Cryptocurrency fixes scare novices and the unsuspecting, but for the moment support in the 60K region seems to hold. Even with a downward movement, analysts remain positive in the long term.
This is a projection based on the logarithmic scale on the monthly chart time, so it does not apply for short term price action!
Note that the BTC hit the intermediate resistance zone of the logarithmic region and regressed, confirming strong resistance. In the short term, I think this correction could reach the price indicated in the shared study, which is a very important support zone in my view.
At the moment, the Bitcoin chart does not represent, for me, a precipitous drop or a bear market. I think this is a normal correction for the proportion of what bitcoin represents and, equally, I believe that I will reach the values indicated in the coming months, surpassing the historical highs. ( See full review ).
The price of ETH is also on a sharp correction, as is the BTC and came in at 4,100 earlier this morning. On the H4 chart we see that the current candlestick is forming the “hammer” pattern that still needs to be confirmed when the current candlestick closes at 9:00 and, in case of confirmation, especially if the closing price is above the 200-period moving average, the biggest probability is strong bullish for the day and could go as high as 4.520, which point will now be an important resistance because of the moving averages and being the bearish retracement of Fibonacci 0.618. ( More about ETH ).
Some of the things you are seeing have been set in the daily timeframe on Polkadot for a more general view that supports this 1h. So after 1 am I'll publish with time-frame so you can see what I see.
with divergence, good buy indicator. Histogram on the positive side, don't buy now, you're only going to lose money.
Parallel channel that I will show in the daily timeframe in the post below. Support that dates back to July 2021 (I'll also show you in the following post) and that coincides with the base of what seems to me to be a descending triangle. This $45 basis is buying time but with a generous stop loss, perhaps the basis of the parallel channel. Pay attention to the breakout of this triangle, buying opportunity may disappear. ( More DOT reviews ).
Support in yellow band with 25% range ie… has room to fall 20% more risk return more than 100%… active forming
For those who missed the last entry, this is the second best time to get into my point of view. ( See PivotChart ).
Disclaimer : The analyzes presented here are studies only. They are not investment, buy or sell recommendations, nor do they reflect the opinion of the media outlet in which they are being advertised. These are studies aimed at people with knowledge and experience in the financial market.
Our Authors: Rodolfo MHN , Allan Jhones , Ruisnozer and Ddiay .
Read also: Analyst predicts big rally for play-to-earn style gaming cryptocurrency
Also read: Traders fear sale of 141,000 Bitcoin by MT Gox will drop BTC price
Read also: Token SAND soars 33% in 24 hours with platform launch