If the price of Bitcoin manages to maintain its support of $ 58,000, instruments such as Ethereum, Vichin, Monroe and Token FTX will be able to continue their upward trend to new price levels.
to thethe report The price of bitcoin has risen by more than 1,000 percent since March 2020. It is safe to say that this digital asset has significantly outperformed traditional asset classes such as stocks, commodities and bonds.
The recent jump in the price of bitcoin, even after its strong uptrend over the past year, continues to attract investors to the field. Ben Lilly, an analyst at Jarvis Labs, has announced that whales holding between 100 and 1,000 bitcoins will have a total of 63,000 bits as of Feb. 28. Coin has added to his assets.
Monitoring the activity of these whales will be valuable because, according to Lily:
These wallets were the ones that had the best performance in the price increase in 2017.
In addition to whales, bitcoin acceptance by companies continues to increase. The epidemic has been such that even a company like RushOrderTees, a T-shirt printing company, recently announced that it had invested about $ 300,000 in bitcoin and other digital currencies last month! The company also plans to increase that to $ 1 million by the end of April.
These trends may reflect the fact that even smaller companies are allocating part of their assets from the source of Fiat or traditional currencies to digital currencies. If this trend continues, we may soon see a new class of investors added to the field.
With these interpretations, we turn to the five-currency chart, which may perform better this week.
The price of Bitcoin on March 13 (March 23) continued its upward trend, climbing to the historical ceiling (ATH) at $ 58,341. Sellers in the current situation will try to lower the price below this broken level (breakout) and trap aggressive traders. Buyers, on the other hand, are trying to break the $ 58,341 resistance level.
If buyers succeed in keeping the price above this level, the probability of moving towards the next target will start at $ 72,112. The upward slope of the moving averages indicates a relative superiority over market cows. Given that the price is fluctuating below this level with the current candle, if it starts to correct suddenly, it can jump from the 20-day moving average (EMA 20 – blue line in the picture) to $ 53,028 He said market sentiment remained bullish and the accumulation of opportunities in the downturn was still in the hands of buyers.
However, not all charts indicate a rise, for example, a negative divergence in the Relative Strength Index (RSI) indicates a momentary weakening (acceleration) of the price. Of course, sometimes in a strong uptrend, negative divergence loses its credibility. However, the occurrence of this sign will make the trader cautious, because in most cases the reversal of the trend has been successfully predicted in this way.
If the 20-day moving average support is broken, supply will outstrip demand and traders will rush to save on trading. It will be able to lower the price to the simple 50-day moving average (SMA 50 – red line in the picture) at $ 46,047 and then $ 41,959. Such a sharp drop could delay the start of the next bullish wave.
The four-hour chart shows that buyers have entered the market as prices fall to a 20-day moving average (EMA 20 – blue line in the picture), so cows are more likely to defend this average again. With the price jumping from this average, there is a possibility of re-testing the resistance at $ 61,825. Breakout price will warn above this resistance from the beginning of the next bullish wave.
Conversely, if the price moves below the support of the 20-day moving average, we will receive a warning about a possible change in the short-term price trend. The next support will be the price of $ 56,000 and then below it the simple moving average of 50 days. Violation of this support would also indicate that the recent price move above $ 58,341 is a trap.
Ethereum rose above the 78.6% Fibonacci retracement level to $ 1,879 on March 13, but buyers failed to maintain momentum and re-examine the historic price ceiling of $ 2,040. These show the sellers’ strong defense in the resistance area of $ 1,879 to $ 2,040.
The current price may pull the 20-day moving average (EMA 20 – blue line in the picture) to $ 1,727. A strong jump in this support indicates that buyers continue to accumulate in the fall. These factors will strengthen the view that prices are rising above this resistance.
If buyers manage to stabilize the price above the resistance of $ 2,040, there is a possibility that the next wave will start the upward movement to $ 2,614.
On the other hand, if the price moves below both moving averages, it can be said that supply has surpassed demand. This can set the price between $ 1,289 and $ 2,040 for a few days.
The four-hour chart shows that sellers have once again lowered the price below $ 1,879. There is a possibility that the price will fall in the current situation to the bottom of the bullish channel. If the price jumps up from the bottom of this channel, the short-term trend will be in the interest of buyers. In such a situation, buyers will try to continue the upward trend.
On the other hand, falling below the uptrend channel will be a possible change in the trend. In this case, there is a possibility of falling to the support of $ 1,650 and below it to $ 1,450.
Wei China (VET)
The price of Wei China on March 8 (March 18) has gone above the resistance range of 0.0345 to 0.0607 dollars. These factors indicate the relative superiority of market cows. However, the bears have not yet given up and are trying to delay the uptrend to $ 0.0725.
If the price jumps again from the support of $ 0.0607, it can be concluded that this level has become support. In the next stage, this level can be a launching pad for the start of the next bullish wave with a target of $ 0.0870 and in the next stage $ 0.10.
The upward slope of the moving averages and the placement of the Relative Strength Index (RSI) in the buy saturation zone indicate the dominance of market cows. This uptrend will be eliminated with the price moving below $ 0.0607 and the 20-day moving average (EMA 20 – blue line in the picture) at $ 0.0564. Such a move indicates that the recent breakout price above $ 0.0607 was a bull trap.
The price has gone below the 20-day moving average in the four-hour time frame. In the current situation, buyers will try to lower the price below the broken level (breakout) to $ 0.0607.
If successful, it can be said that demand is declining at higher levels. In this case, the price is likely to fall to $ 0.050. A deeper fall in prices could delay the start of a new uptrend and keep it within a range.
On the other hand, if the price jumps from $ 0.0607, there is a possibility that $ 0.0725 will be seen again. Breakout above this resistance will be able to continue the uptrend.
The price of Monroe on March 13 (March 23) has risen above the resistance of $ 232.39. The move will open the way for the price to climb to the target of $ 288.60. With these interpretations, sellers do not intend to rest and are trying to return the price below the breakout level of $ 232.39.
If successful, the price is likely to fall to a 20-day moving average at $ 220. Monitoring this level will be important, as a strong jump in price indicates that buyers continue to enter the market in the fall.
The slope of the 20-day moving average (EMA 20 – blue line in the picture) is gradually increasing and the relative strength index (RSI) is above the level of 57. These factors show the relative superiority of buyers in the confrontation between cows and bears. The uptrend will be eliminated by moving the price below the 20-day moving average. The occurrence of such a move will be able to lower the price to the simple 50-day moving average (SMA 50 – red line in the picture) at $ 197.
The four-hour chart shows the formation of an ascending triangle pattern. The price is currently retesting the broken surface or the upper side of the pattern at $ 232.39. A jump in this level will indicate a continuation of the upward trend in the price target of $ 292.89.
On the other hand, if the price moves below the lower side of the triangle pattern, the continuation of the upward trend of the price will be eliminated. Such a move would be able to lower the price up to $ 200 and below it up to $ 171.90.
XT Token (FTT)
The price of FTX on March 9 (March) has reached the top of its $ 35 resistance and has continued its upward trend. The first stop on the uptrend will be $ 45, and on top of that, the uptrend may continue until the $ 50 resistance.
The upward slope of the moving averages and the placement of the Relative Strength Index (RSI) in the buy saturation zone indicate the superiority of buyers. Any sign of trading profit will be able to lower the price to the broken level (breakout) of $ 35.
If buyers turn this resistance into a support level, we can say that we are witnessing a strong demand pressure in the falls. In this case, the $ 35 level will be considered a price floor in the fall.
On the other hand, if the price moves below the 20-day moving average (EMA 20 – blue line in the picture) at $ 32.93, it can be said that trading profit reserves are higher. In that case, the price could drop to $ 25.
The slope of both moving averages in the four-hour timeframe has risen and the relative strength index (RSI) is in the saturation zone. These factors show the superiority of buyers.
The price has continued to rise without breaking the support of the 20-day moving average support, which shows that buyers are not in a hurry to close their positions. The first support in the path of price decline is the 20-day moving average. Any price failure below this level indicates a momentary weakening of the price. The next price support on the downside is $ 35.