The market continues to print lower lows after losing its range support. Is there any hope of a local bottom to form soon? Let's check out!
Last week’s price action broke major support that caused a heavy sell-off. In this week's technical analysis, let’s take a look at big players: BTC, ETH, NEAR, SOL, ADA, AVAX, and FTM in the 4-hour time frame to analyze the possible future price actions.
BTC/USDT
We'll be using the logarithmic chart in the 4-hour time frame.
BTC continues to create lower lows since losing its major support mentioned in last week's analysis. It is now sitting on its previous all-time high as support. A new June low has been printed and BTC has entered a new range. The bulls have some work to do and it will not be easy. At the time of writing, there are no major signs of a reversal.
Shifting towards our most recent price action, we can see a new area of interest has been drawn. The bulls need to climb above this level to confirm support. If BTC loses this level, we may see a steeper sell-off.
If there is a 4-hour close above $20,500, we can expect the bulls to take over. However, if there is a rejection from this level, we can expect the market to continue printing lower lows.
ETH/USDT
Still sticking to the 4-hour and logarithmic time frame combo.
Taking a step back, we can see ETH has fallen below its 2018 all-time high. Since then ETH has continued to create lower highs and lower lows. This week, it has printed a new monthly low.
Shifting towards our most recent price action, we can see ETH bulls have to make some efforts to revisit the 2018 all-time high. Reaching the 2018 all-time high could take some time. ETH bulls need to build support above $1,000 to set up for this next drive.
A 4-hour close above our area of interest shown will assist the bulls in a push towards $1,200. However, if there is rejection from this level expect the lower lows to continue.
NEAR/USDT
In last week's analysis, NEAR broke its channel structure.
Since breaking its structure, NEAR continues the sell-off. A new monthly low has been printed, but will the level hold?
Shifting towards our most recent price action, we can see NEAR has entered a new price range. There is resistance at $3.30 and support at $2.70. Something to look out for is to see if this structure will hold. If bulls or bears step in, things can change quickly. NEAR is sitting at major support.
If there is a 4-hour close above our area of interest, we can expect to see a push towards its previous channel. However, if there is a rejection from the $3.40 zone, the sell-off will continue.
SOL/USDT
History doesn't always repeat itself, but it does often rhyme. Let's take a look at SOL.
SOL continues to sit on its major support level mentioned in last week's analysis. This is a pivotal level for SOL. At the time of writing, SOL is testing our area of interest. If the bulls can reclaim that level, we may see the beginning of a new trend.
A 4-hour close above our area of interest will assist the price to go for $40. However, if there is a rejection from this level, we can expect the price to continue sitting at this level.
ADA/USDT
Zooming out, we can see the trend remains in favor of bears.
Last week, we saw ADA approaching major support. This week, ADA continues to sit at major support. The bulls have some work to do to get a trend started.
If there is a 4-hour close above our area of interest, we can expect to see a push towards $0.50. However, if there is a rejection from this level, expect this major support level to break.
AVAX/USDT
AVAX is also now sitting at its major support level.
Zooming out, we can see a new monthly low has been printed. At the time of writing, AVAX is approaching our area of interest. The AVAX bulls have to make some efforts to reach their previous channel structure.
If there is a 4-hour close above $16, we can expect the bulls to take over. However, if there is a rejection from this level, expect the lower highs and lower lows to continue.
FTM/USDT
Last but not least, FTM.
At the time of writing, FTM is looking to establish a higher low. However, there is no confirmation just yet. The FTM bulls need to reclaim $0.25 to get the party started.
A 4-hour close above our area of interest will assist the price to go towards $0.30.
Summary
If you are one of those who skipped to the bottom to save some time, here is a summary of the above:
- BTC is testing its previous all-time high.
- ETH failed to hold its previous all-time high as support.
- NEAR is sitting at major support.
- SOL is setting up for a big move.
- ADA is now sitting at its major support level.
- FTM is looking to confirm a higher low.
Something to look for out this week is if this new support will hold. Losing this level would send the market to a lower low.
Remember that this is all based on the subjective views of the writer. As always do your own research.
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