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Paligan and Bainance Quinn move to the top of the resistance; Five digital currencies that traders should monitor this week


Over the past few days, we have seen a slight drop in the profits of Bitcoin market traders. However, the bitcoin trend has remained intact in the long run. At the same time, instruments such as Ethereum, BinanceQueen, Paligan and Phantom can be expected to perform well in the short term.

to the Report Coin Telegraph On Saturday and Sunday, investors failed to accelerate the uptrend in the market, which caused the price of Bitcoin and Ethereum to fall. Bitcoin’s daily candle closed above $ 60,000.

PlanB, the creator of the Bitcoin accumulation price forecast model, listed the $ 63,000 level as the “worst case scenario” for Bitcoin in October. He had previously correctly identified the worst-case scenarios for August and September.

Bitcoin has come a long way so far, and at times, even experts have described Bitcoin’s death as inevitable; However, every price floor and every correction has served as a buying opportunity.

Bitcoin (BTC)

The price of Bitcoin has formed a flag pattern, but buyers have not yet been able to bring this digital currency to the top of this pattern. Their failure to overcome the impending resistance increased the market sales pressure; This led to a drop in the 20-day moving average (EMA20) to $ 59,679.

Paligan and Phantom move above resistance; five digital currencies that traders should monitor this week
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If traders bring the price below the 20-day moving average, there is a possibility of a decline to the pattern support line. This level is an important support and falling below it will invalidate the current scenario. In this case, Bitcoin may fall to the support of $ 52,920.

If the price of Bitcoin recovers from the 20-day moving average, buyers will once again try to push the digital currency to the top of the flag pattern. Their success may culminate in a historic high of $ 67,000. Then the way to reach the target of the pattern opens at $ 89,476.12.

Paligan and Phantom move above resistance; five digital currencies that traders should monitor this week
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In the 4-hour timeframe, vendors are vigorously defending the resistance line. The price has reached below the moving average and a fall below $ 60,000 could lead to a drop in the price to the support line.

We are expected to see an increase in upward pressure at this level. A jump from the support line may keep bitcoin in a downtrend. Buyers should push the price of bitcoin above the resistance line and stabilize there; This means that the correction phase is over.

Ethereum (ETH)

Ethereum prices hit a all-time high of $ 4,375 on Friday, but buyers were unable to keep up and the day after, Ethereum sellers returned below the jump; This means that sellers are active at higher levels.

Ethereum Price Chart
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Ethereum is likely to fall to a 20-day moving average at $ 4,010. This level is an important support. If the price of Ethereum recovers at this level, buyers will try to push the digital currency above $ 4,460.47.

If this happens, there is a possibility that the uptrend will continue until the psychological resistance of $ 5,000. On the other hand, if the price of Ethereum falls below the 20-day moving average, it may fall further to $ 3,888. Price recovery from this level may lead to several days of fluctuations in the market.

Sellers must consolidate Ethereum below $ 3,888 to gain the upper hand. This opens the way for further reductions to the 50-day moving average (SMA50) at $ 3,564.

Ethereum Price Chart
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At 4 hours timeframe, the Ethereum has been fluctuating in the downtrend for the past few days. If we see a recovery from the simple 50-day moving average, buyers will try to push the digital currency above $ 4,460.74. In this case, we may see a jump to the resistance of the channel. Closing the price of Ethereum at the top of the channel can strengthen the uptrend.

In addition, if the price falls below the simple 50-day moving average, Ethereum is likely to fall to the support line. Revival of this line leaves the uptrend untouched; But falling below it will be the first sign of weakening buyers.

Bainance Coin (BNB)

Binance coin broke its resistance on Friday at $ 518.9, but buyers could not take advantage of this opportunity; This means that demand disappears at higher levels.

Bainance Quinn price chart
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Earlier sellers had lowered Binance coin to $ 518.9. If this digital currency stabilizes below this level, the next possible destination for psychological support will be $ 500. Then we have the 20-day moving average at $ 480. It is worth noting that this level is an important support.

If the price recovers from the 20-day moving average, it means that the market sentiment is still positive and buyers are buying Bainance Coin on the floor. In that case, they will once again try to push the digital currency above the resistance level at $ 518.9 to $ 540.5.

On the other hand, if the price falls below the 20-day moving average, it is possible to intensify the correction and fall to the simple 50-day moving average at $ 431.

Bainance Quinn price chart
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The price of Binance Coin in the 4-hour timeframe has reached the 20-period moving average, a level that is likely to act as a strong support. If Bainance Quinn recovers from this level, buyers will try to resume the uptrend and bring the digital currency to the target of $ 554 and then $ 600.

If the price of the Binance Coin falls below the 20-day moving average, it indicates that the upward acceleration of the price has probably slowed down. This may lead to a drop in price to a simple 50-day moving average and then to the reverse head and shoulder pattern neckline. Reaching below this level will indicate a possible change in the trend.

Paligan (MATIC)

The price of Polygan on Thursday jumped significantly above the resistance area at $ 1.71 to $ 1.79. This jump marks the beginning of an uptrend.

Paligan Price Chart
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Generally, when the price of an asset reaches above a significant resistance, it falls to the starting point of the jump. Buyers are also looking to turn this resistance area into a support area to use as a launching pad.

A jump above $ 2.22 could open the way for $ 2.43. The route may eventually reach a record high of $ 2.7. The 20-day moving average averaged a $ 1.65 uptrend, and the relative strength index is in the uptrend range, indicating that the buyer is higher in the market.

This uptrend will lose its validity if sellers can stabilize the price below the 20-day moving average; In this case, it can be said that the recent jump to above $ 1.79 was a cattle trap.

Paligan Price Chart
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In the 4-hour timeframe, the price goes down to the simple moving average of 50 cycles, which is a significant support. If buyers push the price above the downtrend line, it indicates that selling pressure is likely to decrease.

In addition, if the price falls below the simple 50-day moving average, it is likely to fall to $ 1.71. This level will most likely act as a strong support, but if it breaks, you can expect an intensification of the downward pressure, which may lead to a decrease of up to $ 1.5.

Phantom (FTM)

The Phantom broke its historic high on Thursday, but buyers were unable to maintain the starting point of the leap. Kendall’s high spirits that day show that traders at higher levels are withdrawing their profits from the market.

Phantom price chart
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In an uptrend, buyers typically buy at the bottom of the 20-day moving average (at $ 2.52). If the price recovers from current levels, it indicates that market sentiment remains positive and buying on the floor is the main approach of traders. In this case, buyers are trying to push the price of the phantom to the resistance level at $ 3.48.

If they succeed, we can expect the uptrend to continue. The main targets in this process are $ 4.1 and $ 5 psychological resistance.

On the other hand, falling below the 20-day moving average is a sign of sell-offs and closing positions. It is likely to fall to the simple 50-day moving average at $ 1.86. A downward divergence on the chart and the position of the relative strength index indicates that the uptrend is likely to be weakened.

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In the 4-hour timeframe, moving averages form a bearish intersection, and the relative strength index enters the negative range, indicating that sellers are more powerful in the market. The first support along the way is falling $ 2.45.

The strong price recovery from this level indicates that buyers are looking to turn this level into a support. In that case, we would probably see traders trying to bring the Phantom back to $ 3. The next target will be $ 3.48. Even if the price falls below $ 2.45, there will be no credit scenario.

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