The market is at a short-term support level. Is it preparing for a big move? Let's find out!
This week's price action continues to sit on the support mentioned in last week's analysis. In this week's technical analysis, we will study price action to analyze the future movements of BTC, ETH, NEAR, SOL, ADA, AVAX, and FTM in the 4-hour time frame.
BTC/USDT
Using the logarithmic chart and using the 4-hour time frame.
Zooming out and looking at the left side of the chart in 4-hour time frame, we can see that the price continues to respect the $30,000 support zone. This is BTC's last major support other than $20,000. At the time of writing, there are no signs of confirmation of the next direction. The bulls still need to reclaim $31,000 to get things started. Are the bulls getting ready for another run?
In the meantime, check out our guide to how to find support and resistance zones!
Looking at the most recent price action, BTC has been in a range of $28,000-$30,000. The last time we were in this level, BTC made a run towards a new all-time high. History doesn't always repeat itself but it does often rhyme. If BTC bulls can pick up the momentum, expect a run towards $36,000.
If there is a 4-hour close above $31,000, expect a bull run to happen in the near future. However, if we see a rejection from this level, expect the sell-off to continue.
ETH/USDT
Not a surprise that we are again using the logarithmic chart to keep things simple.
Looking at the 4-hour time frame, we can see that ETH continues to sit at major support. The price action continues to build support. Are we seeing a breakout?
Zooming out, we can see this has been a pivotal level for ETH. Since last week, ETH has been ranging between $1,900 and $2,100, while looking for its next move. If ETH bulls can hold this level, expect a run to the upside. This could push ETH towards $2,500.
If there is a 4-hour close above $2,100, expect the bulls to take over in the short term. However, if we see a rejection from $2,100, expect the lower low to continue.
NEAR/USDT
The 4-hour time frame shows that NEAR is respecting its bullish channel.
NEAR is currently trying to form a higher low. Despite recent market conditions, it continues to hold strong. A confirmation of support at this level sets it up for a big move.
Check out our guide to cross vs isolated margin!
If there is a 4-hour close above $6.50, expect a runt to the upside. However, if we see a rejection from this level, expect to see the bullish structure break.
SOL/USDT
At the time of writing, SOL continues to sit on major support mentioned in last week's analysis. A successful reclaim of support at this level sets up SOL for a big move. That being said, the bulls have some work to do before picking up momentum. A reclaim of psychological resistance is a good start.
You may also check out our guide to scalping vs swing trading!
If there is a 4-hour close above $55, we can expect a bull run to commence. However, if there is a rejection from this level, expect to see a continuation of lower lows.
ADA/USDT
Introducing a community favorite, ADA.
Zooming out we can see ADA has bounced off the major support. The last time price action was at this level we ADA had a parabolic run. A confirmation of support at this level puts things in favor of the bulls. Is ADA getting ready for another run?
Have a look at our detailed comparison of Cardano vs Solana!
If there is a 4-hour close above $0.58, expect the bulls to take over. However, a rejection from this level will assist the bears to create lower lows.
AVAX/USDT
Using the logarithmic chart, we can see AVAX continues to respect major support.
Zooming out, we can see AVAX is continuing to respect its bullish channel. At the time of this writing, AVAX is looking to confirm major support. Looking at the left side of the chart, we can see a successful reclaim of support at this level will be pivotal for AVAX.
A 4-hour close above $33 will allow the bulls to take over. However, a rejection from this level will lead to the level of $25.
FTM/USDT
Last but not least, FTM.
In the short term, the market is in favor of the bulls.
Zooming out, we can see FTM has reclaimed the $0.40 resistance mentioned in last week's analysis. The last time this happened, FTM had a nice run to the upside. Are we going to see the same play out?
If there is a 4-hour close above $0.45, expect the run to continue in favor of the bulls. However, a rejection from this level, the market will continue consolidating.
Summary of All 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 continues to sit at major support.
- ETH is looking for resistance.
- NEAR is setting up for a higher low.
- SOL needs the bulls to step in.
- ADA is at a pivotal level.
- AVAX is showing early signs of a reversal.
- FTM is in favor of the bulls.
In the short term, it looks like the bulls are stepping in. Something to look out for is if the market can break minor resistance.
Remember that this is all based on the subjective views of the writer. As always do your own research.
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