This column will provide our readers a basic update on what they can expect from the leading cryptocurrencies in the upcoming week.
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BTC finally gave breakout last week and the price has surged one way so far and while ETH also rose through the week, it has not been able to give a close above resistance. XRP continued to retrace after failed breakout attempt.
The upcoming week will tell if BTC will retest next resistance straightaway without pullback or will it retrace a bit before rising again. It will also be interesting to see if alts will follow BTC in this uptrend or not.
BTC/USDT (Daily Chart)- Uptrend confirmation
BTC/USDT gave breakout above resistance on daily chart last week and has confirmed the uptrend with the price increase. This is likely to shape the trend for coming few weeks.
BTC/USDT was giving lower highs but higher lows till last week resulting in lack of clarity (as discussed last week) but last week’s breakout gave a higher high after more than a month. This confirmed the uptrend and led to a sharp increase in price without any pullbacks so far.
The immediate support for BTC lies at 10854 USDT and the resistance level is 11825 USDT.
Traders may enter long positions and keep adding if the price moves in their favour with adequate stop loss in place.
ETH/BTC (Daily Chart)- Unclear trend
ETH/BTC also rose last week but did not re-attempt breakout from resistance and has no confirmation on either side for now.
ETH/BTC has been on downtrend for more than a month now and while it gave its first higher low after almost a month, there is still no upward confirmation without a higher high. It remains unclear if the price will continue to fall after a brief pullback or will it try to breakout again after a failed attempt last time.
The immediate support for ETH/BTC lies at 0.029865 BTC whereas the immediate resistance levels are around 0.033921 BTC region.
Traders should wait for clarity of direction before entering any trades and only enter in the direction of trend after confirmation on daily chart.
XRP/BTC (Daily Chart)- Strong pullback after reversal
XRP/BTC seemed to have reversed it trend last week but the price failed to breakout the resistance and is retesting the support after one way fall in price.
XRP/BTC has had quite an adventurous year so far and it has reversed its trend multiple times. It attempted that again last week but after the breakout failure, price is back near support and very close to previous swing low. If the price breaks below that swing low, the uptrend would fail again. It remains to be seen which side does the price move in upcoming weeks.
The immediate support for XRP/BTC lies at 0.00002220 BTC whereas the immediate resistance levels are around 0.00002400 BTC region.
Traders should wait for XRP to break previous swing low to enter short positions or break past the resistance level to consider going long.
YFI/BTC [DeFi] (4 Hour Chart)- Continued downtrend
YFI/BTC continued to fall in price after failed breakout attempt last week and there is no confirmation of reversal yet. The data on daily chart was insufficient and hence the analysis is being done on 4 hour chart here.
YFI/BTC price continued to decrease through last week and even though it gave a higher low for first time after a couple of weeks, there is no higher high formation to confirm change of trend and the price may remain in downtrend until then.
The immediate support for YFI/BTC lies at 1.42330 BTC whereas the immediate resistance levels are around 1.98274 BTC region.
Traders should wait for resistance to be broken on 4 hours chart before entering long positions.
ATOM/BTC (Daily Chart)- Breakout
ATOM/BTC gave a breakout yesterday after ending its downtrend and it remains to be seen if it will pullback before rising further or not.
ATOM/BTC was on downtrend for more than a month now and it finally confirmed uptrend by giving higher high and higher low. The price may attempt to retest resistance or may pullback depending on how the overall market trend remains in upcoming week. The volumes are also rising slowly which is a good sign for bulls.
The immediate support for ATOM/BTC lies at 0.0005015 BTC whereas the immediate resistance levels are around 0.0006497 BTC region.
Traders may wait for pullback to support level for entering long with adequate stop losses.
Disclaimer: The views and opinions expressed above are solely for educational purposes and should not be taken as investment or trading recommendations. Readers are advised to do their own research and due diligence before making any investment or trading decision.