Top 5 cryptocurrencies to watch this week: BTC, ETH, LINK, LEO, XEM

Top 5 cryptocurrencies to watch this week: BTC, ETH, LINK, LEO, XEM

This week Bitcoin (BTC) price nearly hit a new multi-year high at $16,000 and legendary investor Bill Miller told CNBC that the law of supply and demand favors BTC. While the supply is increasing by about 2.5% a year, “the demand is growing faster than that.” Miller expects every major bank, high net worth firms, Select altcoins are moving higher as Bitcoin prepares for a renewed push to $16,000 Source link Real Vision editor, Max Wiethe, joins Kevin Kelly, CFA, co-founder of Delphi Digital, break down Bitcoin’s recent big moves and consider how much upside there is left. As Bitcoin has been one of this year’s best performing assets, Wiethe and Kelly explore the macro and market variables that propelled its rally upward and whether this upward momentum is signaling a secular trend toward broader acceptance of cryptocurrencies in general. They also discuss what sorts of risks may cause pullbacks in Bitcoin going forward and how investors can successfully navigate and profit off this emerging asset class. We highly encourage Plus members to dig deeper by reading Delphi Research’s most recent report, which can be found here, and bring questions for Kelly to answer during the session: https://www.realvision.com/issues/is-bitcoin-eating-the-world. Key Learnings: The swath of institutional money flowing into Bitcoin and Paypal’s recent announcement for users to buy, hold, and sell cryptocurrencies has renewed enthusiasm around the digital asset, which led to a huge spike in Bitcoin’s price movement. The case for cryptocurrencies continues to build on itself as wider adoption grows, and investors would be remiss to not learn more about cryptocurrencies and strategies to make returns in this emerging asset class. Identified together in Barron’s ‘Who’s Who’ in Biden’s Economic World as ‘Obama Moderates’, both Brainard and Gensler are exemplary in their understanding of crypto and blockchain. Select altcoins are moving higher as Bitcoin prepares for a renewed push to $16,000 This week Bitcoin (BTC) price nearly hit a new multi-year high at $16,000 and legendary investor Bill Miller told CNBC that the law of supply and demand favors BTC. While the supply is increasing by about 2.5% a year, “the demand is growing faster than that.” Miller expects every major bank, high net worth firms, and investment banks to “eventually have some exposure in Bitcoin.”  Although Bitcoin’s volatility remains high, Miller expects investors to focus on the staying power of Bitcoin as the risk of it ever going to zero is much lower than before. At the current market capitalization of over $284 billion, Bitcoin would

This week Bitcoin (BTC) price nearly hit a new multi-year high at $16,000 and legendary investor Bill Miller told CNBC that the law of supply and demand favors BTC. While the supply is increasing by about 2.5% a year, “the demand is growing faster than that.” Miller expects every major bank, high net worth firms, and investment banks to “eventually have some exposure in Bitcoin.” 

Although Bitcoin’s volatility remains high, Miller expects investors to focus on the staying power of Bitcoin as the risk of it ever going to zero is much lower than before.

At the current market capitalization of over $284 billion, Bitcoin would rank 18th when compared with publicly listed U.S. companies. Only Mastercard, JPMorgan Chase, and Visa are ahead of Bitcoin in terms of market cap.

However, after multiple media outlets announced Joe Biden as the winner of the 2020 Presidential election, the uncertainty of a long-contested ballot counting process have ended. Now market participants can focus on the first few decisions of the President-elect before aggressively buying or selling crypto assets.

If the bullish sentiment sustains, these top-five cryptocurrencies could outperform in the short-term. Let’s analyze the charts to spot the critical support and resistance levels on each of them.

Bitcoin (BTC) is currently in a corrective phase within a strong uptrend. When the sentiment is positive, traders view dips to strong support levels as a buying opportunity because it offers a low-risk entry point.

The correction on Nov. 7 pulled the relative strength index down from deeply overbought levels, suggesting a shakeout of weak hands. However, the upsloping moving averages suggest that the path of least resistance is to the upside.

As the BTC/USD pair has run up sharply in the past few days, it may consolidate the gains by entering a range-bound action for a few days. Such a move will help the pair to form a strong base needed for the assault on the all-time highs.

Hence, the possibility of the pair remaining between $14,000 to $16,000 for the next few days is high.

A break above $16,000 could resume the uptrend with the next likely stop at $17,200 while a break below the 20-day exponential moving average ($13,793) may tilt the advantage in favor of the bears.

The correction from $15,956.26 took support just above the 50-simple moving average on the 4-hour chart. The bulls are currently attempting to resume the up-move but have hit a wall at the downtrend line.

If the price turns down from the downtrend line, the bears will again try to sink the price below $14,000. However, the bulls are likely to step in and buy this dip.

Conversely, if the bulls push the price above the downtrend line, a retest of $15,956.26 is possible. A breakout of this resistance could start the next leg of the uptrend.

Ether (ETH) is currently trading inside a rising wedge pattern. The bulls attempted to push the price above the wedge on Nov. 7 but failed to sustain the higher levels.

However, the positive thing is that the bulls have not given up much ground and are currently attempting to resume the up-move. The upsloping 20-day EMA ($405) and the RSI above 66 suggests that the bulls have the upper hand.

If they can push and close the price above the resistance line of the wedge, it will invalidate the bearish pattern.

The sellers may attempt to stall the rally at $488.134 but if the bulls can propel the ETH/USD pair above this resistance, a rally to $520 and then to $550 will be on the cards.

Contrary to this assumption, if the pair turns down from the resistance line of the wedge, the bears will try to pull the price back to the support line of the wedge. A break below the wedge may tilt the advantage in favor of the bears.

The 4-hour chart shows that the bulls have defended the 20-EMA, which is a positive sign. This shows that the sentiment is bullish and the buyers are accumulating on dips to strong support levels.

If the bulls can push the price above $455, the pair will then try to resume the up-move by breaking above $468.

This bullish view will be invalidated if the pair turns down from the current levels or the overhead resistance and plummets below $424. Such a move could drag the price down to $395.

Chainlink (LINK) has formed an inverse head and shoulders pattern that will complete on a breakout and close above the overhead resistance at $13.28. This bullish setup has a target objective of $19.2731.

The 20-day EMA ($11.36) has started to turn up and the RSI has risen into the positive zone, which suggests that the path of least resistance is to the upside.

The bulls are currently attempting to push the price above the overhead resistance. If they succeed, the uptrend could resume.

This bullish view will be invalidated if the LINK/USD pair turns down from the current levels or the overhead resistance and plummets below $9.7665. Such a move could signal an advantage to the bears.

The bulls had pushed the price above $13.28 but they could not sustain a breakout, which shows that the bears are defending this level.

However, the positive sign is that the bulls purchased the dip to the 20-EMA. This suggests that the sentiment is to buy the dips. If the bulls can drive the price above $13.28, the next leg of the up-move could begin.

If the price turns down from the overhead resistance, a few days of range-bound action is possible. A break below the 20-EMA will be the first sign that the upside momentum has weakened.

Unus Sed Leo (LEO) had repeatedly turned down from $1.29 levels in the past few weeks. This shows that the bears aggressively sell when the price reaches this resistance.

The bulls are currently attempting to push the price above the resistance and sustain it. If they succeed, the LEO/USD pair could start the next leg of the up-move that can carry it to $1.35 and then to $1.46.

The upsloping moving averages and the RSI in the positive territory suggest that the bulls have the upper hand.

However, if the pair fails to sustain above $1.29, the bears will try to pull the price back below $1.23. Such a move could open the doors for a fall to $1.16.

The 4-hour chart shows that the bears have dragged the price to the 20-EMA. If the pair rebounds off this support, it will indicate buying on dips. If the price sustains above $1.29, the first target objective on the upside is $1.35.

Contrary to this assumption, if the bears sink the price below the 20-EMA, a drop to the 50-SMA is possible. If this support also gives way, the price could extend its decline to $1.23.

NEM (XEM) soared above the moving averages and reached the overhead resistance at $0.126 on Nov. 6. The bears have defended this resistance for the past few weeks and they again tried to pull the price down on Nov. 7.

However, the positive thing is that the bulls did not allow the price to dip below the 50-day SMA ($0.111). This suggests that lower levels are attracting buying as traders anticipate the rally to extend in the short-term.

The 20-day EMA ($0.107) has turned up and the RSI has jumped into the positive zone, which suggests that the bulls are back in the game.

If the buyers can propel the price above the $0.126 to $0.132 resistance zone, a rally to $0.140 and then to $0.160 is possible.

This bullish view will be invalidated if the XEM/USD pair once again turns down from the overhead resistance and dips below the moving averages. Such a move will suggest that the bears are aggressively defending $0.126.

The 4-hour chart shows that the bulls had pushed the price above $0.126 resistance but they could not sustain the bear onslaught. As a result, the price dropped down to the 20-EMA.

However, the strong rebound off the 20-EMA shows that the bulls are aggressively buying at lower levels. They are currently trying to push the price above $0.126. If they succeed, a move to $0.132 is likely. The bears may again try to defend this level.

If the price turns down from the current levels or $0.132, the bears will try to pull the pair below $0.11. On the other hand, if the bulls drive the price above $0.132, the momentum could pick up.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Source: cryptobrain.net

Author: by admin


Top 5 cryptocurrencies to watch this week: BTC, ETH, LINK, LEO, XEM

Top 5 cryptocurrencies to watch this week: BTC, ETH, LINK, LEO, XEM

Home / Bitcoin / Top 5 cryptocurrencies to watch this week: BTC, ETH, LINK, LEO, XEM

Select altcoins are moving higher as Bitcoin prepares for a renewed push to $16,000

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Riding the Bitcoin Wave - Live with Kevin Kelly

Riding the Bitcoin Wave – Live with Kevin Kelly

Published on: November 9th, 2020 • Duration: 0 minutes

Source: www.realvision.com


6 Documents Show What Rumored Biden Nominees Could Mean For Bitcoin And Other Digital Assets

6 Documents Show What Rumored Biden Nominees Could Mean For Bitcoin And Other Digital Assets

Current U.S. Federal Reserve governor Lael Brainard is considered by analysts on Wall Street and Washington D.C. to be a leading contender for the position of U.S. President-elect Joe Biden’s Treasury Secretary. Similarly, Gary Gensler, a Goldman Sachs Group Inc (NYSE: GS) banker and former Commodity Futures Trading Commission (CFTC) Chairman, is rumored to be tapped as an Adviser on helping Biden with plans for Wall Street oversight.

Identified together in Barron’s ‘Who’s Who’ in Biden’s Economic World as ‘Obama Moderates’, both Brainard and Gensler are exemplary in their understanding of crypto and blockchain. Ever since Brainard first addressed the Fed’s role in exploring distributed ledger technology, five years ago, she has been the central bank’s de facto spokesperson on all things digital currency, blockchain, stablecoins, and central bank digital currencies. Gensler, a professor at MIT on blockchain, digital currencies, financial technology, and public policy, was described by the Wall Street Journal in 2018 as having ‘Bitcoin on the Brain’, after his tour of duty at the CFTC during the 2008 Global Financial Crisis.

UNITED STATES – MAY 22: Gary Gensler, chairman of the Commodity Futures Trading Commission prepares … [+] to testify before a Senate Banking Committee hearing in Dirksen entitled “Implementing Derivatives Reform: Reducing Systemic Risk and Improving Market Oversight.” (Photo By Tom Williams/CQ Roll Call)

Below are six documents that provide some clues as to the understanding and philosophy of cryptocurrency and blockchain by Brainard and Gensler. Spoiler alert: Brainard does not think bitcoin is very good as money and Gensler does not think bitcoin is a security. It is clear that they have the know-how and understanding to bring regulatory clarity for cryptocurrencies, stablecoins, and blockchain to U.S. markets, should that be a priority within the Biden Administration.

1) Governor Lael Brainard’s speech on October 7, 2016 called “Distributed Ledger Technology: Implications For Payments, Clearing And Settlement”.

Board of Governors of the Federal Reserve SystemSpeech by Governor Brainard on distributed ledger technology: implications for payments, clearing, and settlement

Brainard shares in this speech how the Fed is “paying close attention to distributed ledger technology, or blockchain, recognizing this may represent the most significant development in many years in payments, clearing, and settlement.” She highlights how cross-border payments and trade finance use cases could provide significantly faster processing and reduced costs.

Brainard also touches on smart contracts, and explains how one financial instrument may interact with a smart contract on blockchain technology. “To take a familiar example, for a corporate bond with a specified par value, tenor, and coupon payment stream, a smart contract would automatically execute payments on the specified schedule to the assigned owner over the life of the bond,” says Brainard.

Brainard highlights at the end that “…the public needs to have confidence that any system employing distributed ledgers will operate properly, particularly in stressed conditions, and know that when adverse scenarios do occur, there will be robust management and governance to respond effectively.”

2) October 16, 2019 Digital Currencies, Stablecoins, and the Evolving Payments Landscape by Governor Lael Brainard

Board of Governors of the Federal Reserve SystemSpeech by Governor Brainard on digital currencies, stablecoins, and the evolving payments landscape

Three years later, Brainard commented on how technology is driving rapid change in the way we make payments and in the concept of money. According to Brainard, “There is a long history of technological advances challenging the prevailing notions of money, from the trading of coins to the use of paper currency, to the electronic debiting and crediting of funds on the accounts of banks.” In other words, cryptocurrencies are not the first time that technology has challenged our notion of what money is.

Brainard then highlights the promise of Bitcoin, “Bitcoin was heralded as a new kind of digital money that would address frictions in payments as well as serve as a unit of account and store of value without the need for centralized governance.” However, Brainard indicates that ultimately, “…Bitcoin and some other early iterations of cryptocurrencies have exhibited extreme volatility, limited throughput capacity, unpredictable transaction costs, limited or no governance, and limited transparency, which have limited their utility as a means of payment and unit of account.”

Lael Brainard, governor of the U.S. Federal Reserve, arrives for a welcome dinner during the Jackson … [+] Hole economic symposium, sponsored by the Federal Reserve Bank of Kansas City, in Moran, Wyoming, U.S., on Thursday, Aug. 25, 2016. Two Federal Reserve officials argued the case for another interest-rate increase in interviews on the eve of an eagerly awaited speech by Chair Janet Yellen in Jackson Hole, Wyoming, that will be scoured for hints of a move that could come as soon as September. Photographer: David Paul Morris/Bloomberg

While not necessarily picking any one cryptocurrency or stablecoin as a gamechanger, Brainard hinted that perhaps we are at a new phase in our society in the evolution of money and payments. “Our nation has rich and varied experiences to draw on as we assess various proposals for private money, from the period in our history when the colonial states each issued their own currencies to the many decades when the circulation of private commercial banknotes stood in for a national currency,” noted Brainard.

3) August 13, 2020 An Update on Digital Currencies

Board of Governors of the Federal Reserve SystemSpeech by Governor Brainard on “An Update on Digital Currencies”

In the latest update from Brainard, she highlights the critical importance of stimulus payments from the ‘CARES Act’. Brainard points out that, “after a sharp reduction in spending early in the COVID-19 crisis, many households increased their spending starting on the day they received emergency relief payments under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and continuing for the following 10 days–especially households with lower incomes, greater income declines, and lower liquid savings.” Brainard argues how this “underscores the importance of immediate and trusted access to funds for the many households and businesses that face cash-flow constraints.”

Brainard describes in the speech how banks, fintech companies, and technology firms are all exploring the use of innovative technologies to, “enhance payments efficiency, expand financial inclusion, speed up settlement flows, and reduce end-user costs.” She touches on how digital currencies – including central bank digital currencies (CBDCs) -present opportunities but also “risks associated with privacy, illicit activity, and financial stability.”

As the conversation around CBDCs had increased in the U.S. over the last year with other countries considering adoption and conducting pilots, Brainard laid out the way CBDC had been explored by the Fed at the Board’s ‘Technology Lab’. Brainard notes, that it, “…has been building and testing a range of distributed ledger platforms to understand their potential opportunity and risk. This multidisciplinary team, with application developers from the Federal Reserve Banks of Cleveland, Dallas, and New York, supports a policy team at the Board that is studying the implications of digital currencies on the payments ecosystem, monetary policy, financial stability, banking and finance, and consumer protection.”

Brainard touched on how the Federal Reserve Bank of Boston had announced a collaboration with researchers at the Massachusetts Institute of Technology in a “multiyear effort to build and test a hypothetical digital currency oriented to central bank uses.” Michelle Bond, the CEO of the Association for Digital Asset Markets (ADAM) and former counsel on the Senate Banking, Housing, and Urban Affairs Committee during proceedings on the Dodd-Frank Wall Street Reform and Consumer Protection Act, commented that, “Governor Brainard’s launch of a partnership with the Massachusetts Institute of Technology is a welcome sign that she is eager to engage on digital asset issues. Her understanding of global policies and America’s leadership role, her past executive experience at Treasury, and her commitment to thorough, high-quality analyses are all important to shaping right-sized regulations for this growing industry.”

Brainard also mentioned how the U.S. worked with the CBDC international coalition of central banks  – and that while there were many experiments and projects looking at CBDC, there were both legal and policy questions that the Fed needed to further explore before issuing a CBDC.

4) April 23, 2018 ‘More Than 1,000 ICOs Are Not Following  the Law”

MIT Technology ReviewFormer regulator under Obama says more than 1,000 ICOs are not following the law

Gensler drew a great deal of attention at MIT after he had recently accepted the role of a Professor of the Practice at MIT Sloan and also as a Special Advisor to the MIT Digital Currency Initiative.

UNITED STATES – SEPTEMBER 30: Gary Gensler, chairman of the Commodity Futures Trading Commission, … [+] testifies during the Senate Banking, Housing and Urban Affairs Committee hearing on the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act, on Thursday, Sept. 30, 2010. (Photo By Bill Clark/Roll Call via Getty Images)

At a Business of Blockchain Conference at MIT in 2018, Gensler describes the lack of a public policy framework for blockchain tokens. “More than $10 billion has been raised via ICOs, a blockchain-based fund-raising method. But a significant fraction of these are fraudulent, and many were launched in a way that is not compliant with US securities laws established in the 1930s,” said Gensler

“We’re not in very good shape right now, “ Gensler warned. He then took the view that he thought both XRP and Ethereum are securities. Gensler commented on what was referred to as his ‘blockchain duck test’ in determining whether a blockchain token was a security. To the surprise of the moderator, Gensler claimed the ‘Crypto Kitties’ token was not a security.

5) July 17, 2019, Senior MIT Lecturer And Former CFTC Chairman, the Honorable Gary Gensler Testimony at the House Financial Services Committee Hearing on Facebook Libra

In his testimony, Gensler doubles down on his ‘duck’ analogy where he notes, “As Indiana poet James Whitcomb Riley wrote over 100 years ago, ‘When I see a bird that walks like a duck and swims like a duck and quacks like a duck, I call that bird a duck.” In his opening statement at the hearing, Gensler described that first and foremost the most important aspect of operating in financial services is having trust. Gensler then highlighted that Facebook was a company that was the farthest from a major public company that the U.S. public could trust and feel comfortable with to either protect their data or store their digital currencies.

Gensler highlights the number of risks in general that Facebook’s proposal brought, including investor protection, privacy, systemic risk, guarding against illicit activity, monetary policy, and others. Ultimately, it was clear from his previous judgments on XRP and Ethereum, that the broad Libra project and Calibra wallet represented serious threats to the financial ecosystem that he fully highlighted in his testimony.

6) November 20, 2019 ‘Cryptocurrency and National Insecurity’ 

MIT Digital Currency InitiativeDCI’s Neha, Rob and Gary engage in National Crisis Simulation ‘Cryptocurrency and national insecurity’. Review by The Harvard Gazette – MIT Digital Currency Initiative

For Gensler, the exploration of a simulation on how CBDC used by other countries may damage the U.S., this was nothing new as he had dealt with bringing the regulation of the notional derivatives market under the CFTC after the 2008 Global Financial Crisis. Personally having spent time as a former regulator at the FDIC in the Capital Markets group at FDIC, not fully recognizing risks that may be hidden in shadow banking and off-balance sheet assets is something that can be avoided through engaging in simulations as the one Gensler participated in here.

“Gary Gensler’s prior work on Dodd-Frank to elevate the CFTC is a testament to his ability to chart policy paths on important financial services issues. In his new role, he is likely to drive forward the creation of a roadmap for digital assets, and I welcome to the opportunity to work together again and share our membership’s policy perspectives and Code of Conduct as he brings into focus digital issues,” said Bond.

The Digital Currency Initiative – prior to the Covid-19 pandemic at the end of 2019 – hosted a ‘National Crisis Simulation’ describing the national security threat of cryptocurrency with a role-playing exercise that included Gensler. The crisis simulation, held at Harvard’s Business School, maps out the national security risks of crypto – where a new Chinese digital yuan is used to hide payments by North Korea in amassing nuclear weapons. As the simulation was titled, “Digital Currency Wars: A National Security Crisis Simulation,” it is evident that Gensler in his role in the Cabinet will be intricately familiar with the danger of the spread of CBDCs by foreign nations that represent threats to the U.S.

Belfer Center for Science and International AffairsCrisis Simulation Maps National Security Risks of Digital Currency

Source: www.forbes.com

Author: Jason Brett


Top 5 cryptocurrencies to watch this week: BTC, ETH, LINK, LEO, XEM

Top 5 cryptocurrencies to watch this week: BTC, ETH, LINK, LEO, XEM

Select altcoins are moving higher as Bitcoin prepares for a renewed push to $16,000

This week Bitcoin (BTC) price nearly hit a new multi-year high at $16,000 and legendary investor Bill Miller told CNBC that the law of supply and demand favors BTC. While the supply is increasing by about 2.5% a year, “the demand is growing faster than that.” Miller expects every major bank, high net worth firms, and investment banks to “eventually have some exposure in Bitcoin.” 

Although Bitcoin’s volatility remains high, Miller expects investors to focus on the staying power of Bitcoin as the risk of it ever going to zero is much lower than before.

At the current market capitalization of over $284 billion, Bitcoin would rank 18th when compared with publicly listed U.S. companies. Only Mastercard, JPMorgan Chase, and Visa are ahead of Bitcoin in terms of market cap.

However, after multiple media outlets announced Joe Biden as the winner of the 2020 Presidential election, the uncertainty of a long-contested ballot counting process have ended. Now market participants can focus on the first few decisions of the President-elect before aggressively buying or selling crypto assets.

If the bullish sentiment sustains, these top-five cryptocurrencies could outperform in the short-term. Let’s analyze the charts to spot the critical support and resistance levels on each of them.

Bitcoin (BTC) is currently in a corrective phase within a strong uptrend. When the sentiment is positive, traders view dips to strong support levels as a buying opportunity because it offers a low-risk entry point.

The correction on Nov. 7 pulled the relative strength index down from deeply overbought levels, suggesting a shakeout of weak hands. However, the upsloping moving averages suggest that the path of least resistance is to the upside.

As the BTC/USD pair has run up sharply in the past few days, it may consolidate the gains by entering a range-bound action for a few days. Such a move will help the pair to form a strong base needed for the assault on the all-time highs.

Hence, the possibility of the pair remaining between $14,000 to $16,000 for the next few days is high.

A break above $16,000 could resume the uptrend with the next likely stop at $17,200 while a break below the 20-day exponential moving average ($13,793) may tilt the advantage in favor of the bears.

The correction from $15,956.26 took support just above the 50-simple moving average on the 4-hour chart. The bulls are currently attempting to resume the up-move but have hit a wall at the downtrend line.

If the price turns down from the downtrend line, the bears will again try to sink the price below $14,000. However, the bulls are likely to step in and buy this dip.

Conversely, if the bulls push the price above the downtrend line, a retest of $15,956.26 is possible. A breakout of this resistance could start the next leg of the uptrend.

Ether (ETH) is currently trading inside a rising wedge pattern. The bulls attempted to push the price above the wedge on Nov. 7 but failed to sustain the higher levels.

However, the positive thing is that the bulls have not given up much ground and are currently attempting to resume the up-move. The upsloping 20-day EMA ($405) and the RSI above 66 suggests that the bulls have the upper hand.

If they can push and close the price above the resistance line of the wedge, it will invalidate the bearish pattern.

The sellers may attempt to stall the rally at $488.134 but if the bulls can propel the ETH/USD pair above this resistance, a rally to $520 and then to $550 will be on the cards.

Contrary to this assumption, if the pair turns down from the resistance line of the wedge, the bears will try to pull the price back to the support line of the wedge. A break below the wedge may tilt the advantage in favor of the bears.

The 4-hour chart shows that the bulls have defended the 20-EMA, which is a positive sign. This shows that the sentiment is bullish and the buyers are accumulating on dips to strong support levels.

If the bulls can push the price above $455, the pair will then try to resume the up-move by breaking above $468.

This bullish view will be invalidated if the pair turns down from the current levels or the overhead resistance and plummets below $424. Such a move could drag the price down to $395.

Chainlink (LINK) has formed an inverse head and shoulders pattern that will complete on a breakout and close above the overhead resistance at $13.28. This bullish setup has a target objective of $19.2731.

The 20-day EMA ($11.36) has started to turn up and the RSI has risen into the positive zone, which suggests that the path of least resistance is to the upside.

The bulls are currently attempting to push the price above the overhead resistance. If they succeed, the uptrend could resume.

This bullish view will be invalidated if the LINK/USD pair turns down from the current levels or the overhead resistance and plummets below $9.7665. Such a move could signal an advantage to the bears.

The bulls had pushed the price above $13.28 but they could not sustain a breakout, which shows that the bears are defending this level.

However, the positive sign is that the bulls purchased the dip to the 20-EMA. This suggests that the sentiment is to buy the dips. If the bulls can drive the price above $13.28, the next leg of the up-move could begin.

If the price turns down from the overhead resistance, a few days of range-bound action is possible. A break below the 20-EMA will be the first sign that the upside momentum has weakened.

Unus Sed Leo (LEO) had repeatedly turned down from $1.29 levels in the past few weeks. This shows that the bears aggressively sell when the price reaches this resistance.

The bulls are currently attempting to push the price above the resistance and sustain it. If they succeed, the LEO/USD pair could start the next leg of the up-move that can carry it to $1.35 and then to $1.46.

The upsloping moving averages and the RSI in the positive territory suggest that the bulls have the upper hand.

However, if the pair fails to sustain above $1.29, the bears will try to pull the price back below $1.23. Such a move could open the doors for a fall to $1.16.

The 4-hour chart shows that the bears have dragged the price to the 20-EMA. If the pair rebounds off this support, it will indicate buying on dips. If the price sustains above $1.29, the first target objective on the upside is $1.35.

Contrary to this assumption, if the bears sink the price below the 20-EMA, a drop to the 50-SMA is possible. If this support also gives way, the price could extend its decline to $1.23.

NEM (XEM) soared above the moving averages and reached the overhead resistance at $0.126 on Nov. 6. The bears have defended this resistance for the past few weeks and they again tried to pull the price down on Nov. 7.

However, the positive thing is that the bulls did not allow the price to dip below the 50-day SMA ($0.111). This suggests that lower levels are attracting buying as traders anticipate the rally to extend in the short-term.

The 20-day EMA ($0.107) has turned up and the RSI has jumped into the positive zone, which suggests that the bulls are back in the game.

If the buyers can propel the price above the $0.126 to $0.132 resistance zone, a rally to $0.140 and then to $0.160 is possible.

This bullish view will be invalidated if the XEM/USD pair once again turns down from the overhead resistance and dips below the moving averages. Such a move will suggest that the bears are aggressively defending $0.126.

The 4-hour chart shows that the bulls had pushed the price above $0.126 resistance but they could not sustain the bear onslaught. As a result, the price dropped down to the 20-EMA.

However, the strong rebound off the 20-EMA shows that the bulls are aggressively buying at lower levels. They are currently trying to push the price above $0.126. If they succeed, a move to $0.132 is likely. The bears may again try to defend this level.

If the price turns down from the current levels or $0.132, the bears will try to pull the pair below $0.11. On the other hand, if the bulls drive the price above $0.132, the momentum could pick up.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Source: inula.org

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Top 5 cryptocurrencies to watch this week: BTC, ETH, LINK, LEO, XEM


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