Bears and bulls wrestle for control, creating a stagnant market - will the price break free or continue sideways?
In this week’s analysis, we will stick to the 4-hour time frame to keep the analysis precise!
The Bitcoin bears
were equally strong this week after the price traded sideways. This usually occurs when the buying pressure and selling pressure are at similar levels leading to the price level not moving too much. The price barrier at $31,500 still stands strong! (not financial advice
After being rejected by the resistance
at $31,500 last week, the price has consolidated
this week. A strong move could be seen soon, however, it may be too early to ascertain which side the price will move.
The resistance seems to be weakening as it has been tested multiple times - however, it could still be favorable to wait for a clear breakout. If the price is able to break the resistance, a move towards $36,000 could be seen.
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has collapsed and broken down from the price floor at $1,900! It is crucial for the bulls to reclaim the $1,900 level to maintain a strong position. If this level is not reclaimed soon, we may see the price approach the next price floor at $1,790 soon. (not financial advice
has broken the support at $1,900 this week after a strong sell-off. If the support is not reclaimed soon, the price may end up testing the demand zone at $1,790! (not financial advice
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has still yet to clear the resistance at $1.45. Until this resistance is cleared, the bulls will not be able to take over. The price tried rising earlier this week, but the resistance, once again, stopped the rise. (not financial advice)
has still been unable to break the resistance at $1.45. A resisting trendline can be seen in the chart above from which the price is on the verge of breaking out. The resistance could be tested once the trendline is broken. (DYOR)
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has slightly risen from last week after breaking the price barrier at $0.29. The price can now head towards the next price barrier at $0.31 (not financial advice).
ADA has once again outperformed the market after the price mitigated the resistance at $0.29 last 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.
After a huge 80% surge in the price, PEPE
has been trading sideways. The strong run can continue only once the price barrier marked above is taken out. However, traders must be cautious if the support breaks. This could lead to the bears taking away all the gains seen during the surge (DYOR
PEPE can be seen accumulating and trading sideways after the sharp uptrend in June. The bulls could be charging up for yet another run up, however, the resistance has to be cleared before we see any bullish action (not financial advice).
has given up a majority of its gains from the rally seen at the start of this month. It surged from $80 to $115 during the rally, however, it has since slipped back down to $90. A reversal must happen now or else we could go to levels lower than $80!
The bears have made a strong comeback in LTC as the price fell to $90 this week. The price has almost returned back down to the level from which the rally started. A demand zone can be seen at $90, which could play as the zone of reversal (do your own research).
Traders must be cautious with XVG
since there are few price floors due to the quick rise in price seen in the chart above. This could lead to a domino-like effect if the price floor at $0.0055 is broken. The price needs to bounce from the price floor soon in order for the bulls to return!
XVG has rallied by over 500% in the past 2 weeks without any proper retracement. Therefore, traders must be cautious. A demand zone can be seen at $0.0055, which must be protected by the bulls. The RSI
can be seen falling too which indicates a fall in the relative strength (do your own research
DOGE seems to finally have taken support from the price floor at $0.058. A resisting trend line (red line) can be seen in the chart above that could prevent the price from rising further. Therefore, a breakout must be seen in order for the reversal to take place.
DOGE has slumped by over 40% from the start of the downtrend. But it seems like the coin has found support at $0.058. Traders should wait for the trendline to be broken before establishing a bullish bias. If the trendline is taken out, expect a strong move towards the supply zone at $0.061 (do your own research).
A quick recap of all the coins:
- BTC is trading sideways.
- ETH broke support.
- NEAR broke the trendline.
- ADA is near support.
- PEPE needs to flip the resistance.
- LTC has taken support.
- XVG is looking weak.
- DOGE has found support.
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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