The Chairman of the United States Federal Reserve, Jerome Powell has cleared the air of false rumours of the reserve’s planning to launch their own virtual currency. He gave the reason behind not launching their cryptocurrency is cybersecurity problems. On the other hand, China might launch its cryptocurrency around 11 November and if the currency becomes popular and proved itself successful, then the pressure on the other countries central bank will increase.
The next few months, there are many events to held and experts are positive the cryptocurrencies will have positive outcomes from those. The first event is the release of Bakkt futures at the end of this month. The experts of the cryptocurrency market think that both bulls and bear will try to take control of the market. Here is the analysis of 5 top gaining cryptocurrencies of the market.
Bitcoin (BTC/USD): The biggest cryptocurrency Bitcoin has maintained its place around 70% mark in the previous week. This firm increase in the Bitcoin’s value has impacted on altcoins. The Hedge Fund Manager and co-founder of Blockroots, Cantering Clark said that the altcoin will grow only after the dominance of Bitcoin decreases by 40% and the Bitcoin moves to the new mark. Bakkt future also launch will also impact on the movement of Bitcoin.
Also, the mystery transfer of 94,504 BTC has become the talk of the town and this made the receiver’s wallet one of the richest address of Bitcoin, also not related to exchange. The experts think that the pair of BTC/USD will experience a sharp increase and it will also trend line the symmetrical triangle. This also might the signal for bulls when the pair decreases up to the strong support value of $9,080 and it also increases to the symmetrical triangle downtrend line.
If the breakout happens then it is a positive sign and the target could be around $15,376.96. So, the investor to halt the loss around $9,000 can buy on the closing time. The moving averages and the RSI of the currency are over 50 and this means the bull is showing the positive sign. If the price of Bitcoin decreases then the value could go up to as low and even below $9,080. The value of bearish pressure could touch up to $7,451.63 to $7,337.78 and this will the support zone. If this happens then the chances of the new high in this year will demolish.
Bitcoin Cash (BCH/USD): The world’s second-biggest fantasy sports service company, Fanduel is providing its support for the virtual currencies. It is also supporting Bitcoin Cash for the individuals to top their BCH accounts. A conference of Bitcoin Cash, which one of the biggest conferences in the world was held in the Townsville city of Australia. This held to provide support for virtual currency remittance and adoption of crypto.
Unfortunately, the network was not able to make transactions of the large blocks that have a size around two megabytes or larger than this. This was stated by one of the lead developers of the Bitcoin Cash. The pair of the BCH/USD is trying to go above the head and shoulder (H&S) pattern and this displaying that bulls can protect itself. If the value doesn’t go beyond $360 and then the bear could again try to break down the neckline. If the bear is successful in doing this then the price could go up to $105.
But, if the bulls overtake it and price could move above $360 then the next target would be around $515.35. If this happens then the bearish pattern will be nullified and then the investors can invest for long positions.
EOS (EOS/USD): It is ranking as the second-best perform.er in the crypto industry. The currency has gained around 10% in the previous week and the pair of EOS/USD is trying to improve the decreasing move. The EMA of 20-fay is going down and the RSI is also in the red zone, this shows that bears are in control.
Bulls are trying to defend the support at the value of $3.1534, this value also has been examined for three times and the bears are not able to break down. If bulls are able to take the price above decreasing channel then it is a positive thing for EOS. If bulls take control then the next target is $4.8719. The moving averages are also situated just around this resistance level and that’s why this display the new uptrend in the market. It can also be bought around the stops under the recent low values. The aim is to take the value back towards the $9 in the medium period.
Monero (XMR/USD): It is also one of the best performers in the market. The current totally increased by 15% in the previous week. The experts think that the pair of XMR/USD has created a wedge pattern on the decreasing channel. If the break out happens from this pattern then the value could go up to the value of $97.9733 and the next target would be $120. Then the passionate investor can purchase around close overhead the wedge and halt the loss at $65.
If the things go left from the above assumption if the value didn’t sustain overhead the wedge pattern and the bears will again attempt to break the value towards the downside. This value could decrease up to $40 and little support the value of $60 also will be broken. The RSI is just under the midpoint and the two moving averages are smashed in the short term, which is signal consolidation.
Dash (DASH/USD): The currency has now alliance with the IQ CashNow, this company is a specialist in making ATMs for cryptocurrency. This move by the DASH can add around 1,000 more traders who accept the cryptocurrency DASH and combine around 250 more ATMs. The DASH Investment Foundation has made schemes about investing instead of the DASH network.
The previous week the August, the pair of DASH/USD decreased under the Fibonacci retracement level of 78.6%, this is a bearish movement signal. On the usual basis, the next move is predictable and this will usually be succeeded by the 100% of retracement, then the value of the currency will decrease up to $58.49. This is will be the new yearly low and it will be a big negative point.
On the other hand, bulls are trying to come back and they have to face resistance which is the previous support $95.4264. Overhead this stage the next resistance will be around the downside moving averages. The experts are saying that traders should stay sidelines because of the weakness in the virtual currency.