Author: Rizqie Atsir Fadhlullah, Busdev Tokenomy
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Bitcoin finally managed to break through the key resistance level after 3 months of bearish moves. This initial momentum means Bitcoin has the potential to return to a bullish move towards an all-time high.
- Bitcoin has the potential to reach an all-time high
After 3 months of bearish movement, last week Bitcoin finally managed to break out from its bearish structure. This is one of the confirmations that the bullish movement will start soon. The above analysis suggests that BTC is trying to retest its breakout area, and this is a very good momentum if you want to open a Buy position. We can put the risk level below $36,200. The main target is the $49,000 resistance level. If BTC breaks through that resistance, the next target is at $60,000, an all-time high. However, if BTC moves down again to trade below $36,000, the bullish momentum will fail and BTC will again aim for the $29,000 support level.
- Ethereum goes to $3,500
Following Bitcoin, Ethereum also broke through its key resistance level. In the analysis above, ETH seems to be doing a retest. This is a very good momentum, where if the retest is successful then ETH will continue growing to $3,500, even towards the all time high. But if it fails and ETH falls below $2,700, the bearish movement will continue to $2,300.
- Cardano is still struggling in the resistance area
After having touched the potential target level last week, ADA has now slightly decreased and is being held back by the 200 Moving Average, which is also the key support. If the decline continues below the Moving Average, then ADA will return to the $1 support level. However, if ADA succeeds in rejecting the Moving Average and overcomes the $1.5 resistance level, then the next target will be at the $1.6 resistance level.
- Binance Coin (BNB) moves in a limited bullish trend
BNB is still moving bullish on a minor scale. However, the minor bullish movement in BNB is very limited and tends to experience compression. It is clear in the above analysis that BNB is currently stuck around the Moving Average 200, which is also a key level for the next movement of BNB. If BNB succeeds in rejecting that area, it will continue growing until the potential target level is at$ 380. However, if the price dips below the Moving Average, then BNB could potentially return to the $255 support.
- Chain link confirmed bearish
At a time when other crypto assets have the potential to be bullish again, LINK actually shows signs of weakening. The above analysis indicates that LINK currently has a breakout of its minor bullish structure, just shy of the $26,200 resistance level. Now LINK could potentially continue falling to the $21,300 support level. If it dips below that level, then LINK will return to the support at $13,500. However, if LINK breaks through $25,500, then it will aim for the $26,200 resistance level as the closest target.