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!
BTC/USDT
For Newbies
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).
For Experts
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.
What’s next?
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.
Learn how traders use the Pi Crycle Top Indicator to determine the next bull run’s top!
ETH/USDT
For Newbies
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).
For Experts
ETH 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).
Learn how Open Interest in crypto helps traders predict a coin’s next move!
NEAR/USDT
For Newbies
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)
For Experts
NEAR 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!)
Learn how crypto traders make buying and selling decisions using the volume delta trading indicator!
ADA/USDT
For Newbies
ADA 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).
For Experts
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.
FTM/USDT
For Newbies
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!
(DYOR).
For Experts
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).
AVAX/USDT
For Newbies
AVAX 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!
For Experts
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).
Also Read: How To Navigate Cost and Optimize Trading Strategies
Summary
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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