The big players in the market recently printed a higher high. Is the market setting up for a big move? Let's find out!
Last week’s price action printed a higher high. In this week's technical analysis, we will analyze if the market can print a higher low. Let’s take a look at this week’s big players: BTC, ETH, NEAR, SOL, ADA, AVAX, and FTM in the 4-hour time frame.
BTC/USDT
Using the logarithmic chart helps display data over a large period.
Looking at the left side of the chart, we can see BTC has been in this ranging market since the beginning of 2021. Since then, BTC has ranged between $30,000 and $69,000. At the time of this writing, it is now testing the range support for the third time. A loss of this major support level will lead to lower lows. Can the bulls hold $30,000?
Shifting toward our most recent price action, we can see last week BTC printed a higher high. BTC is now looking to confirm a higher low as support. This zone has been a battleground between the bears and bulls. Expecting to see some fake-outs at these levels.
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A 4-hour close above $32,550 and expect the bulls to take over. If there is a rejection from our area of interest, expect the lower lows to continue.
ETH/USDT
Sticking with the reliable logarithmic chart to keep things simple.
Taking a step back, we can see ETH is also respecting a bullish channel pattern. This is ETH's last major support level before revisiting its previous all time high. Can the ETH bulls hold this level?
Shifting towards our most recent price action, we can see ETH has printed a new local top. Is is now looking to print a higher low. Any confirmation of support at this level means that the bulls are back in control. This would leave a setup for the bulls to push to the channel midline.
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If there is a 4-hour close above $1,850, expect the bulls to step in. A rejection from this area of interest and expect the lower lows to continue.
NEAR/USDT
You know the deal, sticking with the logarithmic chart.
Zooming out, we can see NEAR continues to respect the market structure. Will this last much longer?
In last week's price action we saw NEAR also print a new local top. This week we see NEAR is now looking to confirm support. A bounce off this channel sets the market for a bullish move. Losing this level would be catastrophic for the bulls. NEAR needs to print a higher low at this level or expect the lower lows to continue.
A 4-hour close above $5.65, and the bulls are back in charge. However, a rejection of this resistance and expect the sell-off to continue.
SOL/USDT
Looking at the left side of the chart, the structure leaves clues. At the time of this writing, SOL has found short-term support and is now aiming = for a higher high. The bulls need to reclaim $40 to set up for a bigger move. The last time we saw a similar structure, SOL went for a parabolic run.
If there is a 4-hour close above our area of interest, expect to see a higher high. However, a rejection from $42 and expect to see the lower lows continue.
ADA/USDT
ADA bulls showing signs of life!
Zooming out we can see that $0.35 has been strong support for ADA. Looking at the left side of the chart, we can see some structure being played out today. Last week ADA confirmed a higher low and higher high. Price action is now looking for a new local top. A reclaim of $0.65 and expect a parabolic run.
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If there is a 4-hour close above $0.60, expect the bulls to take over. In case of a rejection from this psychological level, expect a steep sell-off.
AVAX/USDT
Is AVAX setting up for a big move?
Zooming out we can see AVAX continues to respect its channel pattern. Taking a look at our most recent price action, we can see AVAX has printed a double bottom. Looking left we can see the last time AVAX was at this level we had a parabolic run. Are we going to see history repeat itself?
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A 4-hour close above $26.50 and expect to see the AVAX bulls step in. However, a rejection from our area of interest, and expect the lower lows to continue.
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FTM/USDT
Up next is one of the crowd favorites, FTM.
Taking a step back, we can see FTM has printed a double bottom. It has found support above the $0.35 zone. The bulls are now establishing support.
If there is a 4-hour close above $0.38, expect the bulls to make a run. If there is a rejection from our area of interest, it may get ugly for FTM bulls.
Summary of All the Charts to Keep It Simple
If you are one of those who skipped to the bottom to save some time, here is a summary of the above:
- BTC is sitting in a battlefield, so expect some fakeouts.
- ETH support is being built.
- NEAR is aiming to confirm support.
- SOL bulls are looking to step in.
- ADA is setting up for a parabolic run.
- FTM is establishing support.
It is crucial for bulls to hold this level of support. If there is a confirmation at this level, expect a nice market reversal.
Remember that this is all based on the subjective views of the writer. As always do your own research.
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