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



On March 4, the price of bitcoin fell below $ 40,000 and continues to fluctuate below this level to this day.

The bitcoin market has been volatile over the past few days, and according to data from the Gelsnood analysis platform, corporate investors have been accumulating more of that digital currency since December 2021 by buying Bitcoin stocks on an investment fund.

A positive sign from Golsnood’s data is that people in capital management are not afraid of falling prices and have not reduced their stake in the Grayscale Bitcoin Fund. This means that capital management experts are likely to have an upward view of bitcoin price performance in the long run and therefore do not pay attention to short-term fluctuations.

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

Bloomberg said in an analytical report on Friday that if prices continue to fall in the US stock market, bitcoin will continue to face sales pressure, but the digital currency market is expected to emerge from this downtrend. On the other hand, if the stock market recovers and previous volatile patterns repeat, bitcoin may experience a faster jump.

Although the digital currency market faces many obstacles in general, there are positive signs in the market for some coins. Below we will look at the chart of bitcoins and 4 other digital currencies, which may have a different function from other altcoins as the market grows.

bitcoin (BTC)

The price of bitcoin fell below the usual 50-day moving average (red line) and the 20-day moving average (blue line) on March 4, indicating that traders are trying to take control of the market. Over the next two days, buyers tried to catch the sellers by pushing the price above the moving averages; However, they failed to do so.

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

If the price continues to remain below the moving averages in the one-day market view, sellers will try to reduce the price to the support of the floor of the chart channel. Buyers are likely to strongly support this level, which is close to $ 35,000. If the price rises after dealing with this support, it means that volatility in this channel is likely to continue for several more days.

On the other hand, breaking the resistance of the 20-day moving average at $ 40,474 could nullify this bearish outlook. This may mean increasing purchases to the minimum price. Buyers are likely to call anyone who looks appropriate if there are only a few.

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

In the 4-hour market view, the moving average of 20 capacitors has a downward slope, and the relative strength index (RSI) is in the negative range, which shows more dominance of sellers. If the $ 38,000 support continues to collapse, we will have to wait for the price to fall to additional support at $ 37,000 and $ 35,000.

On the other hand, if the price starts to rise from current levels and can reach above the moving average of 20 candlesticks, it means that buyers will be more active at lower levels. If the price crosses the ordinary moving average of 50 candlesticks, the chances of buyers to increase the upward acceleration of the price will increase and then we will have to wait for the bitcoin jump to $ 45,000.

Ripple (XRP)

Ripple buyers have been trying to push the digital currency above the downward trend over the past few days, but sellers have strongly defended the resistance. On the plus side, buyers in the Ripple market have not yet given up and have maintained their position above the usual 50-day moving average.

Analysis of digital currency prices;  5 currencies to watch this week
Ripple Pricing Chart (click on image to see original size)

The neutral slope of the moving averages and the relative strength of the index near the central axis make it difficult to recognize the superiority of buyers or sellers. If buyers continue to push the price above the trend line of the one-day chart, the uptrend will accelerate and the price will have a chance to re-experience the level of $ 0.91.

Moving the candle above the $ 0.91 resistance level could pave the way for an upward trend toward $ 1 psychological resistance. On the other hand, if the market continues to shrink and Ripple falls below $ 0.69, it means that buyers have taken control of the market. Then we have to wait for the price to fall to the level of $ 0.62.

Analysis of digital currency prices;  5 currencies to watch this week
Ripple Pricing Chart (click on image to see original size)

In the 4-hour market view, the price fluctuates between $ 0.80 and $ 0.70. If buyers can push the price above the downward trend line of the chart, then they can also think about crossing the resistance of the channel ceiling. Crossing and closing the high-priced candle means more buyer control over the market. Ripple will continue to have resistance at $ 0.85 and $ 0.91.

On the other hand, if the price continues to fall below the moving average, it means that traders are selling at price peaks. The price may continue to fall to $ 0.70 and then to $ 0.62.

Close to protocol (CLOSE)

The price tag candle was caught between two simple 50-day moving averages and a 20-day view. This shows that retailers are selling at $ 11, while the 50-day moving average is approaching $ 11, and buyers are encouraged to make more purchases when the price approaches the 20-day moving average at $ 10.

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

The relative strength index is close to the central axis, and the slope of the 20-day moving average is also neutral, which means that the strength of buyers and sellers is almost the same. If the price continues to recover from current levels and can reach over $ 12, it means that buyers have redoubled their efforts to conquer the market. Then the price will again meet serious resistance at the level of $ 14.

However, if the price falls below the 20-day moving average, it means that the sellers are the ones who control the market, and then we have to wait for the price to fall to the strong support of $ 8.

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

As can be seen from the 4-hour market view, the upward acceleration of the price has increased after crossing the line of the downward trend of the chart, but the protocol is still facing resistance at the level of $ 12. Sellers have kept prices below the 20-candle moving average for some time, but buyers have also managed to protect the ordinary 50-candle moving average.

If buyers manage to reach above the moving average of 20 candles, the chances of the protocol to overcome the resistance of $ 12 will increase. On the other hand, if the support of the ordinary moving average of 50 candlesticks is lost, the pressure to sell will increase and then we will have to wait for the price to fall to $ 9.50.

Monroe (XMR)

The price of Monroe has been moving down in a downward trend for several weeks. Traders are buying on the floor for $ 134 and trying to complete the double-deck model on the chart.

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

Read also: Introducing 10 models of technical analysis charts that every trader should know

As a result of price fluctuations, a flat channel between $ 134 and $ 188 is formed. The slope of the 20-day moving average is neutral at $ 164, and the relative strength index is close to the mean axis, which means that there is a balance between supply and demand.

These balanced conditions may further change in favor of buyers; Provided they can raise the price above $ 188. This could complete the double-decker model, and then, if all goes well, we’ll have to wait for the price to jump to $ 242. Of course, this jump will not be easy, as sellers are likely to strongly defend the resistance of the canal roof.

On the other hand, if the price moves down from current levels and falls below $ 155, buyers will try to bring Monroe to $ 134.

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

In the 4-hour market of Monroe, buyers at some point pushed the price above the downward trend line of the chart, but failed to move to higher levels. This means that the presence of sellers at this level was evident. The slope of the moving averages is neutral and the relative strength index is below the central axis, which shows the relative balance between supply and demand.

If the price continues to fall below $ 155, the short-term market outlook will change in favor of sellers. On the other hand, if the line of resistance of this downward trend is broken, the price is likely to jump to the next support at $ 188.

WAVES

View, which completed its dual-story model to $ 8 a few days ago, managed to rise to $ 21. Moving averages have recently completed an uptrend, and the relative strength index is in the saturation zone with a purchase, which indicates a superiority of buyers.

Analysis of digital currency prices;  5 currencies to watch this week
See price table (Click on the image to see the original size)

The sellers strongly defended the $ 20 resistance, but the buyers have not given up yet. If the price continues to move above current levels, it means that traders will be encouraged to buy more by lowering the price. This increases the probability that the price will jump again to the resistance of $ 21.

Crossing and maintaining the price level above the $ 21 level may be accompanied by an increase in the upward acceleration of the view and a jump to the resistance of $ 24 and $ 27. Falling below $ 16 also offsets this upward trend.

Analysis of digital currency prices;  5 currencies to watch this week
See price table (Click on the image to see the original size)

As can be seen from the 4-hour market outlook, the price adjustment from the $ 21 peak pushes the relative strength index below the middle axis in terms of shopping saturation. Buyers are more active as the price approaches the $ 16 floor near the 38.2% Fibonacci correction level, again pushing the price above the 20-candle moving average.

If the price continues to remain above the 20-candle moving average, buyers will try to push the price above the resistance of $ 21.

On the other hand, if the price moves down from current levels and the support of the moving averages on the chart is broken, it means that short-term traders are encouraged to leave the market for review. This can reduce the price to $ 13 and $ 14.

Post Analysis of the price of digital currency; 5 currencies to watch this week first appeared in Digital Currency.

Leave Your Comment

Your email address will not be published.

Supportscreen tag