Trend Reversal Exact Point For The Main Cryptocurrencies Market Assets
From one week to the next, the sentiment of the cryptocurrency market changed dramatically. Apparently, the unsuccessful launch of some mutual funds has led certain individual investors to seek to sell their assets.
Based on this fundamental analysis, we are in the task with bringing you a weekly update of the main cryptocurrencies in the market.
We want to show you exactly the possible trend reversal points for the short and medium-term. Also, some strategies that you should keep in mind for the next few days.
Convergence Against Divergence
On a weekly basis, Bitcoin is facing a downside divergence in the region between $ 69358 and 59734. That price region is causing many to think about a possible bear market that could step around $ 50110. However, the support at $ 58215 has manifested itself as a price of incursion of successive purchases.
In any case, it should be noted that for a progression of the bullish tune, it is very important that this asset breaks the average resistance of 69358.95 and without testing the upper Bollinger band. At this rate, it could be the continuation of wave 5 or the entry for an ABC correction.
Contrary to the above, in the short term and specifically for daily negotiations, the main asset of the market has shown a reversal signal, with exact convergence at the points between $ 60,641 and $ 61,381 and with the threat of reaching the region’s highs between $ 66355 and $ 66870.
Specifically, it becomes very important that Bitcoin breaks the exact point of $ 60,631 with force but with break convergence at $ 61,362. Millennial bets say the price could top $ 100k until the end of the year. In any case, it is worth clarifying that for this to happen, it is important that the price continues within the pattern of bullish waves in the short and medium term.
Under these parameters, if you plan to open a long trade, we recommend first waiting for confirmation of the breakout of the points mentioned above. A rough estimate of a short-term reversal suggests gains above 10% maximum.
The path to one of the decentralized platforms with the most capital in the market is increasingly positive. Ethereum is yet to present bullish power loss supplies. We see that it will simply enter an accumulation period in the region between $ 3832 and $ 4675, as shown by the weekly parameters.
Wave 5 shown on the chart can simply run its course towards the gradual breakout of the $ 4675 resistance. The large volume entered will be linked simply to how much interest investors show in placing their funds in Bitcoin.
We know that for a long time, the correlation between the two assets has been subsequent. If the father enters volume, the son inherits it. It is a theory, but in the end, everything will be worth more is the real sentiment of the market in relation to interest.
Trend indicators show continuity, but strength indicators show correction. The above could be translated as a moment of decision but with a certain aphorism towards the bulls.
Pattern Without Direction
Performing a new Elliot wave count for Binance Chain, we see that this asset is possibly entering an ABCDE accumulation pattern, and the confirmation of this may lie in the non-breaking of the historical maximum price.
For now, it has not shown as an overbought asset. However, we see that it could be oscillating between the prices of $ 423 and $ 661 and according to weekly parameters.
Indicators show accumulation without much force and with a tendency to exceed the neutral linear zone. At this point, we must add that, little by little, Binance Chain is creating a bullish figure of an ascending triangle. A silent pattern that we must watch very carefully.
Make Money Going Down
For lovers of the Solana ecosystem, we would say that it is time to go shopping and go for sales. Similarly, it has shown a large increase in the interest to acquire the asset, but the indicators are already beginning to show a sign of a trend reversal in favor of the bears.
Our personal Elliot wave count suggests that the price may still reach a next hostile high within that wave 3. But as we know, many must already be fond of acknowledging that more than $ 250, the calculated risk begins to exceed more than 90. % and that would make the price overload that would drive wave 4.
Such a fact is not to go to the table and cry. Rather, it is an upcoming alert call to see if we can catch this asset at a price more like and who knows how to win with the fall.
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