Author by: Rizqie Atsir Fadhlullah, Business Development of Tokenomy
The crypto asset market is currently still moving sideways as per last week’s trading. However be aware, because the sideways movement after an impulsive move is usually a form of secondary reaction. This means that the main bearish trend is likely to continue after the sideway movement period ends.
- Bitcoin Still Targeting $19,000 price point
Bitcoin continues to move sideways all throughout last week’s trading. In the H1 time frame analysis above, Bitcoin is forming a pennant pattern. A Pennant pattern indicates a continuation trend. As discussed in last week’s analysis, Bitcoin’s movement is still bearish and is still eyeing $19,000 as the main target price. The formation of a pennant pattern on the H1 time frame is a signal that Bitcoin will continue weakening towards the $19,000 price point. On the other hand, if this pattern fails and breaks above the trendline area, Bitcoin could move higher towards the $46,000 – $48,000 resistance.
- Ethereum is still struggling to break away from the bearish pressure
Similar to last week’s analysis. Ethereum is still struggling to break out of its bearish pressure and has the potential to test the Key Support line. In the H1 time frame analysis above, Ethereum is forming an ascending triangle pattern with a higher swing low, and a fixed swing high. Just like the pennant pattern, the ascending triangle is also a continuation pattern. This indicates that the price is likely to continue its bearish trend and is very likely to fall to hit the Key Support area which is around the $2,000 – $1,700 price range. On the other hand, if the market continues to move up and overcome the last swing high, Ethereum’s price target will be the next resistance area at around the $3,400 – $3,600 price range.
- Ripple Potentially Continues Its Price Weakness towards $0.65
After 2 times of testing the major support line and overcoming the 200 Moving Average (MA), Ripple is still struggling to break out of its bearish pressure and is likely to continue to move down towards the $0.65 price point. In the H1 time frame analysis above, we can see that there is a correction structure that has been successfully broken and retested. This condition increases the chance for Ripple to move lower and to retest the $0.65 support. In order to hit a higher price, Ripple needs to overcome the $1.1 price point before the price is able to move towards the $1.2 price point.
- Doge Has a Chance to Return to $0.21
Doge has the opportunity to move back to the Key Support at $ 0.21 after breaking the correction structure. In the H1 time frame analysis above, we can see that there is a breakout in the Doge correction structure. This is a sign that the next major price movement will be targeting to hit the Key Support area which is around $ 0.24 – $ 0.21. In order to hit a higher price, Doge needs to overcome its last swing high at $0.45 before heading towards the $0.58 resistance.
- Polkadot is Getting Ready to Slide to $ 0.9
Polkadot is trending to drop to hit its support line at $9.70 after a 2-week retracement since its last low on May 23. In the H1 time frame analysis above, it is clear that the current main movement of Polkadot is bearish. Polkadot has also completed a retest of the $28.70 resistance and a breakout of its correction structure. With this condition, DOT is projected to continue to move towards its potential support which is around $10.80 – $9.70 price range. In order to hit a higher price, DOT needs to overcome the retest zone area so that it can move towards the all-time high price area.
*DYOR (Do Your Own Research)