Cryptocurrency Weekly Analysis

Weekly Technical Analysis of Digital Currencies May 11 (May 21)


Technical analysis of the price of Bitcoin, Ethereum, Binance Coin, Dodge Coin, Ripple, Cardano, Polkadot, Bitcoin Cash, Litecoin and China. Read the link for today (May 11) below:

Weekly technical analysis of bitcoin prices

The price of Bitcoin was caught between the moving average and the resistance of $ 58,966 in the last two days. The small volatility range of Bitcoin indicates that there is a balance between buyers and sellers.

Weekly Technical Analysis of Digital Currencies May 11 (May 21)
Click on the image to see the original size

If this uncertainty eventually leads to a price reduction, the price of Bitcoin is likely to fall to $ 52,323. If buyers seek to defend this support and succeed, Bitcoin could extend its consolidation phase from $ 52,323 to $ 58,966 and continue this trend for several days.

The 20-day moving average is gradually rising to $ 56,611, with the Relative Strength Index (RSI) near the middle of the chart, indicating a balance between supply and demand.

If the price stabilizes above $ 58,966, it is likely that the situation will change in favor of buyers. This could push the Bitcoin price to a historic high of $ 64,849 last month. Breaking this resistance can indicate the continuation of an upward jump.

On the other hand, a drop below $ 52,323 is likely to indicate a more sharp correction to $ 46,985. Breaking this support may cause traders to sell out of anxiety.

  • Resistances: 58,966 – 64,849.27
  • Supports: 52,323 – 46,985

Specific Ethereum Technical Analysis

Ethereum has continued its leap in the past few days without stopping. On Sunday, we saw the formation of the Dodge Kendall pattern in the chart. Yesterday, buyers increased the price of Ethereum to a new historical high by increasing their dominance in the market. The recent jump caused Ethereum’s relative strength index to reach above 83.

Weekly Technical Analysis of Digital Currencies May 11 (May 21)
Click on the image to see the original size

The range of buy saturation in the relative strength index indicates that the sales frenzy in the Ethereum market has increased and traders are afraid to lag behind the rally. In general, such rallies will stop when buyers finish their shopping. The price of Ethereum is likely to rise to $ 4,528 and then to $ 5,000 resistance.

Consecutive corrections for 3 days can be the first sign of a slowdown in the market. A fall below the 20-day moving average at $ 3,173 could also signal the start of a more drastic correction.

  • Resistance: 4,528 – 5,000
  • Support: 3,173

Bainance Quinn Specific Technical Analysis

Bainance Quinn hit a new all-time high of $ 691 yesterday, but buyers are now trying to stabilize the price above the $ 680 level where the jump started. Kendall’s high spirits yesterday show that there is not much demand at higher levels.

Weekly Technical Analysis of Digital Currencies May 11 (May 21)
Click on the image to see the original size

The upward slope of moving averages indicates that buyers have more control over the market, but a negative divergence in the relative strength index indicates that the binocular coin price acceleration is likely to weaken. Breaking down below the 20-day moving average at $ 599 may be a sign of a stronger correction.

On the other hand, if the price rises above the current level or the 20-day moving average, buyers will once again try to push the Bainance Coin price above $ 680. If successful, Bainance Quinn could peak at $ 780 and then up to $ 808.

  • Resistances: 680-780-808
  • Supports: 599

Dogecoin Specific Technical Analysis

Dogecoin witnessed a sharp correction on Sunday, but as can be seen from Kendall’s great daily joy, buyers strongly protected the 20-day moving average at $ 0.44. Buyers were unable to continue the recovery, and the Dogecoin price is continuing to move towards the 20-day moving average.

Weekly Technical Analysis of Digital Currencies May 11 (May 21)
Click on the image to see the original size

The 20-day moving average is slowly clearing and the relative strength index has fallen below 58, indicating a weakening of price acceleration.

If the Dogecoin recovers from the 20-day moving average, it indicates that we are seeing high-volume purchases at lower levels. Such fluctuations can cause price changes over a fixed period in the next few days.

This analysis will lose its validity if the sellers reduce the price to the 20-day moving average. In that case, the price may fall to $ 0.38 at Fibonacci 61.8%.

  • Resistances: 0.60 – 0.70
  • Supports: 0.44 – 0.38

Ripple specific technical analysis

Ripple prices have broken their downtrend several times since the beginning of last month, but buyers have not been able to stabilize the high price in this area. This may mean that traders use price rallies to lighten their buying positions.

Weekly Technical Analysis of Digital Currencies May 11 (May 21)
Click on the image to see the original size

Buyers will push the price up to $ 1.66 and try to stabilize in this area. The move is aimed at retesting the $ 1.96 peak (the highest price in 52 weeks). Sloping above the 20-day moving average in the 1.45 area, and the relative strength index in the 56 range, indicates that the power of buyers is slightly higher than that of sellers.

This analysis will be invalidated if the price falls below the 20-day moving average. Such fluctuations would indicate that supply is greater than demand. Ripple prices may then fall to the $ 50-day moving average (SMA50) at $ 1.16.

  • Resistances: 1.66 – 1.96
  • Supports: 1.45 – 1.16

Cardano-specific technical analysis

Cardano formed an engulfing pattern on Sunday, indicating a high volume of purchases in the $ 1.48 area. Buyers, however, failed to keep up with price acceleration, and Cardano’s price formed an insider-day pattern.

Weekly Technical Analysis of Digital Currencies May 11 (May 21)
Click on the image to see the original size

If buyers do not stop their activities at the current level, it will show their strength and can increase the likelihood of continued price spikes.

The 20-day moving average at $ 1.45 and the relative strength index in the buy saturation range also show that climbing is the easiest path for Cardano. Breaking the $ 1.83 resistance paves the way for $ 2 and then $ 2.25.

On the other hand, if the price of Cardano falls below the 20-day moving average, it will indicate a bull trap. This could lower the price to $ 1.28.

  • Resistances: 1.83 – 2.25
  • Supports: 1.48 – 1.28

Specific technical analysis of Polkadot

The Pulkadat price is caught between the moving average and the resistance at $ 42.28. Low amplitude near this resistance is a positive sign; Because it shows that traders are not in a hurry to close their long positions.

Weekly Technical Analysis of Digital Currencies May 11 (May 21)
Click on the image to see the original size

If buyers can fix the price above $ 42.28, it will indicate that demand is higher than supply. That could push prices up to a historic high of $ 48.36. At this level, sellers have formed a strong resistance.

However, if buyers raise the price above $ 48.38, Polkadot can start its trend towards $ 58.06.

In addition, if the price falls below the moving average, it is likely to fall to $ 34.36 and then to $ 32.56. In this case, the price of Polkadot may fluctuate in the range of $ 26.50 to $ 42.28 for a few days.

  • Resistances: 42.28 – 48.36 – 58.06
  • Supports: 34.36 – 32.56 – 26.50

Bitcoin Cache Specific Technical Analysis

The price of Bitcoin Cash is hovering near its 52-week high of $ 1,600; This resistance can be understood from the joy of Kendall yesterday. If the price of Bitcoin Cash falls below $ 1,400, it is likely to fall to Fibonacci 38.2% at $ 1,263. In this case, the digital currency may fluctuate transversely for several days.

Weekly Technical Analysis of Digital Currencies May 11 (May 21)
Click on the image to see the original size

The first sign of weakness will be the breaking of $ 1,263 support. If the price falls below the 20-day moving average on the level of $ 1,134, the sheet will return to the benefit of sellers.

However, the slope of moving averages is up and there is an index of relative strength in the buy saturation range, which indicates that a rise is more likely than a fall.

If the price jumps above this level or $ 1,400 and breaks 1,600, the price of Bitcoin Cash can start an upward trend; In this case, the main target will be 2,147.

  • Resistances: 1,600 – 2,147
  • Supports: 1400 – 1,263 – 1,134

Specific LightQueen Technical Analysis

On Sunday, LightQueen managed to break the resistance line of the uptrend, which indicates an increase in price acceleration. The Litecoin price hit a new all-time high of $ 412 yesterday, but the upside shows that traders are looking to make a profit from the market.

Weekly Technical Analysis of Digital Currencies May 11 (May 21)
Click on the image to see the original size

If Litecoin jumps from the level from which it started jumping, it will indicate that buyers are buying at any price floor. In such a case, there is a possibility that the uptrend will continue and $ 463 and $ 500 will be the targets.

On the other hand, if the price re-enters the wedge pattern, it indicates that Sunday’s jump was a bull trap. In this case, there is a possibility of falling to the 20-day moving average at $ 309. The widespread price recovery at this level will indicate that the sentiment in the LightQueen market is bullish. In addition, reaching below the 20-day moving average opens the way for the wedge support line to fall.

  • Resistances: 412 – 463 – 500
  • Supports: 309

Chainlink Specific Technical Analysis

Last week, buyers pushed the Chinese price of the link up to the resistance line of the uptrend channel, but could not take much advantage of this jump. After several days of procrastination, we saw on Sunday that buyers moved the Chinese price of the link to $ 52.42 with a decisive move.

Weekly Technical Analysis of Digital Currencies May 11 (May 21)
Click on the image to see the original size

However, buyers were once again unable to stabilize the price after the jump, and sellers are now looking to push the price back into the uptrend channel. If successful, they are likely to fall to the $ 43 moving average on the 20-day moving average.

If the price recovers from the 20-day moving average, it is likely that buyers will try again to continue the upward trend. On the other hand, a fall in the price below the 20-day moving average will indicate that the current jump is a bull trap. There is a possibility that the price of China will fall.

  • Resistance: 52.42
  • Supports: 43

.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button