Although sentiment drives prices in the short-term, fundamentals play a major role in determining long-term price action.
If the buyers can push the price above the resistance line of the channel, the pair is likely to pick up momentum.
We will wait for the price to sustain above the descending channel before turning positive.
Conversely, if the price turns down from the moving averages at $3 or from the resistance line of the channel at $3.30 and plummets below the recent low of $2.7539, the pair will turn hugely negative.
Contrary to our assumption, if the price turns down from the downtrend line, the pair might consolidate between $7,856.
If the price turns down from $0.0163957 or from the 20-week EMA, it might remain range-bound for a few more weeks.
We will wait for the price to rise and sustain above $0.0163957 before turning positive in the short-term.
If the price turns down from the moving averages, the bears will again attempt to sink the pair to the critical support at $5.58.
We will wait for the price to bounce off the support at $5.58 or sustain above the moving averages before turning positive.
A break below the recent low of $0.83712 can drag the price to $0.65.The pair will show strength if it sustains above $0.941.
Top-5 Cryptos This Week: HT, BTC, TRX, NEO, LEO
Publicado en Dec 22, 2019
by Cointele | Publicado en Coinage
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