to hold the price during the declines but will be offering resistances as the price attempts to recoil higher. On the upside, there is a growing bullish momentum on the 30’ timeframe chart. Besides, the gap between the 50 SMA and the 100 SMA is reducing to signal that buying pressure is increasing. The MACD is also pulling towards the positive territory to confirm the intraday bullish momentum.


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