by Lucas Costa*
Bitcoin has gained about 7.30% in the last week, trading near the $47,000 level, despite lower volume compared to the 20-week average. According to metrics from the CoinMarketCap website, the dominance of the main crypto remains at around 43.6%.
On the daily chart, bitcoin remains in an uptrend despite last week’s weakened movement. The US$45,000 price range is an important fighting region, strengthened by the 200-period moving average (MA200), a very important indicator for identifying supports and resistances in technical analysis.
The break of $42,500 triggered a bullish pivot after the build-up between May and late July, and the Fibonacci projections for the move have targets at $50,610 and $58,550. Sustaining the price above the 200-period moving average (US$45,500) is important to continue the buying appetite.
The price of ether has indecision in the short term, and in the week it appreciated by 2.43% compared to bitcoin, being traded at 0.06936BTC per unit of ETH. We follow on the daily chart the region of 0.07195BTC acting as resistance (61.8% between the top of the 15th of May and the bottom of the 23rd of May).
The expectation is bullish, with targets for the upcoming Fibonacci retracements at 0.07195BTC (61.8%) and 0.07595BTC (76.4%). The previous top at 0.08240BTC is an important resistance to test if the price continues to work above 0.06500BTC. Our warning is for the weakening of the movement, shown by the Relative Strength Index (RSI), which may extend over the next few days.
The cryptoactive of the platform smart contracts Chainlink is trading near 0.00063453BTC, with a 12.70% increase in the last week. On the daily chart, crypto forms a bullish pivot, which indicates buying pressure. We believe the movement will accelerate if the price sustains above the 200-period moving average and the previous top (0.00061335BTC and 0.00062751BTC), with a target of the Fibonacci retracement of 0.00082300BTC (61.8%). Failure of the scenario could lead to testing of 0.00048200.
The Polkadot network’s cryptoactive has valued around 9.80% this week, trading in the range of 0.00052930BTC. The daily chart shows a bullish pivot (continuity figure), which is confirmed by the breakout of the 0.0005BTC region. The 21-period moving average is sloping upward, indicating buying pressure, and raising expectations from the test of the previous top. The breakout of the quoted figure could lead to Fibonacci targets at 0.00055530BTC (141.4%) and 0.00058447BTC (161.8%).
Buying pressure has eased at Uniswap, but the short-term movement is still up with a 5.75% rise in the last week. The daily chart has a laterality after the Fibonacci retracement test, an important resistance for the asset. The rally’s acceleration may occur with the break of 0.00068265BTC, which signals the formation of a higher top than the previous one. The Fibonacci projection has targets at 141.4% (0.00077761BTC) and 161.8% (0.00082439BTC). Failure of the scenario could lead to testing the 200-period moving average at 0.00058039BTC.
Binance Coin (BNB/BTC)
Binance Smart Chain’s cryptoactive has risen approximately 12% in the last week, being quoted at 0.009178BTC. The chart shows a double bottom in support of 0.007632BTC, a bearish-to-high reversal figure that signals buying appetite in the region. We believe the break of the previous downtrend line (main resistance), which if confirmed may take higher tops at 0.010125BTC, and project targets at 0.011160BTC and 0.0111671BTC.
Buying pressure acted strong on Cardano during the last week, trading at 0.00004557BTC (up 40%). On the chart we have the test expectation of the previous top at 0.00004895BTC. Importantly, the price is far from the 21-period moving average (0.00003872BTC), and the failure of the aforementioned top break may lead to a regression movement to the mean. We believe in the continuation of the high, but the scenario of pullback can better confirm the movement.
Ripple has broken resistance at 0.00002000BTC and buyers are pushing the price, up 53% last week. The daily chart shows momentum of movement and increasing volume, confirming the break of the previous laterality. The expectation for the coming days is to test the Fibonacci retracements at 0.00003020BTC (61.8%) and 0.00003360BTC (76.4%), while healthy corrections may find support in the 21-period moving average (0.0002050BTC) ).
The multi-chain Polygon cryptoactive has seen a strong increase of approximately 27% over the past week, trading at 0.00003237BTC. On the daily chart, it forms higher bottom and price works above the 21-period moving average, indicating buying presence and possibility of a downtrend reversal to an uptrend. Continued bullish movement is expected to target the Fibonacci retracements at 0.00003650BTC (38.2%) and 0.00004550BTC (61.8%) should the price continue above 0.00002800.
*Lucas Costa holds a master’s degree in administration and an economist from the Federal University of Juiz de Fora, has worked as an academic researcher and professor in the themes of blockchain, cryptocurrencies and consumer behavior, being one of the founders of the research group Blockchain UFJF. He was a foreign exchange trader at a proprietary desk with a focus on technical analysis, and an individual trader in the futures market. He is currently a CNPI technical analyst at BTG Pactual Digital, and presents the live analysis room with the highest audience in Brazil.