This week Bitcoin (BTC) is struggling near the $25000 price point, and Bitcoin is facing rejection at the weekly resistance area discussed last week. BTC is down 3.36% from today’s high. Many Altcoins along with BTC have fallen significantly. In this article, I will explain why Bitcoin and Altcoins are facing rejection.
Bitcoin Price Analysis
Although, Bitcoin (BTC) is above the 200 daily moving average, there is major weekly resistance at $25000. BTC has also been rejected from this level in July and August last year.
On the other hand, there is a 50 weekly Moving average at $25000 which is acting as a strong barrier for now. Earlier this month, I discussed this zone as major resistance. Stay tuned for our updates to stay ahead of the crowd.
Traders are looking at $31600 if bitcoin (BTC) breaks $25000 with good volume and closes a weekly above the 50 weekly moving average. On the downside, on a daily time frame, $22500 is the first strong support.
ETHEREUM (ETH) Price Analysis (ETH/USD)
Ethereum (ETH) has surged more than 90% from the bottom price of $890. Ethereum (ETH) is trading at the price of $1692 at the time of writing this article. ETH closed last week with a bullish candle but facing big resistance near the 50 weekly moving average.
There is also a weekly resistance area for ETH, ranging from $1710-$1780. Eth can easily reach $2000 if closes a week above $1750. On the downside, $1384 is strong support for ETH, 20 weekly moving average.
ETH/USD Monthly Time Frame
Ethereum (ETH) formed a perfect morning star and closed a big green monthly candle. Morningstar is a bullish reversal candle stick pattern, especially, at the bottom but on the upside $1756 is a monthly and Major resistance for Ethereum. Whereas, $1100 is a strong monthly support.
ETH Monthly MACD
In the last BullRun, ETH started its rally when MACD on the monthly time frame turned bullish. Expect the side waves or boring uptrend until MACD turns Bullish on a higher time frame.
ETH/BTC
On a weekly time frame, ETH is bleeding against BTC. This means holding ETH is riskier than BTC. In the last month, ETH against BTC has dropped 13% and is still red on the weekly time frame.
ETHBTC is has faced multiple rejections from the upper trend line and now reaching the area of high confluence. ETH will not outperform BTC in real time until ETH against BTC starts an uptrend.
SHIBA INU (SHIB) Price Analysis
In the last month, SHIBA INU (SHIB) is up 71% from the bottom price of 0.00000794. SHIB have been corrected around 91% from the all-time high of 0.00008730.
Currently, SHIB is changing hands around 0.00001313. SHIB is facing weekly resistance at 0.00001482. If SHIB breaks this resistance then SHIB will easily test 0.00001773. On the downside, the strong support for SHIB is 0.00000794.
KADENA (KDA) Price Analysis
KADENA (KDA) is in a long side-waves trend, KDA is trading at $1.20 at the time of writing this. KDA tested a 200 daily moving average and rejected from there. At $1.40 there is a strong resistance for KDA on both daily and weekly time frames. Strong support for KDA is at $0.85.
Images from: Pixels and Tradingview
*Disclaimer: All views expressed in this article is for educational purposes only and should not be constituted as financial advice.
