Decisions To Take With The Main Altcoins On The Cryptocurrency Market
For this weekly edition, we have decided to bring you the technical and fundamental update of the main altcoins in the market.
Broadly speaking, we are facing a market with divergence in some indicators. Followed by a geometric convergence that may indicate that we will soon see new waves in the sea.
Time To Wait
On a weekly basis, we forecast Ethereum to enter the ABC or maybe ABCDE Elliott wave movement at worst. This in technical terms means an accumulation period that can vary between 3 or 4 months.
Currently, this asset has tried to hold onto the support of the weekly EMA50, very close to 2984.36. In the event of a massive correction we may be looking to step on the cross supports between the weekly EMA100 and the lower Bollinger Band, and exactly 2163.23.
In this order of ideas, 2984.36 and 2163.23 would be psychological prices to start the actions of purchase and reaccumulation of prices; but it is not ruled out that above 3799.25 can be considered a trend continuation price.
Most of the trend, sentimental and momentum indicators show that this asset is entering an oversold stage and that soon we will see the whales play their traditional game.
Of all this, the most surprising will be when we have confirmation of the trend reversal that is being created in the MACD, which so far shows signs of a double bottom movement with the proximity of creating a triple top.
Binance cryptocurrency has followed a natural oscillatory movement under the ABCDE wave pattern. In the medium term at least it is expected to hold above the support of the weekly EMA50 and very close to the price of 402.99.
However, the possibility of a correction that could step on the channel created by the weekly EMA100 and the lower Bollinger band at approximately 287.28 is not ruled out.
For the most part, indicators point to an asset in a state of liquidation but with the possibility of reaccumulation within the prices mentioned above.
By the time this article was written, Cardano had been giving a buy signal. Anyway, it is good to breathe a little and note that this asset could remain in a period of accumulation between 1.195 and 1.559, with a maximum very close to 3.15.
It seems like a positive sign, but we know what determination to make when it comes to the ABC movement. For this reason, it is good to wait for the confirmations of the most used indators such as the MACD and the RSI.
Of the Altcoins with the highest market capitalization, Solana among them could surprise many in the coming weeks. This asset has remained within the Elliot wave pattern 12345 and wave 4 is currently concretizing.
Not much needs to be said about this asset. Just wait for it to at least step on the weekly EMA50 to make the first purchases. Therefore, it is recommended to accumulate between 92.85 and 149.57 for the medium and long term.
Most indicators point to an asset in correction, but with a continuation trend towards breaking a new all-time high.
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