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, BNB, and FTM 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, $BNB, $BNB/BTC
Bitcoin | W1
In the weekly view, Bitcoin (BTC) needs to reinforce its critical support-resistance (S/R) zone to imply potential gains. Currently, the prognosis seems uncertain as the price has closed below the existing level.
Ethereum | W1
On a weekly scale, Ethereum (ETH) has a significant task to reclaim its essential support-resistance (S/R) zone, indicating a possible upward trend. Currently, the market sentiment leans toward bearish as the price has ended below the existing level.
Binance Coin | W1
Binance Coin ($BNB) is currently fluctuating at its support level. However, its Bitcoin pairing appears promising. If the closing price falls below the support line, we should anticipate a decline in $BNB's value.
Binance Coin / Bitcoin | W1
Currently, $BNB/BTC is at its support level. There's a chance we might lose this support. If this occurs, $BNB is likely to trend downward.
Lower Time Frame | $BTC, $ETH, $FTM
Bitcoin | H4
If the support-resistance (S/R) level flips, Bitcoin's value could increase. Currently, the situation is bearish..
Ethereum | H4
For Ethereum ($ETH), if a price rally occurs and the resistance level holds, its value could rise. Currently, it's in the mid-range. If Ethereum loses support, we might look for shorts. At present, the scenario appears slightly bearish as it's losing levels.
Fantom | H4
If Fantom ($FTM) regains resistance and transforms it into support, its value might increase. If it loses support and retests and holds as resistance, it could trend lower. Currently, it's in the mid-range.
Prior Analysis Recap
Bitcoin | H4
In line with our previous analysis, Bitcoin ($BTC) held its support and traded toward the resistance level noted on the 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.