Cryptocurrency Weekly Analysis

Weekly Technical Analysis of Digital Currencies April 20 (April 31)


Read the technical analysis of Bitcoin, Ethereum, Binance Coin, Cardano, Polkadot, Ripple, Uniswap, Dodge Coin, Litecoin and Bitcoin Cash prices for today (April 31):

Weekly technical analysis of bitcoin prices

The strong recovery trend of the Bitcoin price after its sharp fall to its daily low of $ 50,447.50 on April 18 indicates the entry of buyers in the fall. But the group’s failure to stabilize above the 50-day moving average (SMA 50 – red line in the picture) at $ 56,486 yesterday indicates hesitation to enter the market at higher levels.

Weekly Technical Analysis of Digital Currencies April 20 (April 31)
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The 20-day moving average (EMA 20 – blue line in the picture) is down and the Relative Strength Index (RSI) is in the negative area. These factors can be related to sellers’ efforts to return to the market. The longer the price trades below moving averages over time, the more likely it is to try the $ 50,460 support again.

The bitcoin price jump from this support will be able to keep the fluctuations limited for a few days. On the other hand, falling below this level will increase the selling pressure, because buyers who have entered the market with the fall of the last two days, will think about covering their positions. Under such circumstances, there is a possibility of a drop to $ 43,006.77.

On the other hand, the first sign of strengthening the uptrend, breakout (valid break) will be the price above the 20-day moving average at $ 58,775. Such a move would raise the prospect of re-climbing to a historic high of $ 64,849.27.

  • Resistances: 58,775 – 64,849.27
  • Supports: 50,460 – 43,006.77

Weekly technical analysis of Ethereum prices

Ethereum traded down $ 50,800 on April 8 to a simple 50-day moving average (SMA 50 – red line in the picture), but the bulls entered the market with strength and pushed it back above the moving average. The 20-day (EMA 20 – blue line in the picture) pushed at $ 2,154.

Weekly Technical Analysis of Digital Currencies April 20 (April 31)
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While buyers are trying to keep the price recovery wave, sellers are trying to drive it below the 20-day moving average. If the bear market succeeds in this resistance, it is likely to fall to the support of $ 2,040.77 and below it to the simple 50-day moving average (SMA 50 – red line in the picture). Breakout price below this dynamic support will increase the selling pressure and fall to $ 1,542.

On the other hand, if the price jumps from the current levels to the top, it can be said that the market entry flow is very steep in the falls. Buyers will then drive the price up to $ 2,545.84. A break above this resistance will be able to start the next wave of the uptrend.

  • Resistance: 2,545.84
  • Support: 2,154 – 2,040.77 – 1,899 – 1,542

Weekly Technical Analysis of Binance coin Price

In a strong uptrend, buyers are entering the market with a drop in prices to the 20-day moving average (EMA 20 – blue line in the picture); This is exactly what happened at the Binance coin price on April 18 and buyers are trying to keep recovering it.

Weekly Technical Analysis of Digital Currencies April 20 (April 31)
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However, yesterday’s price candle indicates that strong sellers are defending the $ 550 resistance. If the price turns lower and falls below $ 428 support, it is likely to fall further to $ 348.69.

On the other hand, if the price jumps above the 20-day moving average and buyers push it above $ 550, it is likely to rise to $ 600 and above it to $ 638.56. A breakout above this resistance could trigger the next bullish wave to the $ 832.75 target.

  • Resistances: 550-600-638.56-832.75
  • Supports: 428 – 348.69

Ripple Price Weekly Technical Analysis

The Ripple price jumped slightly above $ 1.23 on April 18, slightly below the 20-day moving average (EMA 20 – blue line in the picture), indicating a good accumulation of buyers at lower levels. However, buyers have not yet been able to maintain the price recovery trend; This indicates sales pressure.

Weekly Technical Analysis of Digital Currencies April 20 (April 31)
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If traders push the price below the 20-day moving average, it is possible to continue the decline to the level of 61.8% Fibonacci at $ 1.10. Breakout price below this level will strengthen the selling pressure and deepen the correction to the level of 78.6% Fibonacci at $ 0.86.

On the other hand, if the market pushes the price above the level of $ 1.56, it is likely to grow to $ 1.80 and above it to $ 1.96. Sellers are likely to defend this level, but if buyers in this area break the resistance, the next wave of price uptrend is likely to begin.

  • Resistances: 1.56 – 1.80 – 1.96
  • Supports: 1.23 – 1.10 – 0.86

Dogecoin Weekly Technical Analysis

Following the strong rise of the Dogecoin on April 16, traders saved their trading profit on the next trading day, which pushed the price down to $ 0.23, slightly below the 50% Fibonacci retracement level. Is. Sellers tried to deepen the fall on April 18, but buyers re-entered the market with a fall of $ 0.23.

Weekly Technical Analysis of Digital Currencies April 20 (April 31)
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The bulls of the market have continued the price recovery wave today and are trying to push the price above the historical ceiling at $ 0.45. If successful, the next wave of the $ 0.63 uptrend is likely to start.

However, traders are likely to defend strongly from the $ 0.45 level. If the price moves below this level and falls below the $ 0.35 level, it can be said that traders will leave the market in the recovery waves. In this case, there is a possibility of limited price fluctuations for a few more days. With the fall and stabilization below the level of $ 0.23, the trend will be favorable for the sellers.

  • Resistances: 0.45 – 0.63
  • Supports: 0.35 – 0.23

Weekly Technical Analysis of Cardano Price

The price of Cardano fell below the moving average on April 18 (April 29) and fell to the bottom of $ 1.08 per day. However, with the price falling, buyers entered the market aggressively and moved it above the simple 50-day moving average (SMA 50 – red line in the picture) at $ 1.20.

Weekly Technical Analysis of Digital Currencies April 20 (April 31)
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In order to continue the recovery, the bulls of the market moved the price above the 20-day moving average (EMA 20 – blue line in the picture) at $ 1.28 yesterday, but these levels attract sellers. If the price moves below the simple 50-day moving average (SMA 50 – red line in the picture) and stabilizes, it is likely to continue to fall to $ 1.03. Breakout price warns below this level of trend change.

On the other hand, if buyers enter the market with a drop in prices up to $ 1.03, it can be said that lower levels are still attractive to buyers. In this case, there is a possibility of limited price fluctuations for a few more days. Buyers will establish their dominance in the market with a breakout price above $ 1.55.

  • Resistances: 1.28 – 1.55
  • Supports: 1.20 – 1.08 – 1.03

Weekly technical analysis of Polkadot prices

The price of Polkadot on April 17 (April 28) set a new historical high at $ 48.36, but failed to consolidate its position at higher levels. The long wick of the price candle indicates the flow of profit storage in this ceiling, which eventually pulled it below $ 42.28.

Weekly Technical Analysis of Digital Currencies April 20 (April 31)
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The selling pressure continued during the next trading day and the price moved below the moving averages and reached the daily level of $ 32. Although the price has recovered with the strength of the correction wave, buyers are still trying to stabilize it above the simple 50-day moving average (SMA 50 – red line in the picture) at 37.45.

This indicates that sellers are entering the market in price recovery waves. If the group manages to lower the price below $ 32, it is likely to continue to fall to $ 26.50. The 20-day moving average (EMA 20 – blue line in the picture) is moving down and the relative strength index (RSI) is below 40. These factors lead to the superiority of sellers.

This bearish view will be eliminated with the price moving above the resistance of $ 42.28, and breakout above this level can start the ascent to $ 48.36.

  • Resistances: 37.45 – 42.28 – 48.36
  • Supports: 32 – 26.50

Weekly technical analysis of Litecoin price

The Litecoin price on April 17 (April 28) has formed the shooting candlestick pattern in its chart, which usually acts as a return pattern. The price also saw strong selling pressure on the next trading day, which pushed it down to the $ 230 floor.

Weekly Technical Analysis of Digital Currencies April 20 (April 31)
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Although buyers entered the market with a drop in price on this day, they were not able to stabilize the jump. This can be a sign of market bears trying to maintain market dominance. The price has dropped to $ 246.96 yesterday.

If the bear market manages to lower the price below $ 246.96, the correction is likely to deepen to the simple 50-day moving average (SMA 50 – red line in the picture) at $ 213. Such a move could delay the start of the next wave of uptrends.

Contrary to expectations, if the price jumps above the level of $ 246.96, buyers will try to start the recovery wave. Breakout price above the 61.8% Fibonacci retracement level at 294.91 will also indicate the return of buyers and an increase in the dominance of this group.

  • Resistance: 294.91
  • Supports: 246.96 – 230 – 213

Weekly technical analysis of bitcoin cache prices

The price of Bitcoin Cash has risen from $ 442.96 to $ 1,213.51 during the period from March 24 (April 4) to April 17 (April 28). Prices in the current situation are correcting this rapid growth. On April 18, the price fell below the 50% Fibonacci retracement level to $ 828.24 and even received $ 800 psychological support, but the candlesticks showed a strong buying trend at lower levels.

Weekly Technical Analysis of Digital Currencies April 20 (April 31)
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However, buyers are trying to keep up with the price recovery. This struggle shows that the opposite group does not give up and enters the market in these waves. Market bears in the current situation will try to push the price below the 20-day moving average at $ 762 and gain market dominance.

On the other hand, if buyers enter the market in the fall and raise the price above $ 1,060, there is a possibility that the level of $ 1,213.51 will be seen again. Any breakout price above this resistance will be able to start the next bullish wave with a target of $ 1,570.55.

  • Resistances: 1,060 – 1,213.51 – 1,570.55
  • Supports: 762

Weekly technical analysis of Uniswap prices

Buyers’ failure to stabilize the ion-swap price above the $ 35.20 level could cause the price to fall on April 18. The price has moved below both moving averages and has seen its $ 26.97 floor. However, buyers have entered the market with a strong downfall; This can be seen daily from the long wick of candle.

Weekly Technical Analysis of Digital Currencies April 20 (April 31)
Click on the image to see the original size

The price recovery trend hit the dynamic resistance of the 20-day moving average (EMA 20 – blue line in the picture) at $ 32.24. This indicates that market cows are entering the market in price recovery waves up to this average. Given this, it can be said that there is a possibility of changing market sentiment. With the price stabilizing below the simple 50-day moving average (SMA 50 – red line in the picture) at $ 30.66, there is a possibility of increasing sales pressure and falling to the key support of $ 25.52.

A strong jump in prices from this level indicates the entry of buyers into the market in the fall. This will allow it to close for a few days between the $ 25.52 and $ 38 levels. However, any breakout below $ 25.52 could lead to further price declines of up to $ 20. This bearish view will be eliminated by moving and stabilizing the price above the 20-day moving average.

  • Resistances: 32.24-38
  • Supports: 30.66 – 25.52 – 20

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