BTC recently broke above the $24k level. But what to expect this week?
A surge in buying volumes was seen on Thursday after BTC rallied to hit $24,900.
After a pullback to $21,000, the bulls seem to be back in full force. Should you expect another rally this week?
BTC/USDT
In the chart above, we can see how the resistance at $24,000 caused the price to slip to $21,000 last week. The bulls were quick to return near the support at $21,800, resulting in a strong reversal from the support.
At the time of writing, the RSI is in the overbought level, which is hinting towards a pullback. It seems like the price may retest the support before continuing the rally. If the retest is successful, traders can expect the price to start approaching the next resistance at $28,000.
Also Read: A Complete Guide to Death Cross and Golden Cross?
ETH/USDT
A similar structure can be seen in ETH as the price sharply bounced back after a correction in the price seen last week. ETH may break the supply zone (resistance) at $1,700 soon which could make way for the next leg up in the rally (DYOR). The price is currently testing the resistance level.
Once this resistance is broken, traders can expect the price to start approaching the next supply zone at $1,800. However, just like BTC, the RSI is currently overbought - which is why we may see a minor pullback in the price.
Also Read: Breakout vs Fakeout (False Breakout)
NEAR/USDT
NEAR has been trading sideways since our previous analysis, and we are not expecting any major moves until either side of the zone is broken. The major points of interest to keep an eye on for this week are $2.05 and $2.8.
If the resistance at $2.8 is broken, we may see the price rise towards the next resistance at $3.4. It is too early to say which side the price may break out, thus traders should wait for a clear breakout.
Also Read: What Is Fundamental Analysis in Cryptocurrency and Stocks?
ADA/USDT
After a strong couple of weeks, ADA fell last week - which may have been caused due to profit booking by traders. The price, however, reversed from the support at $0.35 and surged to $0.42. It seems like the price will test the resistance at $0.43 soon.
FTM/USDT
In our previous analysis, we had expected the price to approach the resistance at $0.65. FTM did experience a pullback to the $0.39.
The price bounced back strongly and is now approaching the resistance at $0.65. It must flip the stringent resistance at $0.65 before any further bullish action.
AVAX/USDT
AVAX fell by almost 30% after our previous analysis. However, the price was able to quickly recover - which is a good sign. The price must reclaim the resistance at $21, as it was rejected by this level last week.
Also Read: What Is Crypto Options Trading?
Summary
A quick recap of all the coins:
- BTC has broken above $24k.
- ETH is in the overbought zone on the RSI.
- Traders should wait for NEAR to break the resistance.
- ADA reversed from the support.
- FTM’s price was corrected last week.
- AVAX needs to break the supply zone.
Remember that this is all based on the subjective views of the writer. As always, DYOR!
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