Altcoins Price AnalysisBitcoin Price AnalysisEthereum Price Analysis

Weekly technical analysis of digital currency prices; Bitcoin’s fateful resistance and fear in the Shiba Inu market


The price of bitcoin and most of the market’s main instruments have plummeted after hitting their upward resistance, indicating that market sentiment has been negative in the short term.

The price of Bitcoin is still below the $ 60,000 psychological level; Accordingly, it can be said that these levels attract bears to the market and save traders’ profits. But could the current price drop be the last drop before the uptrend continues, or will it just be the beginning of a deeper price correction? We will try to find an answer to this question by looking at the charts of the top ten currencies in the market this week.

Weekly technical analysis of bitcoin prices

Bitcoin started the recovery on Friday at $ 55,600 and reached a 50-day moving average (SMA) at $ 60,350 on Saturday. This was while the buyers did not manage to cross this price barrier. This suggests that sellers are looking to turn this moving average into a resistance level.

Weekly technical analysis of digital currency prices;  Bitcoin's fateful resistance and fear in the Shiba Inu market
Bitcoin price chart (click on the image to see the original size)

Moving averages are not far from forming a bearish intersection, and the Relative Strength Index (RSI) is in the negative range, indicating that the fall path is smoother than the climb path.

If the price falls below $ 55,600, we can expect a more drastic correction to the $ 52,000 to $ 50,000 support area.

If the price jumps from the current level and reaches the top of the downtrend line, the downtrend scenario loses its validity. In this case, we may see a rise to the resistance area of ​​$ 67,000 to $ 69,000.

  • Resistances: 60,350 – 67,000 – 69,000
  • Supports: 55,600 – 52,000 – 50,000

Also read: Review in trades; How can we not make mistakes in the transaction anymore?

Weekly technical analysis of Ethereum prices

Ethereum traded up from $ 3,956 on Saturday, hitting a 20-day moving average (EMA) above $ 4,364 on Saturday. This was while buyers failed to stabilize at higher levels. The sellers pushed the price below the 20-day moving average again the next day.

Weekly technical analysis of digital currency prices;  Bitcoin's fateful resistance and fear in the Shiba Inu market
Ethereum Price Chart (Click on image to view original size)

Ethereum hit a simple 50-day moving average at $ 4,240 yesterday, but the long shadow of the candle that day shows that buyers are defending the level. If buyers push the price above $ 4,451, there is a 61.8% rally to Fibonacci at $ 4,519.78. The next possible target for Fibonacci will be 78.6% at $ 4,672.93.

On the other hand, if the price falls below the current level, sellers will once again try to bring Ethereum below the simple 50-day moving average, their success could cause it to fall to $ 3,956.44. Closing the price below this level completes the pattern. In this case, we may see a drop to $ 3,400 and then to the target target of $ 3,046.

  • Resistances: 4,451 – 4,519.78 – 4,672.93
  • Supports: 4,240 – 3,956.44 – 3,400 – 3,046

Weekly Technical Analysis of Binance coin Price

Bainance Quinn revived on Friday from a simple 50-day moving average at $ 526, but buyers failed to keep the jump to the top of Fibonacci 61.8% at $ 602.4.

Weekly technical analysis of digital currency prices;  Bitcoin's fateful resistance and fear in the Shiba Inu market
Binance Coin Price Chart (Click on image to view original size)

Traders yesterday pushed Binance coin below the 20-day moving average at $ 585. If the price stabilizes below this moving average, sellers will once again try to bring Bainance Coin below the simple 50-day moving average. Their success could lead to a further drop to $ 484.4.

On the other hand, if the price recovers from the current level and reaches above $ 605.2, it means that buyers are back in the market. This could lead to a rally to the resistance level of $ 659.5 to $ 669.3.

The slope of the 20-day moving average has been smoothed out and the relative strength index is in the middle range; This means that it is not possible to say which group of traders weighs the scales.

  • Resistances: 602.4 – 605.2 – 659.5 – 669.3
  • Supports: 585-526-484.4

Weekly technical analysis of Solana price

The Solana price rebounded on Sunday from a simple 50-day moving average at $ 198 and hit heavy resistance on the downtrend line; This indicates that sellers continue to sell their currencies in rallies.

Weekly technical analysis of digital currency prices;  Bitcoin's fateful resistance and fear in the Shiba Inu market
Solana price chart (click on image to view original size)

Solana price fluctuations in recent days have led to the formation of a symmetrical triangle pattern that shows a balance between supply and demand. If the resistance line of the triangle pattern is broken, it can be said that the superiority of buyers in the market is greater than sellers. This could push Solana to a historic high of $ 259.9.

On the other hand, if the price stays below the 20-day moving average at $ 222, it is likely to fall to the triangle support line. In this case, sellers will try to bring this digital currency below this support in order to have a higher hand in the market. If that happens then the next potential target would be $ 153.

  • Resistance: 259.9
  • Supports: 222 – 153

Also read: Position size in trading; How much capital should we invest in each transaction?

Weekly Technical Analysis of Cardano Price

Cardano jumped from $ 1.87 on Saturday, but buyers failed to push the price above the 20-day moving average at $ 1.95. This indicates that market sentiment remains negative and traders are selling their cards in rallies on a 20-day moving average.

Weekly technical analysis of digital currency prices;  Bitcoin's fateful resistance and fear in the Shiba Inu market
Cardano price chart (click on image to view original size)

On Sunday, the price returned below $ 1.87. Sellers are currently trying to bring the price below $ 1.7. Their success in doing so can boost sales pressure. Increasing this pressure can accelerate the decline to $ 1.5.

On the other hand, if the price recovers from the current level and reaches above the 20-day moving average, the next target will be the downtrend line. The closing of the Cardano price above this trend line can be considered as a sign of the end of the correction period.

  • Resistances: 1.95
  • Supports: 1.7 – 1.5

Ripple Price Weekly Technical Analysis

Ripple prices revived on Friday from $ 1 support. Buyers were unable to maintain the recovery until $ 1.1, indicating that demand is declining at higher levels.

Weekly technical analysis of digital currency prices;  Bitcoin's fateful resistance and fear in the Shiba Inu market
Ripple price chart (click on the image to see the original size)

The bearish slope of the 20-day moving average at $ 1.2 and the relative strength of the relative strength index indicate that the sellers are above it. If the price falls below $ 1, the downside is likely to intensify and fall to $ 0.85.

On the other hand, if the price recovers from the current level and reaches above the moving averages, it indicates that buyers are aggressively defending the $ 1 support. In this case, we can hope to start the uptrend to $ 1.24.

  • Resistance: 1.24
  • Supports: 1 – 0.85

Weekly technical analysis of Polkadot prices

The Pulkadat price revived from the uptrend line on Saturday, but we are currently seeing resistance at the 50-day moving average at $ 42.96. This suggests that sellers are looking to turn a simple 50-day moving average into a resistance.

Weekly technical analysis of digital currency prices;  Bitcoin's fateful resistance and fear in the Shiba Inu market
Polkadot price chart (click on the image to see the original size)

Moving averages are not far from forming a bearish intersection, and the relative strength index is in the negative range, indicating that sellers have more power in the market. If the price closes below the uptrend line, we can say that it will first decrease to $ 32 and then to $ 29.

On the other hand, if the price recovers from the current level and closes above the moving averages, it means that buyers are buying on the floor. In this case, the resistance area may break at $ 47.83 to $ 49.78 and the price will reach above this range.

Resistances: 42.96 – 47.83 – 49.78
Supports: 32-29

Weekly Technical Analysis of Olench Price

Kendall’s long shadow on Sunday shows that traders near the 200% Fibonacci at 146.18 have withdrawn their profits from the market. Lower levels have attracted buyers and they have been looking to resume the uptrend since yesterday.

Weekly technical analysis of digital currency prices;  Bitcoin's fateful resistance and fear in the Shiba Inu market
Olench price chart (Click on image to view original size)

Buyers will need to fix the Olench price above $ 147 to ensure that the uptrend has resumed. In this case, the probability of a rally to Fibonacci is 261.8%. This Fibonacci level is at $ 175.58.

While the uptrend of the 20-day moving average at $ 100 indicates that buyers have more power in the market, the relative strength index is in the range of 81; This means that in the short term there is a possibility of price correction and reduction.

If the price corrects from $ 147, short-term traders may seek to exit the market. This could lead to a drop to $ 123. The break of this support will be a sign of a deeper correction to $ 110 and then a 20-day moving average.

  • Resistances: 147 – 175.58
  • Supports: 123-110

Dogecoin Weekly Technical Analysis

The Dogecoin rebounded to $ 0.21 on Friday, but stopped at $ 0.23. Such a weak recovery rally shows that there is no demand for lower levels.

Weekly technical analysis of digital currency prices;  Bitcoin's fateful resistance and fear in the Shiba Inu market
Dogecoin price chart (click on image to view original size)

The downtrend of the 20-day moving average at $ 0.24 and the relative strength of the relative strength index indicate that sellers have more power in the Dogecoin market. If sellers lower the price below $ 0.21, there is a possibility of further decline to significant support of $ 0.19.

On the other hand, if the Dogecoin price recovers from the current level, the downtrend line may jump. In this case, buyers must stabilize the price above this resistance to say that the correction process is over.

  • Resistances: 0.24
  • Supports: 0.21 – 0.19

Technical analysis of Shiba Ino price

The price of Shiba Ino fell to $ 0.000049 on Saturday from the 20-day moving average; This indicates that the sentiment in the market has become negative and traders are now selling their currencies in every jump to the resistance.

Weekly technical analysis of digital currency prices;  Bitcoin's fateful resistance and fear in the Shiba Inu market
Shiba Ino price chart (click on the image to see the original size)

Sellers are currently trying to bring the price below the 50-day moving average at $ 0.000043 and the Fibonacci 78.6% at $ 0.000027. If successful, we may see a drop to $ 0.000027; This means a 100% correction of the previous jump.

The 20-day moving average has a downward slope and the relative strength index is in the negative range, which indicates that sellers have a higher hand in the market. On the other hand, if the price recovers from the current level, buyers will try to bring Sheiba Ino above the 20-day moving average. This could be a sign that buyers are moving in the direction of $ 0.000057.

  • Resistances: 0.000049 – 0.000057
  • Supports: 0.000043 – 0.000027

.

Related Articles

Leave a Reply

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

Back to top button