Up or down? In which direction will the giants lead the market?
In this week’s analysis, we will stick to the 4-hour time frame to keep the analysis precise!
BTC/USDT
For Newbies
The important resistance level at $28,500 (price barrier) that we marked in last week’s analysis has been taken out by the bulls. The bulls are in control at the moment as long as the price is above the resistance!
In the chart above, we have drawn two trendlines (red lines) that outline the triangle that BTC is currently forming. A major move could be seen once either side of the triangle is broken!
For Experts
After Bitcoin plunged to $27,000 last week, the RSI dropped to the oversold level. This helped the price bounce back above the resistance of $28,500. A symmetrical triangle can be seen forming on the 4-hour chart. If the resistance trendline is broken, a clear path to the swing high at $31,000 can be seen. However, if the supporting trendline is broken, traders should be cautious as the price could fall back to $27,000/
Also Read: A Complete Guide to Death Cross and Golden Cross?
ETH/USDT
For Newbies
ETH is forming a triangle similar to that seen in the charts of Bitcoin.
Since ETH has been trading in a sideways trend, the overall analysis would be similar to that of last week. ETH still needs to break the resistance (price barrier) that we have marked on the chart above at $1,950 for any further rise in the price. Until the resistance is broken, strong moves should not be expected.
For Experts
A symmetrical triangle can be seen in ETH too, however, at the time of writing, ETH was trading near the resisting trendline and the supply zone at $1,950. This is why, traders should be careful as a rejection could be seen at this price level - which could result in the price collapsing to the demand zone at $1,840.
Also Read: Breakout vs Fakeout (False Breakout) — Spot the Difference and Increase Accuracy
NEAR/USDT
For Newbies
NEAR has been trading in a sideways trend and is almost at the same price level as it was at last week. Traders should continue to hold off on making buying decisions until the price breaks through either side of the zone. (Not Financial Advice)
For Experts
NEAR is still trading in the sideways channel between $2.1 and $1.8. The price has taken support from the lower band at $1.76 which is a good sign for the bulls.
If the resistance at $2.2 is taken out, the price could surge toward the next supply zone at $2.6.
Also Read: What Is Fundamental Analysis in Cryptocurrency and Stocks?
ADA/USDT
For Newbies
The bears seem to be in control in ADA, as it is continuously falling since last week. ADA is currently trading very close to the support (price floor) at $0.39 which is why traders must maintain caution at the moment!
For Experts
ADA has been hitting lower lows since last week which shows that there is a clear weakness in price. ADA is now right at the final support at $0.38 which is a very crucial level. If this support level is broken, expect the price to plunge to $0.36.
FTM/USDT
For Newbies
In our previous analysis, we had expected a bounce after the sharp fall. However, it has not been seen yet. This is concerning as the support is weakening with the price trying to break it down multiple times last week. If the support is broken, the price could fall sharply (do your own research).
For Experts
FTM has not been able to reverse from the demand zone as the buying volumes have not returned even near the demand zone. This is pointing towards a continuation of the downtrend. If the support is broken, expect the price to approach the next support at $0.36.
AVAX/USDT
For Newbies
As AVAX is trading close to the support at $16, a bounce could be seen this week. If not, it may result in a breakdown. If a reversal is seen, expect the price to move towards the upper band marked in the chart above at $19.
For Experts
AVAX has not been able to register a strong reversal from the support at $19, which is why traders should steer clear of AVAX until a bounce is seen. If the price breaks down from the current level, expect the price to plunge to $15.2!
Also Read: What Is Crypto Options Trading?
Summary
A quick recap of all the coins:
- BTC has formed a symmetrical triangle.
- ETH is near a strong supply zone.
- NEAR is still trading below the resistance,
- ADA bounced from the support.
- FTM is at the support.
- AVAX needs to break the resistance.
Remember that this is all based on the subjective views of the writer. As always, DYOR!
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap. CoinMarketCap is not responsible for the success or authenticity of any project, we aim to act as a neutral informational resource for end-users.
