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, SHIBA, INJ and LTC 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, $SHIBA
Bitcoin | W1
In the weekly analysis of Bitcoin (BTC), it is vital for the currency to reclaim its significant support-resistance (S/R) zone to hint at potential gains. Currently, it portrays a somewhat weak outlook as the support level is struggling to hold.
Ethereum | W1
On a weekly perspective, Ethereum (ETH) must recapture its critical support-resistance (S/R) region to suggest possible upward momentum. At present, the outlook appears somewhat weak as the support level is not being maintained.
Shiba | W1
From a weekly standpoint, Shiba Inu (SHIB) exhibits a lackluster performance, with diminishing support levels. It is necessary for the coin to recoup these levels for potential upward movement to be viable.
Lower Time Frame | $BTC, $ETH, $INJ, $INJ/BTC
Bitcoin | H4
Bitcoin's (BTC) current performance doesn't appear to be particularly strong. There's potential for a slight rally toward the $30.8K mark, but it's noteworthy that the price experienced a swift drop as soon as it hit a new high.
Ethereum | H4
Ethereum (ETH) currently presents a bearish outlook, with the potential for a short position if it retests previous resistance—a classic example of a support/resistance flip. For further upward movement, it's essential that Ethereum reclaims this level.
Inj | H4
Injective Protocol (INJ) is currently demonstrating a bearish trend, having lost a crucial level, which aligns with the INJ/BTC chart. To hint at potential upward growth, it's necessary for the INJ to reclaim this level.
Inj/Btc | H4
The INJ/BTC pair presents a bearish outlook, with potential for further decline if it fails to sustain above the current support level.
Prior Analysis Recap
Litecoin | D1
As previously discussed, Litecoin (LTC) has lost a significant support area and, as a consequence, has been trending downwards.
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.