Weekly Technical Analysis of cryptocurrencies April 6
Weekly Technical Analysis of cryptocurrencies : Read the technical analysis of Bitcoin, Ethereum, BinanceCoin, Cardano, Polkadot, Ripple, Uniswap, Theta, LightCoin and Chainlink prices for today:
Weekly technical analysis of bitcoin prices
Bitcoin jumped yesterday from the 20-day moving average (EMA 20 – blue line in the picture) to $ 56,750 yesterday. This indicates that market sentiment remains positive and buyers continue to enter the market in the downturn.
In the current situation, the group will try to push the price above the resistance area of $ 60,000 to $ 61,825.84. If successful, the price will open the way to the targets of $ 69,540 and $ 79,566.
However, the market bears will not give up easily and will once again try to delay the uptrend in the area of resistance. In such a situation, the probability of a breakout of the price will increase below the 20-day moving average.
Such moves could lead to further price declines up to the simple 50-day moving average (SMA 50 – red line in the picture) at $ 53,978. If traders push the price below this moving average, the downside is likely to continue until further support at $ 50,460.02.
- Resistances: 60,000 – 6,825.84 – 69,540 – 79,566
- Supports: 56,750 – 53,978 – 50,460.02
Weekly technical analysis of Ethereum prices
The Ethereum price on April 2 set a new historical high of $ 2,144.59. However, buyers did not succeed in this uptrend, and the market bears acted aggressively, which eventually led to a fall below the August breakout level of $ 2,040.77 on April 3.
Since then, we have witnessed a confrontation between two market groups near the level of $ 2,040.77. The market cows are trying to turn this level into a support and the sellers are trying to lower the price below it and trap the cows.
The uptrend of the 20-day moving average (EMA 20 – blue line in the picture) has risen and the relative strength index (RSI) is above the 65 level. The combination of these factors shows the superiority of buyers. If buyers manage to push the price above $ 2,144.59, it will be possible to start the next wave of price movement with a target of $ 2,618.14.
- Weekly Technical Analysis of cryptocurrencies : Read the technical analysis of Bitcoin, Ethereum, BinanceCoin, Cardano, Polkadot, Ripple, Uniswap, Theta, LightCoin and Chainlink prices for today:
On the other hand, if the bears push the price below the level of $ 1,977, there is a possibility that the price will continue to fall to the 20-day moving average. Any price break below this level will indicate a weakening of the uptrend momentum and can lead to a drop in the price up to the uptrend line.
- Resistance: 2,144.59 – 2,618.14
- Support: 2,040.77 – 1,977
Weekly Technical Analysis of Binance Coin Price
Binance Coin traded above $ 348.69 to $ 356.98 yesterday, hitting a new all-time high. The stabilization of a new historical ceiling by an asset class will be a sign of the strength of the price trend, as it indicates that buyers are entering the market even at higher levels as they expect the uptrend to continue.
The slope of both moving averages is upward and the Relative Strength Index (RSI) has entered the buy saturation zone. This is a sign that the price is continuing to rise. The price in the current situation will be able to grow up to the target of $ 400 and above it up to $ 430.
The uptrend will be eliminated by turning the price down and moving below the 20-day moving average (EMA 20 – blue line in the picture) at $ 297. Such a move indicates a heavy flow of trading profit reserves at higher levels and the dominance of supply over demand.
Such a move could push the price down to a simple 50-day moving average (SMA 50 – red line in the picture) at $ 258. Under this support, price correction will be able to reach $ 220.
- Resistances: 400-430
- Supports: 297 – 258 – 220
Weekly technical analysis of Polkadot prices
The bears tried to lower the price of Polkadot on April 3. This can be seen from the long wick of the price candle in the daily time frame. However, the bulls of the market are not willing to lose their dominance in the market and pushed the price above the level of $ 42.28 on the next trading day.
The stiff contrast between the two market groups is visible at this level. Buyers are trying to turn this level into support and start the next bullish wave with a target of 53.50.
The uptrend of the 20-day moving average (EMA 20 – blue line in the picture) at $ 37.30 and the relative strength index (RSI) near the buy saturation zone indicate the continuation of the uptrend.
- Weekly Technical Analysis of cryptocurrencies : Read the technical analysis of Bitcoin, Ethereum, BinanceCoin, Cardano, Polkadot, Ripple, Uniswap, Theta, LightCoin and Chainlink prices for today:
This uptrend will be eliminated with the price moving below the $ 40 level. In such cases, it will be possible for the price to continue to fall to moving averages. A break below the simple 50-day moving average (SMA 50 – red line in the picture) at $ 35.34 will push the correction wave deeper to $ 26.50.
- Resistance: 53.50
- Supports: 40 – 35.34 – 26.50
Weekly Technical Analysis of Cardano Price
Cardano has been trading near $ 1.17 for the past few days near the 20-day moving average (EMA 20 – blue line in the picture). Buyers’ efforts on April 2 and 3 were not welcomed; This can be seen in the high wicks of the price candle in the daily time frame.
There will usually be a sudden rise in price following periods of low volatility, but the main issue will be to determine the next price direction. With these interpretations, it is better to wait for the valid breakout of the level (breakout) from one of the price limits before entering any trade.
With the price moving above the $ 1.30 level, the next resistance will be challenged at $ 1.48. This move will be the third attempt to break the resistance of this range, so the probability of price breakout above this range will be high. The next target price on the way up is $ 2.
On the other hand, if this is not certain, the price will fall and break out below the range, sellers will try to lower the price below $ 1.03. Below this level, the price correction up to $ 0.80 and below it up to $ 0.70 will be eliminated.
- Resistances: 1.30 – 1.48 – 2
- Supports: 1.17 – 1.03 – 0.80 – 0.70
Ripple Price Weekly Technical Analysis
The Ripple price has moved above its strong resistance at $ 0.65 yesterday. This move has activated the head and shoulders pattern in the price. Momentum has risen sharply over the past few days, breaking resistance at 0.75 and even $ 1 today. In fact, the price has gone above this resistance for the first time in the last 37 months.
The sharp upward slope of the price indicates the trapping of a group of market sellers, which eventually led to this form of fluctuations in the chart. The target for the head and shoulder pattern will be $ 1.11. The next price resistance on the way up will be $ 1.20, but the main and strong barrier to the price is $ 2.
The upward slope of the moving average and the placement of the Relative Strength Index (RSI) above the level of 80 indicate that the market is in good control of buyers. However, trading profit stocks can lower the price up to the support level of $ 0.65 to $ 0.75.
- Resistances: 1 – 1.20 – 2
- Supports: 0.75 – 0.65
Weekly technical analysis of Uniswap prices
Uniswap went above the 20-day moving average (EMA 20 – blue line in the picture) at $ 29.52 on April 2, but sellers did not allow the price to jump to higher levels and entered the market at higher levels. On the next trading day, they lowered the price again to the 20-day moving average.
On the plus side, buyers have been supporting the 20-day moving average support for the past three days. With the price moving above the $ 32.50 level, the price will be able to grow up to the resistance area of $ 35.20 to $ 36.80.
The horizontal slope of the 20-day moving average and the relative strength index (RSI) above the mid-range indicate a lack of sufficient momentum in favor of buyers. This can limit price fluctuations for a few more days. The next wave of price rises will start with moving above $ 36.80 or penetrating below $ 25.52.
- Resistances: 32.50 – 35.20 – 36.80
- Supports: 29.52 – 25.52
Weekly Technical Analysis of cryptocurrencies : Read the technical analysis of Bitcoin, Ethereum, BinanceCoin, Cardano, Polkadot, Ripple, Uniswap, Theta, LightCoin and Chainlink prices for today:
Weekly technical analysis of Light Coin price
The price of Light Coin moved above the symmetrical triangle pattern on April 3, but buyers were not able to stabilize the price at higher levels. The price changed direction quickly and returned to the pattern.
However, the positive point here is that buyers have not allowed prices to fall below moving averages. This indicates an accumulation flow in the runoff. Buyers are likely to call everyone who looks appropriate, if there are only a few.
If successful, the price is likely to rise to $ 230 and above $ 246.96. If this support is violated, it will be possible to grow to the target of the model at $ 307.42. On the other hand, if the price moves downwards again from the upper side of the pattern, the probability of falling below the moving averages increases. In this case, the price may be pulled down to the bottom side of the pattern.
- Resistances: 230 – 246.96 – 307.42
- Supports: 200
Weekly Technical Analysis of China Link Price
The price of China Link jumped above the resistance of $ 32 on April 2, but buyers failed to maintain the price after the break-out, as a result of which the price returned to the range again on the next trading day. This indicates the strong defense of market bears against the resistance of $ 32.
However, a strong April 4 jump from the 20-day moving average (EMA 20 – blue line in the picture) at $ 29 indicates that buyers are falling. In the current situation, the bulls of the market will try to stabilize the price above the resistance area of $ 32 to $ 33.17.
Weekly Technical Analysis of cryptocurrencies : Read the technical analysis of Bitcoin, Ethereum, BinanceCoin, Cardano, Polkadot, Ripple, Uniswap, Theta, LightCoin and Chainlink prices for today:
In this case, there is a possibility that the historical price ceiling at $ 36.93 will be seen again. By breaking this resistance, the next target price will be $ 40.
On the other hand, if the price moves down from the upside resistance area and goes below the moving averages, the possibility of side price fluctuations will continue for a few more days.
- Resistances: 32 – 33.17 – 36.93 – 40
- Supports: 29
Weekly Technical Analysis of Theta Price
Theta has been trading in the $ 10.35 to $ 14 range for the past few days. Sellers will try to push the price below the support of this range, but the market cows have not allowed the price to fall below $ 11.20.
The slope of the 20-day moving average (EMA 20 – blue line in the picture) is horizontal and the relative strength index (RSI) has moved below the level of 60. This will warn of price crossings for a few more days.
On the other hand, if the market pushes the price above $ 12.58, it is likely to grow to $ 14. Breakout price above this resistance will be the first sign of buyers’ superiority.
With these interpretations, if the price moves from the current levels and moves below $ 11.20, it will be possible to continue falling to $ 10.35. Break (breakout) of prices below this support will increase the selling pressure.
- Resistances: 12.58-14
- Supports: 11.20 – 10.35
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