Bounce in progress for cryptocurrencies – The year 2023 started well, like the Bitcoin up 30%. BTC therefore appears to be attracting capital and its dominance is soaring. A week after announcing the layoff of 20% of its workforceCoinbase price shows a more than 80% increase. Institutional players seem interested in cryptocurrencies again, will the dynamics be bullish in the face of this craze? It’s Exchange Token Weekly!
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Despite Bitcoin’s rebound, Binance Coin remains in bearish momentum
Bitcoin has changed momentum short term with this pretty rebound in 2023. It seems altcoins are less attractivesuch as Binance Coin (BNB). Indeed, BNB is recovering, but the short-term momentum remains bearish :
The course is registered in a tidy Between $330 And $215. To restart a bullish momentum on a weekly basis, buyers will need to close above $400. Recently, the BNB broke the downtrend line and bounced off it, but the momentum still remains fragile.
Falling under $250 on December 15, the BNB made a high and a low on the downside. This shows that the momentum is in the hands of the sellers, until proven otherwise. However, this rebound does not change short-term dynamics. For the moment, the price is going up in « V bottom“, a structure that remains fragile. To change momentum, the price might drop towards the brackets at $260then go up and break the last vertex in $314.
As explained in the introduction, Bitcoin attracts capital. Given the situation, it seems logical that the price of the BNB/BTC pair will show signs of restlessness :
Last week we identified the two possible scenarios for the price of the BNB/BTC pair. It seems that the course has chosen the scenario materialized by the red arrow. The price stumbled against the institutional bias (EMA 9/EMA 18), slips dangerously below the support. It seems entirely possible that the courses will merge with each other weekly support. For now, the dynamic remains bearishit will be necessary to mark a higher peak than the previous one to change momentum.
The momentum is bearishthe RSI has made a new low below 41. The momentum will remain fragile as long as it evolves under the downtrend line.
Coinbase Punishes Sellers, Climbs Over 80%
The Coinbase course is interesting to study, because provides clues about institutional actors. This movement shows some interest in cryptocurrencies. For buyers, the goal was to get back above the resistance at $48. With this huge rebound, the buyers managed to get the sellers to fold:
The movement below the technical level a $48 It seems a DEVIATION. Theoretically, the price has returned to its tidy Between $48 And $80the goal now is to get back to the level of resistance at $80. Please note that this rebound took place on a fragile “Bottom V” structure, so we remain cautious. You will have to break the downtrend line and change the dynamics to avoid a new wave of decline (green Arrow).
From the part of momentum, the situation is improving. After several months under the downtrend line, the RSI is moving above. We will need to continue to show momentum with rising lows and highs. In case of fence above 53 of RSI, momentum would mark a bullish divergence.
Could OKB drop to $22?
The OKX platform token is present uptrendbut the price struggles to overcome the resistance at $32. It has been several times that the price has stalled at this level in just a few days, a rejection cannot be excluded:
To restart the bullish momentum on a weekly basis, the price must close above $34. However, for now, the price is stuck at the resistence. Don’t forget that the course is in a tidy Between $32 And $10. Therefore, a new rejection would not be unlikely. Also, the momentum is at the level of a resistance zone on CSR and in overbought zone. So, a return to $22 it is entirely possible.
If buyers can get through the resistence and cause the price to close above $34the momentum would continue and the first theoretical target is around the latest all-time high at $44.
Kucoin Back to $8.5 Soon?
The KCS rebounds at the level of $6.50 weekly supportbuyers have the option to push up to resistance at $8.5 :
The price evolves under the downtrend lineAs long as this is the case, sellers have a chance to regain control. The course goes to resistance at $8.5, might be rejected at first. The momentum is at the level of a double resistance :
- The resistance to 55 from RSI: this has caused the price to retreat several times since February 2022. A new rejection cannot be ruled out.
- The downtrend line : a trendline that was created in February 2021. It has been ever since two years for the RSI to move below this downtrend line.
If the RSI can get out of this double resistance, a large-scale movement could take place. Kucoin Exchange Token Price Ready to Punish Sellers?
the Binary currency bounces and evolves above $260, but momentum remains bearish in the near term. The pair BNB/BTC shows fragility, even if Bitcoin seems to attract capital. On the US market, Coinbase surprises and records an increase of more than 80% in a matter of days, taken away by Cathie Wood. The price is back in the $48-$80 range, which is good news for cryptocurrencies. OKB remains stuck below the resistance at $32, it seems possible that the price stalls and moves back to the support level at $22. The KCS is bouncing off the $6.5 support level, a return to the $8.5 resistance level seems possible. The token exchange sector is recovering, but there are still many resistances to overcome before a long-term uptrend can begin.
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