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, TOTAL1, TOTAL2, TOTAL3, and BTC.D 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, $TOTAL1, $TOTAL2, $TOTAL3, $BTC.D
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.
Total Market Cap (Total1) | W1
The $TOTAL1 chart presents a bearish outlook as it grapples to sustain support levels.
Total Market Cap Excluding Bitcoin (Total2) | W1
The $TOTAL2 chart exhibits a bearish trend, failing to hold its support level. This suggests a potential downward shift.
Total Market Cap Excluding Bitcoin & Ethereum (Total3) | W1
$TOTAL3 presents a somewhat bullish outlook as it holds above the previously marked level. Should it descend on the lower time frame (ltf), this may present a short opportunity.
Bitcoin Dominance | W1
$BTC.D displays a bullish trend, having broken out of its range. Though there may be a slight decline as it retests the range highs.
Lower Time Frame | $BTC, $ETH
Bitcoin | H4
The Bitcoin chart reveals a bearish trend with its current downtrend and loss of support, unless the support level is regained.
Ethereum | H1
Ethereum also appears bearish due to its current downtrend and loss of support.
Prior Analysis Recap
Bitcoin previously lost, retested, and was rejected at a certain level, confirming the projected short outcome.
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.