Bitcoin drags Monero, Tezos, and Basic Attention Token into large losses

Published on by Cryptoslate | Published on

The support given by the 100-twelve hour moving average, around $10,900, was violated.

This moving average currently sits around the middle line of the descending parallel channel where Bitcoin has been trading since June 26.

A break below the 150-twelve hour moving average will signal a plunge to the 200-twelve hour moving average or the bottom of the descending parallel channel.

Even though the moving averages suggest that Monero could continue declining to around $82, the Adam and Eve double bottom pattern that formed on the 12-hour chart indicates otherwise.

A move above the 100-day moving average could hint at a continuation of the uptrend.

As a matter of fact, the moving average convergence divergence, which is commonly used to follow the path of a trend and calculate its momentum, recently had a bearish cross on the 1-day chart.

Over three days ago the 12-month exponential moving average moved below the 26-month exponential moving average, signaling a further decline.

Due to the high volatility that Tezos experienced over the last month, a move above the 23.6 percent Fibonacci retracement level or the recent high of $1.64 could signal the continuation of the bullish trend.

Following its high of $0.503 on April 21, Basic Attention Token entered a bearish trend that has taken its price down to $0.187, representing a 63 percent plunge.

Although Basic Attention Token is on a bearish trend since April-over the last month BAT, XMR, and XTZ seem to be closely tethered to Bitcoin's price action.

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