Coin360 Crypto Technicals: Daily Market Navigator | July 10th 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, QNT, QNT/BTC, and LTC/BTC 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.
Crypto Spotlight
Higher Time Frame | $BTC, $ETH, $QNT, $QNT/BTC
Bitcoin | W1
In the weekly analysis of Bitcoin (BTC), it is crucial for the currency to reclaim its significant support-resistance (S/R) zone to indicate potential gains. Currently, it shows a relatively weak outlook as the price closed below the current level.
Ethereum | W1
From a weekly perspective, Ethereum (ETH) needs to recapture its critical support-resistance (S/R) region to suggest possible upward momentum. Currently, it presents a somewhat weak outlook as the price closed below the current level.
Quant | W1
$QNT currently appears bearish and is in a downtrend. Support has been tested multiple times but has failed to create higher highs, indicating a potential further downside unless it gains a marked level on the chart.
Quant / Bitcoin | W1
$QNT/BTC looks bearish in the current downtrend and needs to regain the marked level to start gaining strength against BTC.
Lower Time Frame | $BTC, $ETH
Bitcoin | H4
Bitcoin's (BTC) current standing doesn't appear particularly robust. There is a chance for a minor rally towards the $30.8K mark, but it's important to note that the price quickly declined after reaching a new peak.
Ethereum | H4
Ethereum (ETH) is currently exhibiting a bearish trend, suggesting potential for a short position if it revisits its previous resistance, a classic example of a support/resistance flip. Ethereum must reclaim this level to indicate the possibility of further upward movement.
Prior Analysis Recap
Litecoin / Bitcoin | H4
As mentioned earlier, $LTC/BTC has lost a significant support zone, resulting in a downward trajectory.
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 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.