The Bitcoin market broke resistance and promises a high week. In this sense, TradingView analysts are optimistic for further valuations. Check out the reviews!
When the BTC/BRL pair suffered a strong drop, a possible absorption withultra high on the red bar of the daily chart. After that, the market did not work below the low of the bar.
So, there was a possible absorption for a long time, together with a test of offer without seller flow. By breaking the two downtrend lines (LTB) drawn in the chart below, the price starts to rise with buying flow.
The result is the resumption of the primary bullish movement. My idea is that Bitcoin continues in the uptrend, however, I make a partial exit and put a profit in my pocket in the range of R$ 250,000.
From there, I’m still long and surfing in a possible bigger move. See the PivotChart.
We are in a decisive region for Bitcoin as we are in the main LTB breakout region of the correction. From this breakout and possible consolidation, we can already project Fibonacci extension targets in the 1.61 and 2.61 regions.
They are represented in targets 1 and 2 in the chart below. In addition, we have an interesting short stop buy region just below the broken major LTB, represented in black. See full review.
The price of Litecoin (LTC) rose yesterday (10) by $172 during a great bullish move. The LTC pulled away from the USD 150 for good and, even after the overnight correction, managed to stay above USD 160. With this, a new ascending bottom was made on the four-hour chart (H4), above the moving average of 9 periods.
This scenario suggests a continuation of the upward movement. On the daily chart, the price of Litecoin has fixed above the 90-period moving average. In addition, the average of 200 is way above, at $190, leaving the price without major obstacles to rise until then.
However, the overall cryptocurrency market needs to remain strong. The expectation is for an increase in the region between US$ 175 and US$ 180, with a loss of strength in the middle. See the dynamic chart.
Cardano (ADA) has fired more than 25% in the last 48 hours. The price is reaching an attention region, at US$ 1.80, because thedecreases at that point. Thus, there is the threat of a correction when it hits $1.75, target 1 shown in the chart below.
Looking to the horizon, theoldest notable (seen in February) nicely highlights the top being slightly higher, at $1.88. Considering the target 2 of the Fibonacci retracement at $1.93, there is a hint of where the price might go before a correction.
In the event of a decline, one of the most important supports is in the $1.45 region. Above it, I’m bullish on a bullish. In the case of resistance, barriers in the region between US$ 2 and US$ 2.20 must be broken. See the PivotChart.
Disclaimer: The analyzes presented here are studies only. They are not investment, buy or sell recommendations, nor do they reflect the opinion of the media outlet in which they are being advertised. These are studies aimed at people with knowledge and experience in the financial market.
Our Authors: Morales Trader, Talles Souza, Allan Jhones and Gabriel Fauth.
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