With the SPX hitting a 52-week low, Bitcoin’s sideways movement continues as global indices continue to fall.
Since our previous analysis, Bitcoin has been trading at the same level and is unable to break the resistance. The SPX fell by over 0.8% and hit a new 52-week low on Tuesday. In this week’s analysis, we will check how industry giants have reacted to the sideways movement in the past week!
BTC/USDT
Bitcoin has respected both the bands of the range in the past week, and until a breakout is seen from either side, it is advised to avoid taking heavy positions.
A strong 3.6% rally was seen last Tuesday, however, all the gains from the rally were soon lost after a sharp sell-off.
As SPX is trading on its last standing support, BTC could follow the same steps and have a reversal that will take the price to $21,000. However, if a breakdown is seen, expect the price to pierce through the support at $18,500.
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ETH/USDT
Since our previous analysis, the price of ETH has been fluctuating between $1,420 and $1,280. A collapse is highly likely as it is now trading perilously close to the support level of around $1,280.
If ETH loses the $1,280 level, it wil finds its next support at around $1,000. It means that if there is a close below $1,280 in the 4-hour time frame, expect a rapid drop to $1,000. A short-term relief rally to $1,420 could also be seen if the demand zone is respected.
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NEAR/USDT
In our previous analysis, we had established that the downtrend was not showing any signs of slowing down. We have also advised traders to steer clear of NEAR. Since then, it has fallen by over 15%!
At the time of writing, a small pullback could be seen as a slight RSI is visible on the 4-hourly time frame. However, it is clear that the 52-week low will be tested in the coming week.
SOL/USDT
SOL has continued trading in the tight range, and a breakout is still to be awaited. For this reason, traders should refrain from taking any positions until the support at $30 is broken or until the resistance at $34.5 is broken.
If the resistance at $34.5 is broken, expect a strong rally toward the next support zone at $39. However, if the lower range is broken, a sharp fall could be seen toward the next support level at $28.
At the time of writing, SOL is trading very close to the crucial support at $30, which is why traders should maintain caution at the moment.
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ADA/USDT
In our previous analysis, we had anticipated ADA to hit a new 52-week low, and that is exactly what was seen on Tuesday!
Traders should strictly stay away from ADA as it has formed a very bearish structure. It doesn’t look like a reversal is on the cards at the moment. Expect the sharp downfall to continue.
FTM/USDT
FTM broke very crucial support on Tuesday.
It would be best for traders to avoid taking any positions in FTM until the resistance at $0.22 is flipped once again. There is a high chance that the 52-week low will be broken this week, as there are no signs of any reversal at the time of writing.
AVAX/USDT
AVAX has just broken a very important support level at $16.3 and a sharp sell-off could be seen soon. This is why traders should avoid taking any long positions until the resistance at $16.5 is taken.
If the resistance is reclaimed, expect a short relief rally to $17.73. If a reversal is not seen soon, expect the price to start approaching the low at $13.4.
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Summary
A quick recap of all the coins:
- BTC has been trading sideways.
- ETH needs to reclaim the $1,420 price level.
- NEAR will soon test the 52-week low.
- SOL could break down soon.
- No signs of a reversal can be seen in ADA
- FTM looks very bearish.
- AVAX has just broken crucial support.
Remember that this is all based on the subjective views of the writer. As always, DYOR!
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