Weekly crypto-market analysis from Geco.one 10.05.21
Bitcoin’s price rose by $ 1,675 last week, which was precisely 2.96%. At the same time, Ethereum grew by more than $ 975, which was as much as 33 per cent. ETH was also followed by Altcoins, which led to a decline in BTC dominance in the entire cryptocurrency market to 44%, which is the worst result since July 2018.
Looking at the Bitcoin prices, we notice that the price of the oldest virtual currency has recently been moving within a parallel growth channel. As a result of the recent appreciation, the market reached the trend line, which is the upper limit of this formation, where a slight supply reaction reappeared this morning. Permanent rejection of this resistance could open the way for further declines near the lower limit of the channel, i.e. even below $ 54,000.
However, suppose the currently tested resistance is permanently defeated, and the BTC rate breaks the channel upwards. In that case, the price of the oldest virtual currencies could rise to the region of $ 65,000.
The Bitcoin Cash quotation is also in the area of significant resistance, the price of which is currently around $ 1,530. It is worth noting that this level is the upper limit of the consolidation for several days. Given that this is a form of correction after an earlier upward impulse, statistically, there is a greater likelihood of an upside breakout and a continuation of the previous trend.
The current situation on the Binance Coin quotation is also almost identical, which is also currently near the technical resistance, which is the upper limit of the consolidation. In this case, it’s a $ 680 zone. If only this level is permanently broken, BNB would be at its all-time high, fueling further gains.
We could also expect a continuation of gains on the Cardano market. So far, we observed, the market broke the top a few days ago from the consolidation between $ 0.96 and $ 1.48, which started in February. As a result, the ADA rate was at the highest level in the history of this cryptocurrency.
When analyzing the situation on the Cardano chart, one cannot ignore the risk of a downward correction, as a result of which the rate could slide down to the recently defeated resistance (now support) of $ 1.48. The principle of polarity reversal indicates that any level that has been tested in the past as resistance should be tested as support when broken. The implementation of this rule has also been marked with blue arrows on the graphs showing BNB and DOT quotations.
The current situation on the DOT quotes also looks pro-growth, the rate of which is currently close to the recently defeated resistance (now support) of $ 38.70, where the first demand reaction appeared yesterday. Permanent rejection of this zone could open the way to further increases, for which the real range seems to be around $ 46.
You can find more comments on the cryptocurrencies described above and analysis of a few more in the market review from Geco.one on Comparic Markets TV.