Medium-term correction for Bitcoin could lead to more losses for altcoins across the board, but the $46,000 mark and the $44,400 mark are likely to see buyers move in. Binance Coin and Cosmos saw short-term losses, but there are opportunities to purchase as Synthetix was heading for the $21 mark.
Binance Coin [BNB]
Source: BNB/USDT on TradingView
Binance Coin had a retracement level of 23.6 per cent as a $121 support, with the $115-$120 area becoming a demand region over the past few days. Shortening a short-term downturn in the market for bulls may have ended badly.
A drop below $115 for BNB will signal additional losses. However, in the past, this area has seen transactions. Even though the hourly RSI was far below neutral 50 and had fallen, it had not yet signalling a clear retracement for BNB.
Bullish divergence and reversal patterns of the candle may be used to get successful entries after BNB’s dip.
Cosmos [ATOM]
Source: ATOM/USD on TradingView
The Amazing Oscillator continued to display increasing bearish pressure on ATOM. The two sets of Fibonacci retracement levels plotted for different moves up to the $19 mark provide possible areas for ATOM support.
It can be anticipated that the $16.82, $15.58 and $14.9 levels will act as support. The Awesome Oscillator could shape bullish twin peaks set up to offer a buying signal that could be used to enter the market in a long place.
The turnaround has not yet been seen, and the volume of sales has been high. More losses for the coin could soon materialise.
Synthetix [SNX]
Source: SNX/USDT on TradingView
Using the Volume Profile Visible Range for SNX, some areas of heavy trading activity are marked as possible areas of support for SNX.
Some demand has already been seen in the $21 area, but the downward trend for SNX remains high as it dropped below the $24 level of former support. The OBV also revealed that the volume of sales is greater than the volume of transactions.
There is likely to be some consolidation in the vicinity of $21. This may be an area to buy SNX at, but some more time is required to see whether SNX is facing more sales pressure or whether the buyers are willing to step in again.
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