If the price of Bitcoin can stay in the range above $ 30,000, we can expect a jump in currencies such as Paligan, Theta, CRO and LEO.
to the the report Coin Telegraph, the price of Bitcoin has done well in recent days to maintain support of $ 30,000, but has not been successful in recording strong recovery rallies; This has caused many traders to worry about registering a new price floor.
Ecoinometrics tweets that the current correction is very similar to 2013. It took 197 days for the price of bitcoin to reach its all-time high, after which we saw a 69 percent correction in the digital currency.
If history wants to repeat itself, traders must be a little more patient; Because the current trend has been active in the market for only 95 days. At $ 30,000, the price of Bitcoin has lost only 54% of its value, while a 69% correction will push the price down to $ 20,000.
Delphi Digital, in its latest report, states that trading volume on instant platforms has fallen by more than 60% since the peak of May. According to the report, the status of leveraged and futures trading is not well defined, and bitcoin futures have reached the levels of early 2021.
Delphi Digital refers to this as an upward signal and believes that strong market forces are creating this situation in future markets. Strong hands are a term in financial markets that refers to investments that do not get caught up in excitement and hold on to their assets.
The price of bitcoin is currently trying to jump to $ 31,000 support, but the high candle of yesterday shows that the buying pressure is easing at these levels. Sellers will once again try to push the price of Bitcoin below $ 31,000.
The 20-day moving average (EMA20) has a downward slope in the $ 33,174 range and the Relative Strength Index (RSI) is fluctuating in the negative range; These conditions show that the upper hand is in the hands of the sellers. If traders lower the price to $ 31,000, Bitcoin may fall to $ 28,000.
The $ 31,000 to $ 28,000 range is a significant range for buyers; Because if this support is broken, we should expect widespread liquidation of traders who have long (buy) contracts. On the other hand, this will cause a strong negative sentiment in the market. All of these together can bring the price down to $ 20,000.
On the other hand, if buyers can fix the price above the 50-day moving average (SMA50) at 34,925, we can say that the selling pressure is decreasing. In that case, it is more likely to go above $ 36,670.
In the 4-hour timeframe, buyers pushed the price above the 20-day moving average, but failed to cross the simple moving average 50-day barrier; This shows that the sellers are selling in price rallies. Now sellers will try to bring the price below $ 31,000 again.
If successful, $ 30,000 and $ 29,000 would be potential targets. The break of a simple 50-period moving average and the closing of the price above it will be the first sign of strengthening the buying pressure. If Bitcoin reaches the top of the downtrend line, the market trend will change in favor of buyers.
Paligan has been engaged in price correction in recent days. After this correction, we saw a fall to the support area between $ 0.74 and $ 0.68. Buyers are likely to call everyone who looks appropriate, if there are only a few.
Although moving averages have a downward slope, the relative strength index is looking for a recovery from the sales saturation area; This indicates that buyers are looking to arrange a revival rally.
The 20-day moving average at $ 1 will be the first resistance to Paligan’s price. If the price of Paligan falls below this level and reaches below the support area, there is a possibility of a resumption of the downtrend. $ 0.54 and $ 0.34 will be the possible targets in this fall.
On the other hand, if buyers can push the price above the 20-day moving average, there is a possibility of jumping to the simple 50-day moving average at $ 1.26. Crossing this area can lead to a climb of $ 1.71.
The price recovery from $ 0.78 is currently facing resistance at the 20-day moving average in 4-hour timeframe. This indicates that the sellers are reluctant to remove their levers and sell at every rally. Their current goal is to bring the price to $ 0.74.
On the other hand, if the price jumps from the current levels, buyers will try again to bring Paligan to the moving average of 20 periods. If successful, there is a possibility of jumping to a simple moving average of 50 cycles. $ 1.05 will be the next resistance.
The price of theta has been declining since mid-April, when it peaked at $ 15.88. The price cut pushed theta into the $ 4.57 to $ 3.85 support area. This area may attract buyers.
Moving averages have a downward slope indicating that sellers are in control of the market, but placing the relative strength index in the saturation range increases the likelihood of an uptrend. The 20-day moving average at $ 5.68 will be the first resistance for Theta.
If the price falls from this resistance, the sellers will try again to pull theta below the support area. A break below $ 3.85 will signal the beginning of another downtrend. The goal of this trend is $ 2.6.
On the other hand, if traders can push the price above the 20-day moving average, there is a possibility of a jump to the trend line. Breaking this resistance will also indicate a possible change in trend.
Theta has been stabilizing in the $ 4.33 to $ 4.62 range for some time. At the 4-hour timeframe, the relative strength index represents a positive divergence, indicating a possible weakening of the downward acceleration.
If buyers can push the price above the 20-day moving average and stabilize, there is a possibility of jumping to the simple 50-day moving average. This level probably acts as a resistance, but if buyers can cross the resistance bar, Theta could climb to the next resistance at $ 6.
On the other hand, if sellers lower the price below 4.33, there is a possibility of intensifying sales pressure and further falls. In this case, theta may fall to $ 4 psychological support.
The price of CRO has fluctuated between $ 0.14 and $ 0.08 in the last few days. The digital currency fell from $ 0.13 on Wednesday, but buyers managed to stop the fall near moving averages, which is a positive sign.
Moving averages are smoothed out and the relative strength index is below the mid-range, indicating a balance between supply and demand. If the price falls below the current level and falls below $ 0.1, one can expect a decline to strong support at $ 0.08.
On the other hand, if buyers can stabilize the price above the moving averages, it is likely to climb to the resistance of $ 0.13 to $ 0.14. Vendors are likely to perform well in this area. If it falls outside this range, we may see transverse fluctuations on the chart for the next few days.
In the 4-hour timeframe, sellers lowered the price below $ 0.108 support but failed to take advantage of this strength. After that, we saw a revival to the 20-period moving average, but buyers failed to overcome this resistance; This shows that the sellers did not give up and continue to sell in the rallies.
If sellers lower the price below $ 0.108, a fall to key support of $ 0.08 is possible.
On the other hand, a price jump above the 20-period moving average can increase the simple moving average of 50 cycles. Breaking this resistance increases the probability of climbing to the next resistance.
The price of Leo has been fluctuating over the past few days in a large channel near the channel resistance. The amplitude of small fluctuations near a resistance is usually a sign that buyers are predicting an impending price jump, and therefore they are reluctant to sell.
Moving averages have an upward slope and the relative strength index is in the range of 63, which indicates that buyers have more power in the market. If buyers can stabilize the price above $ 2.96, it is likely to climb to the next resistance at $ 3.32.
If the price falls below current levels and falls below the 20-day moving average at 2.78, this uptrend will lose its validity.
In this case, it can be said that buyers have lost hope in the jump and are now looking to withdraw their profits. This could lead to a fall to the simple 50-day moving average at $ 2.59.
At the 4-hour timeframe, the stabilization phase between $ 2.85 and $ 2.95 is over and the jump is up. If buyers are able to stabilize the price above $ 2.96, the uptrend will increase and in the short term it will be possible to go up to $ 3.1.
The moving average of 20 slow periods is rising and the relative strength index is in the range of 62, which shows that the buyers are above it. On the other hand, if the price falls below $ 2.8, the next destination will be $ 2.67.