Crypto Market Outlook: Watch Out! The rise of Bitcoin’s prices does not mean that the crypto market will be bullish

Author by: Rizqie Atsir Fadhlullah, Business Development of Tokenomy

Bitcoin saw gains at the end of last week, however it still wasn’t able to overcome its psychological price area of $ 42,000. Even though it has strengthened, the increase is not a sign that the market will be bullish. In general, the crypto market is still very bearish

  • Bitcoin is still moving sideways in the $ 30,000 – $ 40,000 range.
    Bitcoin is moving sideways in the $ 30,000 – $ 40,000 range and is still bearish. After forming a pennant pattern last week, Bitcoin managed to thwart the pattern and continued to move sideways. In the H1 time frame analysis above, it is clear that BTC is consolidating after the impulse move from $ 60,000 to $ 30,000. Now the direction of Bitcoin’s movement depends on which support/resistance it will break. If Bitcoin manages to surpass $ 42,000, the next price movement will be towards the $ 48,000 resistance. However, if Bitcoin moves lower again and breaks the $ 30,000 support, Bitcoin will continue its main movement towards the $ 19,000 full target area. If we look at the overall bearish structure, the $ 30,000 support area has a higher chance to be broken.
  • Ethereum confirms its main move

    Ethereum still has the potential to move towards $ 1,700 Key Support. After forming the ascending triangle pattern in last week’s trade, Ethereum managed to break out of the pattern and move towards the $ 1,700 support level. At the time of writing this analysis, Ethereum is still stuck in the Moving Average (MA) 200 area. Under this condition, Ethereum’s price is unlikely to strengthen. Therefore, we project that Ethereum will move down towards the Key Support very soon. In order to turn bullish, Ethereum needs to overcome the $ 2,900 resistance price level.
  • Stellar moves towards $ 0.11
    Stellar is still under pressure and is more likely to drop to the full target area in the $ 0.15 – $ 0.11 range. In the analysis above, it is clear that Stellar is currently under very strong bearish pressure and is approaching its minor support area. In this area, the price is predicted to make a retracement before continuing its main movement to the $ 0.15 – $ 0.11 area. To break its bearish pressure, Stellar needs to overcome the $ 0.55 price resistance and its Major Resistance area which is in the $ 0.78 – $ 0.80 price range.
  • Hedera Hashgraph (HBAR) is moving downwards in the channel
    Hedera Hashgraph (HBAR) is moving downwards in the channel and is currently heading towards the lower channel area. In the analysis above, it is clear that HBAR is currently bearish. The price range of the Lower channel is at $ 0.13 – $ 0.12 and will be the main target price for the currentHBAR movement. If the lower channel is broken, the next support will be at $ 0.90. In terms of resistance, the 200 Moving Average (MA) area (blue line) is the closest resistance. HBAR needs to overcome this area in order to move up to the upper channel area at around $ 0.32 – $ 0.33 price range.
  • Cardano is still seeing limited price movement
    Cardano is seeing limited price movement in the $ 1.85-$ 1.35 price range. In the analysis above, it is clear that Cardano has departed from the $ 1.35 horizontal support area and has a tendency to retest to the minor resistance area in the $ 1.80 – $ 1.85 price range. If Cardano manages to overcome the minor resistance, the next move will be to target the major resistance area around $ 2.40 – $ 2.50. However, with the overall bearish pressure from the crypto market, Cardano is likely to fail to overcome the minor resistance and continue to move down towards major support which is around $ 1.0 – $ 0.95 price range.

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