Altcoins Price AnalysisBitcoin Price AnalysisEthereum Price Analysis

Five digital currencies that traders should monitor this week


It is possible that the price of Bitcoin will accelerate in the coming days, and this may lead to the growth of digital currencies such as Ethereum, Uniswap, Internet of Things and Avi.

to the the report The recent issue of Bitcoin Telegraph shows that only 6% of investment managers expect the price of Bitcoin to reach $ 60,000 by 2021. The poll, conducted among a group of investment executives, shows that 44 of these executives predict that the price of bitcoin will fall below $ 30,000 by the end of this year. Twenty-five percent of respondents forecast a price of $ 45,000, and another 25 percent believe that the price of bitcoin will reach $ 55,000 by the end of 2021.

The results of this survey show that the feelings about Bitcoin are still negative. However, China’s recent restrictions have not had the right effect on prices and their fall. This indicates that smart investors are not trading emotionally, but buying on the floor.

Willy Woo, a leading Bitcoin market analyst, said in a recent interview that traders who sold their bitcoins earlier this year are now slowly accumulating. According to Willow, data within the chain indicates a recovery in the price of bitcoin.

Street magazine has previously stated that the Point 72 hedge fund seeks a strong entry into digital currencies. The fund is owned by Steven Cohen, and its entry into the digital currency market indicates that institutional investors are looking at current levels as a price floor.

Bitcoin (BTC)

The price of Bitcoin has fluctuated between $ 31,000 and $ 42,451 in recent days. After sellers failed to stabilize prices below this range from June 22 (July 1) to June 26 (July 5), buyers are now trying to shape a recovery.

Bitcoin price chart
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Buyers managed to push the 20-day moving average (EMA20) above $ 34,933 and are now looking to push the 50-day moving average (SMA50) above $ 36,597. The upward divergence of the Relative Strength Index (RSI) indicates an increase in the price acceleration for a further jump.

If buyers push the price of Bitcoin above the simple 50-day moving average, there is a chance of a rally to the resistance area between $ 41,330 and $ 42,451. We are expected to see heavy resistance from vendors in this area. If the price falls below this range, there is a possibility of transverse fluctuations in the next few days.

On the other hand, a drop from the simple 50-day moving average and a break of $ 32,700 may lead sellers to try again to lower the price below $ 31,000. If the sellers are successful, the next destination is the $ 28,000 significant support price.

Bitcoin price chart
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In the 4-hour timeframe, we see the formation of an ascending triangle pattern, which completes if the price jumps and closes above $ 36,670. If buyers can complete the pattern, there is a possibility of a jump to $ 41,000 and then $ 44,535.

On the other hand, if the price falls below the current level or $ 36,670, sellers will try to push the price below the triangle trend line. If they succeed in doing so, the bullish view will lose its credibility, which could lead to a drop in prices to $ 32,700 and then to $ 31,000.

Ethereum (ETH)

Ethereum traded above the 20-day moving average at $ 2,193 on Wednesday, but buyers were unable to stabilize at higher levels. A day later, sellers once again pushed the price below the 2-day moving average and tried to trap buyers.

Ethereum Price Chart
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However, a strong price recovery from $ 2,018 on Friday indicates that market sentiment is positive and traders are accumulating Ethereum at the floor. It should not be forgotten that buyers on Saturday managed to push the price above the 20-day moving average again.

Currently, the 20-day moving average has flattened and the relative strength index is returning above 52, indicating that the upward acceleration is increasing. There is a possibility of a rally to the downtrend line. At this level, sellers will vigorously seek to stop the uptrend.

However, if the price accelerates and buyers can push the price above the downtrend line, we may see a rise to $ 2,990. If the price of Ethereum falls below the $ 50-day moving average at $ 2,437 and falls below $ 2,000, the uptrend will be nullified.

Ethereum Price Chart
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In the 4-hour time frame, we see the formation of an inverted head and shoulder pattern. This pattern was completed by a jump and closing of the price at $ 2,280. Moving averages have an upward slope and the relative strength index is in the buy saturation range, which indicates that market control is in the hands of buyers.

On the other hand, if the price of Ethereum falls below $ 2,280 again, it can be said that the sellers have not lost hope yet and are trying to catch buyers who are buying heavily. Falling below $ 2,000 could lead to a resurgence of sellers in the market. In that case, there is a possibility of falling again to the key support of $ 1,728

Uniswap

The Uniswap price recovered from $ 13 on June 22, reaching above the 20-day moving average at $ 19.5. This was the first time since June 4 (June 14) that Uniswap has reached this range. Many refer to this as an upward signal. The 20-day moving average has flattened and the relative strength index is in the middle range, which indicates that sellers are gradually losing control of the market.

Five digital currencies that traders should monitor this week
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Uni-swap is now likely to reach the 50-day moving average at $ 22.99. We expect to see heavy resistance from vendors in this area. However, if buyers can prevent the next fall in the 20-day moving average, it would indicate that market sentiment is changing from selling in rallies to buying on the floor.

This raises hopes for a price increase to a simple 50-day moving average. In this case, it can be said that the price will start its upward trend to reach the $ 30 resistance. On the other hand, if the price falls below $ 16.93, sellers will once again try to push the Uniswap price to $ 13.

Uniswap price chart
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Moving averages have completed the uptrend and the relative strength index is close to the buy saturation range, indicating that in the short term the upper hand is available to sellers. If buyers can push the price above the $ 21 resistance, the price accelerates and you can expect a rally to $ 25 and then to $ 27.

On the other hand, if the price falls below the 20-day moving average, the next major support will be $ 17. The breaking of this support indicates that traders continue to sell at higher levels. The price may reach $ 15 if these conditions occur.

Computer Internet (ICP)

After the terrible fall of the computer internet price from $ 497, this digital currency is now looking to record its price floor at 28.31. The 20-day moving average has flattened to $ 53, and the relative strength index is rising after reaching the bottom of the sell-off, indicating that selling pressure is easing.

Five digital currencies that traders should monitor this week
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If buyers can push the price above $ 60, the price of PC Internet could form the 123 floor pattern. In this case, there is a possibility of a jump to $ 72.61. In addition, if buyers can stop the next fall in the 20-day moving average, it indicates that the uptrend has begun.

On the other hand, if the price falls below current levels and falls below $ 41.44, sellers will once again try to lower the price to a historic low of $ 28.31. Breaking this support could exacerbate the declining price of PC Internet.

Computer Internet Price Chart
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In the 4-hour timeframe, we saw a bullish intersection of moving averages, and the relative strength index is in the positive range, which indicates the return of buyers to the market. However, sellers do not seem to give up this simplicity and will defend $ 52.

If the price of this digital currency falls below these levels but recovers in moving averages, it can be said that traders are accumulating at lower levels. Buyers will try to push the price above $ 52 and then $ 60.

Their success could spark a new uptrend. The opposite of this is where the price goes below $ 40. In this case, there is a possibility of reaching the historical floor again.

آوی (AAVE)

The price of Avi reached the top of its downtrend line on Tuesday, which showed that the downward acceleration of the price is decreasing. Sellers tried to stop the price recovery in the 20-day moving average ($ 252), but failed to bring the price below the downtrend line. This indicates that buyers have made a purchase on the floor.

Avi Price Chart
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Buyers pushed the price above the 20-day moving average on Saturday, indicating a possible reversal. Sellers are likely to seek to turn $ 280 support into a resistance, but if buyers prevent prices from falling below $ 215.62, there is a possibility of overcoming resistance.

This paves the way for a simple 50-day moving average at $ 321 and then $ 400. The 20-day moving average has flattened and the relative strength index is in the middle range, which indicates the buyers’ decision to return strongly to the market. If the price of Avi falls below current levels below $ 215.62, this ascending view will be invalidated. In that case, we may see it fall to the bottom of June 22 at $ 170.10.

Avi Price Chart
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The 4-hour timeframe indicates that the semicircular floor pattern is completed by jumping and closing above $ 280. The target for this model is $ 289, but it is not easy to reach this level of work and sellers will try to stop the jump to $ 340.

Moving averages have an upward slope and the relative strength index is in the positive range, which indicates that the upper hand is in the hands of buyers. If the price falls from current levels but recovers in moving averages, it indicates positive sentiment and accumulation by buyers. This view loses its validity if the price closes below $ 215.

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