Author: Rizqie Atsir Fadhlullah, Busdev Tokenomy
Bitcoin and several crypto assets have corrected again after failing to overcome the resistance. Here are some important support areas that can be used to open a buy.
- Bitcoin is likely to correct towards $42,000
Bitcoin still hasn’t fully surpassed its daily resistance of $48,000 . There have been several instances where BTC seemed to have broken the resistance level, only to move sideways again. If we look in detail at the BTC price structure from the M30 time frame, we can see that there is a minor structure that is currently broken. With this, BTC has the potential to be corrected to support $42,000. On the other hand, if the price suddenly moves up and breaks through $51,000 BTC could be bullish again towards the $60,000 resistance level.
- Ethereum still sideways
Ethereum is still sideways between $3,000 – $3,300. Because of the bullish trend, we can take advantage of the support level to open buy positions with a target of $3,300 – $3,500. Just like last week’s analysis, the key for ETH’s movement is the $3,500 resistance level. If ETH breaks through that level, it will easily target the all-time high. On the other hand, be aware if the price falls below $2,900, then the bullish momentum could fail.
- Ripple enters the sideways zone
Ripple has been moving in a sideways zone throughout the past week. In the analysis above, we have identified support and resistance levels that can be used for short-term trading (scalping). However, considering that market conditions are still bullish, we will prioritize buy positions that we can place at the $1.05 support level, with the stop loss slightly below support level and the target at $1.23 resistance level.
- Stellar forms a descending triangle
Stellar shows a pretty interesting pattern. After experiencing a fairly impulsive bullish movement, XLM formed a continuation pattern known as the descending triangle. This pattern is quite effective to continue the trend that is happening in the market. If we look in more detail, the price is currently at the $0.33 support level. This is the best place to place long positions, with the stop loss slightly below the support level, and the target at $0.41 resistance level.
- Binance Coin enters the “entry zone”
BNB seems to be approaching the area between $435 and $380. These two support levels are a good area for us to look for buy positions with long-term targets in the all-time high area. However, we still need confirmation from either the price action or pattern to support the entry. If BNB falls below these support levels, then the bullish momentum will fail and BNB could potentially revert back to bearish towards the $255 support level.