Bitcoin is trading close to the support level. Are there any signs of reversal?
Bitcoin is trading close to the support level
at $21,800. At the time of writing, there seems to be hope for bulls
. However, if the support at $21,800 is broken, we might see the bears
In this week’s analysis, we will analyze a few web3
tokens to see whether they are showing signs of weakness and if you should consider selling them.
In our previous analysis, we had set the target at $7.5, which was hit soon after our analysis. We had anticipated profit booking near the resistance
which can be seen after the reversal in the chart above.
Traders can expect the price to bounce back from the trendline at around $6.8. However, if this trendline is broken, some lower levels will be hit. The price could fall to the support at $6 in this case - therefore, traders should maintain caution until a reversal is seen.
Also Read: Breakout vs Fakeout (False Breakout)
’s price jumped over 45% before traders started booking profits, resulting in HIVE giving up its gains.
HIVE briefly broke out of the resistance
at $0.44, however, it was unable to sustain itself as the bulls
were not strong enough. It seems like the HIVE bulls are still not strong enough - therefore, traders should practice caution until the resistance is reclaimed.
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rallied to our target of $6.8 before being rejected by the resistance at $7. It can now be seen testing the support at $6, which, if broken, could push the price down to the next support at $5.5. Traders should wait for a reversal before buying DOT.
is continuing its strong uptrend, and the rising channel is still intact. The token is currently testing the supporting trendline at $0.263.
If the supporting trendline is broken, expect the uptrend to end in the short term. The previous low at $0.24 could be tested in such an event.
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’s price gained over 40% after breaking the stringent resistance at $0.8. However, the price was unable to maintain itself and fell below the resistance
. This is an indication of weakness. This week, FLUX could test the lower support at $0.62 (a crucial level).
has started to correct in price after it fell by 35% last week from $20 to $13. We had ascertained that it was risky to buy the token last week, as it was at the overbought level on the RSI
. At the time of writing, APT is showing no signs of a reversal.
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A quick recap of all the coins:
- LINK is testing support.
- HIVE has broken below the support level.
- DOT is trading near its support level.
- BAT could break the trendline.
- FLUX failed to break out.
- APT fell by 35%.
Writer’s Disclaimer: This article is based on my limited knowledge and experience. It has been written for educational purposes. It should not be construed as advice in any shape or form. As always do your own research.
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