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, NEAR, APT, and GMT 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, $GMT & $NEAR
Bitcoin | W1
Bitcoin (BTC) is progressively closing in on the key price zone of $24,000 to $25,000, an area we've been monitoring closely over recent weeks. Its trajectory will largely depend on whether it can sustain its value above this significant resistance barrier; failure to do so may indicate a possible decline. Notably, the Moving Average Convergence Divergence (MACD) indicator on the weekly chart has made a bearish crossover, reinforcing this potential downtrend.
Ethereum | D1
On the daily timeframe, Ethereum (ETH) seems to be headed towards the middle of its trading range, a development we've been discussing for quite some time. Unless it manages to sustain its position above the range's highs, the outlook appears bearish.
Gmt | W1
From a broader perspective, the weekly chart for GMT suggests a bullish outlook, contingent upon its current level holding steady. However, if it breaches this threshold and moves lower, the trend might turn bearish.
Near | D1
NEAR has slipped below its support level. If it retests this level, it's likely to face resistance. This could push the price down further, potentially towards the next support line.
Lower Time Frame | $BTC & OP
Bitcoin | H4
Bitcoin (BTC) is currently navigating a trending market and its outlook appears pessimistic unless it can reclaim the level indicated on the chart. Should it succeed in doing so, we might see a rise in its value. However, if it faces rejection at this level, expect a possible decrease in price.
Ethereum | H4
Analyzing Ethereum (ETH) within the range depicted on the chart, it's currently positioned at the range's lower limit. If it loses this level, we could see further downside. However, for now, it's managing to hold onto this level, implying the potential for a higher trading range.
Prior Analysis Recap
Aptos | H4
As previously discussed for APT, if it ascends to the levels indicated and faces rejection, we could see a decline. As demonstrated in the charts below, this aligns with our prior analysis and the resulting outcomes.
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 (on the higher time frames) 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. However as of right now there are a lot of shorters due to FUD regarding binance, and there is a lot of liquidity to be grabbed to the upside. This being said, it could be short term bullish. 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.