For this 03/06/2022, we look at cryptocurrencies making waves from Technical Analysis Perspective.
Traders of different trading timeframe philosophies would agree that it is important to gain an understanding of a currency pair's price action. This importance varies among traders, but it still remains important as traders look to buy low and sell high. Every day presents new opportunities to examine cryptocurrencies and their price movement (technical analysis).
Let’s examine the cryptocurrencies that have made the most recent technical analysis moves with various indicators. This is not an exhaustive list, this is just a selection of cryptos that have made a significant movement or have made a shift. None of the below is financial advice, you are encouraged to do your research before trading or investing in any securities. Cryptocurrency positions carry risk of loss of investment principal.
Cryptocurrency #1:DSHUSD
Right now, the hourly trend is an downswing and the Bollinger Bands help confirm it as the price is nicely contained within 1-2 Standard Deviation levels below the mean.
DSHUSD is appearing bearish according to the Moving Average Convergence Divergence (MACD) indicator on a daily chart with the common default settings of a 12 day Exponential Moving Average less the 26 day Exponential Moving Average with the 9 day Exponential Moving Average to be used as the Signal Line. The signal line crossed below the MACD Line and the MACD Histogram crossed below the Zero Line in the previous trading day on the daily chart.
Cryptocurrency #2:ESSUSD
The Moving Average Convergence Divergence (MACD) indicator for ESSUSD on a hourly chart has shown a bullish signal, the signal line crossed above the MACD Line and the MACD Histogram crossed above the Zero Line in the previous trading hour on the hourly chart.
ESSUSD is appearing bullish according to the Moving Average Convergence Divergence (MACD) indicator on a daily chart with the common default settings of a 12 day Exponential Moving Average less the 26 day Exponential Moving Average with the 9 day Exponential Moving Average to be used as the Signal Line. The signal line crossed above the MACD Line and the MACD Histogram crossed above the Zero Line in the previous trading day on the daily chart.
Cryptocurrency #3:MOBUSD
On the hourly chart for MOBUSD, the Moving Average Convergence Divergence (MACD) is showing a bearish signal, the signal line crossed below the MACD Line and the MACD Histogram crossed below the Zero Line in the previous trading hour on the hourly chart.
The daily trend is an downswing and the Bollinger Bands support this case, the price is contained between the first and second Standard Deviation levels below the mean.
Cryptocurrency #4:OMNUSD
The hourly price is below the cloud (kumo), the price is below the Kijun Sen (a measure of the average of the highest high and lowest low over the last 26 periods, which happens to be hours on a hourly chart), and the Tenkan Sen (a measure of the average of the highest high and lowest low over the last 9 periods, which happens to be hours on a hourly chart) is below the Kijun Sen. All of this points to a bearish trend.
The daily price is below the cloud (kumo), the price is below the Kijun Sen (a measure of the average of the highest high and lowest low over the last 26 periods, which happens to be days on a daily chart), and the Tenkan Sen (a measure of the average of the highest high and lowest low over the last 9 periods, which happens to be days on a daily chart) is below the Kijun Sen. All of this points to a bearish trend.
The daily trend is an downswing and the Bollinger Bands support this case, the price is contained between the first and second Standard Deviation levels below the mean.
Cryptocurrency #5:REPUSD
The hourly trend is an downswing and the Bollinger Bands support this case, the price is contained between the first and second Standard Deviation levels below the mean.
Examining the Moving Average Convergence Divergence (MACD) for REPUSD, the signal line crossed below the MACD Line and the MACD Histogram crossed below the Zero Line in the previous trading day on the daily chart. This is a bearish signal, especially when combined with an downward price trend.
Cryptocurrency #6:RRTUSD
On the hourly chart for RRTUSD, the Moving Average Convergence Divergence (MACD) is showing a bearish signal, the signal line crossed below the MACD Line and the MACD Histogram crossed below the Zero Line in the previous trading hour on the hourly chart.
The daily chart of RRTUSD has the Relative Strength Index (RSI) rising above 75 in the previous trading day, which indicates that the stock is overbought. This is commonly used in conjunction with other indicators to confirm a possible situation where one would go short on this currency pairing, or take profits from a long position.
Cryptocurrency #7:TSDUSD
Examining the Moving Average Convergence Divergence (MACD) for TSDUSD, the signal line crossed below the MACD Line and the MACD Histogram crossed below the Zero Line in the previous trading hour on the hourly chart. This is a bearish signal, especially when combined with an downward price trend.
TSDUSD is appearing bullish according to the Moving Average Convergence Divergence (MACD) indicator on a daily chart with the common default settings of a 12 day Exponential Moving Average less the 26 day Exponential Moving Average with the 9 day Exponential Moving Average to be used as the Signal Line. The signal line crossed above the MACD Line and the MACD Histogram crossed above the Zero Line in the previous trading day on the daily chart.
Cryptocurrency #8:XDCUSD
Examining the Moving Average Convergence Divergence (MACD) for XDCUSD, the signal line crossed below the MACD Line and the MACD Histogram crossed below the Zero Line in the previous trading hour on the hourly chart. This is a bearish signal, especially when combined with an downward price trend.
XDCUSD's daily trend is bearish and the Bollinger Bands support this as the price is contained between the first and second Standard Deviation levels below the mean.