Bitcoin has enjoyed a few bullish days this week, keeping investors on their toes, as the world’s largest cryptocurrency by market value rose and re-challenged the short-term downtrend (line) around US$44,000.00 to US$44,600.00 level, also seen as the (61.8%) Fibonacci retracement resistance.
It is critical that the bulls get their act together soon and lift prices through this level; otherwise, a muted performance could see the recent gains fade.
If the upward momentum can increase, clearing the US$44,600.0 level should strengthen the positive sentiment and reinstate the bullish case to the challenge of the (50%) Fibonacci retracement resistance at US$48,800.0, which has caused some trouble for the bulls to clear recently.
Above here exposes a broader bullish outlook to the (38.2%) key level at US$53,400.00. Reassess from there.
Conversely, a close under the September 2021 lows around US$40,350.00 could open a bigger bearish pattern and expose the region of US$34,200.00 as the next bearish challenge (support).
Daily Chart of Bitcoin
Ethereum, the second-largest cryptocurrency by market cap, has unquestionably made some wild swings this week since rebounding from the intraday lows of US$2,922.
Meanwhile, since clearing the US$3,250-55 level, potentially has reinstated the bullish bias.
With that being said, Ethereum must close the week above $3,250-55; otherwise, it could question the break and reopen the downside and look to the region of US$2,770 to US$2,600 (key support).
If the current bullish trek can hold, then the immediate target holds to the (61.8%) Fibonacci retracement level at US$3,500.0.
Reassess from there, as the (50.0%) Fibonacci retracement level at US$3,755.0 would be viewed as the next challenge.
Daily Chart of Ethereum
In other markets, PanCake Swaps upside potential remain intact as the technical implications strengthen.
The resistance is assessed from US$13.50, with US$16.00 located above.
Viewing the technical assessment, a bullish break-out from the Relative Strength Index (RSI) 3-daily ‘lookback’ indicator supports this assessment as we have now cleared the 50-midway point.
The broader assessment of eventually reaching the shores of US$19.50-80 as a near-term/broader target. Reassess from there.
Conversely, renewed weakness views support from the region of US$10.00-50, while the bull camp harbours beneath at US$9.40-60 assessed beneath.
Daily Chart of PanCake-Swap
Viewing Binance Coin (BNB), the utility token of the global crypto exchange, presently holds to a bullish bias, with the upside call awaiting the grand challenge at US$490.0.
The Relative Strength Index (RSI) 3-daily ‘lookback’ indicator holds in positive territory, while the Moving Average Convergence Divergence (MACD) supports a weak positive signal.
Viewing the downside, the immediate support is located at US$460,00, with the key support region of US$400.0 seen beneath.
Daily Chart of Binance
Hedera Hashgraph (HBAR/USD) display a weaker price action Thursday and retreats from the US$0.31 minor resistance; however, the support at US$0.27.0 is currently keeping the bulls in play.
Failing to hold from this region could reopen the key support area standing firm at US$0.225 to $0.235.
However, with the technical assessment holding to a mildly bullish bias, it should eventually see US$0.31 cleared and expose the US$0.35 level.
Reassess from there, as it is viewed, little resistance is seen until US$0.42, with US$0.50 above, which is likely to see a round of profit-taking.
Daily Chart of Hedera Hashgraph