Author: Rizqie Atsir Fadhlullah, Business Development Tokenomy
Bitcoin and other crypto assets are moving sideways again during last week’s trading. The clampdown from the FCA (Financial Conduct Authority) and FSA (Financial Services Agency) on Binance does not appear to have a significant impact on the movement of the crypto market. Several minor support & resistance have been formed, and can be used as a reference for short-term trading.
- Bitcoin is back fluctuating sideways and faces new minor resistance
Bitcoin is moving sideways again after failing to penetrate the $ 29,000 support. In the analysis above, Bitcoin is currently trading in the $ 35,000 minor resistance area. If Bitcoin can move above that minor resistance, the next target will return to $ 42,000. If it fails, Bitcoin will once again fall to test the $ 29,000 support area.
- Ethereum moves up towards $ 2,260 resistance
Ethereum is moving towards the $ 2,260 resistance after having bounced back from its support level. If Ethereum manages to overcome this resistance, the next resistance will be between $ 2,600 and $ 2,900 area. However, if Ethereum fails to break out from the minor resistance, Ethereum will fall back towards the $ 1,750 support level.
- Tron is moving slightly bearishly
Tron is currently trading around the resistance area which is located on the minor trendline. This area is also the area that determines the next Tron price movement. If Tron manages to break the trendline, the next move will target the $ 0.090 resistance. However, if the trendline fails to overcome and bounces back again, Tron will once again test the $ 0.047 support area.
- Stellar could potentially return to $ 0.20
Stellar might potentially fall back to $ 0.20 or even lower after successfully breaking out the demand zone and forming an ascending triangle pattern. In the analysis above, we observe that Stellar is currently hitting its resistance area. If Stellar manages to break out of the resistance area, there is a good chance Stellar will turn bullish. However, if it doesn’t and instead breaks out of the lower trendline, Stellar will return to $ 0.20 or even lower.
- Litecoin gears up to return to $105.10
Similar to Stellar, Litecoin has also managed to penetrate the demand area and we observe that there is currently a correction structure formed. In the analysis above, Litecoin is currently in the 200 Moving Average (MA) resistance area (blue line), and is forming a “swing” to move to the lower trendline area. If Litecoin manages to break out of the correction structure, the price will move towards the $ 105.10 support. However, if Litecoin strengthens and overcomes the 200 Moving Average (MA), Litecoin should be able to aim for the $ 144.70 resistance.
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