Altcoins Price AnalysisBitcoin Price Analysis

Five digital currencies that traders should monitor this week


If the price of Bitcoin can stay above $ 50,000, other digital currencies such as Litecoin, File Coin, FTT and Iota will have the opportunity to jump further.

to the Report Coin Telegraph, Bitcoin is currently priced above $ 50,500 due to stabilization. Ethereum, meanwhile, managed to reach above $ 4,000 on Saturday. After ether reached this range, its market dominance reached 20%. Bitcoin price dominance also fell below 40% and has now returned to the top of this level.

Yesterday’s Bitcoin fluctuations prompted Mike McGlone, Bloomberg Commodity Analyst, to once again push the price of Bitcoin to $ 100,000. He further predicted that the price of Ethereum would reach $ 5,000.

In addition to Bitcoin and Ethereum, the field of unique tokens has seen significant growth since July, and many investors have been attracted to it. Jordan Finneseth, co-author of the Coin Telegraph website, believes that the recent decline in the volume of transactions and other reasons could be a sign of capital inflows into the realm of unparalleled tokens.

Bitcoin (BTC)

The price of Bitcoin crossed the $ 50,500 barrier on Friday and reached $ 51,000. However, the high candle of that day shows that there is not enough buying pressure at higher levels. On Saturday, we also saw the formation of the Dodge pattern on the chart, which indicates that traders have not yet made a definite decision on the direction of the market.

Bitcoin price chart
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Negative divergence in the relative strength index (RSI) indicates that there is a possibility of weakening the upward acceleration of prices. On the other hand, moving averages have an upward slope and based on this issue, it can be said that the ascent path is smoother than the descending path.

If buyers push the price of Bitcoin above $ 51,000 and stabilize there, we can hope that the uptrend will continue. In this case, the first destination is $ 55,000. If this resistance is broken, the next goal is to raise the price to $ 60,000.

On the other hand, if the price falls below $ 50,500 to $ 51,000 in the resistance area, it is likely that we will see the price fall to the 20-day moving average (EMA20) at $ 47,998.

This level is an important support, and breaking it can lead to multi-day cross-fluctuations between $ 46,200 and $ 50,500. Breaking $ 46,200 and closing below it could push the price to a simple 50-day moving average (SMA50) at $ 43,291.

Bitcoin price chart
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In the four-hour timeframe, the price fluctuates between the 20-day moving average and the resistance of bitcoin. This range of range fluctuations is likely to break soon. If buyers push the price above $ 51,000, there is a possibility of increasing uptrend, which indicates the continuation of the uptrend.

In addition, if the price falls below the moving averages, it will indicate that the sellers are strongly defending the resistance ahead. This could lead to a drop of up to $ 46,200. The price revival from this support will cause cross fluctuations in the next few days. Breaking this resistance, however, will indicate that buyers may have lost control of the market.

LightCoin (LTC)

Buyers of the Litecoin market are looking to push the price of the Litecoin to above $ 225.3. If they succeed, the rendering pattern will be complete and a new uptrend can be expected to begin.

Litecoin Price Chart
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Kendall’s high joy on Saturday shows that there is a downward pressure on LightQueen resistance, but buyers did not give up on sellers, which is a positive sign. Now they are once again seeking to overcome this resistance.

If the price stays above $ 225.3, there is a possibility of starting another upward trend and moving towards $ 300. The next target of this pattern is $ 347.3. The 20-day moving average averaged $ 184, and the relative strength index is in the saturation range, indicating an easier way to climb.

This uptrend will be invalidated if the price falls below the current level and falls below the 20-day moving average.

Litecoin Price Chart
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In the four-hour timeframe, sellers tried to stop the uptrend at $ 225.3 resistance, but buyers did not give up; This indicates that buyers are also accumulating light coins in small floors.

Both moving averages have an upward slope, and the relative strength index is in the buy saturation range, which indicates the superiority of buyers. Breaking and closing above $ 225.3 opens the way for the rally to $ 250.4. On the other hand, breaking the 20-day moving average and closing the price below it will be the first sign of a weakening of the LightCoin market.

Coin File (FIL)

The price of Quinn file yesterday managed to overcome the resistance ahead. Crossing this resistance completed the floor rendering pattern, which indicates the possible start of an uptrend. The purpose of this template is $ 156.

Quinn file price chart
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The 20-day moving average has risen to $ 79 and the relative strength index has crossed the 81 level, which indicates a change in the trend. Breaking the important patterns usually causes the mutation to reach the starting point again. In this case, it can be said that there is a possibility of a fall to $ 98.

If $ 98 becomes a support level, one can expect the uptrend to continue. On the other hand, if sellers fix the price below $ 98, it indicates that the recent jump was a bull trap; In this case, there is a possibility of falling to the 20-day moving average.

If the price of the Coin file recovers from this level, buyers will once again try to push the price up and resume the uptrend. Sellers are also looking to lower the price and bring it below the 20-day moving average to impose their dominance on the market.

Quinn file price chart
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In the four-hour timeframe, the upward acceleration indicates the superiority of buyers. The relative strength index is also in the buy saturation range due to this upward acceleration, which indicates that a slight correction or stabilization phase can be expected in the near future.

If buyers do not give up, it can be said that traders do not take their profits out of the market, anticipating that we will see an increase in the price of Coin files in the future. This increases the likelihood that the uptrend will continue.

However, it seems that sellers have another plan in mind and will try to bring the price below $ 98 and trap aggressive buyers there.

FTT

The FTX price broke its all-time high of $ 63.13 last Wednesday. The next day we saw a new record high of $ 70.72. The new record high is a sign of market strength, but buyers were unable to stabilize the price above the jump to $ 63.13.

Five digital currencies that traders should monitor this week
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It can be said that the sellers have not surrendered yet and are looking to stop the leap. The relative strength index shows a negative divergence, which increases the likelihood of weakening the uptrend.

If buyers bring the price below $ 57.93, the Futures X may fall to a 20-day moving average at $ 53. The strong price recovery at this point indicates that buyers have accumulated on the floor. In this case, buyers will be looking to push the price back above the resistance area from $ 63.13 to $ 70.72. If they succeed, one can expect a rally of up to $ 84.

If the price falls below the 20-day moving average, this downtrend will lose its validity. In this case, it can be said that the jump above $ 63.13 was a cow trap.

FTX price chart
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In the 4-hour timeframe, we see the formation of a descending triangle pattern, which is completed by stabilizing the price below $ 59. The target for this template is $ 47.5. The moving average of 20 periods has been smoothed out and the relative strength index is slightly higher than the midline; Based on this data, it is not possible to understand the direction of the price of this digital currency.

If buyers can stabilize the price above the downtrend line, the downtrend will be void. In this case, there is a possibility of a rally to $ 65 and then to $ 70.72. Closing the price above this level can start a new uptrend.

MIOTA

The price of Iota on Wednesday was able to start a strong jump from $ 0.96. This jump caused the relative strength index to reach above 82. This means that in the short term, the Iota leap has been too great.

Iota Price Chart
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Investors are currently making a profit from the Iowa market, and it is likely that we will see support for this digital currency in Fibonacci 38.2% at $ 1.64. A strong price recovery from this level will indicate that buyers are buying on the floor.

Buyers are likely to call everyone who looks appropriate, if there are only a few. If they succeed, one can expect an upward acceleration to 2.4. $ 2.67 will be the next price target.

In addition, if sellers can keep the Iota price below $ 1.64, the next possible move in the area between the 50% Fibonacci is $ 1.51 and the 61.8% Fibonacci is $ 1.38. A more severe correction may delay the onset of the next uptrend.

Iota Price Chart
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At the four-hour timeframe, Kendall’s high joy above the $ 2 resistance indicates that sellers are looking to defend this level. Withdrawals may push prices up to the 20-day moving average, which is likely to act as a strong support.

If Iota is strongly supported by the 20-day moving average, it can be said that the market sentiment is still positive and buyers are accumulating at every price floor. In this case, buyers will try to resume the uptrend by raising the price above $ 2.08.

Breaking the 20-day moving average and stabilizing at this level will be the first sign of weakening. This will open the door for further reductions to $ 1.5.

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