Mina, Bitcoin And Ethereum Outshine!

MINA ANALYSIS: OCTOBER, 2021

Market Structure:

Mina is the world’s lightest blockchain network which is building a privacy-preserving gateway. Here’s the market structure of Mina.

Mina is trading at $4.206. The market structure of Mina is bearish as the coin is making lower-highs and lower-lows on the daily chart. The coin is consolidating in a symmetrical triangle formation, thus a breakout or a breakdown looks imminent. However, looking at the market structure of the coin, the probability of a breakdown of the lower trendline is higher. The volumes for the past couple days have been below average highlighting the lack of participation of buyers and sellers. The 20-day exponential moving average is acting as a resistance, thus driving the coin to a breakdown.

On the hourly chart, the coin is giving a very choppy move as there is no clear directional bias. The coin is making huge wicks on both sides, confirming the indecisiveness among the buyers and sellers. A clear breakout above the upper trendline or a breakdown below the lower trendline must be seen in order to determine the future trend.

Mina analysis
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating mild price weakness for the coin in the short-term. The hourly RSI is below the neutral region due to a choppy move. It stands at 45.64 and has the potential to go higher.

The MACD is below the signal line due to the slight dominance of the sellers.

Mina analysis
Source: tradingview

Conclusion:

On the breakout and close above $4.254, $4.358 and $4.4 are the targets on the upside.

On the breakdown and close below $4.165, $4.11 and $4.044 are the targets on the downside.

BITCOIN ANALYSIS: OCTOBER, 2021

Market Structure:

Bitcoin is the largest cryptocurrency in the world, developed to fight against centralization and fiat currencies. Here’s the market structure of Bitcoin.

Bitcoin is trading at $61000. The market structure of Bitcoin is extremely bullish as the coin has recently made a new all-time high of $67000. The coin has since retraced to the 23.6% Fibonacci retracement level, which constitutes a health rally. However, the intensity of Bitcoin’s rally in the past two weeks calls for more retracement, thus Bitcoin could retrace further to the 38.2% and 50% retracement levels. A major support exists at $56855 as institutional buying was prominent at that level. On the other hand, the swing high between $66000 and $67000 will act as a supply zone where people will book their profits.

On the hourly chart, the coin has made multiple supply order blocks. One order block ranged from $66273 and $67000 and another one ranged from $63667 to $64063. These levels will be closely watched by the investors in the coming week as Bitcoin ends its retracement and continues its bullish trajectory.

Bitcoin analysis Mina
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating mild price weakness for the coin in the short-term. The hourly RSI is below the neutral region due to rejections from the supply order blocks. It stands at 40.84 and has the potential to go lower.

The MACD is above the signal line due to the mitigation of the supply from overhead levels.

Bitcoin analysis Mina
Source: tradingview

Conclusion:

On the breakout and close above $61625, $62508 and $63680 are the targets on the upside.

On the breakdown and close below $60450, $60000 and $59000 are the targets on the downside.

ETHEREUM ANALYSIS: OCTOBER, 2021

Market Structure:

Ethereum is the second largest cryptocurrency in the world after Bitcoin, designed to build a booming digital economy. Here’s the market structure of Ethereum.

Ethereum is trading at $4010. The market structure of Ethereum is extremely bullish as the coin made a new all-time high of $4375 before retracing from the highs. According to the Fibonacci levels, the coin has retraced by 23.6%. Major supports exist at $3717 and $3513 as per the 38.2% and 50% Fibonacci levels.

On the hourly charts, the coin has made consecutive lower-lows, thus highlighting the participation of sellers. Supply order blocks are prominent between $4308 and $4375. Another immediate supply order block is between $4140 to $4175. The coin must close above the said levels after completing its retracement to continue its ongoing momentum.

Ethereum analysis
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating mild price weakness for the coin in the short-term. The hourly RSI is below the neutral region due to rejections from the supply order blocks. It stands at 45.60 and has the potential to go lower.

The MACD is above the signal line due to the mitigation of the supply from overhead levels.

Ethereum analysis
Source: tradingview

Conclusion:

On the breakout and close above $4046, $4145 and $4180 are the targets on the upside.

On the breakdown and close below $3969, $3890 and $3850 are the targets on the downside.

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