The resistance at $31,500 is proving too tough for the bulls to break. Is it time for the bears to return?
In this week’s analysis, we will stick to the 4-hour time frame to keep the analysis precise!
The Bitcoin bears
might be gearing up for a return after the price has been unable to break the barrier at $31,500, as seen in the chart above. This could be a matter of concern since it could mean that the bulls
are not strong enough to pierce through the price barrier. Keep an eye out and make sure you are cautious of falls (not financial advice
The strong rise in BTC was cut short by the resistance at $31,500 this week. The price has made multiple attempts to break through - however, it has failed on each attempt.
A slight RSI
bearish divergence has been marked in the chart above, which, if played out, could result in the price testing the support
at $28,300. If the price is able to break the resistance, a move towards $36,000 could be on the cards.
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The price ceiling that restricted the spurt in ETH
last week was briefly broken; however, the price has once again fallen back down to $1,900. This is known as a retest which means the price is testing the previous price ceiling. It is very important for the bulls to protect this price or else the bears will soon return! (not financial advice
broke the resistance at $1,900 this week and can currently be seen retesting the support. If the support is broken, expect the price to drop to $1,790.
If the retest is successful, we can see the next supply zone at $1,990, which could be approached once the retest is successful. (not financial advice).
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In our previous analysis, we had stated that NEAR
has to clear the resistance at $1.45. This resistance has still not been cleared thus the bulls are not able to take over yet. The price tried rising earlier this week, but the resistance, once again, stopped the price. (not financial advice)
has still been unable to break the resistance at $1.45. The price has retested the resistance this week which is a sign of weakness. Traders should wait for the resistance to be flipped to expect some bullishness.(DYOR!)
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has breached the price barrier at $0.28 this week, which is a great sign for the bulls. The price can now head towards the next price barrier at $0.31 (not financial advice).
ADA has outperformed the market after the price flipped the resistance at $0.28 this week. If the price is able to sustain over the support, a clear path towards the next supply zone at $0.31 can be seen.
The price is very close to the barrier at $0.31. The red line acting as a price floor is known as a trendline and has been acting as a price cushion every time the price touches it!
The strong uptrend in FTM
has once again continued this week. The resistance at $0.31 is preventing a continuation of the uptrend which is why the resistance has to be flipped soon! (not financial advice
seems to have a strong price barrier at $13.5, which is causing the price to reverse every time it comes close, as seen in the chart above, Therefore, the bulls need to break the resistance for further upside!
The resistance at $13.5 is proving to be very stringent after the price failed to break through after multiple attempts. Therefore, it is better to wait for a breakout/breakdown before opening a position (do your own research).
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A quick recap of all the coins:
- BTC hit $31,500.
- ETH is back at $1,900.
- NEAR was rejected by resistance.
- ADA broke resistance.
- FTM is close to resistance.
- AVAX has to break resistance.
Remember that this is all based on the subjective views of the writer and should not be construed as financial advice. As always, DYOR!
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