Coin360 Crypto Technicals: Daily Market Navigator | May 24th 2023
Coin360 Crypto Technicals: Daily Market Navigator
Written By Kasper
This daily series serves a purpose to educate and give some insight and technical analysis on the current prices of the bigger cryptocurrencies, based on our technical analysis. Today we will be covering BTC, ETH, FTM, and COCOS on both higher and lower time frames. Don't forget to also check out our article on the fundamentals of trading and crypto technical analysis to further enhance your understanding of the market.
Higher Time Frame | $BTC, $ETH & $OP
Bitcoin | W1
Currently, $BTC has encountered a significant pushback from the resistance zone spanning $30-32k, as depicted in the chart. Our approach remains the same, 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 $32k threshold, potentially paving the way for additional gains. In line with this, the Stochastic RSI appears to have reversed course, implying the likelihood of a sustained downtrend, as previously observed.
Ethereum | D1
In the daily timeframe for Ethereum ($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, price rejected off the range highs and could be headed towards the midrange, 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.
Cocos | D1
Cocos is currently in a downwards trend, it could however see some relief bounces on the marked levels on the chart, but more down movement is most likely the bigger move towards the range low as marked on the chart.
Lower Time Frame | $BTC, $ETH & $FTM
Bitcoin | H4
Bitcoin ($BTC) continues to exhibit range-bound trading activity. Given its prolonged period within this range, a breakout is becoming increasingly probable. If the breakout unfolds as depicted on the chart, we could foresee more upward momentum. Similarly, a downward breakout could lead to further depreciation. This pattern emphasizes the significance of monitoring both potential upward and downward trends. However it could still be played level to level from the extreme ends of the range.
Ethereum | H4
Ethereum ($ETH) has affirmed that the surge above its range highs was a deviation, indicating a potential downtrend if the market turns bearish. However, if the price begins to recuperate, closing above these range highs, it could signal an impending upward trend.
Fantom | H4
In our previous analysis of Fantom, we approached it as a range play. However, it's important to note that the longer a price remains within a defined range, the greater the likelihood of a breakout. As depicted in yesterday's chart, if a breakout were to occur, we anticipate a downward movement due to the accumulation of liquidity below its range lows.
Prior Analysis Recap
Bitcoin | H4
In yesterday's analysis, we closely observed Bitcoin's ($BTC) trajectory, which was neatly confined within a specific range. The prospect of price recoiling from the high end of this range down towards the lower limit was noticeable, as indicated in the following chart.
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.
In conclusion, the overall trend across various cryptocurrencies remains bearish for the time being, until we see evidence to the contrary. Most of the coins under discussion are navigating within range-bound markets, and their movements are being analyzed on a level-to-level basis. This prevailing state of affairs highlights the importance of ongoing vigilance and thorough analysis in this dynamic crypto landscape.
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.