Cryptocurrency Weekly Analysis

Weekly Technical Analysis of Digital Currencies April 27 (May 7)


Bitcoin started the week with a strong jump above $ 50,000 and is currently trading in the range of $ 54,655.

Jeep Morgan analysts predicted last week that liquidity in the bitcoin market would increase after the sales pressure we saw earlier. Part of the company’s analysis stated:

It is possible that the low volume of liquidations is over; This means that there is not much threat of price increase.

The situation of fear and greed index has been another sign of the market rising. This index entered the range of greed on April 25 (May 25); This means that a large number of traders who use high leverage in their trading have left the market. This allows coarse grain traders to buy at lower levels.

Today’s jump caused the sellers’ activity to decrease. On the other hand, Lex Moskovski, CEO of Moskovski Capital, says the jump led to the liquidation of the $ 150 million shorts position in the market.

Bybt data also show that the bitcoin funding rate is less than 0.01 percent, which is lower than normal; This rate indicates that if the uptrend continues, there may be more situations of shorts being liquidated.

Bitcoin / Tetra

Bitcoin fell to $ 46,985 on April 25, but traders were unable to stabilize; This means that buyers managed to accumulate bitcoins at lower levels. A sharp increase in the volume of purchases caused the price of Bitcoin to reach above $ 50,460 today.

Weekly Technical Analysis of Digital Currencies April 27 (May 7)
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The downward slope of the 20-day moving average (blue line at $ 55,385) and the relative strength index in the 45 range indicate that sellers still have more control over market buyers. Vendors are expected to emerge and defend strongly in the 20-day moving average.

If the price moves downwards from the 20-day moving average, it indicates that market sentiment is still declining and traders are trading in price jumps. In this case, sellers try to lower the price below 46,985 and continue the correction to 43,006.

On the other hand, if buyers do not move the wagon in the 20-day moving average, it indicates that traders are still buying to push the price of Bitcoin to higher levels. Breaking the simple 50-day moving average (56,903) may pave the way for a further jump to $ 61,825.

  • Resistances: 55,385 – 56,903 – 61.825
  • Supports: 50,460 – 46,985 – 43,006

Ethereum / Tetra

Ethereum started April 25 with $ 2,259, indicating a low level of accumulation. Buyers are now trying to move the price from $ 2,545 to the resistance area of ​​$ 2,645.

Weekly Technical Analysis of Digital Currencies April 27 (May 7)
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If successful, the Ethereum / Tetra currency pair could continue to rise to $ 3,000. The upward slope of moving averages and the relative strength index in Area 63 indicate that market control is in the hands of buyers.

However, if the price falls from a higher area, sellers may reduce the price to the 20-day average. Ethereum could go down to $ 2,040 if support is broken. An upward jump from this level may cause the price of Ethereum to fluctuate between 2,040 and 2,645 over the next few days.

  • Resistance: 2.645 – 3.000
  • Support: 2,040

Binance coin / Teter

The Binance coin price is forming a symmetrical triangle, commonly known as a pattern of trend continuation. Currently, market buyers will try to raise the price to the side of the triangle resistance.

VORTECS trading platform data on April 24 showed a bullish price outlook for BinanceQueen.

The data of the seven-day chart above show that at the same time as the price of Binance Coin reached the range of 500.86, the Vertex index also entered the green area.

Although yesterday we saw the price of Binance Coin reach $ 483, but the Vertex index is still in the green zone. It is worth noting that the jump of Binance coin to $ 545 yesterday, largely confirmed the validity of Vertex data.

Weekly Technical Analysis of Digital Currencies April 27 (May 7)
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If buyers can push the price up to the top of the triangle pattern, we will most likely see a resumption of the uptrend. At this point, the goal will be to reach $ 808. The 20-day moving average ($ 489) is moving steadily upwards, with the relative strength index above 59; This indicates that buyers in the market have a higher hand than sellers.

However, if the trend changes and the price decreases to the support side of the triangle, Bainance Quinn may go down to $ 348; In other words, the symmetrical triangle acts as a turning point for the price.

  • Resistance: 808
  • Support: 489-348

Ripple / Tether

Ripple had previously managed to cross the support level at 0.86 and Fibonacci 78.6%. Buyers are now looking to revive the price and manage to raise the price above the 20-day moving average in the range of $ 1.2.

Weekly Technical Analysis of Digital Currencies April 27 (May 7)
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If buyers can keep the price above the 20-day moving average, Ripple could rise to $ 1.46; In this area, sellers will try to reduce the strength of the uptrend. If the price starts a downward trend from this range, it indicates that traders are closing their trading positions in jumps.

Ripple prices may fall to the 20-day moving average. Breaking this support could lead to a price drop to the simple 50-day moving average in the $ 0.86 area. On the other hand, rising prices above $ 1.46 can end up at $ 1.74 and $ 1.96.

  • Resistances: 1.46 – 1.74 – 1.96
  • Supports: 1.2 – 0.86

Cardano / Teter

Cardano’s price fell below $ 1.03 on April 23, but sellers were unable to make the most of it. The candlelight vigil on April 23 shows that shoppers have made strong purchases in that area.

Weekly Technical Analysis of Digital Currencies April 27 (May 7)
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The sellers tried again on April 25 to break the $ 1.03 support but failed. Successful support in this area may have encouraged more buyers who are trying to raise the price of Ripple and bring it above the moving average.

If successful, Cardano could move further toward $ 1.48 resistance. On the other hand, if the price falls again in the range of moving averages, sellers will try again to lower the price below $ 1.03 and start a new downtrend.

  • Resistance: 1.48
  • Supports: 1.03

Dogecoin / Teter

Dogecoin sellers tried to bring the price of the digital currency below the 20-day moving average on April 25, but failed. It can be said that the performance of cows in this area supported and defended this price. Today, Meem Quinn has also formed a Kendall Inside Bar pattern, indicating skepticism between buyers and sellers.

Weekly Technical Analysis of Digital Currencies April 27 (May 7)
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If buyers raise the price to $ 0.029, there is a possibility of a jump to $ 0.35. There we will see widespread resistance from sellers. If the price starts to fall from the $ 0.35 area, sellers may reduce to the 20-day moving average.

The size of the fall from $ 0.35 will determine the next possible move. If buyers do not cede this area, there is a possibility of a jump to 0.42. However, if the price reaches the 20-day moving average, we may see cross fluctuations for a few days.

If traders lower the price to the 20-day moving average and stabilize it, there is a way to fall to the simple 50-day moving average in the 0.11 area.

  • Resistances: 029 – 0.35 – 0.42 – 0.11
  • Supports: 0.23

Polkadot / Tetr

When an asset fluctuates transversely, traders buy near the support areas and sell in the cross-channel resistance areas. Polkadot also saw an increase in purchases on April 25 near the $ 26 area, and buyers continue to rally today.

Weekly Technical Analysis of Digital Currencies April 27 (May 7)
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This increase in buying pressure is likely to face selling pressure in the 20-day moving average ($ 35.79). This will reduce the price. If the price starts to fall from the 20-day moving average, sellers will try to lower the price of Polkadot to below $ 26.50.

If successful, Polkadot will begin a new downtrend. On the other hand, if buyers can raise the price above the moving averages, the price of Polkadot will go up to 42.28. It is possible to see stubborn resistance in this area, but if buyers cross the barrier, the next target will be 48.36.

  • Resistances: 35.79 – 42.28 – 48.36
  • Supports: 26.50

یونی / تتر

The price of Uniswap fell below the simple moving average of $ 31.41 on April 24, but the sellers could not maintain their dominance in the market. The digital currency was able to revive strongly on April 25 and grow above both moving averages.

Buyers continued to buy today and managed to increase the price of Uniswap to over $ 35.20. However, buyers in the 38.35 to 39.60 range appear to be facing strong resistance.

Weekly Technical Analysis of Digital Currencies April 27 (May 7)
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If the price falls in this area, but resumes to the average of the 20-day moving average in the range of $ 32.83, it indicates that the sentiment prevails in the market and traders are buying on the floor and accumulating. In this case, we can say that there is a possibility of breaking the historical peak at $ 39.6.

It should not be forgotten that if the price falls below the current level and falls below $ 29.8, the above analysis will be violated.

  • Resistances: 38.35 – 39.60
  • Supports: 32.83 – 29.8

LightQueen / Tetra

Sellers in the last 3 days of the market failed to lower the price to the 50-day moving average and stabilize there. This may attract buyers looking to increase the price of Litecoin to above the 20-day moving average.

Weekly Technical Analysis of Digital Currencies April 27 (May 7)
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If successful, the price of Litecoin could rise to $ 289. There is a possibility of sellers resisting in that area. If the price falls below this resistance area, LightCoin may fall below the 20-day moving average again and then the 50-day simple moving average.

Breaking the simple 50-day moving average could cause investors to sell anxiously and bring the price down to $ 168. On the other hand, if buyers push the price above $ 289, LightCoin could reach its peak of 52 weeks and $ 335.

  • Resistances: 289-335
  • Supports: 168

Bitcoin Cash / Tetra

The price of Bitcoin Cash closed below the 20-day moving average on April 24, but sellers failed to take advantage of the opportunity and broke the price below the simple 50-day moving average at $ 647. This shows that buyers in the $ 750 area have started accumulating bitcoins.

Weekly Technical Analysis of Digital Currencies April 27 (May 7)
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Buyers recently raised the price to the 20-day moving average and the downtrend line. If buyers are able to stabilize this jump, the price of Bitcoin Cash may rise to $ 1,000. There, vendors have formed strong resistance.

On the other hand, if buyers fail to stabilize the high price in this range, it can be said that traders are closing their positions. This can reduce the chances of falling into the simple 50-day moving average.

  • Resistances: 1,000
  • Supports: 750 – 647

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