Coin360 Crypto Technicals: Daily Market Navigator | May 22th 2023

Coin360 Crypto Technicals: Daily Market Navigator

Written By Kasper

Welcome to our daily series, designed to educate and provide insights on the latest cryptocurrency prices through technical analysis. Today, we'll be examining the charts of BTC, ETH, TOTAL1, TOTAL2, COCOS, FTM and KAVA across various time frames to give you a comprehensive understanding of their current trends. For a deeper dive into the world of trading and crypto technical analysis, don't forget to explore our informative article that will help bolster your market knowledge.

Crypto Spotlight

Higher Time Frame | $BTC, $ETH, $TOTAL1, TOTAL2 & KAVA

Bitcoin | W1

Currently, $BTC has encountered a significant pushback from the resistance zone spanning $30-32k, as depicted in the chart. Our approach remains consistent, with the subsequent vital support area situated around $24-25k, though it's unclear if this level will endure. To initiate a genuine bullish reversal, $BTC must surpass the $32k threshold, potentially paving the way for additional gains. In line with this, the Stochastic RSI appears to have reversed course, implying the likelihood of a sustained downtrend, as previously observed. 

Ethereum | D1

After conducting a thorough analysis of the daily timeframe for Ethereum (ETH), it is apparent that the cryptocurrency is currently operating within a defined range. However, it is worth noting that the price has encountered challenges in maintaining its position above the upper boundary of this range. As a result, there is a higher probability of a retracement towards the midpoint of the range, assuming the current trajectory persists. In order to observe additional upward movement, it is crucial for the price to remain above the upper limits of the range.

Total1 | W1

$TOTAL1 has recently deviated from its range highs and has now returned back within the range. In light of this development, the next significant level of support to watch for is likely to be the range midpoint.

Total2 | W1

Similarly to $TOTAL1, $TOTAL2 has also reentered the range after deviating from its range highs. This indicates that the midrange is likely to serve as the next significant area where a potential bounce could occur.

Kava | D1

Upon analyzing the daily timeframe for $KAVA, it is evident that the cryptocurrency has been trading within a well-defined range, as illustrated on the chart. In the event that the price reaches the range highs, there is a high probability of it being rejected, leading to a downward movement. Conversely, if the price manages to sustain itself above the range highs, there is a favorable likelihood of further upward movement in price.

Lower Time Frame | $BTC & $ETH & $FTM

Bitcoin | H1

When examining the shorter time frame for $BTC, we can observe that it has experienced a bounce off the range lows. As depicted on the chart, it is evident that Bitcoin has been consistently trading within a range. In light of this pattern, there is a possibility that it may move towards the range highs in the near future. However, it is important to note that if the range lows are breached, it is likely that Bitcoin will continue its downward trajectory, aligning with the perspectives observed on higher time frames.

Ethereum | H4

When examining the shorter timeframe and considering $ETH as a range, as depicted on the provided chart, it appears that the cryptocurrency is currently experiencing a rejection near the range highs. If this rejection trend persists, the next significant target to consider is the range lows. However, in the event that the price manages to break above the range highs and maintain its position, there is a higher possibility of further continuation in price movement.

Fantom | H4

As previously mentioned, Fantom experienced a rejection near the range highs and subsequently reached the range lows with precision. Presently, it continues to trade within the same range on the lower time frame. The more likely scenario for Fantom at the moment is a potential move towards the range highs. However, considering that the cryptocurrency has been trading within this range for an extended period, it is worth noting that a breakout is probable in the near future. Traders should keep this possibility in mind while monitoring the price action of Fantom.

Notable Market Movers

Cocos | D1

Cocos has observed a series of declining prices represented by red candles over the past few days. The trading pair with BTC was unable to sustain a crucial Support and Resistance (SR) level, indicating the potential for finding support at lower levels as indicated on the chart. Another possibility is that the price might hold the midrange, but confirmation of this outcome is still awaited.

Watch List

To effectively monitor the coins discussed in today's analysis, consider creating a watchlist here. This will help you keep track of their price movements and stay informed about potential opportunities. These coins are worth paying attention to, as they exhibit notable market activity and could present promising trading prospects.

Market Wrap-up

In summary, today's analysis covered multiple cryptocurrencies, revealing their current trends and potential future movements. As the market continues to evolve, it's crucial to monitor these trends and adjust your strategies accordingly. The market in general is in a range bound environment. Furthermore, the overall higher time frame trend on the market remains bearish until proven otherwise. 

Disclaimer: Please note that all information, data, and technical analysis provided in this content are for educational and informational purposes only and should not be construed as investment advice, financial advice or trading advice.

This article has been refined and enhanced by ChatGPT.