BTC briefly fell below the $25k mark after FOMC meeting this week. As it is back above $25k, let's see how the other giants are performing!
In this week’s analysis, we will stick to the 4-hour time frame to keep the analysis precise!
BTC/USDT
For Newbies
It is looking like the Bitcoin bears have rested this week after the price has traded sideways. However, they were still able to pull the price back down to $25,000 from $27,000.
The analysis remains the same as last week’s analysis, meaning we need to see the bulls pull the price back to $28,000 to ascertain their strength. At the time of writing, we cannot see any signs of the bulls coming back anytime soon, which is a concerning point for holders. (not financial advice)
For Experts
The bears have shown no signs of returning back at bay after the dip back down to $25,000. The price is once again trading close to the support level at $25,000 which is why traders should be cautious at the moment.
What’s next?
If the support at $25,000 is broken, expect a sharp sell-off to the next support level situated at $24,000. The bulls will be able to make a strong comeback only once we are able to see the price climb back up to $28,000.
Also Read: What Is the Pi Cycle Top Indicator and How To Use It?
ETH/USDT
For Newbies
After performing stronger than BTC for the past few weeks, ETH finally underperformed this week after it fell drastically on Saturday.
ETH has broken the important price floor (support) at $1,790, which is a sign of weakness. The bears are in complete control at the moment, therefore, traders must remain cautious. (not financial advice).
For Experts
ETH formed a huge red candle on the 4-hour time frame on Saturday, after it fell by over 5% to pierce through the support at $1,790. It must reclaim the support soon or else the bears could take it lower this week!
The next demand zone can be seen at $1,690, which could be hit if the support is not reclaimed soon (not financial advice).
Also Read: What Is Open Interest in Crypto Trading?
NEAR/USDT
For Newbies
The story for NEAR remains the same this week, as the price plunged to hit a new 52-week low at $1.150. Traders should continue to steer clear of NEAR until a clear reversal is seen. (not financial advice)
For Experts
We had suggested maintaining caution until some signs of strength could be seen in NEAR as it had been hitting a new low every week. The same has happened this week too with the price falling once again to hit a 52-week low.
Also Read: What Is Volume Delta?
ADA/USDT
For Newbies
In our previous analysis, we cautioned traders to be careful in ADA as the structure was looking weak. The price has since fallen by over 35%!
For Experts
ADA has by far been the weakest coin this week after it crashed by 38% since last week’s analysis. We underestimated the fall as we had expected the price to fall to $0.32 instead of $0.22. It seems like the price will now retest the breakdown zone at $0.33 (not financial advice).
FTM/USDT
For Newbies
Asking our readers to steer clear of FTM proved to be beneficial, as the price collapsed by 30% this week.
The price has bounced from the support at $0.23, which is a good sign for the bulls. However, it is still too early to say whether the bulls are back. Traders should continue steering clear of FTM until a strong reversal is seen (DYOR).
For Experts
FTM broke more support levels this week after it plunged by 30%. The price has reversed from the support at $0.23, and it is looking like it could soon test the resistance at $0.31. The situation will only change once the resistance is taken out (not financial advice).
AVAX/USDT
For Newbies
AVAX is another coin that fell by 30% this week. Support can currently be seen at $11, however, the price hasn't bounced from it yet. This shows that the bulls are still not strong enough to help the price rise.
For Experts
The price has dipped to $11 from $14 in under a week. This shows how weak the price structure is. The bears are in clear control, thus traders should maintain caution (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 briefly fell below the $25,000 mark.
- ETH has performed relatively weaker than BTC.
- NEAR hit a new 52-week low.
- ADA fell by 35%
- FTM hit a new low.
- AVAX fell strongly.
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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