A short-term analysis of industry's favorite giants! Will the trend continue or is there a ray of hope? Let's find out!
Last week the market found short-term support and we saw greenery across the board. However, that was short-lived and we have been creating lower lows on the smaller time frames. This week's price action is looking to retest this previous breakout level and confirm it as support.
In this week's technical analysis, we will study the price action of the market to analyze the movements of BTC, ETH, NEAR, SOL, LUNA, AVAX and FTM in the 4-hour time frame.
BTC/USDT
Using the logarithmic chart to keep things clean and simple.
Sticking to our 4-hour time frame, we get a better perspective of the daily market movements. In the short-term, bears remain in control. At the time of writing, the bulls are retesting the previous breakout zone for support. The question is if this level will hold.
Since then, the price action has revisited our area of interest and created lower lows. A new monthly low has been printed this week and the support looks weak. If Bitcoin loses this level of support, expect a sell-off towards $34,700.
If there is a 4-hour close below the new April low, expect to see a continuation of lower lows. However, a 4-hour close above $39,700 will put things back in control of the bulls.
ETH/USDT
Sticking to the logarithmic chart to keep things nice and tight.
If you look at the left side of the chart, the market structure has left several clues. You can see the price action revisited our area of interest as mentioned in last week's analysis.
We can see ETH has set a new monthly low and there is no major support level until $2,600. If this level is lost, we can expect to see a continuation of lower lows. ETH has recently broken its minor uptrend. Bulls need to step in and show participants that this is a bear trap.
A 4-hour close above $2,965 is a sign that the bulls will regain control. However, a 4-hour close below the major support will keep on printing lower lows.
NEAR/USDT
Sticking with our old reliable logarithmic chart here as well!
Looking at the 4-hour time frame, we can see NEAR has broken its minor uptrend. A new April low has been printed at the time of writing. Is this the new local bottom?
Taking a closer look at the most recent price action, the price is approaching a major support level. If there is a close above $13.50, expect the bull run (minor uptrend) to begin. However, overall the market conditions do not look promising. Will NEAR continue to be a market leader?
A 4-hour close above the March high is a sign that the bulls have regained control. However, If there is a 4-hour close below the new April low, expect a continuation of lower lows.
SOL/USDT
Looking at the 4-hour time frame, we can see that the recent trend is in favor of the bears. SOL was not able to reach its major resistance like some of the other majors. SInce then, SOL has been printing lower lows.
Taking a closer look, we can see SOL is now approaching it's April low. $100 continues to be a major psychological support level as mentioned in last week's analysis. A higher low at this level is still possible if the bulls step in.
A 4hour close above our new area of interest is a good sign indicating that the bulls are still in the game. However, if there is a 4-hour close below the April low, expect a continuation of lower lows.
LUNA/USDT
Let's revisit one of the market's favorites coin, LUNA.
Sticking with our 4-hour time frame, we can see the short-term price action is in favor of the bears. We continue to see lower lows despite revisiting our area of interest last week. At the time of writing, LUNA is retesting its previous breakout resistance for support.
Taking a closer look, it is clear that if LUNA loses this level of support, there is no major support until $80. That being said, bulls need to step in otherwise expect the sell-off to continue.
If there is a 4-hour close above $92, expect to see the bulls regain control. However, a 4-hour close below the major support will keep the sell-off in motion.
AVAX/USDT
Let's take a look at everyone's favorite red coin, AVAX.
Sticking with our reliable 4-hour timeframe, we can see the trend remains in favor of the bears. A new April low has been printed. However, there is still a possibility of seeing a higher low.
Taking a closer look, we can see the price was rejected by our area of interest from last week's analysis. Since then, we have been creating lower highs and lower lows. At the time of writing, the bulls are scrambling for support.
A 4-hour close above our key resistance is a good sign indicating that we will see a bullish trend. However, if there is a 4-hour close below the new April low, expect the price to continue printing lower lows.
FTM/USDT
By popular demand, we are introducing FTM to the weekly analysis!
Sticking with our 4-hour time frame, we can see that the short-term trend is in favor of the bears. Since printing its April high, we have seen lower highs and lower lows. At the time of writing, FTM is testing the March low. Will the buls step in?
Taking a closer look, we can see the bulls have to reclaim our area of interest to ensure confidence in the market. If there is a rejection at this level, expect to see a continuation of the sell-off.
A 4-close above the area of interest is a good sign indicating that the bulls are back in the game. If there is a 4-hour close below the new April low, expect a continuation of lower lows.
Summary of All Chart 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:
- Bitcoin psychological support continues to look weak.
- ETH higher-low setup is still possible.
- NEAR is approaching a major support level.
- Solana continues to look weak compared to other coins in the market.
- LUNA continues to cool off after it's parabolic run.
- AVAX is starting to show signs of weakness.
- FTM bulls need to reclaim our area of interest.
Something to look out for this week is to see if the new April’s low will hold. This analysis is based on a 4-hour time frame. Let's hope the bulls step in this week and give us a better outlook for next week!
Remember that this is all based on the subjective views of the writer. As always do your own research.
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