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Ethereum appeared to form a strong demand region around the $ 500 zone, a bullish development for the long-term outlook for the cryptocurrency. In fact, ETH has been growing steadily over the past few days, something that could be bullish for a portion of the altcoin market. Yet, taken individually, some of these currencies had a short-term bearish outlook.
Bitcoin SV formed a bear flag, while Maker and Ethereum Classic appeared to show a divergence between its recent earnings and trading volume.
Bitcoin SV [BSV]
Source: BSV / USDT on TradingView
BSV was forming a bear flag, with the ascending channel representing the pattern flag and forming on the back of the declining trading volume.
The $ 172 level has acted as a strong resistance in recent months, with BSV struggling to flip the level for support since losing it in early September.
The short-term momentum has been bullish, with the currency forming a series of higher lows in a shorter period of time. If a trading session closes above $ 177 in the next few days, the bearish flag will be invalidated.
A break to the downside in the wake of strong volume would see the BSV drop to $ 150.
Maker [MKR]
Source: MKR / USDT on TradingView
MKR fluctuated between $ 555 and $ 500 for the best part of November, with a short breakout to hit $ 650 amid immediate resistance from market bears.
Momentum was neutral for MKR and the CSR it was equal to 50. The 20 SMA (white) fell sharply below the 50 SMA (yellow), as can be expected from the volatility of the previous week.
It is possible that MKR could go as high as $ 555, but MKR is more likely to fluctuate between $ 550 and $ 500, as it has been in recent weeks.
Ethereum Classic [ETC]
Source: ETC / USDT on TradingView
Fibonacci retracement levels have shown likely places of support for the price. The ETC dipped to the 61.8% retracement level and even dropped to the $ 5.59 support level.
Since then, the price has moved north on the back of the declining volume. While the volume was greater than in the build-up phase prior to November 16, the volume paled from the previous week’s volumes.
So while the MACD has formed a bullish crossover below zero, the resistance level at $ 6.42 and the 38.2% retracement level at $ 6.5 can offer strong resistance to ETC advances and push it downwards again $ 5.74 in the next few days.
