It's been a crazy week for the market. However, it has found a short-term support. Are we finally going to see some relief or will the bear take control again? Let's find out!
This week's price action bounced off our range support mentioned in last week's analysis. In this week's technical analysis, we will study the price action to analyze the movements of BTC, ETH, NEAR, SOL, LUNA, AVAX, and FTM in the 4-hour time frame.
BTC/USDT
Here, we are using the logarithmic chart and the 4-hour time frame.
Zooming out and looking at the left side of our 4-hour chart, we can see the price respected the $30,000 zone multiple times. This was BTC's last major support level before revisiting its previous $20,000 all time high.
BTC has been in this downturn since November. The bulls still need to do some work before we see a reversal confirmation. Are the bulls getting ready for another run?
Looking at the most recent price action, we can see that BTC is approaching major resistance at $32,000. Looking at the left side, we can see a double test of support before confirming the trend reversal. Expect the market to behave in a similar manner. If BTC is rejected by the resistance zone shown expect the sell-off to continue.
A 4-hour close above $32,550 is ideal for the bulls. However, if we lose the recent low or the coins is rejected by the $32,500 level, it will continue to sell off.
ETH/USDT
Sticking to the logarithmic chart to keep things nice and tight.
Looking at the 4-hour time frame, we can see ETH has also reached and bounced off the ranged support. The price action is now looking to close above major resistance. Are we seeing early bull signs?
Taking a step back, we can see ETH has respected this level multiple times as support. At the time of this writing, ETH has bounced off the support and is now looking for a higher high. If ETH bulls can pick up the momentum, expect a push towards $2,500. This would leave a setup for a push towards $2,900.
A 4-hour close above $2,100 puts bulls in position for a higher high. However, if we see a rejection from the resistance zone shown, expect a continuation of lower lows.
NEAR/USDT
Looking at the 4-hour time frame, we can see NEAR respecting market structure. The question is if this will continue.
Zooming out, we can see NEAR continues to respect its bullish channel, even after the recent market sell-off. It is now looking to close above the resistance level and continue a new cycle to the upside. A confirmation of support at this level will be a confirmation of a higher low.
A 4-hour close above $7.25 and expect the bulls to continue towards $9. However, if we see a rejection from this resistance level, expect the sell-off to continue.
SOL/USDT
Sticking with the 4-hour time frame, we can see that SOL has now found major support.
At the time of writing, SOL is testing major resistance and looking for a higher high. Rejection from this level can send SOL into deeper waters. The bulls have to make efforts if they want to reclaim April's high. SOL is known for having parabolic moves, so make wise decisions!
A 4-hour close above $56 is a good start for the bulls. However, if we see a rejection from this psychological resistance, expect the sell-off to continue.
LUNA/USDT
Well, it's been a crazy week for LUNA.
Zooming out, we can see that LUNA is down 100% in comparison to the last week. LUNA's sell-off was due to the volatility in the market with a combination of the issue of its circulating supply.
It is unfortunate the LUNA community went through this. The future for LUNA is uncertain at this time.
AVAX/USDT
Sticking with the logarithmic chart, we can see that AVAX has found support.
Zooming out, we can see AVAX is now approaching a major resistance level. At the time of writing, AVAX is moving towards the higher high. Looking at the left side of the chart, we can see that this is a pivotal level for AVAX. Expect a big move once the trend is confirmed!
If there is a 4-hour close above $37, the bulls will have enough room to push towards $50. However, if there is a rejection from this resistance, expect the lower-low formation to continue.
FTM/USDT
Last but not least, FTM. In the short term, the market has found some support.
Zooming out, we can see our low is higher than the previous sell-off's low. The last time we see a higher low on a higher time frame, FTM went for a parabolic run. Will we see something similar again? The bulls will have to make some efforts before we can confirm.
A 4-hour close above $0.40 gives the bulls some confidence. However, if there is a rejection from this level, expect the sell-off to continue.
Summary of All the Charts to Keep It Simple
If you are one of those who skipped to the bottom to save some time, here is a summary of the above:
- BTC has found major support.
- ETH is respecting the channel support.
- NEAR in a higher time frame is looking prime.
- SOL is setting up for a big move.
- LUNA is in dire need of help. So, stay away from this token to avoid potential risks!
- FTM is sitting at a critical level.
Things are starting to turn in favor of the bulls again. They need to continue building off this short-term relief.
Remember that this is all based on the subjective views of the writer. As always do your own research.
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