This column will provide our readers a basic update on what they can expect from the leading cryptocurrencies in the upcoming week.
This is a weekly column. For more frequent updates on markets, follow Sumnesh’s Twitter profile Price Reaction.
BTC price is retesting support after another fantastic week for bulls with price increasing through most of last week. ETH/BTC also gave a brief bounce from its lower support earlier last week but hasn’t been able to sustain its gains. XRP/BTC continued to remain in strong bearish trend with another lower high being formed on pullback.
The upcoming week will show if BTC will continue to rise without major pullbacks and if alts will bounce back in satoshi counts or not.
BTC/USDT (Daily Chart)- Pullback to support
BTC/USDT had another stellar week and is currently pulling back to another higher resistance turned support now. It remains to be seen if this will be a brief pullback like last week or will it be more significant in terms of retracement.
BTC/USDT has been on strong uptrend for over a month now and the momentum has continued to remain strong over the period. The buying pressure was evident from the fact that BTC reversed even before it could touch the support in its previous pullback.
The immediate support for BTC lies at 14981 USDT and the resistance level is around 17176 USDT.
Traders may build long positions with adequate stop losses closer to the support region.
ETH/BTC (Daily Chart)- Rejected from resistance
ETH/BTC bounced from support region late last week and retested the resistance. However, it failed to break past resistance level and seems to be falling again in price for now.
ETH/BTC had shown first signs of reversal last week after bouncing from a lower support and forming higher high for the first time after months. But it soon started showing lack of momentum and the price got rejected near resistance level and seems to have started declining again.
The immediate support for ETH/BTC lies at 0.028319 BTC whereas the immediate resistance levels are around 0.029865 BTC region.
Traders should wait and watch for now and build positions in direction of trend depending on which side it gives breakout.
XRP/BTC (Daily Chart)- Downtrend continues
XRP/BTC continues to fall amidst BTC rally, just like most other alts at the moment. It has continued to give lower highs and lows for more than a month now.
XRP/BTC has given yet another lower high after the recent pullback last week failed to change trend yet again on the daily chart. The falling price has been accompanied by declining volumes which is another bad sign for bulls.
The immediate support for XRP/BTC lies at 0.00001400 BTC whereas the immediate resistance levels are around 0.00001775 BTC region.
Traders may wait for pullback to resistance level to enter short positions with adequate stop losses.
BNB/BTC (Daily Chart)- Support breakdown
BNB/BTC has broken through its support yesterday after the last pullback failed to lead to trend change. However, the confirmation for breakdown is yet to be shown on charts.
BNB/BTC price has been decreasing for several weeks now and the pullbacks have also been smaller. This downtrend has pierced through two support levels earlier and is attempting to break the third one now. The confirmation for breakdown is yet to be achieved though as yesterday’s close was just marginal lower than the support level price.
The immediate support for BNB/BTC lies at 0.0016350 BTC whereas the immediate resistance levels are around 0.0018382 BTC region.
Traders should wait for confirmation today before entering small short positions with strict stop loss in system.
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.