Crypto Total Market Capitalization has lost more than $36 Billion in the last two weeks, currently hovering around $971 Billion after testing a high of $1.06 Trillion last month. Bitcoin (BTC) closed above 20 Weekly Moving Average for the first time last month, but the Major Events that happened last week turned around the overall market sentiments. In this article, I will discuss Price Action, Trends, and Patterns for the top three Coins by MarketCap.
- Bitcoin (BTC) Price Analysis
- Ethereum (ETH) Price) Analysis
- Binance Coin (BNB) Price Analysis
- Bitcoin Price Analysis
Bitcoin (BTC) the largest cryptocurrency by market cap is now trading at $21800, BTC dropped 10% from its 2023 high of $24200.
BITCOIN 1-Day Timeframe chart.
According to the data from Tradingview, bitcoin is still in a long sideways trend on a 1-Day time frame.
- Bitcoin (BTC) is up 40% from its June 2022 bottom price of $15700
- The last two-week volatility of bitcoin remained at 14%
- Bitcoin on weekly is forming a famous reversal pattern; “Inverted Head & Shoulders”
- Bitcoin on a higher time frame is all set to form a right shoulder of Inverted Head & Shoulder
- 20 Weekly Moving Average is major support for BTC if falls below $20000
- $25000 will remain the major resistance in the coming days.
Bitcoin (BTC) Weekly Time Frame
2. Ethereum (ETH) Price Analysis
Ethereum (ETH) the Second largest crypto loses 11% of its value in the last two weeks when the JPMorgan E-trading Survey result out.
- Ethereum (ETH) Changing hands around $1530 at the time of writing this article
- Ethereum (ETH) manage to hold above 20 Weekly moving averages after months, in 2023
- According to the Data from Tradingview ETH successfully broke out the bullish reversal pattern
- Traders are looking for support around $1370 because of the 20 Weekly Moving Average
- The Ethereum (ETH) Break-out of the falling wedge is supported by good Volume whereas, the retest is due.
- Ethereum Broke out the pattern before filling the “area of high confluence”.
Ethereum (ETH) Weekly Chart
ETH/USD Weekly
3. Binance Coin (BNB) Price Analysis
Binance Exchange native coin (BNB) comparatively remained strong losing only 8% of its value despite the Regulator’s push on Crypto this month. Binance Coin (BNB), The third largest crypto by MarketCap selling at $306 at the time of writing.
- Binance Coin (BNB) is still 56% down from its 2021 high of $688
- BNB is up 70% from its June 2022 bottom price of $183
- According to the data from Tradingview (BNB) is forming a descending triangle pattern
- BNB declined from the pattern resistance line at the price point of $320
- Investors are eyeing on a 20 Weekly Moving Average as support for BNB
- In the worst-case BNB will hold around $214 as support from the pattern baseline
- According to this pattern, it can take 5 more months before starting an uptrend.
Conclusion
The last two weeks remained bearish for the Crypto Market. Law enforcement agencies’ “Regulatory updates and Press Release,” led big sell-off in the market. I will explain the effect of the NEWS on the Crypto Market with help of On-Chain Matrices in coming week. As long as Bitcoin and other Major cryptocurrencies are above 20 Weekly Moving Average; The Market is expected to stay stable until Wednesday when new CPI Data from the US will be released.
Images from: Unsplash and Tradingview
*Disclaimer: All views expressed in this article is for educational purposes only and should not be constituted as financial advice.
