Crypto

Bitcoin Analysis – Is the Bear Market Ending Soon? – CryptoNews

Regularly find technical analyzes of the price of Bitcoin (BTC) and other symbolic cryptocurrencies such as Ethereum (ETH). As well as a video to introduce you to some technical indicators, tips, or more fundamental approaches. All this with the goal of being clear and accessible to allow you to learn the basics of trading. And benefit from in-depth analysis carried out by experienced traders.

The full video of this Coin Trading analysis is at the end of the article.

Is the Cryptocurrency Market Nearing the End of the Bear Market? A key question that this technical analysis will attempt to provide some answers to. As always, with an update on the bitcoin and ethereum situation. As well as an inventory of the altcoin market with large projects such as Avalanche (AVAX), Chainlink (LINK) or Solana (SOL).

Bitcoin is an interesting setup

In weekly units of time, Bitcoin is still within its range set since June. With support located at $18,500 and resistance at $25,000. And as discussed in last week’s analysis, the Bollinger Bands are approaching these two boundaries. This is to make a very interesting figure.

A scenario that would ideally require a few more weeks of consolidation to materialize. This is done in order to be able to get a real and reliable buy signal after breaking through the $25,000 resistance top. With a support that has not yet been crossed from below. Even though it has already been tested 7 times since placing BTC in this range. And a rebound attempt has yet to be confirmed in the current state of affairs.

In any case, the setup is interesting. And it may even allow you to open a position as part of an active trading strategy. With BTC looking to find resistance at $25,000 with the first target in the middle of the range. And place a stop loss nearby, at the level of $18,000. Even if it remains a countertrend trade because bitcoin is still quoting down until it breaks its resistance.

Ethereum is less interesting than bitcoin

The situation is almost identical for Ethereum. The upper and lower boundaries of the Bollinger Bands are already located at the support and resistance levels of its range. And the ETH cryptocurrency, the price of which is currently near the pivot zone around $1,400.

Ethereum is less interesting than bitcoin

There is no signal to buy ether. Because it is currently in a slightly less interesting situation than Bitcoin. This is because it could still come back to test the support of its $1,000 range. This is a downside potential close to 30%.

BNB is more interesting than BTC or ETH.

In the case of the BNB cryptocurrency, the current setup is much more interesting. Because it is in the phase of consolidation, which began, as for the entire market, since June last year. But with the upper limit of the Bollinger Bands, which merges perfectly with the $325 resistance. And the lower support limit is $210.

This is even more evident on the daily charts, the recent bounce off short-term support at $260. The latter has already been tested many times in the past. And the price goes up, at the same time breaking the upper limit of the Bollinger bands. The next possible target is $330.

All of this is confirmed by the new top that was just made on the BNB vs BTC (BNB/BTC) chart. This indicates that it is currently outperforming Bitcoin as well as Ethereum. The dynamics worked from the end of August and the breakdown of its range from above. This confirms the uptrend started for the BNB cryptocurrency, at least in the short term, even if the awakening is still rather timid.

AVAX – viewing environment

In weekly time units, AVAX reaches $16. There is no buy signal to report the current state of affairs. With rebound attempts that are not very convincing. And as the main risk at the moment, the crossing of this support from below will provoke a new decline. But this dynamic also often depends on the goodwill of Bitcoin, the real master of the place in the cryptocurrency market.

But if BTC decides to bounce back, that could also give the entire crypto market a bull run. Knowing that at the same time, the traditional stock market (S&P 500) just made a new low. With a drop of about 25% since the last ATH, which is very important for this kind of index. And the possible but hard to ignore risk of Bitcoin being swept away by this turmoil.

Altcoins – Consolidation lasted long enough

The situation, always in a weekly unit of time, is identical for the NEAR cryptocurrency or even the EGLD of the Elrond project. Even if in the latter case the Bollinger Bands are very close and there seems to be an attempt at a bounce. But this is always very timid and requires confirmation. And in these two cases, there are no real buy signals. Because, ideally, a real buy signal for a trend reversal requires a confirmed breakout of the current resistance level every time.

A similar scenario is for the SOL and LINK cryptocurrencies, which are facing resistance levels at $50 and $9, respectively. And, finally, the FTT of the FTX platform, which, for its part, should aim for the level of about $32.

Because, finally, in a weekly unit of time, we can say that now the period of consolidation in the cryptocurrency market lasts quite a long time. Mainly because Bollinger Bands are almost completely flattened in most scenarios. With interest at the bottom, except for real experts in this field. This means that the base is healthy again to trigger a new bull market period. But be careful, there is still no buy signal to confirm this trend! And in case of a big fall, everything will have to be redone …

The cryptocurrency market may seem to be in agony. But it is during this period that the most profitable transactions are made. And in order to increase your chances of success while minimizing risk, it is best to use the 100% automated algorithmic trading tool developed by CryptoTrader™. Because it will allow you to always position yourself on the best projects, whatever the market trend.

Trading cryptocurrencies carries a high level of risk and may not be suitable for everyone. It is recommended that you fully inform yourself of the risks involved and only invest amounts that you can afford to lose.

The content offered on the CryptoActu.com website is for educational and informational purposes only. They are in no way a recommendation and should not be considered as an invitation to trade in financial instruments.

The CryptoActu.com site does not guarantee the results or effectiveness of the presented financial instruments. Therefore, we disclaim any liability for the use of this information and the possible consequences.

Back to top button

Adblock Detected

Please consider supporting us by disabling your ad blocker.