Bitcoin has been in an over-extended bear market since November 2021. This market crash saw the cryptocurrency plummet from a high of $69k to the $25k level, and has had a direct effect on almost all other cryptocurrencies.
Other altcoins, following bitcoin’s lead, have dropped as much as -80% within the same timeframe.
The past week has been challenging for bitcoin bulls as well since bitcoin dropped below the $19k level. This drop wiped out the stop-losses of the bulls and turned the entire market red.
Ether, on the other hand, has an upgrade incoming, and has shown unclear signs over the last few weeks. Predictions as to the future price of ETH at this point, are based entirely on speculation and may shock the world in the coming days.
Bitcoin Weekly To Hourly
On bitcoin’s weekly price analysis chart, there is an ascending channel that has been on for the past nine years. This channel has been responsible for setting the price highs and lows, despite being hard to read and interpret at times.
On bitcoin’s 4hr chart, there appears to be a range between $18,000 and $24,000, signaling a possible market reversal and subsequent retest of the $24,000 zone.
The price of bitcoin seems to have respected the support around the $18,000 level and has since bounced to the upside. It is testing the $21,000 level at the time of writing.
Some traders have expressed concerns that this market bounce is only a bull trap, and is a means for the whales to gather liquidity from unsuspecting bulls before the market reverses and trades even lower.
If the market does reverse, the question will be whether the bulls can hold the $18,000 level. If they can’t, the market falls straight to the $13,000 – $10,000 level
ETH Weekly To Hourly
The Ethereum merge is almost here.
With less than a week to go, the price of ether has witnessed massive volatility and is currently on its way to the upside.
The cryptocurrency is expected to test the $2,000 level soon and may either reverse and hit its local low or may break out post-merge and target higher highs.
On the 4-hr chart, the price of ether bounced off the support provided around the $1500 zone and is headed upward.
Looking closely at the daily chart, it is easy to see that the current position of ether is a strong resistance. A breakout from the $1700 level could provide a strong impulse to move upwards to the highs ETH held late last year.
XRP Price Analysis
Things are starting to look bullish for XRP. The cryptocurrency has bounced off the $0.3 zone and is now headed toward the $0.36 support, as shown below.
A breakout from this level may increase XRP’s price towards the next $0.566 support (blue line).
However, if this bounce happens to be a bull trap, then prices could decline further, test the $0.3 level, or even break the line and trade lower.
SHIB Price Analysis
Shiba Inu is up a whole 7.4% at the time of writing and is worth about $0.00001296. SHIB broke through its resistance around the same level last week and is currently retesting the level after hitting a high of $0.000014.
It has a trading volume of $715,445,276, and a current market cap of $7.1 billion.
ADA Price Analysis
Cardano is up 5.1% over the last 24 hours at the time of writing and has been trending up since Wednesday, 7 of September. ADA is on its way to retesting the critical $0.5 zone and may move right up to the $0.6 level (blue line) if a breakout occurs.
Cardano has a 24-hour trading volume of $824 million and a current market cap of $17 billion.
SOL Price Analysis
Solana is up 6.2% over the past day at the time of writing and currently trades at $35.21.
On the 4-hour chart, a typical cup and handle pattern appears to be forming, although prices have to break through the $36.5 level (blue line) for this to happen.
If the price of Solana breaks this level, the next target is the $47 – $49 level (blue line).
Solana has a 24-hour trading volume of $1.2 million and a current market cap of $12.4 billion.
Solana Price had taken a major hit following the FTX collapse. As of 21 November, SOL is trading at $11.75, down by over 8.24%.
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