At the same time as Bitcoin buyers are trying to push the price of this digital currency above $ 38,000, instruments such as Avi, Kosama, Algrand and Theta Fuel are in a good position to climb.
According to the Coin Telegraph, bitcoin has been fluctuating between $ 30,000 and $ 40,000 in recent days. This is not necessarily a sign of decline.
In general, after a sharp fall, the price tends to stabilize; Because in this case, the assets flow from the pockets of timid investors to the pockets of more courageous investors who did not sell during the fall and buy on the floor. Upon completion of these transfers, the asset is accompanied by a jump and generally forms a new uptrend. In most cases, it can be said that the longer the stabilization phase, the larger the jump after that.
Mike McGlone, Bloomberg Commodity Senior Strategist, described the issue as a positive sign on Saturday, citing a decline in bitcoin supply. According to him, if the old patterns are not broken, the reduction in supply will be “very, very positive.”
“EToro CEO Yoni Assia said about Bitcoin:
It is possible that in the next 3 to 5 years we will see a sharp rise in the price of bitcoin. There are still 5 billion people on earth who do not have a good local currency.
Therefore, investors should not worry about the not so high volatility of bitcoin prices in the short term. The fundamental factors behind the price of Bitcoin remain strong, and we are likely to see an upward trend in the future.
Bitcoin fell below the resistance triangle on January 12, hitting below the 20-day moving average (EMA20) at $ 36,586. This indicates that the sellers strongly defended this resistance.
As the price of bitcoin continues to rise and reach the top of the triangle resistance line, the credibility of the downtrend has diminished. This opens the way for a jump to the 50-day moving average (SMA50) at $ 44,709. We are expected to see widespread resistance in this area.
Breaking the price above the simple 50-day moving average indicates that the correction is over and buyers are trying to start another new trend.
At the 4-hour timeframe, moving averages intersect and the Relative Strength Index (RSI) enters the saturation zone; An issue that reflects the efforts of buyers for comeback.
Breaking and closing the high price of the triangle resistance line is a sign that demand is outpacing supply. If buyers are able to stabilize the price above the triangle, a new uptrend will begin.
In addition, if the price falls below the resistance line and falls below $ 34,000, it indicates that the sellers are a little more powerful than the buyers. This could lower the price to a significant support of 31,000. A jump in this support would indicate the accumulation of bitcoins by investors; In this case, we are likely to see fluctuations within the triangle pattern over a longer period of time.
Over the past few months, the price of Avi has fluctuated between $ 280 and $ 581.67. Five times in the past, buyers have been well advised to support this range; An issue that indicates that buyers are likely to buy at any price floor.
If the price jumps from the current levels with strength, it will indicate that buyers will continue to accumulate at the bottom of the price. After that, they will try to push the price above the 20-day moving average at $ 344. If they succeed, the price of Avi may rise to a simple 50-day moving average at $ 414. We will expect heavy resistance in this area.
If the price falls below the simple 50-day moving average, we can say that in the coming days we will see a stabilization in the area between $ 280 and $ 414. On the other hand, crossing the simple 50-day moving average opens the way for a jump to $ 581.67.
If the price falls below the 20-day moving average and falls below $ 280 support, this uptrend will be invalidated. This enables sellers to raise the price to $ 208 and then to $ 160.
In the 4-hour timeframe, sellers have lowered the price of Avi to below $ 280 and are now looking to stabilize the price at lower levels. This is while the moving averages have a downward slope and the relative strength index is in the negative range; This means that sellers have the upper hand in the market.
If the price falls below 266.68, there is a possibility of a new downtrend. This bearish view is invalidated if buyers push the price above the downtrend line. In this case, it can be said that the correction is over and the price is open to reach $ 500.
Kosama prices have fluctuated widely in recent days. However, June 9 (June 19) buyers raised the price above the resistance level of $ 480, but failed to maintain the area, and the next day we saw a fall below these levels. This shows that sellers sell at every price rally.
Buyers did not allow the price to fall below the 20-day moving average at $ 388. This indicates that market sentiment is positive and buyers are buying at the bottom of the 20-day moving average.
The 20-day moving average has an upward slope and the relative strength index is in the middle range. The current situation indicates a slight advantage for buyers. Buyers are likely to call everyone who looks appropriate, if there are only a few. If successful, Kosama could climb to $ 537 and then to a record high of $ 625.
If the price falls below current levels or resistance and falls below $ 360, the uptrend will be invalidated. Canceling the uptrend scenario could lead to a drop to $ 280.
In the 4-hour timeframe, buyers seek protection from trend line support. However, the 20-day moving average has a downward slope and the relative strength index is in the negative range; An issue that reflects the greater power of sellers.
This downtrend will be invalidated if buyers can push the price above $ 429. In this case, more buyers are attracted to the market and there is a possibility of rising to $ 480.
Algrand jumped above the 20-day moving average at $ 0.97 on Saturday; This means that buyers are buying on every floor. The 20-day moving average has flattened and the relative strength index is in the middle range, indicating a reduction in selling pressure.
The fluctuations of the previous few days have caused an ascending triangle pattern to form in the chart. This triangle pattern completes if the price jumps and closes in the range above $ 1.15. If buyers can fix the price above 1.5, the next target is $ 1.63.
On the other hand, if the price falls below 1.15, there is a possibility of multi-day fluctuations within the triangle. Breaking the price below the trend line will break the uptrend and open the way to fall to $ 0.8 and $ 0.67.
In the 4-hour timeframe, buyers are trying to get up to the downtrend line. If this effort is stabilized, there is a possibility of a jump to $ 1.15. Breaking and stabilizing this resistance starts a new upward trend.
On the other hand, if the price falls below current levels and falls below moving averages, sellers will once again try to push the Algrand price below the trend line. If successful, it will be a sign of deeper correction.
The price of Theta Fuel reached a new historic high on June 9th. In the meantime, we witnessed a great deal of joy in the daily candle of this digital currency; But buyers were unable to maintain these levels. On Saturday, we saw a wide correction to the 20-day moving average at $ 0.41.
A strong price recovery from the 20-day moving average indicates that market sentiment is bullish and traders are buying at any price floor. Buyers are likely to call everyone who looks appropriate, if there are only a few. We are expected to see widespread resistance from vendors in this area.
If the price falls below the historical high, sellers will once again try to bring the price below the 20-day moving average. If they succeed, it would mean that a broader price correction has begun.
In addition, if buyers push the price to the top of the historical high, there is a possibility that the uptrend will continue. $ 0.85 and $ 1 will be the targets of this uptrend.
In the 4-hour timeframe, the $ 0.4 Theta Fuel price started a massive recovery from the support, which indicates a low level of accumulation. The revival rally, meanwhile, is facing heavy resistance below Fibonacci 61.8% at 0.57.
This indicates that the sellers have not stopped trying and are selling at every rally. If the price falls below the 20-day moving average, sellers will try to bring the price below $ 0.4. If this happens, we may see price stabilization for a few days.
In addition, if the price jumps above the 20-day moving average, it will indicate that the sentiment in the market is positive and buyers will not wait for more floors to buy. This increases the probability of breaking the $ 0.57 resistance. If this resistance is broken, one can expect to climb to the historical peak.