Like most of us, the movements for crypto markets may feel like you are waiting for a bus, as you feel you have been waiting so long for one, then two will come at once, which is likely to happen in the crypto world.
As it seems like it’s taking forever to witness any movement, we should remain vigilant and not take our eye off the ball as some crypto coins are slowly setting up a potential bull run like “Ethereum and Binance”.
Having felt the negative vibes at the start of the week, Bitcoin’s resistance level at US$24,000.00 continues to cause difficulty for the bulls to clear; unlike Binance, this week alone, we have witnessed a +14% climb since rebounding from the key level at US$274.00.
Based on the technical analysis, the Relative Strength Index (RSI) 3-day period for Bitcoin is attempting to reinstate a positive bias.
At the same time, the Moving Average Convergence Divergence (MACD) oscillator supports a weak positive bias, and the ADX (trend) indicator supports a ranging market.
Since taking a backseat view to the bull run, it is assessed Bitcoin’s primary outlook should remain bullish.
However, we still would need to witness the move (and close) over the US$24,000.00 level to provide the bullish path to explore the region of US$28.600.00, which is expected to trigger profit-taking (if reached).
Crypto traders should remain attentive in the event of any weather change (meaning in the event of a bearish return).
A decisive break of US$19,000.00 would be devastating for the bulls, as it could trigger a ‘Domino Effect’ for other crypto markets.
Based on the downward trajectory, if breached, it envisages a measured move of around US$16.000.00 to US$12,400.00. Reassess from there.
The immediate support is located at US$22,190.00.
Daily Chart of Bitcoin
Ethereum, the second-largest digital asset by market cap technical pattern, is showing cracks in the daily technical pattern of a potential breakout (meaning, bull-run).
Based on the technical analysis, the Relative Strength Index (RSI) 3-day look back is positive, while the Moving Average Convergence Divergence (MACD) oscillator supports a positive bias, and the ADX (trend) indicator supports a ranging market.
With the immediate support of US$1,580 now the focal point, a potential move is foreseen to US$1,780.
Beyond here, views little resistance until the area of US$2,200. Reassess from there.
Only a New York close beneath $1,580 may perceive the US$1,700 level as a false break and reinstate a bearish move to support US$1,280. Reassess from there.
Still keeping in mind that a decisive break of the US$936 support would be devastating for the bulls as beneath this region would reveal a measured down to the trajectory of US$620.00. Reassess from there.
Daily Chart of Ethereum
As mentioned above, Binance Coin (BNB), the global crypto exchange utility token, is surprisingly holding well since the rebound of the US$274 support.
Based on the technical pattern, the Relative Strength Index (RSI) 3-day ‘lookback’ indicator holds positive, although overbought, while the Moving Average Convergence Divergence (MACD) oscillator supports a bullish bias, and the ADX (trend) indicator supports a ranging market.
As the bulls hold together the trend, a close above US$312.00 would open the path wider to a potential target of US$360.00. Reassess from there.
Conversely, beneath US$274.00 would expose the region to US$260.00, with US$248.00 located beneath. Reassess from there.
Daily Chart of Binance
Little has altered with Cardano’s (ADA/USD) as the outlook remains to a bullish call, which could see a move back towards the US$0.62/US$0.63 objective, while the (broader horizon/long-term view holds to the shores of US$0.72).
Based on the technical assessment, the Relative Strength Index (RSI) 3-day ‘lookback’ indicator holds a weak positive bias, while the Moving Average Convergence Divergence (MACD) supports a weak positive signal, and the ADX (trend) indicator supports a ranging market.
Although renewed demand is expected to emerge from the area of US$0.45-46, a break here could raise bearish concerns.
A New York close beneath US$0.42 would be devastating for the bulls, as this could open the decline further into uncharted waters and give a measured move from a US$0.40 break to US$0.30-US0.33.
Daily Chart of Cardano