For the past few weeks, Bitcoin has been consolidating in a tight range between $19,700 and $18,900. Is an explosive breakout around the corner?
For the past few weeks, Bitcoin has been consolidating tightly between $19,700 and $18,900. Many market participants will be taking their positions here, however, it is recommended that traders wait for BTC to choose its direction. Due to the fact it’s been ranging for so long, the breakout will be explosive.
MANA/USDT
MANA has broken below the key support at $0.68. This level successfully managed to take three hits, but unfortunately, couldn’t stay strong for long. It is likely that there will be an underside retest. If buyers cannot reclaim it, it will be a good place to short to $0.6291. However, if they do reclaim it, the highs at $0.72 will be swept.
SAND/USDT
After breaking down from the range lows at $0.8, SAND has found support at $0.77. Buyers have shown up, and like MANA, the price will now have an underside retest of the support level. If it cannot be flipped, then the local lows will likely be swept. However, if it can flip this range low, the mid-range and, potentially, range highs at $0.92 could be reached. This will be more than a 10% move up.
RACA/USDT
RACA continues moving to new lows. The price is in a downtrend in higher time frame. Buyers should wait until there has been some form of consolidation. $0.0003 to $0.00028 is an area of interest. If the price can reclaim this area, buyers could aim for higher prices. However, until this is done, the price will continue its downtrend. The point to remember is that RACA’s RSI is currently in the oversold area.
STX/USDT
STX is consolidating below resistance at $0.31. It currently cannot break above it. Therefore, it is probable the price will continue to move down to support at $0.30. If the price can manage to flip this level though, STX bulls could look for a move toward the midrange at $0.325, even potentially pushing into $0.34.
GALA/USDT
GALA is in a mini range between $0.0428 and $0.0384. There is a lot of liquidity on both sides of this range.
The price just tested the range lows, and if there are sufficient buyers present, it is likely that the price will continue to rise up to $0.043. This will be a good level to offload some of the positions, as the target will act as resistance.
Summary
- MANA has broken below the lows.
- SAND is at support with sufficient demand.
- RACA continues its downtrend.
- STX needs to break its resistance.
- GALA is at its range lows.
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