Read the weekly technical analysis of the digital currencies of Bitcoin, Ethereum, Binance Coin, Cardano, Dodge Coin, Ripple, Polkadot, Uniswap, Litecoin and Bitcoin Cash.
Weekly technical analysis of bitcoin prices
Bitcoin price on Saturday above the resistance line of its downward triangle pattern that has not yet been completed. This incident violated the downside scenario of this digital currency; Therefore, it can be considered an ascending event. Buyers have maintained their buying trend since yesterday, pushing the price of Bitcoin above $ 40,000.
The 20-day simple moving average (SMA20) is in the $ 36,779 flat line range and the Relative Strength Index (RSI) is in the positive range; These issues indicate a reduction in sales pressure in the market.
Bitcoin is likely to rise to a simple 50-day moving average at $ 44,571, an area that is likely to act as a heavy resistance. If the price falls from this resistance but is supported in a simple 20-day moving average, it can be said that the sentiment in the market has risen.
A jump above the 50-day simple moving average (SMA50) will indicate a possible reversal and a rise to $ 51,483. If the price falls below $ 34,600 support, this uptrend will lose its validity. Such fluctuations will indicate that traders are also selling in small rallies.
- Resistances: 44,571 – 51,483
- Supports: 36,779 – 34,600
Weekly technical analysis of Ethereum prices
The price of Ethereum fell below the support line of the symmetrical triangle pattern on Saturday, but the sellers could not maintain the price of these levels. This indicates that buyers are accumulating ether in the price floor.
The next day, Ethereum managed to recover from its trend line and is now looking to reach above the 20-day moving average at $ 2,581. If successful, one can expect a rally up to the triangle resistance line.
Breaking the high price of this triangle and the simple 50-day moving average at $ 2,940 will signal the end of the downtrend. After that, the price of Ethereum could reach 78.6% Fibonacci at $ 3,808.
If the price falls below current levels or resistance and falls below $ 2,200, the uptrend will be invalidated. In that case, the way will open for falling to 2,079 and then $ 1,728.
- Resistances: 2,581 – 2,940 – 3,808
- Supports: 2,200 – 2,079 – 1,728
Weekly Technical Analysis of Binance coin Price
The Binance coin price was revived from the trend line on Saturday and buyers were able to raise the price of this digital currency above the simple 20-day moving average at $ 364. This shows that buyers are strongly defending the trend line.
If buyers can keep the price above the simple 20-day moving average, there is a possibility of a jump to $ 433. This area may act as a resistance, but as the price rises above it, the bullish triangle pattern completes.
In this model, the target price is $ 609. The simple moving average has a 20-day uptrend and the relative strength index is above 46, indicating buyers’ efforts to re-emerge in the market.
However, if the price falls below the current level below the trend line, it will indicate that supply is higher than demand. In this case, the price of Binance Coin is likely to fall to $ 291 and then to $ 211.
- Resistances: 433-609
- Supports: 364 – 291 – 211
Weekly Technical Analysis of Cardano Price
Cardano prices fell below the trend line on Friday, but sellers were unable to maintain lower levels. This indicates that buyers are buying on the floor. On Sunday, we saw Cardano jump above the trend line and now buyers are looking for price increases above the moving averages.
If buyers succeed, there is a possibility of climbing up to $ 1.94. We will probably see heavy resistance in this area. However, breaking the resistance and closing the price above this level will be a sign of the end of the correction.
On the other hand, if the price falls from moving averages, we may see another drop to $ 1.33. Breaking this support indicates a weak market and a possible fall to $ 1.
- Resistance: 1.94
- Supports: 1.33-1
Dogecoin Weekly Technical Analysis
The Dogecoin price follows the revival of the neck and head pattern. This shows that buyers are looking to defend this support. If buyers push the price above the 20-day moving average at $ 0.34, the Dogecoin could begin to reach the 50-day moving average at $ 0.4.
Sellers are likely to form a heavy resistance on a simple 50-day moving average. If the price falls from this resistance, one can expect a fall to the neck of the head and shoulders pattern. In this case, over the next few days, the price of Dogecoin will fluctuate transversely.
Moving averages are smoothed and the relative strength index is below 46; The problem is that in the short term, Dogecoin fluctuations will be in a constant range. This neutral scenario is invalidated if buyers push the price above $ 0.45 or sellers fall below the neck.
- Resistances: 0.34 – 0.4 – 0.45
- Supports: Neck head and shoulder pattern
Ripple Price Weekly Technical Analysis
The Ripple price has been hovering below the $ 0.92 simple 20-day moving average over the past few days, but sellers have not been able to pull the price below the $ 0.75 support. This indicates that buyers are accumulating at lower levels.
The 20-day moving average is flat and the relative strength index is above $ 44; This shows that buyers are trying to regain control of the market. Breaking and closing the price above the simple 20-day moving average will be the first sign of buyers gaining strength. This indicates that they have resumed their purchases.
Such a situation could lead to an increase in the price of Ripple up to $ 1.1; An area that is likely to be associated with vendor resistance. However, if buyers push the price above this level, there is a possibility of climbing to the simple 50-day moving average at $ 1.19. If the price falls below $ 0.75, this uptrend will lose its validity.
- Resistances: 0.92 – 1.1 – 1.19
- Supports: 0.75
Weekly technical analysis of Polkadot prices
Fluctuations in the price of Polkadot in recent days have led to the formation of a symmetrical triangle pattern. The formation of this pattern shows that there is no certainty between buyers and sellers.
The 20-day moving average is flat at $ 22.98 and the relative strength index is above the 48 range; This indicates that transverse fluctuations can be expected in the short term. However, if buyers push the price above the triangle resistance line, Pulkadat can start at $ 31.28 and then go up to $ 41.40 starting a rally.
On the other hand, if the price falls below the resistance line, sellers will once again try to bring the price below $ 19.5. If successful, the price of Polkadot could be reduced to $ 15 per support.
- Resistances: 31.28 – 41.40
- Supports: 22.98 – 19.5 – 15
Weekly technical analysis of Uniswap prices
The price of the Uniswap has fluctuated between $ 21.5 support and $ 30 resistance in recent days. On Saturday and Sunday, traders managed to lower the price below $ 21.5, but failed to stabilize. This indicates that buyers are buying at the bottom of $ 21.5.
Evidence suggests that we are likely to see strong resistance on the downtrend line. This indicates that the sellers have not yet surrendered. If the price falls below current levels, sellers will once again try to push the Uniswap price below $ 21.5 to $ 20.23.
If they succeed, they are likely to fall to $ 16.49 and then to $ 13.04. Conversely, if buyers push the price above the downtrend line, it is likely to jump to the simple 20-day moving average at $ 25.45.
A fall in the price of a simple 20-day moving average would indicate that market sentiment was negative. However, if buyers can push the Uniswap price above the simple 20-day moving average, there is a possibility of a jump of up to $ 30.
- Resistances: 25.45 – 30
- Supports: 21.5 – 20.23 – 16.49 – 13.04
Weekly technical analysis of Litecoin price
The price of Litecoin could not reach above or below the symmetrical triangle pattern; Because buyers bought on the floor and sellers sold their currencies in the resistance line. If the price reaches the peak of the triangle but does not break the pattern, the pattern becomes invalid.
Buyers are currently trying to push the price above the resistance line. If they succeed and the high price of the triangle pattern stabilizes, it can be said that buyers have returned to the market with strength. This could pave the way for a jump to $ 225 and then a simple 50-day moving average at $ 237.
In addition, if the price falls below current levels, sellers will once again try to bring the Litecoin price below the support line. Their success could lead to a possible drop to $ 140 and then to $ 118.03.
- Resistances: 225 – 237
- Supports: 140 – 118.03
Weekly technical analysis of bitcoin cache prices
Bitcoin Cash has been fluctuating within the downtrend pattern over the past few days. Breaking and closing the $ 358 price completes this pattern.
In this case, the bitcoin cache will face a sharp increase in sales pressure. An increase in selling pressure could lead to a fall to $ 400 and then to $ 370. The simple 20-day moving average is down $ 656 and the relative strength index is in the negative range, indicating a higher probability of falling than climbing.
This downside view will be invalidated if buyers can push the price of Bitcoin Cash above the downtrend line. In this case, there is a possibility of a price up to a simple 50-day moving average at $ 894.
- Resistances: 656 – 894
- Supports: 400-370-358