The price of cryptocurrencies has dropped by 60% in the last few months. This has made it hard to deny that we are in a bear market. The prices for smaller assets such as ZCash also decreased by over 80%, and other significant drops were noted across the board.
Table of Contents
Bitcoin (BTC)
New addresses continue to be created daily and experience growth in their balance during this bear market. $BTC has been losing value while the number of people holding it over a year has increased. Existing addresses have been adding to their balance significantly during this sell-off, reaching an average high.
From a 1D perspective, the price action of $BTC /USDT has formed a rectangle chart pattern. The price is consolidating smoothly inside the rectangle. It is going to break the resistance of the rectangle. Therefore we have to wait for a successful breakout to confirm its further upward bullish rally.
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Ethereum (ETH)
Ethereum’s testnet is about to undergo a key transformation, converting from Proof of Work to Proof-of-Stake. This upgrade will lay the foundations for integrating it into the main Ethereum blockchain. Ethereum is currently the leading altcoin, with many enthusiasts and experts predicting its value to increase by as much as 400% by 2022.
In the 4H timeframe, the price action of $ETH/USDT has formed a descending triangle chart pattern. The price is near the strong resistance. Currently, the price is going down. We must wait for a breakout or breakdown to confirm its next direction.
Bitcoin SV (BSV)
Bitcoin SV is the perfect solution that provides a way for the world to use crypto efficiently, with little power usage and no regulatory issues. There are many supporters of Bitcoin SV in the crypto-sphere, but its functionality and technical foundation are still widely recognized in the industry. The Bitcoin SV Transpiler is a new tool that allows you to transcribe Ethereum smart contracts as sCrypt smart contracts.
In the 3H timeframe, the price action of $BSV/USDT has formed a rising wedge chart pattern. The price is moving inside the wedge. Therefore we have to wait for a breakout or breakdown.
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ICON (ICX)
ICON (ICX) is a cryptocurrency that acts as an intermediary for the exchange. The ICON project has five major components: the ICON Republic, ICON communities, community representatives (C-Rep), community nodes (C-Nodes), and citizen nodes. Based on ICX’s price prediction, ICX may be a good investment in the cryptocurrency market.
From a 4H perspective, the price action of $ICX /USDT has formed an ascending triangle chart pattern. The price is testing out in the resistance zone. We have to wait for a successful retest. Then we will enter it.
Neo (NEO)
NEO is a high-performance blockchain platform that provides smart contracts and digital assets. The current NEO price prediction is optimistic. However, many AI analysts believe it will have a successful future. It has solid fundamentals and is one of the top cryptocurrencies that are secure.
In the 1D timeframe, the price action of $NEO /USDT has formed an ascending channel chart pattern. The price is working inside the channel. We have to wait for a successful breakout to confirm its next move.
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Closing Thoughts
Discipline and Patience are the most important components of a successful trade. According to the above analysis, the coins we just discussed about might make you decent gains if other market conditions prevail favorably. Again, it’s your hard-earned money that you’ll be using. Do Your Own Research before investing.
Disclaimer: Our analysis is for educational purposes.
