Technical Analysis: BTC, ETH, NEAR, SOL, ADA and FTM (June - W2)
Trading Analysis

Technical Analysis: BTC, ETH, NEAR, SOL, ADA and FTM (June - W2)

год назад

This week, the market broke down from its range. Is this a trap or an indication of a long crypto winter?

Technical Analysis: BTC, ETH, NEAR, SOL, ADA and FTM (June - W2)

Содержание

Last week’s price action printed a lower high and was rejected by our area of interest. In this week's technical analysis, we look to see if the market can hold this last major level of support. 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

Let’s check the zoomed-out logarithmic 4-hour time frame chart!

BTC has recently broken out of its range. However, looking at the left side of the chart, we can see there have been times when BTC has had a strong pullback before having a v-recovery. Not saying the same thing is going to happen, but this is something to look out for. At the time of writing, BTC is testing its last major level of support before revisiting its previous all-time high. Losing this level would be catastrophic for the bulls.
Looking at our most recent price action, we can see BTC is printing the same structure. A confirmation of support for this level is not expected until later in the week. If BTC can not hold this level of support, expect to see altcoins drop another 20-30% in their prices.

If there is a 4-hour close above $27,500, we can expect to see some relief in the market. However, if BTC loses this level of support, it's going to get ugly.

ETH/USDT

Sticking with our trusty logarithmic chart.

Zooming out, we can see ETH was rejected by our area of interest mentioned in last week's analysis. Since then ETH has been in a major sell-off. At the time of this writing, there are no major signs of reversal.
Want to learn more? Check out what is the golden ratio and why is it important in crypto trading!
Looking at our most recent price action we can see ETH is testing its 2018 all-time high. Losing this level of support could send ETH into deeper waters. The next major level of support is the $1,300 zone

A 4-hour close above $1,500 will assist the price on a run back up to $1,700. However, if there is rejection from the $1,400 zone expect the sell-off to continue.

NEAR/USDT

NEAR has broken its channel structure.

Taking a step back we can see NEAR is approaching a support level. Will this level hold?

You may also check out our guide on how to use swing failure patterns in crypto!
Looking closely, we can see ETH was rejected by our area of interest mentioned in last week's analysis. Something to note is NEAR is approaching support, but it is not a major support level. This does not mean it will not hold, just something to keep in mind. NEAR still has a ways to go before reaching major support.

If there is a 4-hour close above $4.00, expect to see bulls make an appearance. However, if there is a rejection from this level, we can expect to see the sell-off continue.

SOL/USDT

At the time of this writing, SOL is testing a major level of support. The last time SOL was at this level, we saw a parabolic run. That being said, there are no signs of a reversal just yet. SOL is known to have extreme swings, so a quick flip of this level would not be a surprise.

If there is a 4-hour close above $35, expect to see a retest of our area of interest. However, if there is a rejection from the $30 zone, expect the sell-off to continue.

Check out our guide to cross vs isolated margin!

ADA/USDT

Looking at last week's analysis, the price action was rejected by our area of interest!

Taking a look at our most recent price action, we can see ADA is approaching a major area of support. Previously, when ADA was at this level, we saw some runs to the upside. Losing this major level of support could lead to a steep sell-off.

A 4-hour close above $0.50 will assist the price to revisit our area of interest. However, if there is a rejection from this level, expect to see a lower low.

AVAX/USDT

AVAX has broken the bullish channel structure.

Taking a look at the most recent price action, we can see AVAX was rejected by our area of interest mentioned in last week's analysis. At the time of this writing, AVAX is approaching major resistance. A successful recovery from this level of support could lead to a parabolic run.

If there is a 4-hour close above $20, we can expect the bulls to make an appearance. However, if there is a rejection from the $20 zone, expect AVAX to go into deeper waters.

Want to minimize risk on your investment and earn good profits? Check out our guide on how to stake Avalanche (AVAX)!

FTM/USDT

Last but not least, FTM.

FTM has recently broken out of its bullish structure. However, it is now approaching a major support level. Therefore, a higher low is still possible. FTM needs to hold the next level of support or expect the sell-off to continue.

If there is a 4-hour close above $0.25, expect to see a retest of our area of interest. However, if there is a rejection from this zone, another lower low will be on the table.

Summary

If you are one of those who skipped to the bottom to save some time, here is a summary of the above:

  • BTC testing its last major support level.
  • ETH has broken its bullish channel.
  • NEAR is approaching support.
  • SOL is looking for support.
  • ADA is also approaching major support.
  • FTM has broken its bullish channel.

Something to look for out is if these levels of support can hold. Losing these levels would be catastrophic across the board.

Remember that this is all based on the subjective views of the writer. As always do your own research.

Not sure whether to invest your hard-earned money in crypto or stocks? Check out our comprehensive guide on Bitcoin vs S&P 500!
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap. CoinMarketCap is not responsible for the success or authenticity of any project, we aim to act as a neutral informational resource for end-users.
1 person liked this article