Bitcoin broke past the $13,000-level over the last few days, before pulling back to $12,937, at press time. This has only furthered the cryptocurrency’s store of value narrative, with Michael Novogratz, CEO of Galaxy Digital, recently claiming that Bitcoin would not be used as a transaction currency five years from now. In fact, a lot of smart money is moving into the crypto-space too.
As far as the market’s altcoins are concerned, Binance Coin broke beneath an ascending trendline and could see a pullback to $29. Further, STEEM and VeChain could see some losses in the near-term.
Binance Coin [BNB]
Source: BNB/USDT on TradingView
Using the Fibonacci Retracement level on BNB’s move up from $18 to $33.31, we can see the 23.6% and the 38.2% retracement levels at $29.75 and $27.5.
The RSI dipped under the neutral 50-mark, and the gathering bearish momentum could force BNB down to $29.
The crypto-asset has been trending upwards since early-September, as highlighted by the cyan trendline. In fact, just recently, the price closed beneath it and re-tested the trendline as resistance, suggesting that a period of consolidation for the asset might follow soon.
Steem [STEEM]
Source: STEEM/USDT on TradingView
STEEM’s charts underlined a bearish divergence between the price and the buying volume (white). The cryptocurrency’s price made a higher high while the OBV saw a fall in buying volume. Subsequently, STEEM dropped from $0.164 to $0.157, at press time.
The CMF showed that the market saw some capital flowing out of the market in recent days, affirming the findings of the OBV.
However, if the market bulls do mount a comeback over the next few trading sessions, STEEM could see another wave of selling pressure, a wave that pushes it towards $0.152, although $0.155 can also offer some support.
VeChain [VET]
Source: VET/USDT on TradingView
VeChain was on a long-term downtrend, based both on the lower highs it has set since mid-August and the fact that the 200 SMA (purple) was moving above the 100 SMA (pink).
If the short-term outlook were to be taken into consideration, the 20 SMA (white) had snaked above the 50 SMA (yellow), indicating an uptrend. The MACD has also been bullish over the past few days, but it formed a bearish crossover above zero to give a weak sell signal.
VET can find support from the moving averages, but the 200 period moving average would be the most significant in this context. The price recently broke with the momentum past it, and a failure to hold above it could give the market’s bears some impetus.
