Analysis of digital currency prices; ارزی 5 currencies to watch this week



Bitcoin has been trying to stay above $ 46,000 support for some time, and as the charts show, the price candle also closed yesterday over the 2022 starting point of $ 46,200.

Sam Stoval, CFRA’s chief investment officer, said April was the best month for the S & P500 stock index in the past. If this year is the same and there is a close link between the price of bitcoin and the US stock market, we can expect a jump in the digital currency market in the short term.

Analysis of digital currency prices;  ارزی 5 currencies to watch this week
Map of the digital currency market on arz.watch

Another price stimulus could be the total number of bitcoins mined, reaching 19 million units. The digital currency market will have to wait many years to see the remaining 2 million units, and the latest bitcoin is expected to be mined around 2,140. This could draw traders’ attention to the small number of units left to be extracted to increase the demand for bitcoins and, consequently, a shortage of supplies, which may ultimately be a factor in raising the price of this digital currency.

Despite these problems, can Bitcoin maintain its position over the support it has recently won and raise market coins with it? To answer this question, I will look at the chart under 5 currencies, which may follow the trend of recovering their prices more strongly than before.

bitcoin (BTC)

The bitcoin market is currently witnessing fierce competition between buyers and sellers near the key level of $ 45,500. Sellers are trying to push the price below that level again, but buyers are still resisting. This means that they want to turn this level, which was previously considered important resistance, into a new support.

Analysis of digital currency prices;  ارزی 5 currencies to watch this week
Bitcoin price chart (click on the image to see the original size)

The upward trend of the 20-day moving average (EMA) and the relative strength of the relative strength index means that buyers are not facing much resistance. If the uptrend continues, the 200-day simple moving average (SMA) at $ 48,276 is an important resistance to watch.

If buyers manage to push bitcoin over this resistance, the upward acceleration in prices is likely to continue. The price will then face low resistance to reach $ 50,000, and crossing it could push bitcoin to $ 52,000.

On the other hand, if the price falls below current levels or after a meeting of resistance, sellers will again try to bring the price below the 20-day moving average and the level of 45,500 dollars. Breaking support at this level could lower the price to a simple 50-day moving average at $ 41,615.

Analysis of digital currency prices;  ارزی 5 currencies to watch this week
Bitcoin price chart (click on the image to see the original size)

As can be seen from the 4-hour market view, the price is adjusted after reaching the level of resistance of the bullish channel on the chart. Buyers’ efforts to recover the price were also met with resistance from buyers within the downward trend line of the chart. If they manage to continue to push bitcoin above the downward trend line of the chart and maintain their position in this range, the price will have a chance to rise to the top of the uptrend channel of the chart.

The passage of the candle with a high price on this channel may be a sign that the upward trend in the bitcoin market has resumed. On the other hand, ‌ If the price moves down again after hitting the downward trend line of the chart, ‌ Sellers will test their chance to raise the price to $ 44,000 and then $ 42,594.

Wei China (VET)

Wei China, which peaked at $ 0.070 a few days ago, soon met consumer resistance at the simple 200-day moving average ($ 0.09). Buyers still hold the position at $ 0.070, which is a good sign.

Analysis of digital currency prices;  ارزی 5 currencies to watch this week
China Wei Price Chart (Click on the image to see the original size)

If the price moves above current levels, buyers will again try to break the resistance of the ordinary 200-day moving average. The passage of the price above this level may be a sign of a change in the general market trend. China will then have a chance to rise to $ 0.10 and then to $ 0.13.

The upward slope of the 20-day moving average and the relative strength of the relative strength index show the superiority of buyers. On the other hand, the discontinuation of the 20-day moving average may weaken this uptrend, and then we have to wait for the downward trend to continue until the normal 50-day moving average.

Analysis of digital currency prices;  ارزی 5 currencies to watch this week
China Wei Price Chart (Click on the image to see the original size)

In the 4-hour Chinese market, the 20-day moving average is neutral and the relative strength index is close to the central axis, which shows a balance between supply and demand. Crossing $ 0.08 will pave the way for the uptrend to continue above $ 0.09, after which the same uptrend is likely to continue.

On the other hand, falling below the ordinary moving average of 50 candlesticks will push China back to the $ 0.70 zone. If buyers can turn this level into support, they will have a chance to try to bring the price back to $ 0.09. Breaking the $ 0.70 level will also provide sellers in the market.

THETA

The price of Theta, the main token of the blockchain Theta Network, has been hovering between $ 2.50 and $ 4.40 for several weeks. Buyers tried to put up resistance to the channel a few days ago, but were unsuccessful, indicating that sellers are still defending the level.

Analysis of digital currency prices;  ارزی 5 currencies to watch this week
Theta price chart (click on image to see original size)

A stay above $ 3.80 shows that traders are currently reluctant to sell and are waiting for an uptrend. The upward trend of the 20-day moving average and the relative strength of the relative strength near the saturation zone with buying show that buyers are facing a small upward resistance.

The success of buyers in pushing the price above the resistance level of $ 4.40 and the simple 200-day moving average may signal the beginning of a new upward trend. Then we can expect the price to accelerate and reach the level of $ 6.

On the other hand, falling below the 20-day moving average could pave the way for the price to fall to the level of the simple 50-day moving average at $ 3.17. Then we will probably see limited price fluctuations in the chart channel for a few more days.

Analysis of digital currency prices;  ارزی 5 currencies to watch this week
Theta price chart (click on image to see original size)

As the 4-hour theta chart shows, buyers have made several unsuccessful attempts to cross the canal ceiling at $ 4.40. The slope of the 20-day moving average is neutral and the relative strength index is located close to the central axis, which shows the balance between supply and demand in the market.

Falling below the ordinary 50 Kendall moving average could change market conditions in the short term in favor of sellers, in which case the price could fall to $ 3.50. Crossing $ 4.40 always means that buyers have taken control of the market.

Thor China (RUNA)

China’s Taurus price has fluctuated within a downward trend over the past few months, and the jump in price a few days ago brought the price closer to the downward trend line of this triangle. Sellers are expected to show strong resistance as prices approach the area.

Analysis of digital currency prices;  ارزی 5 currencies to watch this week
China Thor Price Chart (Click on the image to see the original size)

If the price moves below current levels, we can see that the Chinese bull falls to a 20-day moving average at $ 9.75. This level is especially important, as returning the price after dealing with it can be a sign that traders’ feelings remain positive and increase the pressure to buy on the price floor.

This movement increases the probability of breaking the resistance of the downward trend line of the triangle model. Passing the price above this level removes the downward triangle pattern from the agenda, which is itself an upward signal. Thor China will then have a chance to grow to $ 17.

The credibility of this upward perspective will be lost if the support of the 20-day moving average is broken. That could push the Chinese bull to $ 7.88.

Analysis of digital currency prices;  ارزی 5 currencies to watch this week
China Thor Price Chart (Click on the image to see the original size)

In the 4-hour chart, the price is facing resistance of around $ 13, and buyers are still over $ 11. This level is especially important, as its breakthrough could push the price to the next support of $ 10. On the other hand, a price jump from the $ 11 level may be accompanied by buyers trying to cross the $ 13 level again.

AAVE

On March 29, the price of Avi crossed the resistance of the downward line of the chart, which is a positive sign of a change in market trend. Once, sellers tried to stop the uptrend in the simple 200-day moving average at $ 226, but buyers did not give up.

Analysis of digital currency prices;  ارزی 5 currencies to watch this week
Avi Price chart (Click on the image to see the original size)

The pressure to buy on the Avi market intensified on April 1 (April 12) and the price candle crossed the ordinary 200-day moving average. Maintaining a high price level at this level may now be a sign of a new upward trend.

If buyers manage to push the price above $ 262, the upward trend is likely to continue until the resistance of $ 300. Vendors are likely to defend the area strongly, but violating it could cost Avi $ 350.

Falling below the ordinary 200-day moving average may offset this upward trend, after which sellers will try to reduce the price to the 20-day moving average at $ 187.

Analysis of digital currency prices;  ارزی 5 currencies to watch this week
Avi Price chart (Click on the image to see the original size)

As can be seen from the 4-hour market view, retailers have increased their buying pressure as the price approaches the consolidated average of 20 capacitors. If buyers manage to push the price above $ 261.20, the upward trend will continue. The jump is expected to meet resistance between $ 283 and $ 300.

The negative divergence between the price and the relative strength index could be a sign of a weakening upward trend, and falling below the 20-candle moving average would mean that traders will leave the market. This may be accompanied by a drop in prices to the level of a simple moving average of 50 candlesticks.

The publication Analysis of Digital Currency Prices; ارزی 5 currencies to watch out for this week first appeared in Digital Currency.

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