BTMX Technical Analysis: Watch to See if it Breakout of the First Resistance Level of $1.201

Bitmax renamed AscendEX recently, is a PoS-based blockchain platform to trade in various crypto assets. It facilitates cross-margin trades, offers transaction fee discounts, and allows users to maximize gains by staking digital assets as margin collateral. BTMX is the prime governance token of this ecosystem. The BTMX technical analysis is as follows:

Past Performance

On April 15, 2021, BTMX started trading at $1.29. As of April 21, 2021, BTMX closed at $1.18. Thus, in the past week, the price has decreased by approximately 9%. In the last 24 hours, BTMX has traded between $1.172-$1.207.

BTM Price Analysis

Day-Ahead and Tomorrow

Currently, BTMX is trading at $1.19. The price hasn’t increased much since morning. Thus, the market looks neutral as of now.

The MACD and signal lines are positive. However, a bearish crossover by the MACD line over the signal line has occurred. Moreover, both the lines are close to the zero line and may turn negative again. Thus, the market momentum looks bearish. Hence, the price is likely to fall soon.

The OBV indicator is also gradually falling. As of now, the slope of the OBV indicator is showing a tussle between the buying and selling pressures. Thus, the price might struggle to go up.

Currently, the RSI indicator is at 46%. It faced rejection at 56% and fell to the current level. Thus, the RSI indicator is showing high selling pressures. Hence, the price is likely to be pushed downwards.

In a nutshell, all the oscillators are indicating that the price will struggle to rise and has more chances of declining. Thus, the overall market momentum is negative.

BTMX Technical Analysis

As per technical analysis, the price is presently above the Fibonacci pivot point of $1.187. We have to wait and watch to see if it breaks out of the first resistance level of $1.201 or falls below the first support level of $1.174.

The price has presently tested and broken out of the 23.6% FIB retracement level of $1.198. Thus, we can say that probably a bullish trend has set in. If the price uptrend remains strong till day end, we can expect the positive momentum to continue tomorrow as well.


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