Author by: Rizqie Atsir Fadhlullah, Business Development of Tokenomy
The crypto asset market experienced very little gains last week. The strong bearish pressure continues to dominate, forcing crypto asset prices to drop over the weekend.
- Bitcoin fails to overcome the $ 42,000 resistance and has the potential to continue its bearish run to $ 19,000
In last week’s analysis, we predicted that after a sharp decline, Bitcoin will move towards its supply zone in the $ 41,000 – $ 42,000 area. However, keep in mind that the bullish trend is just a retracement to the continued decline towards the main target price of $ 19,000. In the analysis above, we can see that there has been a rejection in the $ 41,000 – $ 42,000 area. This means the price movement of Bitcoin is still in accordance with last week’s analysis.
Bitcoin is currently trading in the $ 34,000 – $ 36,000 price range. With reference to last week’s analysis, Bitcoin is expected to continue to move downwards towards the price level of $ 29,000 – $ 27,000. If this price level is broken, Bitcoin should be seeing $ 19,000 as a target for the next movement. On the other hand, Bitcoin needs to overcome the $ 41,000 – $ 42,000 resistance in order to break the bearish pressure.
- Ethereum has the chance to test Key Support once again
Similar to Bitcoin, Ethereum was also bullish last week, however it ended the week with a bearish price trend. At the time of writing, Ethereum is moving near its Key Support area and this area has the potential to be tested once again.
Looking at the H1 time frame, there is a potential ABCD harmonic pattern which we can already see a confirmation for. Based on this observation, we can conclude that there is a high probability that Ethereum will continue to move towards $ 1,400 – $ 1,300 price range. Ethereum will need to overcome the $ 2,900 price resistance in order to break the bearish price pressure and move back towards its all-time high price.
- Ripple has the potential to strengthen again towards $ 1.9
Ripple has a potential to move back up towards its all-time high price after testing the Major Support price line twice. In last week’s analysis, we highlighted that the $ 0.70 – $ 0.60 area is the best buying price range for XRP. This price range is a strong support zone that will potentially be able to hold off any bearish pressure. As such, we are predicting XRP will reject this price range.
Looking at the H1 time frame, you can see a breakout in the Moving Average (MA) 200 (yellow line). Based on this, XRP is projected to continue moving up to test the $ 1.2 resistance area. XRP needs to overcome this price resistance before being able to strive to test the $ 1.7 price resistance, it’s all-time high price. XRP needs to keep its price movements above $ 0.8 in order to maintain the bullish trend. If XRP trades and falls below $ 0.8, the price will potentially move towards the support price range of $ 0.20 – $ 0.16.
- Tron has a bullish opportunity
Tron has a bullish opportunity and will test the Supply Zone after rejecting the Major Support. From the Daily time frame, we can see a rejection in the Major Support area which is also on the 200 Moving Average (MA) (yellow line). The rejection of the price from the Major Support area is a sign that Tron will move up to at least its supply area in the range of $ 0.089 – $ 0.093.
Looking at the H1 time frame, there is a potential Inverse Head & Shoulder pattern being formed in the support area. This pattern justifies that Tron’s price is likely to turn bullish and move towards the supply area in the price range of $ 0.089 – $ 0.093. If this price range sees a break through, it will be easier for Tron to move up towards the all-time high price. However, we must remain mindful of the Major Support area. This is because if Tron’s weakens trades below its Major Support, the next support line will be at $ 0.038.
- Stellar is in Buying Zone
Stellar is still struggling with key support and has shown rejection several times. At present, Stellar is waiting for a reversal confirmation so that the price can turn bullish to move towards the Major Resistance area at around $ 0.67 – $ 0.69.
Looking at the H1 time frame, Stellar needs to break out of the 200 Moving Average (MA) in order to return to a bullish trend to move towards $0.67 – $0.69. If Stellar’s price fails to overcome 200 MA and weakens again, it is likely Stellar will re-test the price support at $ 0.27 or at an even lower price at $ 0.23.