Find regularly technical analysis of the price of Bitcoin (BTC) and other iconic cryptocurrencies such as Ethereum (ETH). But also videos to introduce you to certain technical indicators, tips or more basic approaches. All this for that purpose keep it clear and accessible to allow you to learn the basics of trading. And to benefit from in-depth analysis by experienced traders.
Full video of this coin trading analysis at the end of the article.
Is the cryptocurrency market near the end of its bear market? A crucial question that this technical analysis will try to provide some answers to. With, as always, an update on the situation Bitcoin and offEthereum. But also an overview of the altcoin market with large projects such as Avalanche (AVAX), Chainlink (LINK) or Solana (SOL).
Bitcoin – an interesting setup
in weekly time unit, Bitcoin is still within its reach implemented since June. With support placed at $18,500 level and resistance at $25,000. And as discussed in last week’s analysis, the Bollinger Bands are approaching these two limits. This to form a very interesting figure.
A scenario which ideally would require a few weeks of consolidation to come into place. This in order to be able to get a really strong buy signal after a break above the $25,000 resistance. With a support still not crossed from below. Despite the fact that he already has been tested 7 times since BTC is placed in this range. And an attempt at a recovery that still needs to be confirmed in the current situation.
Anyway, the setup is interesting. And it can even allow take a position as part of an active trading strategy. With a BTC that could seek its resistance at $25,000, with a first target in the middle of the range. And one stop loss to be located very close, at the $18,000 level. Even if it stays back an operation against the trendas Bitcoin is still on the downside until it breaks its resistance.
Ethereum – Less interesting than Bitcoin
The situation is almost identical for Ethereum. With upper and lower limits of the Bollinger bands already placed on the support and resistance of its range. And an ETH cryptocurrency whose price is currently located near the pivot zone of around $1400.
No buy signal on Ether. Because it is currently in a slightly less interesting situation than Bitcoin. This is because he can still return to test the support for his range at the $1000 level. It is downside potential close to 30%.
BNB – More interesting than BTC or ETH
In the case of BNB cryptocurrency, the current configuration is much more interesting. Because it is in a consolidation phase initiated, as for the whole market, since last June. But with an upper limit of the Bollinger bands, which merges perfectly with the resistance at $325. And the lower limit of $210 support.
This is even more evident in daily time units, with a recent rebound at the $260 short-term support. The latter has already been tested many times in the past. And a price that rises while at the same time breaking the upper limit of the Bollinger bands. With as a possible next target, the $330 level.
All this confirmed by a new high has just been made on the graph of BNB vs BTC (BNB/BTC). Which indicates that it is currently outperforming Bitcoin, but also Ether. A dynamic triggered since the end of August and breaking its range from above. This validates the upward trend initiated for the BNB cryptocurrency, at least in the short term, although the alarm clock is still quite timid.
AVAX – A medium to watch
In the weekly time unit AVAX cryptocurrency lands at the $16 level. No buy signal to report in the current situation. With rebound attempts that are not very convincing. And as the biggest risk right now, the intersection of this support from below to trigger a new decline. But this dynamic depends just as often on the goodwill of Bitcoin, the true champion of the cryptocurrency market.
However, if BTC decides to bounce back, it could also provide a bullish move to the entire cryptocurrency market. At the same time, the traditional stock market (S&P 500) has just registered a new low. With a decline of about 25% since its last ATH, which is very important for this kind of index. And the possible, but hard to ignore, risk of Bitcoin being swept away in this turmoil.
Altcoins – Consolidation has lasted long enough
A situation, always in weekly time unit, identical to the NEAR cryptocurrency or even EGLD from the Elrond project. Although in the latter case the Bollinger bands are very tight and thata rebound attempt appears to be taking place. But this always in a very timid way and to be confirmed. And in these two cases there are no real buy signals. Because ideally the true buy signal for a trend reversal always requires the confirmed breakout of the current resistance level.
A similar case for SOL and LINK cryptocurrencies, respectively against resistance levels of $50 and $9. And finally FTT on the FTX platform, which in turn should aim for the level around $32.
Because finally, in weekly unit of time, it is possible to say that the period of consolidation has now lasted long enough in the cryptocurrency market. Mainly because Bollinger Bands are almost completely flattened in most scenarios. With interest at the bottom, except for real specialists in the sector. Which means the base is healthy again to trigger another period of bull market. But be careful, yet no buy signal confirms this trend! And in case of a major fall, everything has to be redone…
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Cryptocurrency trading involves a high level of risk and may not be suitable for everyone. It is recommended that you fully inform yourself of the risks involved and only invest amounts that you can afford to lose.
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