Summary:
– Bitcoin’s velocity has declined to a 3-year low, which may be viewed as positive or negative depending on the perspective.
– JPMorgan analysts believe Bitcoin’s downtrend could be ending, based on the declining open interest in Bitcoin futures contracts.
– Several altcoins show signs of strength and may offer short-term trading opportunities.
Bitcoin price analysis:
- Bitcoin is currently in a range-bound action, with the next directional move unclear.
- The downsloping 20-day exponential moving average and oversold RSI indicate bears are in command.
- If buyers push the price above the 20-day EMA, a possible rally to the 50-day simple moving average may occur.
- If bears pull the price below $24,800, a downtrend to $20,000 is possible.
Toncoin price analysis:
- Toncoin is forming an inverse head and shoulders pattern.
- If buyers break and close above $1.53, a new uptrend towards $1.91 could start.
- Bears will try to guard the $1.53 level and pull the price below the moving averages.
Monero price analysis:
- Monero shows support at the uptrend line and a potential rebound.
- A climb to the 20-day EMA and 50-day SMA is possible, but bears continue to sell on rallies.
- A break below the uptrend line could result in a slide to $125 and $115.
Mantle price analysis:
- Mantle has been in a strong downtrend since July 20.
- An outside-day candlestick pattern suggests a relief rally is possible.
- A rise to the 20-day EMA and the 38.2% Fibonacci retracement level could occur.
- A turn down from the 20-day EMA may result in a retest of support at $0.41.
Quant price analysis:
- Quant rebounded off strong support at $95 and rose above the moving averages.
- A push to the downtrend line could indicate a change in sentiment from selling on rallies to buying on dips.
- A rally to $120 is possible if the price breaks above the downtrend line.
- A break below the moving averages may result in a slide to the support at $95.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
