Author: Rizqie Atsir Fadhlullah, Busdev Tokenomy
Bitcoin has surpassed its all-time high. Unfortunately, this positive movement has not been followed by most altcoins. And the rally does not seem to be lasting long—now the price has corrected.
- Bitcoin starts to correct
Last week, Bitcoin reached a new high. However, it didn’t take long for the market to correct again and now it’s around $59,000. In the analysis above, we can map some crucial areas in Bitcoin. The first area is the horizontal support which is at $53,000, and next is the trendline support area. We can wait until the market enters that area and see if there is a rejection or not. Be careful if the price drops below the trendline, because it can be an indication that the bullish trend will end soon.
- Ethereum around its all-time high
Ethereum responded to Bitcoin’s positive move by growing towards its all-time high. Although it has not managed to surpass this level, the potential for a breakthrough is quite high considering the ETH structure. In the analysis above, we can clearly see that there is a bullish structure in ETH. So long as the market stays above this structure, the bullish trend is certain to continue. However, if the market dips below that area, then this can be a sign of the start of a bearish trend.
- Ripple still in the gray zone
Ripple has not shown a positive enough response to the rally of Bitcoin. XRP is currently still stuck in the gray area, as it has been for the past month. Even still far from the all-time high area of $1.97. In this gray area, it is not recommended to open any trading positions because the market is not showing a clear direction. XRP’s next movement depends on the $0.86 support and $1.41 resistance levels.
- TRON has a bearish opportunity
Like Ripple, TRON has not shown a positive response to the movement of Bitcoin. In the analysis above, it can be seen that the price has broken the bullish trendline and is doing a retest. If there is a rejection from the trendline accompanied by large volume, TRON could fall back down to the $0.082 support level.
- Stellar getting bearish
Like Ripple and TRON, Stellar has not shown a positive response to the Bitcoin movement. Even among other crypto assets, Stellar is classified as an asset that experienced quite a sharp correction with relatively high bearish volume. If we take a closer look, XLM has now moved below its bullish trendline and is trying to make a retracement to the resistance level. The immediate target for XLM is the resistance level at $0.37. If the price fails to overcome this resistance level, XLM will again move bearish to the $0.26 support level.