Author: Rizqie Atsir Fadhlullah, Busdev Tokenomy
Bitcoin and other crypto assets corrected after fairly impulsive bullish movements last week. Is this the right time to buy? Or will there be a reversal?
- Bitcoin gears up for a “buy” position
After the bull run that occurred last week, Bitcoin is now corrected. This was caused by the rejection in the resistance level at $48,000. Now the price is targeting $42,000-$39,000. We can place the long positions in that area, with the target back at $48,000 and potentially even further—up to $59,000. However, if the support level dips back below the trendline, then the bullish momentum will be canceled and BTC will be bearish again towards $29,000.
- Ethereum awaits further confirmation
Just like Bitcoin, after experiencing a bull run last week, Ethereum also corrected after being rejected near the $3,500 resistance level. Right now, we just need to look out for confirmation of the next move. If there is a reversal in this area, ETH could potentially strengthen and target the $3,500 resistance level, growing even further to an all-time high. But if ETH continues to fall, the next support level target would be $2,400.
- Tron eyeing fibo $0.618
After experiencing a fakeout at the key resistance level, TRX is now trying to find the nearest support level as a full retracement. If we pull the Fibonacci level from the swing low located at $0.049350 to the last swing high at $0.09690, we will find the $0.618 Fibonacci level at the $0.06700 area. This $0.618 fibo area is an area that has the potential to be pursued. Because that area is the closest support for TRX at the moment. If there is a bounce in that area, TRX will again target the key resistance area. However, if the area is penetrated, then TRX has a chance to weaken again to support at 0.04670.
- Cardano heading towards all-time high
Cardano broke through the key resistance level at $1.6 and continued to shoot up past the $1.9. As explained in last week’s analysis, if this strengthening continues, ADA will soon return to its all-time high. However, if ADA falls below $1.9, the next support level will be at $1.6.
- Binance Coin prepares to break through key resistance level
After rejecting the 200 Moving Average last week and touching the key resistance level, BNB is once again stuck in the support area and awaiting confirmation of the next move. The above analysis indicates that BNB is currently at the $388 support level, which is also the 200 Moving Average. If BNB rejects and breaks through of the key resistance level, it will continue to rise to an all-time high. However, if BNB continues to fall towards $380, then it could potentially return to the support level at $260.