The recent pickup in MobileGo price was not sustained against bitcoin, ethereum, and the US dollar. Double top patterns can now be seen to signal more losses.
MobileGo was up 3% against bitcoin during the latest update but is now down nearly 9% even as the latter was also on weaker footing. A bit of a double top formation can be seen over the past couple of days, signaling that more declines are underway.
MobileGo has broken below support around 0.00031, which happens to be the neckline of the double top pattern. This formation spans 0.00031 to 0.00034 so the resulting drop could be of the same size. Volume has ticked higher in the past few hours to reflect stronger investor interest.
Against ethereum, MobileGo is down more than 5% and has also completed a double top breakdown. This pattern spans the neckline at 0.0036 to 0.0038 so the resulting selloff could last until 0.0034.
Volume has also picked up, leading to a sharp spike to the tops before gaining traction with the selloff. Sustained bearish momentum could lead to more losses for MobileGo but profit-taking activity could also be underway soon as the end of the week approaches.
Lastly, MobileGo chalked up most of its losses to the dollar, as the US currency has enjoyed some support from Fed remarks on balance sheet unwinding. According to Chairperson Yellen, the central bank could start their runoff later this year and that this would put upside pressure on long-term rates, which then boosts demand for the dollar.Â
US economic reports have also been mostly upbeat, with the 0.1% gains in producer prices for June likely factoring in a rebound in the CPI figures due today. US retail sales reports are also lined up and gains are eyed, supporting the idea that consumer spending is supporting overall growth prospects.
Stronger than expected results could continue to lift the dollar against MobileGo on renewed rate hike expectations for September or December. On the other hand, downbeat figures could lead to a pullback to the double top neckline at 0.70 or a bounce higher.
Ripple Price Technical Analysis – XRP/USD Eyes Further Gains
Ripple price is placed well in the bullish zone against the US Dollar and Bitcoin. XRP/USD might soon retest $0.2600 and it could even break it. There were slow and steady gains in Ripple price
DASH/USD and LTC/USD Technical Analysis November 23 2017
Hello and welcome to News BTCâs Market OutlookÂ November. DASH/USD DASH continues to power ahead, touching $575 during the trading session on Wednesday. I suspect that we will probably get a
FLUX Gaming – Game Developers and Players Now Own the Game
All game developers want to produce a blockbuster. But as the gaming world knows all too well, the business of creating blockbusters is risky. Players may move in a flash to another game for more
DASH AND MONERO RALLY WHILE IOTA IS PEAKING NOVEMBER 23 TECHNICAL ANALYSIS
As perfect BTC alternatives, DASH and Monero are rallying perhaps benefiting from capital injection. Alt coin Monero is actually trending above August highs of $153. If bulls push harder, buyers
BTC/USD and BTC/JPY Technical Analysis November 23 2017
Hello and welcome to News BTCâs Market OutlookÂ November. BTC/USD Bitcoin fell slightly against the US dollar after initially trying to rally on Wednesday in what could probably be best
Ethereum Price Technical Analysis – ETH/USD Remains Buy on Dips
Ethereum price is gaining momentum against the US Dollar and Bitcoin. ETH/USD is now well above $368 and is eyeing more upsides. There were continuing gains in ETH price above the $350 level
Bitcoin Price Technical Analysis for 11/23/2017 – Bearish Divergence Alert!
Bitcoin Price Key Highlights Bitcoin price is slowing on its climb, possibly priming for a pullback on profit-taking over the Thanksgiving break. Technical Indicators Signals The 100 SMA is
Bitcoin Cash Price Technical Analysis – BCH/USD to Retest $1500
Bitcoin cash price gained bullish momentum recently above $1200 against the US Dollar. BCH/USD might continue to move higher towards $1500. There was a solid upside move in bitcoin cash price as