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, LTC and ADA 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, $LTC
Bitcoin | W1
Our analysis of Bitcoin ($BTC) reveals a prevailing bullish trend, with a significant rebound from a key support zone. Market sentiment leans bullish until further, substantial evidence suggests otherwise. For additional price appreciation, Bitcoin must transform the noted resistance level into a support; failure to do so could potentially trigger a pullback.
Ethereum | W1
In the coming week, Ethereum (ETH) may experience an upward rally. However, to switch into a bullish trend, it's crucial for ETH to close above the indicated level, ideally outperforming recent local peaks.
Litecoin | D1
Litecoin (LTC), in correlation with its LTC/BTC chart, presents a bearish outlook. This suggests a likely decrease in its value in the near term.
Lower Time Frame | $BTC, $ETH, $LTC/BTC, $ADA
Bitcoin | H4
Currently, the market appears to be in a "bullish" phase. However, given its seeming fragility, I would advise against opening any new positions. If this level fails to hold, it may present a viable opportunity for short selling.
Ethereum | H4
At the moment, the trend appears "bullish." However, due to the market's apparent weakness, it might not be prudent to open new positions. If the current level isn't maintained, it could provide a favorable opportunity for short trades.
Litecoin / Bitcoin | H4
The Litecoin to Bitcoin (LTC/BTC) ratio presents a bearish outlook as we start to see a decline in levels. We can expect this downward trend to persist unless we begin to observe closures above certain key support and resistance (S/R) zones.
Cardano | H4
Cardano (ADA) displays a bearish trend as it starts to lose ground. If we continue to close below the support level, a downward movement is likely to follow sooner or later. Conversely, a bullish shift could be expected if the price begins to close above the current high range.
Prior Analysis Recap
Ethereum | H4
As we anticipated, Ethereum (ETH) underwent a retest of its support level, aligning with our earlier discussion. This led to the successful execution of the planned trade.
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 bullish 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.