Find regularly technical analysis of the price of Bitcoin (BTC) and other iconic cryptocurrencies like Ethereum (ETH). But also videos to introduce you to certain technical indicators, tips or more fundamental approaches. All this with the aim of keep it clear and accessible to allow you to learn the basics of trading. And to benefit from in-depth analyzes carried out by experienced traders.
Full video of this Coin Trading analysis at the end of the article.
In this new technical analysis of the cryptocurrency sector, the Bitcoin situation will first be addressed in weekly and daily time units. With the possibility of a rebound towards $25,000 which nevertheless remains to be confirmed. And then it will also be about Ethereum and the BNB cryptocurrency.
Bitcoin – Possible rebound towards $25,000?
In weekly time unit, bitcoin hasn’t offered much to say for several months now. With a BTC still in its range, stuck between the $18,500 support and the $25,000 resistance. A lower level that was first tested in mid-June this year. And following the rebound made towards $25,000, a price that has stagnated around $20,000 since last August.
Nevertheless, a short-term buy signal appeared last week on the Bitcoin price, in daily time units. But this is not really visible on the weekly time unit chart. Because the BTC is still in its range. With perfectly flattened Bollinger Bands. But, following last week’s close, a possible rebound attempt. With, why not, a next return to the resistance level of $25,000. This does not allow for the moment to project on the long term, because it would be necessary before that to break this fateful level.
Bitcoin – Buy signal in daily time unit
A much clearer situation in daily time units. Because in this case it is possible to see this famous buy signal that occurred last week. With a support of $18,500 tested many times since the implementation of this range. And a last buy signal in daily time unit obtained around July 18th. This follows an exit from the top of the Bollinger Bands and a breakout from the top of the last two peaks. But all in a very clearly bearish pattern.
And the situation is different in the present case. Because this buy signal has just been issued following a prolonged range situation. That is to say, a period of consolidation more spread over time and, therefore, much tighter Bollinger bands. A lack of volatility which therefore very clearly militates in favor of this upward movement for the moment still registered in the short term. Knowing that as part of the CryptoFund Coin Trading Strategy, this buy signal corresponds to a 100% return in cryptocurrenciesmostly in Ether.
Ethereum – Higher Invalidation Risk
Always in daily time unit, the buy signal is much more evident on the Ethereum side. With a former resistance that has become support, located at the $1250 level. And since its rebound on the resistance of $2000, a period of consolidation which extended between two perfectly flat Bollinger bands. With, on Tuesday, November 25, a strong impulse candle came to put an end to this situation.
An almost perfect buy signal, because it accumulates a lot of data to validate its implementation. With a price that has expressed itself much more in the case of the cryptocurrency ETH, following a move from $1400 to more than $1600 over this period. And a position which is to be favored for buying, in the probable direction of the resistance of $2000. Even if the risk of invalidation is higher than for Bitcoin, because the rise recorded over the last few days has been greater.
Knowing that in both cases (BTC and ETH) a reintegration of the range would sign the end of this surgeand the possibility of visiting even lower levels.
BNB – Waiting for a possible consolidation
In the case of the BNB cryptocurrency, its support level (around $260) dated back to May 2021. The latter has been tested many times, just in the last few months. With Bollinger Bands tightening and a significant drop in volatility. That’s to say the perfect setup to see this bullish impulse candle emerge that also occurred on Tuesday, October 25. With a price that has pushed much more than in the case of Bitcoin and even Ethereum.
In effect, the price of the BNB cryptocurrency is already at its resistance level around $330. The latter tested several times since last May. This makes entering this cryptocurrency much trickier, as the level of invalidation is extremely low. And even if the direction remains buyer, that does not mean that we have to take a position right away. With, at least, a consolidation to wait below this resistance to see how things evolve.
TOTAL2/BTC – Very interesting configuration
Finally, a quick tour of the TOTAL2/BTC chart which allows you to define the performance of altcoins compared to Bitcoin. With, in weekly time unit, an equally very interesting configuration. Because the curve of the cryptocurrency market, excluding BTC, seems to be heading once again towards its historic resistance, in place since 2018. With a range installed, meanwhile, since mid-May 2021. And the prospect of a new test of this fateful level.
Knowing that in this new scenario, a size difference should be noted. This with Bollinger bands for once very much tightened. With much faster and much more frequent successive retests. And an always identical prospect to end up breaking this level of resistance once and for all, in order to see altcoins outperform Bitcoin for good. And thus enter a new period of bull market. But no excitement for the moment, because there are still many signals missing to validate this option more surely.
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