Cryptos rock again – While the summer had calmed the selling momentum experienced since the beginning of the year, it seems that the start of the school year is not going to be easy for cryptocurrencies. Bitcoin once again fell below $19,000, leaving room for sellers to make a new low in this bearmarket. Altcoins have followed the downward movement, but some continue to outperform BTC. Ethereum appears to be carrying the market at arm’s length days away from the long-awaited The Merge event, but it’s not alone in being strong against Bitcoin. Exchange tokens have nothing to envy to the eternal number two. After a small fall, have token exchanges started to perform again?
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The token exchange index continues to fall
Bitcoin’s fall hasn’t done altcoins any good, and the token exchange industry did not escape it. Despite a remarkable solidity in this bearmarketthe index undergoes the force of the sellers :
Last week we were talking about the fragility of the index price with a rejection at the level of the first stop (0.382 Fibonacci retracement) and the difficulty of getting back above the institutional bias (EMA 9/EMA 18). As we can see, the price is struggling to keep the support and seems to be heading towards reloading area (0.618-0.786 Fibonacci retracement). This zone should benefit the buyers, the price must bounce in this area to avoid a new low.
In this unit of time, the dynamic is again bearish, buyers will have to show up to change the trend. Momentum continues to waver at the bearish trendlinethe RSI would have to evolve frankly above it.
Binance Coin: rebound here or direction $215
The rebound at $275 which we were talking about last week is taking time to be put in place. Be careful not to overtest the supportbecause it might drop:
The course broke the bullish trendline and stagnates around $275. the first stop is currently held, but buyers are struggling to get the price above the two EMAs. In case of weakness on Bitcoin, Binance Coin could quickly join the reloading area Between 215 $ and $240.
The momentum is brittle, the RSI has gone back below the bearish trendline. While the bulls are going to need strength to rebound here, the momentum is just showing weakness on the buy side.
BNB continues to outperform bitcoin in this bearmarket :
BNB has outperformed BTC for over a year and, despite the bearmarket, the underlying trend continues. Recently, the BNB offered itself the luxury of making a new high against BTC. We feel that this asset could explode if the dollar lost strength.
the stochastic continues to show that the momentum is in the hands of the buyers. As long as the stochastic is in overbought zone, the trend may continue as well. Once the trendline is broken and the stochastic returns to the neutral zone, it will be necessary to be vigilant.
FTX’s token close to support at $24
the first stop is already broken for the FTX token (FTT), it could bounce in the reloading area located between $23.5 and $25.5. Review the asset at the level of support does not seem improbable, especially since the institutional bias resists.
The momentum is always brittle, the RSI is moving below the bearish trendline. The momentum is therefore not yet to the advantage of buyers. The dollar remains strongwe see it once again on this asset which remains efficient against Bitcoin:
The FTX Token continues to be very efficient against bitcoin. If we consider that the part in purple on the graph is a DETOURthe course validates the exit of the bullish right triangle marking a new high. In an uptrend, returns to the level of the institutional biases are usually good buy levels.
Coinbase feverish under $70
Coinbase is trying to recover after several months of decline. We feel that it is not yet won for the giant Coinbase which falls by more than 45% in just a few weeks. Here is the Coinbase chart against the dollar:
Coinbase had managed to get out of its zone of tidy Between $70 and $53. The course was again bullishbut the buyers failed to exceed the bearish trendline. As long as the price remains stuck below it, sellers can regain control at any time. the institutional bias is again bearish and the price evolves under the resistance at $70. Buyers are now blockedand the sellers could push to lower the price to the next support at $53.
Ever since Coinbase went public, cryptocurrencies have had their best. If Coinbase is building a market low, that would be a good sign for cryptos. For this, it will be necessary to exceed the bearish trendline and stay above the $70 area who remains undecided.
The momentum, for its part, is trying to recover at around 40 of RSI. There were no divergences to show any weakness on the long side. We should continue to keep this uptrend on momentum. A trend that started in mid-May 2022.
Ethereum is not the only token carrying the cryptocurrency market. The token exchange sector continues to outperform Bitcoin. The Binance Coin and the FTX Token seem well on board to continue in this dynamic. Against the dollar, these assets have more difficulty, but this is the case for a lot of risky assets at the moment, and even for gold which is a safe haven asset. When the dollar loses its strength, these assets could recover in value. As long as they remain strong against Bitcoin, they will recover faster on falls and explode stronger on rises.
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