Price analysis for USDT, BTC, ETH and LTC. What happened and what to expect next week?
The forecast concerning BTC/USD trading pair has not much altered from the previous review.
We can observe the following trends:
1) News sentiment is rather calm.
2) The support zone of $2,300 has not been penetrated despite three endeavours of retest.
3) By monitoring trading book it becomes quite clear that $2,300 support zone has become crucial for wealthy investors.
4) The overall volatility of the crypto market remains rather high.
These insights allow for the BTC forecast that is in many ways consistent with the previous one:
1) $2,300 support zone is still strong, and general uptrend will prevail. Buying off the targets of $2,700 (the most obvious closest target) and $2,800 (#2 target from June’s high) seems reasonable. Likewise, wealthy investors are pumping $2,300, which might be the the sign of good news at BTC.
2) In case the price decreases (although it is unlikely from the current perspective), strongly monitor $2,300, which resembles a perfect buy zone.
We can derive from these insights that the market is anticipating good news at BTC, which will result in further rise in the price.
Etherium couldn’t penetrate the $310 resistance zone. Currently, a smooth movement towards the support level of $225 is observed.
Ideas are the following:
1) Presumably, the support zone has moved to $250, which is suggested by the trading volumes. Nonetheless, the volumes are not sufficiently high to become a good sign of the support zone movement. That’s why from the current perspective support zone of $225 should be treated as strong, while $250 as a potential support level.
2) As technical analysis suggests, good buy price at ETH is $225. However, it is possible that the support level will not persist, thus we can see the ETH price hitting $150. Still, this scenario is hardly feasible, but one should not eschew its possibility. Negative sentiment has been persistent at ETH lately.
3) The sentiment will generally play the most important role. In case it is neutral with rare news coming out and the overall crypto market growing, we might see range at ETH/USD. This will result in ETH losing positions, while other crypto currencies will experience an increase of capitalisation.
4) In case level of $225 proves to be strong, long positions with targets at $290-$300 should be opened. This scenario seems to be the most likely and plausible from the current market review.
5) Should the support zone move to $250 without increases in trading volume, it is better to stay out of the market.
Still, the possibility of negative scenario at ETH/USD is rather small.
The market is anticipating PoS, which effectively affects the expectations of the investors, thus the price level below $225 seems to be infeasible.
LTC is one of the growth leaders of the previous week.
The following situation has set up at the trading pair so far:
1) The forecast channel of $36-$48 has been effective for a few weeks, which has allowed to reap the harvest for a rather long time, although not that long compared to the previous channel :)
2) Due to the good news it is likely that $48 support zone has been settled.
3) From the current view, an unambiguous resistance zone has not been set up yet. Potentially, it might be $58 level.
4) Presumably, further tests of $48 support zone will be observed, and the price will hit $46-$47 due to the volatility. Insofar, one should not rush. It is preferable to wait for the price to settle higher than $48 with the increase in trading volumes. It will yield a strong signal for opening long positions.
5) News sentiment at LTC is positive.
LTC is currently the 4th currency in terms of capitalisation and also hits the leading positions by trading volumes. Liquidity increase always positively affects cryptocurrencies. To recap, trading volumes is extremely important aspect to consider in trading, not to say the most significant one! :)