Bitcoin is back above the $30,000 level, touching $31,000 briefly. Let’s take a look to see how the giants have reacted!
In this week’s analysis, we will stick to the 4-hour time frame to keep the analysis precise!
BTC/USDT
For Newbies
The Bitcoin bears have remained at bay after the price continued the rally seen last week to reclaim the $31,500 mark. After a huge runup it is looking like the price will rest sideways for a few days before continuing the rally! Think of this stage as BTC building up for another move. (not financial advice)
For Experts
After the false breakout seen at the support level last week, BTC went on to hit the supply zone at $31,500. At the moment, the bulls seem to be in a strong position and a brief sideways movement could be seen with the RSI at the overbought zone.
What’s next?
If the resistance at $31,500 is taken out it will open a clear path for the price to approach the next supply zone at $36,800. It is important to be cautious of the RSI at the moment which is why traders could wait for the resistance to be flipped to be on the safer side!
Also Read: What Is the Pi Cycle Top Indicator and How To Use It?
ETH/USDT
For Newbies
ETH rocketed to $1,900 this week before being stopped by the price ceiling (resistance) at $1,940.
This price ceiling was marked last week which is exactly why marking these zones is very important! We can expect any further bullish moves only if the price is able to clear the price ceiling (not financial advice).
For Experts
ETH surged by over 5% on Wednesday to hit the $1,900 levels. However, the rally was cut short by the resistance at $1,940 alongside an overbought RSI level. It is looking like we might see a retest of the breakout zone at $1,790 which will confirm the current breakout.
The next supply zone can be seen at $1,990 which could be approached if the retest is successful. (not financial advice).
Also Read: What Is Open Interest in Crypto Trading?
NEAR/USDT
For Newbies
The price reversal seen in NEAR last week seems to have continued after the price surged by over 15% on Monday! As seen in the chart above, we have to clear the price ceiling (resistance) at $1.45 in order to avoid price rejections. (not financial advice)
For Experts
NEAR seems to have bounced strongly after the price found support at $1.18. The supply zone that we had marked at $1.45 last week has been hit and the price has been rejected. We need to see a clear breakout from the resistance for further upside! (DYOR!)
Also Read: What Is Volume Delta?
ADA/USDT
For Newbies
In our previous analysis we had mentioned that ADA needs to break the price barrier at $0.29. This week it tried breaking the said barrier however the price was pulled back down by the bears in no time. This shows that the price is seemingly still weak!
For Experts
ADA attempted to flip the resistance at $0.29 however the buying volumes were not as strong which led to the price falling back below the resistance. This shows that the price is still weak and traders must be cautious until the price breaks the resistance at $0.29. (not financial advice).
FTM/USDT
For Newbies
The strong upmove seen last week has continued this week with the price hitting $0.33! A price barrier can be seen at $0.309 which needs to be taken out in order for the up move to continue (DYOR).
For Experts
The uptrend in FTM has continued this week with the price hitting a new high at $0.33. The resistance at $0.31 is preventing a continuation of the uptrend which is why the resistance has to be flipped for the trend to continue (not financial advice).
AVAX/USDT
For Newbies
The bears in AVAX seem to have finally gone after the price rallied to $13.6 this week. The next price barrier can be seen at $13.8.
For Experts
The price reversed sharply from the support at $11 and we could see the price test the resistance at $13 (do your own research).
Also Read: Crypto Trading Fees Decoded: How To Navigate Cost and Optimize Trading Strategies
Summary
A quick recap of all the coins:
- BTC hit $30,000.
- ETH is back above $1,900.
- NEAR was rejected by resistance.
- ADA has to break resistance.
- FTM is close to resistance.
- AVAX may test resistance soon.
Remember that this is all based on the subjective views of the writer and should not be construed as financial advice. As always, DYOR!
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