- Bitcoin and Ethereum are both trading bullishly with Bitcoin having a better chance of hitting $30,000 again this week or next.
- Bitcoin Cash is on an ascending trendline and may make another attempt at June’s $329 if it retakes the $256 zone again this week .
- Solana is trading atop an ascending trendline and may be planning a big move if it breaks and closes above $23 this week.
- Avalanche is likely on its way to becoming explosively bullish if it breaks above the $10 resistance, and then $11.3 this week.
- The crypto market has regained a large part of its volatility, and all seems well.
The crypto market started this week on a bullish note.
According to CoinMarketCap, Bitcoin is registering an impressive 3.2% growth over the last day, Ethereum (also terribly bearish last week) is up by 1.8%, and in all, the market appears satisfactorily green as shown below:
CoinMarketCap also shows a very visible spike in the crypto market cap over the last day.
According to the chart below, the last 24 hours have seen the crypto market’s capitalization rise by an impressive 2.4% from yesterday’s $1.05 trillion to $1.08 trillion.
The market has regained a large part of its volatility, and all seems well.
However, as a trader or investor, how can you make the most of this bullishness?
Over the next few sections, we will be going over five of the most interesting cryptocurrencies on the market.
And if you pay attention, you just might find or two to make your week as profitable as can be.
Aside from being the pioneer cryptocurrency and holding as much as 50% dominance over the rest of the market, Bitcoin’s price action is still pretty interesting.
To begin with, Bitcoin’s bulls appear very active around the $24,870 zone.
The chart above shows that the $24,870 zone has prevented a Bitcoin collapse two times so far, since its initial rejection from July’s $31,840 high.
We can see that Bitcoin has even entered a bounce from this level, and is already making higher highs.
Bitcoin’s initial rally today has brought it into a break above its 20 and 50-day EMAs, and we can even draw a small ascending channel on its daily timeframe as shown above.
This proves that Bitcoin may be staring at its first real chance at hitting $30,000 again this week or next.
Ethereum has been through the worst over the last few weeks, at the hand of its bears.
The cryptocurrency’s initial rejection from $2,150 in April has led ETH into a series of downturns. And just like Bitcoin, the only thing keeping Ethereum from a true bearish catastrophe was the $1,500 support.
Unlike Bitcoin, however, Ethereum is trading under its 50 and 20-day EMAs and was on the verge of breaking below $1,500, until the bulls eventually stepped in.
Ethereum has now entered a bounce and is even up by about 2% over the last day alone.
The first real hurdle for Ethereum is breaking above its 20-day EMA ($1,602), before being tested by the 50-day EMA (around $1,640).
We can draw a descending trendline on Ethereum at this point, and determine that Ethereum will likely retake the $1,700 zone this week.
Bitcoin Cash ($BCH)
After hitting a yearly low of about $93, the BCH bulls immediately swung into action, pulling the cryptocurrency into an amazing 292% price rally to $329 in two weeks, as shown below.
After another pullback to $165 from this zone, the BCH bulls have taken action again, with BCH now on an ascending trendline.
BCH currently trades at $227. If the cryptocurrency retakes the $256 zone again this week and closes above it, we may see BCH make another attempt at June’s $329.
Solana is incredibly bullish over the medium-term perspective, and it may just be planning a big move.
Here’s what the chart looks like:
According to the chart above, Solana is trading atop an ascending trendline and is sufficiently bullish.
However, whenever Solana tries to break and stay above the $23 zone, the bears promptly sink it lower again.
As it turns out, Solana has rallied for a retest of this zone again and is looking “good to go” for a breakout soon.
If we see a break and close above $23 this week, Solana is bound to be explosive, and might even attempt breaking through $30.
Avalanche seems bearish on all timeframes, just from looking at it.
The cryptocurrency started the year on a bullish note just like most of the others on the market.
However, the bulls were unable to sustain this momentum and lost the fight after pushing the cryptocurrency from $11 to $23.
AVAX has declined severely from here and even hit a yearly low of $8.5 in September.
However, AVAX is in a descending wedge and is very likely on its way to becoming explosively bullish.
The cryptocurrency appears to be making an attempt at the $10 resistance. If a break above this zone occurs, we are bound to see a retest of the wedge’s upper trendline around $11.3 this week, if all goes well.
If a break above this zone occurs, we are bound to see an AVAX price explosion that takes its price straight up to $16 or higher.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.