Altcoins Price AnalysisBitcoin Price Analysis

Five digital currencies that traders should monitor this week


The recent jump in the price of Bitcoin and the widespread growth of this digital currency have led buyers to increase their activities in the market. Now, if Bitcoin can maintain its uptrend, other digital currencies such as Uniswap, Chainlink, Solana and Monroe will be among the currencies that have good conditions for uptrend.

to the Report The Bitcoin Telegraph, the price of Bitcoin jumped from $ 29,482 on July 21 and reached $ 42,316 on Friday. The rise prompted many buyers to enter the market, waiting on the sidelines to determine the direction of the trend. After this incident, many analysts hypothesized that Bitcoin could once again experience a similar upward trend in 2013 and 2017, a hypothesis that was opposed by many others.

Jeff Ross, founder and CEO of Vailshire Capital, stressed that Bitcoin was under a barrage of negative news for three months in the second half of 2013, although its price had increased 10 times. He stated in this regard:

I still say that Bitcoin will behave similarly in 2021.

Planeby, a well-known trader and creator of the accumulation model, said that if the price return in July was quite precise and planned, if the Bitcoin price closed above $ 47,000 in August, the accumulation model would continue to be offered. Will be valid.

Despite sharp fluctuations in bitcoin prices, institutional investors continue to accumulate bitcoins. GoldenTree, an asset management company with $ 45 billion in managed capital, has previously announced that it has bought Bitcoin. The company did not disclose the size of the purchase.

Due to the widespread revival of the Bitcoin market in recent days, the sentiment in the market has become very positive.

Bitcoin (BTC)

The price of Bitcoin has faced resistance at $ 42,451.67 in recent days, but evidence suggests that buyers have not given up. This means that buyers do not close their positions; Because they predict the price will rise.

Bitcoin price chart
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The 20-day moving average (EMA20) is upwards at $ 36,800 and the Relative Strength Index (RSI) is in the buy saturation range, indicating that further growth is the least painful way for the Bitcoin price. If buyers push the price above $ 42,451.67, there is a possibility of another rise. In this climb, we may see the price reach the $ 50,000 psychological resistance.

On the other hand, if the price falls below current levels, buyers will try to defend the support of $ 36,670. A strong price recovery in this area could lead to cross fluctuations between $ 36,670 and $ 42,451.67 over the next few days.

Sellers will try to push the price below $ 36,670 to gain the upper hand in the market. This could increase the chances of reaching $ 31,000 again.

Bitcoin price chart
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In the 4-hour chart, both moving averages have an upward slope, and the relative strength index is in the positive range, indicating that buyers are more powerful than sellers. If the price recovers from the 20-day moving average, buyers will once again try to cross the resistance level of $ 42,451.67.

In addition, if traders bring the price below the 20-day moving average, it is likely to fall to the simple 50-day moving average (SMA50). A strong jump in this support may indicate that market sentiment remains positive. In this case, it can be said that traders are buying on the floor.

Upward acceleration will be weakened if the price falls below the simple 50-day moving average. In this case, we may see a fall to $ 36,670.

Uniswap

On Friday, Uniswap prices reached the top of the downtrend line. When the price reached this level, the downward triangle pattern was canceled. Given that sellers will seek to offset their losses, one can expect a rapid jump.

China Price Chart Link
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If buyers push the price above $ 23.45 and the $ 25 resistance, the next goal will be to jump to the strong $ 30 resistance. Moving averages have formed an uptrend and the relative strength index is in the positive range, indicating that the upper hand is in the hands of buyers.

However, it is possible that vendors have other plans in mind; Vendors are likely to seek to defend this resistance. If the price falls in this area but recovers from the 20-day moving average at $ 19.25, it can be said that buyers will buy at the bottom of the price. This increases the probability of breaking $ 25 and jumping to $ 30.

On the other hand, if the price falls and falls below the moving averages, it is possible that some buyers who have made a strong purchase will be caught in a trap. In this case, the price of Uniswap may first reach 17.24 and then $ 13.

Uniswap price chart
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We may see a rise to $ 23.45. This level is known as a heavy resistance. If buyers do not show much weakness, it can be said that the rally will continue. Moving averages have an upward slope, and the relative strength index is in the buy saturation range, which indicates that the balance sheet is heavy for buyers.

This bullish view will be invalidated if the price falls below the resistance and falls below the 20-day moving average. This indicates that traders have largely withdrawn their profits from the market at $ 23.45. In this case, the pullback is up to a simple moving average of 50 probable cycles.

Last Tuesday, Chainlink price hit a 50-day moving average above $ 18.73, indicating a decline in sellers’ control over the market. After a brief spike in $ 20 buyers’ activity, buyers staged another revival rally on Friday.

China Price Chart Link
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However, yesterday’s high candle yesterday shows that there is a possibility of reducing the strength of the uptrend.

If the price falls below the current level but recovers from the 20-day moving average at $ 18.83, it can be said that the sentiment in the market has risen again. Buyers will then try to push the price of the Chinese link above the resistance level of $ 32.5 to $ 35. Resistance is expected to be heavy in this range.

On the other hand, if the price falls below the moving averages, it can be said that the sellers have not surrendered yet. This could cause the significant support area to fall to $ 13.38 to $ 15.

China Price Chart Link
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Both moving averages in the 4-hour timeframe have a downward slope, and the relative strength index is in the positive range, indicating that buyers have more control over the market. Buyers are more likely to buy in the 20-period moving average on the floor. In that case, there is a possibility that the uptrend will continue. In this process, the probable destination is $ 26.20.

On the other hand, if sellers lower the price below $ 21, we may see some buyers trapped in cattle. This will likely lead to a fall to a simple 50-day moving average. This area is very important; Because breaking can lead to a reduction of up to $ 15.

Solana (SOL)

Buyers pushed Solana above the downtrend on Friday. When the price reached this area, the descending triangle pattern was broken. Sellers are currently looking for price reductions below the downtrend line to trap aggressive buyers.

Solana price chart
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The 20-day moving average at $ 30.49 has started to move higher and the relative strength index is at 61, which shows that buyers have the upper hand. If buyers consider the downtrend line as a floor and buy there, it can be said that the sentiment in the Solana market has become positive. In this case, buyers will try to resume the uptrend, bringing the price to $ 37 and then to $ 38.10.

If they succeed, the price of Solana could reach $ 44. Vendors are likely to form a strong resistance in this area. This downside view will be invalidated if sellers push the price below the moving averages. This opens the way for a fall to $ 26.5.

Solana price chart
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Vendors are currently trying to stop the revival rally at the $ 38.10 resistance. However, the upward slope of moving averages and the presence of a relative strength index in the positive range indicate that buyers have the upper hand in the market.

If the price jumps above the 20-day moving average, buyers will once again try to break the resistance barrier. If successful, Solana’s price could start at $ 44.

A fall below the 20-day moving average will be the first sign of a weakening uptrend. In this case, there is a possibility of falling to the simple moving average of 50 cycles. Falling to this average will delay the possibility of jumping to $ 38.1.

Monroe (XMR)

Monroe price fell above the downtrend line on July 26 (August 4). Reaching the top of this trend line broke the descending triangle pattern. The disappearance of a downtrend is a positive sign for the market.

Monroe price chart
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Monroe prices have been in a small range in recent days. If buyers push the price above $ 250, the uptrend is likely to continue up to $ 288.06. The next target will be $ 316.23.

If the price falls below current levels but is supported by the 20-day moving average at $ 220, it means that buyers are buying on the floor. Buyers will then try again to resume the uptrend.

This bullish analysis will lose its validity if the sellers bring the price below the moving averages. Such a move would mean that the current rally was a cow trap.

Monroe price chart
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In the 4-hour timeframe, Monroe’s price has been stuck between $ 180 and $ 227.5 for a few days. Breaking this uptrend could lead to the price reaching $ 275, but it is possible that sellers have other plans in mind. At the moment, they are strongly defending the $ 250 resistance.

Moving averages have an upward slope and the relative strength index is in the positive range, indicating that climbing is the easiest option for the Monroe price. If buyers can push the price above $ 250, there is a possibility that the uptrend will accelerate.

Sellers, on the other hand, will try to keep the price below $ 227.5. If the bullish scenario is stabilized, it will lose its validity.

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