Bitcoin Sandwiched Between Major Support & Resistance Levels—Can Bulls Win Out?
On-chain data shows the Bitcoin spot price is currently sandwiched between two zones where a large number of investors last bought their coins. Bitcoin Is Trading Between Two Major On-Chain Demand Zones In a new post on X, analyst Ali Martinez has talked about where the key Bitcoin on-chain support and resistance levels currently lie. In on-chain analysis, support and resistance levels are defined based on investor cost basis. The reason behind this is naturally the fact that holders are particularly sensitive to retests of their break-even mark. How exactly an investor would react to a....
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On-chain data shows the cryptocurrency market as a whole has witnessed capital inflows of nearly $19 billion while Bitcoin and others have gone through their recovery. Crypto Market Has Enjoyed Net Capital Inflows Over The Past Month In a new post on X, analyst Ali Martinez has talked about the latest trend in the capital inflows for cryptocurrencies. In the digital asset sector, capital mainly flows in and out through three asset classes: Bitcoin, Ethereum, and the stablecoins. The altcoins usually only see a secondary rotation of capital from these coins. Related Reading: Bitcoin....
Ethereum price popped above a major resistance area of $11.80. Now, can it provide support and push ETH higher versus the USD? Ethereum price kept struggling near the $11.80 resistance area, as highlighted in yesterday’s post. However, the ETH bulls finally managed to take the price above the stated level, and there was an hourly close above it. Now, the price is moving down, and the same resistance area is currently acting as a support and helping the bulls to regain ground. There is an ascending channel pattern formed on the hourly chart (data feed via Kraken) of ETH/USD, which may play....
XRP price started a major decline from the $0.50 resistance against the US Dollar. The recent collapse of FTX and FTT sparked a sharp move towards the $0.32 support. Ripple is down over 15% and there was a drop below the $0.40 support against the US dollar. The price is trading well below $0.4000 and the 100-day simple moving average. There was a break below a major contracting triangle with support at $0.455 on the daily chart of the XRP/USD pair (data source from Kraken). The pair could start a recovery wave if the bulls remain active near the $0.32 support. Ripple’s XRP Price Tests Key....
Cardano price has been pushed up on its chart by the bulls at the time of writing. In the past day, Cardano moved up 2%. Over the last week, the price action of the altcoin wasn’t positive as it lost most of the gains in the week. Continued buyer recovery could push ADA past its next resistance level. At the time of writing, however, ADA was trading sideways. The altcoin has remained sandwiched between $0.50 and $0.44, respectively, over the past couple of weeks. Although buying strength tried to recover on its chart, selling strength was still dominating at the time of writing. The....
Ethereum started a major recovery wave from $1,500 against the US Dollar. ETH rallied nearly 10% and might aim a move towards the $1,700 resistance. Ethereum started a major increase after the bulls appeared near the $1,500 zone. The price is now trading above $1,600 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $1,650 on the hourly chart of ETH/USD (data feed via Kraken). The pair must clear $1,650 to continue higher towards $1,700 in the near term. Ethereum Price Aims Higher Ethereum saw a major decline below the $1,600 support....