In this week’s crypto analysis, Altcoins maintained their bullish momentum despite price pullbacks hence they were amongst the week’s top gainers.
This week XRP pulled a strong bullish rally after long days of price consolidation taking the price to $0.328, retested a major supply zone at that price making a retracement with high demand in control.
A look at the chart on the daily time frame shows a clear demand zone (on the green box), the price rallied hitting the supply zone before making a pullback to the demand zone then we expect the price to rally again as price has bounced off the demand zone, which are signs of strong bullish presence and momentum in the zone.
The price action is currently making a consolidation on the lower timeframe after the pullback and we expect a bullish breakout as our major demand zone is still respected.
This week, Litecoin gained as the increased bullish momentum pushed the price action to the supply zone on the daily time frame.
A look at the daily time frame clearly shows that the price action of Litecoin also approached its major supply zone at $80.5 thou the price action is poorly defined, we watch for more technical clarity.
Ethereum maintained its bullish run during the week with a price gain of $14 taking the price to a new high of $224 which is also the supply zone.
From the technical analysis standpoint, looking at the daily timeframe, Ethereum’s price has hit the supply zone after the bullish rally and has made a pullback and is currently consolidating at the present support zone. More bullish activities have been pointed out in the market, we expect the price rally as more bulls enter the market.
Bitcoin closed the week, lower than $10,000.
As stated last week, a look at the higher time frame, (daily) charts of Bitcoin clearly shows that for months, Bitcoin price has been creating a descending triangular formation or pattern. Though there is a huge misconception on the direction of the price but a large portion of crypto analysts, investors and traders are optimistically expecting the chart pattern to break to the upside and rally to reclaim new highs and possibly hit an all-time high.
Currently, the price of Bitcoin is consolidating in a tight trading range, with chubby price actions which is a clear indication of indecision in the market and either the bulls or the bears may take control and dominate the market.