The cryptocurrency market is currently a sleeping giant waiting to be poked. Assets have been consolidating in the past couple of weeks with most of them avoiding sharp erratic movements. The regulatory state of the market could also be contributing to the low volatility levels. The impending Bitcoin ETF decision by the United States Securities and Exchange Commission (SEC) could result in a breakout. Investors are expecting that at least one ETF proposal goes through owing to the fact the regulatory authority called out to the public to submit their comments in support of an ETF approval. In the meantime, cryptocurrencies continue to make slight bullish steps while defending short-term support levels.
Bitcoin (BTC) Price Analysis
Although Bitcoin is bullish in the short-term, the long-term outlook of the crypto is bearish. Since the declines at the beginning of September, when BTC/USD dropped like a stone in the air, the price has not gathered enough strength to beat the resistance at $6,800 and recover above $7,000.
The latest prediction by finder.com panel of analysts, place Bitcoin at $10,319 by the end of October. Moreover, the average prediction by all the analysts say that Bitcoin will surge to $20,531 by December 31. Most of the analysts said that Bitcoin price performance is currently intertwined by the U.S. SEC decisions. This means that if the authority were to allow an ETF, this would be the trigger for a sustained surge.
Meanwhile, Bitcoin is trading in a bullish channel while stable above $6,500. However, the subtle swings above $6,600 keep losing balance. At the same time, the descending trendline shows that Bitcoin is still bearish in the medium-term. Besides, the 4-hour 50SMA is below the 200SMA. Similarly, the gap between the averages continue to increase showing that BTC/USD could correct lower as opposed to making bullish swings towards $6,600. In case of declines, the buyers will embrace the support at $6,500, $6,400 and eventually $6,200.
NANA Coin (NANO) Price Analysis
NANO Coin is trimming gains at the time of writing after rejecting the trendline support at the 61.8% Fib retracement level with the last swing high of $2.24 and a swing low of $2.14. Prior to the ongoing correction, the price made a nice recovery from the support at $2.14. NANO/USD extended the gains and touched $2.24 before the bears began throwing jabs at the buyers.
At the moment, declines have extended below both the 50 and the 100 simple moving averages. The next significant support is $2.14 but the 23.6% Fib level is positioned to offer immediate support at around $2.16. The path of least resistance for NANO is downside, besides the stochastic is falling lower into the oversold region. NANO buyers must find a support soon and take their positions in order to stop the ongoing bearish trend. On the upside, NANO/USD will encounter hurdles at $219, the broken support at the 61.8% Fibo and $2.24.
ICON (ICX) Price Analysis
ICON (ICX) is also in the middle of a gain cancelling activity. The bears have taken control leading to a break of a number of support areas starting with the trendline support at $0.7. Since the week started ICX/USD has been trading above the bullish trendline. However, there is a widespread bear wave sweeping across the market at the time of writing. Failure to break past the range with the limit at $0.71 has resulted in extended declines that are threatening the 100SMA support on the 1-hour timeframe chart.
On the other hand, the stochastic oscillator is heading into the oversold while the moving average gap is widening. The buyers have a lot at risk if the next support target at $0.68 is broken; ICON could break down further and cancel all the gains accrued this week. However, an upside correction will struggle with resistance at $0.69, $0.70 and $0.71.
