Coin360 Crypto Technicals: Daily Market Navigator | July 7th 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, INJ, SOL 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.

Crypto Spotlight

Higher Time Frame | $BTC, $ETH

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.

Lower Time Frame | $BTC, $ETH, $INJ, $INJ/BTC, $SOL

Bitcoin | H4

Bitcoin's (BTC) current standing doesn't seem particularly robust. There's a chance for a minor rally reaching towards the $30.8K mark, but it's important to note that the price faced a quick decline upon hitting a new peak.

Ethereum | H4

Ethereum (ETH) is currently displaying a bearish trend, suggesting potential for a short position if it revisits its prior resistance, a textbook instance of a support/resistance flip. Ethereum must reclaim this level to signal a possibility of further upward progression.

Injective | H4

The Injective Protocol (INJ) is currently indicating a bearish trajectory, having surrendered a critical level, a pattern that mirrors the INJ/BTC chart. For there to be indications of potential upward momentum, INJ must reclaim this level.

Injective / Bitcoin | H4

The INJ/BTC pair is displaying a bearish trend, with the potential to dip further should it not maintain its current support level.

Solana | H4

The 4-hour chart for $SOL exhibits promising bullish trends. As long as the current level is maintained, it could potentially spark a short-term rally.

Prior Analysis Recap

Litecoin | H4

As previously mentioned, Litecoin (LTC) has forfeited a substantial 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.