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Cryptoanalysis

BTC: Channel DownBitcoin (BTC) technical analysis: Trade setup : After topping out at FWB:31K , price has been consolidating in a Channel Down pattern. Swing traders can trade the channel (Enter near channel support trendline and exit near channel resistance trendline). Trend traders wait for a breakout. Bullish breakout above $28K would indicate Uptrend resumption, with upside to $32K resistance. Bearish breakout below FWB:25K would indicate onset of downtrend, with downside risk to $21.5K thereafter. Pattern : Price is trading in a Channel Down pattern. With emerging patterns, traders who believe the price is likely to remain within its channel can initiate trades when the price fluctuates within its channel trendlines. With complete patterns (i.e. a breakout) – initiate a trade when the price breaks through the channel’s trendlines, either on the upper or lower side. When this happens, the price can move rapidly in the direction of that breakout. Trend : Downtrend on Short- and Medium-Term basis and Neutral on Long-Term basis. Momentum is Bearish but inflecting . MACD Line is below MACD Signal Line and RSI is below 45 but momentum may have bottomed since MACD Histogram bars are rising, which suggests that momentum could be nearing another upswing. Support and Resistance : Nearest Support Zone is FWB:25K , then $21.5K. The nearest Resistance Zone is $28K (previous support), then $32.0K.
Long
by altFINS
ETH: Pullback in UptrendEthereum (ETH) technical analysis: Trade setup : Price is still in an Uptrend on long-term basis. Recently it had a bearish breakout from Descending Triangle pattern, followed by a break below 1,700 support. It’s now reached 200-day moving average (~$1,630) and a long-term up trendline (blue line in chart), which could serve as support area. Price is also getting oversold (RSI < 30). Trend : Downtrend on Short- and Medium-Term basis and Uptrend on Long-Term basis. Momentum is Bearish (MACD Line is below MACD Signal Line, and RSI is below 45). Support and Resistance : Nearest Support Zone is $1,700, which it broke, then $1,400. The nearest Resistance Zone is $1,800 (previous support), then $2,000 and $2,150.
Long
by altFINS
BCH: Descending Triangle BreakoutBitcoin Cash (BCH) technical analysis: Trade setup : Bearish breakout from Descending Triangle pattern, below $110 support, which confirms a downtrend. Price could revisit $95 support last seen in late 2022. Pattern : Price was trading in a Descending Triangle pattern. Typically, a breakout will occur in the direction of the existing trend. Most traders will take a position once the price action breaks through the bottom line of the triangle with increased volume, which is when the price should decline an amount equivalent to the widest section of the triangle. Trend : Downtrend across all time horizons (Short- Medium- and Long-Term). Momentum is Bearish but inflecting. MACD Line is below MACD Signal Line and RSI is below 45 but momentum may have bottomed since MACD Histogram bars are rising, which suggests that momentum could be nearing another upswing. Support and Resistance : Nearest Support Zone is $95. The nearest Resistance Zone is $110 (previous support), then $120, and $140 – $150.
Long
by altFINS
SHIB: Falling Wedge BreakoutShiba Inu (SHIB) technical analysis: Trade setup : Bearish breakout from Falling Wedge pattern, price made a new Lower Low, which confirms a downtrend. It’s also broken below $0.000008 support level that held up back in late 2023. However, it is very oversold (RSI < 25) near $0.0000055 support area and could bounce up near term. Notice that price actually reached that level (daily low point) and bounced up. It’s a higher risk swing trade setup since overall trend is down. Trend : Downtrend across all time horizons (Short- Medium- and Long-Term). Momentum is Bearish (MACD Line is below MACD Signal Line, and RSI is below 45). Support and Resistance : Nearest Support Zone is $0.0000055. The nearest Resistance Zone is $0.0000080 (previous support), then $0.0000100, and $0.00001200.
Long
by altFINS
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BNB: Oversold at SupportBinance (BNB) technical analysis: Trade setup: Bearish breakout from Rising Wedge pattern and below 200-day moving average (~$300) signaled bearish trend reversal to downtrend. It is however quickly approaching $220 support area and is very oversold (RSI ~ 20), thus price could bounce up near-term. It’s a higher risk swing trade setup since overall trend is down. Patterns : Rising Wedge It usually forms after an uptrend and suggests a potential bearish reversal in the original uptrend. When price breaks the lower trend line the price is expected to trend lower. Emerging patterns (before a breakout occurs) can be traded by swing traders between the convergence lines; however, most traders should wait for a completed pattern with a breakout. Trend : Downtrend across all time horizons (Short- Medium- and Long-Term). Momentum is Bearish but extremely oversold. (MACD Line below MACD Signal Line). RSI is Bearish (< 45) but extremely oversold (< 20), which could imply that price could briefly stabilize or bounce if it reaches Support. Support and Resistance :Nearest Support Zone is $220. The nearest Resistance Zone is $260 (previous support), then $300.
Long
by altFINS
SOL: Oversold at SupportSolana (SOL) technical analysis: Trade setup : Price broke below $20 support and 200-day moving average, which signaled resumption of downtrend. It dipped as low as $12 but bounced back to another support level of $15. However, it is very oversold (RSI < 25) and could bounce up near term. It’s a higher risk swing trade setup since overall trend is down. Trend : Downtrend on Short- and Medium-Term basis and Neutral on Long-Term basis. Momentum is Bearish (MACD Line is below MACD Signal Line, and RSI is below 45). Support and Resistance : Nearest Support Zone is $15, then $11. The nearest Resistance Zone is $20 (previous support), then $25 – $30.
Long
by altFINS
BNB: Oversold at SupportBinance (BNB) technical analysis: Trade setup : Bearish breakout from Rising Wedge pattern and below 200-day moving average (~$300) could signal bearish trend reversal to downtrend. It is however quickly approaching $220 support area and is very oversold (RSI ~ 30), thus price could bounce up near-term. It’s a higher risk swing trade setup since overall trend is down. Patterns : Rising Wedge It usually forms after an uptrend and suggests a potential bearish reversal in the original uptrend. When price breaks the lower trend line the price is expected to trend lower. Emerging patterns (before a breakout occurs) can be traded by swing traders between the convergence lines; however, most traders should wait for a completed pattern with a breakout. Trend : Downtrend across all time horizons (Short- Medium- and Long-Term). Momentum is Bearish but extremely oversold. (MACD Line below MACD Signal Line). RSI is Bearish (< 45) but extremely oversold (< 20), which could imply that price could briefly stabilize or bounce if it reaches Support. Support and Resistance : Nearest Support Zone is $260, which it broke, then $220. The nearest Resistance Zone is $300 (previous support), then $340.
Long
by altFINS
ETH: Descending Triangle BreakoutEthereum (ETH) technical analysis: Trade setup : After reaching $2,150 on a sharp run up, price was overbought with RSI > 70, traders began to take profits and price was consolidating in a Descending Triangle pattern. Now price has broken out of that pattern in the direction of existing Uptrend and could revisit $2K resistance level. Trend : Neutral on Short-Term basis and Uptrend on Medium- and Long-Term basis. Momentum is Mixed as MACD Line is below MACD Signal Line (Bearish) but RSI ~ 50 (Neutral). Support and Resistance : Nearest Support Zone is $1,800, then $1,700, and $1,400. The nearest Resistance Zone is $2,000 (previous support), then $2,150.
Long
by altFINS