As BTC is still below $27k level, the whole market seems to be on a hold. Will we see an uptrend soon?
In this week’s analysis, we will stick to the 4-hour time frame to keep the analysis precise!
BTC/USDT
For Newbies
It seems like the sellers are here to stay after Bitcoin broke the $27,000 mark. A slight rise in price was seen on Monday, however, it shortly dipped back to $26,000. This shows that the bears are still present, therefore, we must maintain caution this week.
So what's next?
The next support (price floor) can be seen at $25,300. Thiis is a very crucial level, and the bulls must protect it.
For Experts
Bitcoin saw yet another corrective wave this week as the price plunged to $26,000. The price might soon test the support at $25,300, which will play as a make-or-break level. If this level is taken out, expect the price to dip to $24,000.
Also Read: A Complete Guide to Death Cross and Golden Cross?
ETH/USDT
For Newbies
ETH has performed relatively stronger than BTC which is a great sign for holders.
As long as the price is trading above the price floor at $1,790, the bulls sit comfortably. However, if this support is broken, expect the price to break the $1,700 level.
For Experts
In our previous analysis, we had expected the price to continue the downtrend. The price has fallen since then, and the support at $1,790 could be tested soon.
It seems like the support will be taken out this week as the price has tested the support multiple times. If the support is broken, the price may decline further towards the next demand zone of $1,710. (not financial advice)
Also Read: Breakout vs Fakeout (False Breakout) — Spot the Difference and Increase Accuracy
NEAR/USDT
For Newbies
In our previous analysis, we had ascertained that the bulls won’t make a return until NEAR is able to flip the resistance (price ceiling) at $1.8. This can clearly be seen in the chart above after NEAR hit $1.5 this week.
For Experts
We had expected NEAR to test the $1.45 support level soon in last week’s analysis. The price is close to testing the support level this week after it collapsed to $1.5. If the support at $1.4 is not kept intact, we could see a strong fall to $1.3. (not financial advice)
Also Read: What Is Fundamental Analysis in Cryptocurrency and Stocks?
ADA/USDT
For Newbies
ADA has traded sideways this past week thus the overall analysis would remain in line with last week’s analysis. The resistance at $3.7 has to be reclaimed by the bulls to see some upside movement. (not financial advice)
For Experts
ADA is trading very close to the demand zone at $0.35, which is why a bounce could be seen soon. However, if this demand zone is broken, the price could collapse to $0.328. The price has to rise above the resistance at $3.7 for a clear path to higher targets!
FTM/USDT
For Newbies
In last week’s analysis, we had analyzed that it could be helpful in waiting for the price to break the resistance at $0.4. This proved to be very beneficial after the price dipped sharply this week to hit a new low at $0.33. Support can be seen at 0.308 which could help with a reversal in the price.
For Experts
FTM has been the worst-performing coin in this list this week after it fell by over 9%. The price has reached the support at $0.308 which could be the reversal point. It is still too early to say whether a reversal will be seen or not thus traders should hold off from buying decisions until a reversal is seen. (not financial advice).
AVAX/USDT
For Newbies
AVAX was trading close to the crucial price floor at $14 last week. The price zone has been broken thus we might see the bears make a strong return! do your own research)
For Experts
The price has pierced through the support at $14 and is looking to test the next demand zone at $13 this week. Traders must be cautious as the bears are clearly in control!
Also Read: What Is Crypto Options Trading?
Summary
A quick recap of all the coins:
- BTC reached the $26,000 mark.
- ETH has performed relatively stronger than other giants.
- NEAR has to break resistance.
- ADA traded sideways..
- FTM fell the most this week.
- AVAX hit a new low.
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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