In this week’s analysis, we will stick to the 4-hour time frame to keep the analysis precise!
In our previous analysis, we had marked a resistance level at $28,000 (price barrier). This resistance was broken on Thursday after the bears made a comeback in the markets.
At the moment, the bulls are trying to reclaim the resistance which can be seen in the chart above. However, we can see that the $28,000 level has been very stringent in the past - which is why we could see a reversal too!
If the resistance is reclaimed, we can expect the bulls to take control once again! (not financial advice)
After Bitcoin rallied to $30,000 last week, a bearish RSI divergence was seen in the 4-hour time frame. This divergence played out and resulted in the price falling below the resistance at $28,000. At the time of writing, the price is currently testing the resistance once again. This is a very important level as it could be a retest of the breakdown, which, if successful, could lead to Bitcoin falling to $25,000.
After a fast-paced rise in the price of ETH last week, the bears have taken away all the gains and have pulled the price back to $1,840.
ETH has 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.
A similar bearish divergence was seen on the charts of ETH too which played out in a similar manner to that of Bitcoin. At the moment, ETH seems to have taken support at $1,840 - however, the resistance at $1,950 has to be reclaimed for any bullish moves.
NEAR finally broke the two price bands that it was trading under last week. However, the price shortly fell back into the zone. Traders should once again wait for the price to break either side of the zone before making buying decisions.
NEAR broke the resistance at $2.1 last week however the buying volumes faded away which led to the price breaking back down below the resistance. 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.
After a strong bullish move that helped take ADA to $0.46, the bears returned with high selling volumes which resulted in the price plunging back to $0.39. The price has bounced from the floor at $0.39 which we marked in our previous analysis. This is a great sign for the bulls as they were able to protect an important price level!
ADA has played out the path that we had analyzed in our previous analysis! We had marked a strong resistance at $0.43 - the level from which the price reversed last week. At the time of writing, ADA has taken support at $0.43 and could test the resistance at $0.43 soon once again.
FTM has been one of the worst-performing giants in the past week after it plunged by over 20%. The only sense of relief for the bulls is that the crucial price floor (support) at $0.41 has not been broken. We could see a bounce from this support level this week (not financial advice).
FTM has been rejected by the resistance at $0.54 and fell to the support at $0.40. The bulls were able to keep the support intact after the RSI showed an oversold reading. This week, we should be able to see a minor bounce from the support toward the resistance.
AVAX is still trading under the price band at $19. This price band was briefly broken last week, however, the buyers were not strong enough to keep the price above the band. This week, it is looking like the buyers may attempt to break the band once again. Traders should wait for the band to be broken in order to prevent being caught in the fall like last week.
AVAX broke the supply zone at $19 last week, however, the RSI showed an overbought reading and a bearish divergence. The price currently seems to be in momentum and is approaching the supply zone once again. If the supply zone is broken, expect the price to rapidly test the next resistance at $22.
Remember that this is all based on the subjective views of the writer. As always, DYOR!
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