The price of bitcoin is facing strong resistance in the 200-day moving average (SMA200), but if buyers can cross the barrier, one can expect the rise of altcoins such as Litecoin, PC Internet, Theta and FTT.
to the Report Coin Telegraph, the passage of the bitcoin price above $ 45,000 shows that short-term sentiment in the market has been positive. Positive sentiment boosted investors’ interest in buying digital currencies, boosting the digital currency market to over $ 1.8 trillion.
On Thursday, we witnessed the launch of the London Ethereum hard fork, and according to many experts in the field of digital currencies, the launch of this hard fork strengthened the current uptrend in the market. While price fluctuations in market index tools are considered a positive sign, it should not be forgotten that intra-chain data indicates the possibility of a short-term profit, and this can cause prices to fall.
The percentage of Ethereum profitable addresses published by Glasnood has risen to the range of 96.4, which is the red zone of this index. Lex Moskovski, chief investment officer at Moskovski Capital, said in a statement that assets have historically approached their peak when the index reaches this range.
In the short run, we are expected to see high volatility in the market, while the long-term outlook remains positive. Risk investors reportedly invested $ 17 billion in Blockchain companies in the first half of this year. This equates to the total investment of venture capitalists in Blockchain companies during 2020, which indicates a clear horizon in this area.
The price of Bitcoin reached a high of $ 42,451 on Friday, indicating that buyers are looking to start a new downtrend. We are likely to see heavy resistance on the 200-day moving average at $ 44,879.
If the price falls below the 200-day moving average but does not fall below 42,451, it means that market sentiment has shifted from selling in rallies to buying on the floor. It should be remembered that this level is the starting point of the previous leap. In this case, the probability of the price exceeding the simple 200-day moving average increases.
If this moving average is broken, the price of Bitcoin could jump to the resistance area of $ 50,000 to $ 51,483. This level will probably act as a heavy resistance, but if buyers can prevent it from falling in a simple 200-day moving average, one can expect the uptrend to continue.
The 20-day moving average (EMA20) is up at $ 39,230 and the Relative Strength Index (RSI) is in the buy saturation range, indicating that buyers have more power in the market.
If traders can bring the price below the 20-day moving average, it is likely to fall to $ 36,670. In this case, the previous ascendant view is invalidated.
In the 4-hour timeframe, sellers are looking for price reductions below $ 42,451. However, the upward slope of the 20-period moving average and the relative strength of the relative strength index indicate that the upper hand is in the hands of buyers.
If the price recovers from the 20-period moving average, the uptrend can be expected to continue up to $ 50,000. In addition, the break of $ 42,451 and the closing of the price below this level will be the first sign of a weakening of buyers. This could pave the way for a fall to $ 40,000.
Litecoin (LTC) Price
The Litecoin price crossed $ 146.54 on Friday and closed above it. With the closing of the high price in this area, the twin floor pattern was completed. If buyers can keep the price above $ 146.54, it can be concluded that the uptrend has begun.
The relative strength index is in the positive range, and the 20-day moving average is slowly rising to $ 140, indicating that buyers are superior in the market. If the price jumps from the current level or the 20-day moving average, we can expect the model to climb to the target of $ 189.25. This level is just below the 200-day moving average at $ 190.
On the other hand, if traders can push the price below the 20-day moving average again, it would indicate that the current rally was a bull trap. Under these conditions, there is a possibility of falling to $ 120 and then to the key support of $ 103.83.
In the 4-hour timeframe, buyers pushed the price above the stiff resistance of $ 150 and are currently trying to stabilize the price in this area. Sellers are also looking to bring the price below 146.54.
If sellers succeed in doing this, they should expect a drop to $ 135. On the other hand, if the price falls below the current level, buyers will try to continue the upward trend. The next goal in the jump is to raise the price to $ 165 and then $ 180.
Computer Internet Price (ICP)
The price of computer internet seeks to record a return pattern. Buyers pushed the price above the resistance level of 59.42 on Saturday. After passing this level, the twin floor pattern was completed.
However, vendors seem to have other plans in mind. They have previously managed to bring the price below $ 59.42. The way is now open for the PC Internet to fall to a 20-day moving average at $ 43. The breaking of this support indicates that we will have to wait for transverse fluctuations in the coming days.
On the other hand, if the price falls below the current level or the 20-day moving average, buyers will once again try to push the PC Internet above $ 59.42. If successful, they are likely to start another uptrend and reach the twin floor pattern target of $ 90.53.
The 20-day moving average on the 4-hour timeframe is bullish and the relative strength index is in the positive range, indicating that buyers are trying to return to the market. If the price jumps above the 20-period moving average, buyers will resume the uptrend.
There seems to be heavy resistance in the $ 66- $ 72.27 area, but if buyers can push the price higher, the uptrend may intensify. The first sign of weakness is that the price breaks below the 20-period moving average. This paves the way for a drop to $ 50.
Theta price reached the top of its downtrend line on Wednesday, indicating that the downward pressure is decreasing. The next day the price reached a simple 200-day moving average at $ 7.24. We saw heavy resistance in this area.
Theta price on Saturday formed a Dodge Kendall pattern that shows buyers and sellers are skeptical of market trends. Yesterday, this doubt was resolved with the downward direction of the market. It is currently likely to fall to the 20-day moving average at $ 6.07.
If the price falls below the 20-day moving average, buyers will once again try to push theta higher above the 200-day moving average. If successful, Theta could start her rally with up to $ 10.
On the other hand, if sellers push the price below the 20-day moving average, it is likely to fall to $ 5.28. In this case, it can be concluded that the current mutation was a dead cat mutation.
In the 4-hour timeframe, vendors are trying to stop the revival rally near the $ 7.5 resistance. They have previously managed to bring the price below the 20-day moving average and now plan to lower the theta price below 6.3 support. If they succeed, they can expect to fall to the simple moving average of 200 cycles.
On the other hand, if the price recovers from $ 6.3, it can be concluded that buyers are still buying on the floor. In that case, they would only resort to this as a last resort. Fixing the price above this level will open the way to reach $ 9.
Price of FTT
The FTT price has recorded a significant recovery after breaking the 200-day moving average at $ 34.6. Earlier, sellers tried to push the price below the simple 200-day moving average again.
The large rally we saw in the previous days caused the relative strength index to enter the buy saturation range, which indicates that in the short term we will see the stabilization phase or the price correction phase. When market sentiment is positive, traders are trading on the $ 35.81 floor, where the 20-day moving average is.
If the price recovers from this support, buyers will try again to resume the uptrend, and this may lead to the price reaching $ 50 psychological resistance. If the price falls below the simple 200-day moving average and stabilizes there, the current uptrend will lose its validity.
The 4-hour timeframe shows that after the buying pressure, which pushed the price above the $ 37 resistance, the uptrend accelerated even higher. During the previous reforms, the price moved in the moving average of 20 support periods, which shows the approach of buying traders on the floor.
If the FTT reaches its price floor but recovers from the 20-period moving average, it can be concluded that the uptrend remains intact. In this case, there is a possibility of lifting to cross the $ 50 and $ 52 resistances. Sellers are forced to push the price below the 20-day moving average to spark a $ 37 correction.