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, LDO, SOLANA, and FTM 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 & $RNDR
Bitcoin | W1
Currently, $BTC has encountered a significant pushback from the resistance zone spanning $30-32k, as depicted in the chart. Our approach remains the same, with the subsequent vital support area situated around $24-25k, though it's unclear if this level will endure. To initiate a genuine bullish reversal, $BTC must surpass the $32k threshold, potentially paving the way for additional gains. In line with this, the Stochastic RSI appears to have reversed course, implying the likelihood of a sustained downtrend, as previously observed.
Ethereum | D1
In the daily timeframe for Ethereum ($ETH), it is apparent that the cryptocurrency is currently operating within a defined range. However, it is worth noting that the price has encountered challenges in maintaining its position above the upper boundary of this range. As a result, price rejected off the range highs and could be headed towards the midrange, assuming the current trajectory persists. In order to see strong upward movement, it is crucial for the price to remain above the upper limits of the range.
Lower Time Frame | $BTC, $ETH, $FTM, $LDO and $SOL
Bitcoin | H4
In our discussion last week, we proposed the possibility that the downward breakout might merely be a deviation. We suggested that if the price reentered the original range, it was highly likely that the range highs would be exceeded. This is precisely what transpired, as the price is now trading above its former range. Interestingly, this previous range could potentially serve as support. If the price breaks back into this range, it could provide an opportunity to play towards the range lows.
Ethereum | H4
Ethereum ($ETH) persists in trading near the center of its ranges. The price action has been notably choppy, and a clear direction on the lower timeframe remains elusive. Nevertheless, if Ethereum manages to hit the range highs and faces rejection, there may be a viable play for lower prices. Conversely, if the price remains steady above the range highs, it could potentially be traded at a higher level. In case the price breaches the midrange, the likelihood of trading lower, as depicted on the chart, increases.
Lido Dao | H4
$LDO is presently trading beneath a key resistance area, suggesting a potential play towards lower values until it reaches the support line depicted on the chart. If it fails to sustain this support, there's a chance it could descend even further. However, if the price manages to secure a close above the marked resistance line on the chart, we can anticipate further upside movement.
Fantom | H4
$FTM is currently trading above its previous range on the smaller timeframe, signaling a potential retest of the range highs for support in a bid to move higher. However, if the price manages to break back inside the range, there could be an opportunity to trade towards the range lows.
Solana | H4
$SOL is trading above a significant support area. If the price retraces back to this support, it's likely to bounce back, potentially sparking a minor rally. On the other hand, if the price closes below this area, there could be a case for trading it towards lower values.
Prior Analysis Recap
Bitcoin | H1
In line with our discussion last week, we had considered the scenario where the price could reclaim the range lows, confirming a deviation, and therefore allowing for a higher play, at least towards the range highs. As illustrated on the chart, this scenario did occur. Additionally, we had contemplated a short-term rally due to the significant upside liquidity, another possibility that transpired.
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. 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.