Bitcoin has been stuck in a price range for some time and the candle closed the previous week with only 1.3% increase. Some analysts, such as DecenTrader, expect this limited volatility to continue for another month before increasing buying pressure due to the halving event in April.
Although cash ETFs have opened the gate for institutional funds to enter the market, the flow of capital into these funds has been slow. Bloomberg analysts attribute the slowness to the fact that some large trading pools are still weighing the status of Bitcoin ETFs.
A bullish sign for the near term could be that outflows from the Grayscale Bitcoin Cash ETF have slowed. Research by BitMEX shows that the daily outflow of money from the Grayscale fund since January 29 (Bahman 9) has been around $200 million, which is much less than $640 million on January 22 (Bahman 2).
The transverse volatility of Bitcoin can be a positive sign for increasing investors' attention to altcoins. In this article, in addition to the technical analysis of Bitcoin, we will examine the status of 4 selected altcoins in one-day and 4-hour views.
Bitcoin (BTC) price analysis
Bitcoin has been trading above the 20-day exponential moving average (EMA 20 – blue line pictured) for the past few days, but buyers have failed to break through the overhead resistance at $44,700.
A weak price retracement from the 20-day EMA indicates a lack of demand for Bitcoin at higher levels. If the market continues to bear down and the price of Bitcoin falls below $41,394, we should probably see a horizontal price fluctuation between $44,700 and $37,980 for a while.
The resistance of $44,700 is of particular importance, and the crossing and closing of the price candle above this level indicates the return of market control to buyers. This will pave the way for a possible bounce to the psychological resistance of $50,000.
In the 4-hour view of the Bitcoin market, both moving averages have a neutral slope, and the relative strength index (RSI) is also located near the middle axis; A situation that shows the balance between buyers and sellers. A drop below the candlestick 50 simple moving average (SAM 50 – red line in the picture) will change the situation in favor of sellers. After that, the possibility of Bitcoin falling to $41,394 will increase.
To regain control of the market, buyers have to push the price above the resistance range between $44,000 and $44,700. The success of buyers in doing so will pave the way for Bitcoin to jump to $47,000. Sellers are expected to show tough resistance at this level and push the price down again to $44,700. On the other hand, if the buyers successfully clear this barrier, the uptrend is likely to continue to $50,000.
China Link (LINK) price analysis
China Link has recently passed the resistance of $17.32 and signs of the continuation of the upward trend can be seen on its chart.
The 20-day moving average of China Link is at the level of $15.80 and has taken an upward slope. The relative strength index also fluctuates near the oversaturation range. There is a slight resistance at the level of $19.54, which, if broken, will open the way for the link to continue its uptrend to $21.79.
Sellers need to push the price back below the $17.32 breakout to prevent further uptrend. This can be considered as a sign for some traders to sell at the price peaks. After that, we should probably wait for the price of the link to fall to the 20-day moving average.
As can be seen from the 4-hour chart, link buyers are trying to turn $17.32 into a new support. The upward slope of the moving averages and placement of the relative strength index in the positive range means that buyers are more dominant. The crossing and closing of the price candle above $18.88 will also be a sign for the start of a new upward wave, which can end with the link jumping up to $21.38.
On the other hand, if the price continues to decrease and reach below $17.32, it means that buyers are losing their advantage. After that, the link may fall to the simple moving average of 50 candles and fluctuate for some time in a certain range.
Internet Computer Price Analysis (ICP)
IPC recently experienced a retracement from the 50-day SMA ($11.63), indicating that buyers are strongly supporting this level.
The long shadow of the February 3rd candlestick means that sellers want to stop the uptrend at $14, but as it turns out, buyers haven't pulled back yet. In general, it can be said that the probability of the price crossing 14 dollars has increased, and if this failure is done successfully, 16.30 dollars will be the next target of buyers.
This bullish outlook loses its credibility if the price takes a bearish trend in the near future and falls below the 50-day simple moving average. In this case, the downward movement of the internet computer may continue up to $9.36; Where buyers are expected to re-enter the market.
In the 4-hour timeframe, the price of computer internet fluctuates between $9.36 and $14. The return of the price from the level of the 20 candlestick exponential moving average shows the increase in demand at low price levels. If the upward trend continues, the first obstacle in front of the price will be $14.
If the buyers manage to overcome this level, the way for the price to jump up to $16.30 will be opened, and after that it will be the turn of the target of $18.64. On the other hand, the collapse of the PC Internet and the fall below $11.20 will be a confirmation of the continuation of the price supply fluctuation in the range indicated on the chart.
Rendering Price Analysis (RNDR)
A few days ago, the rendering passed the resistance of $4.40 and the buyers have been successful in maintaining the price position so far.
A little resistance is felt at the level of $5.07, but the price crossing this level is likely. After that, it will be $5.28, and if the buyers pass this resistance, the rendering path will be open to reach $6.60.
On the other hand, if the price pulls back down strongly after reaching $5.28, it means sellers are becoming more active as the price peaks. In this case, the rendering may fall back to the 50-day simple moving average. Breaking this level will signal the end of the uptrend in the short term, and the price may drop to $4 after that.
Both moving averages have taken an upward slope in the 4-hour view of the rendering market, and the relative strength index is also in the positive zone. This means that the short-term trend is in favor of buyers. Rendering has a chance to further increase to $5.07 and then $5.28.
The first sign of weakness in the trend can be the falling and closing of the price candle below the moving average of 20 candles. If this happens, the price of the rendering may fall to the $4.40 breakout level. This level is of particular importance for buyers, and its breaking can be considered a sign of changing the short-term trend of the market from upward to downward.
Sui Price Analysis (SUI)
On January 29 (9 Bahman), Sui passed the upper resistance at $1.50, but buyers failed to maintain this position. This means that sellers have made efforts to return to the market.
The price growth above the level of the 20-day EMA ($1.34) shows that traders' sentiments remain positive and consider a part of the floor market as an opportunity to buy.
Buyers should continue to push the price above $1.65 to maintain the upward momentum. Their success in doing so could push the price to $2. This level is likely to be a serious obstacle for buyers again, but if it is broken, it will be the turn of the side to grow to $2.64.
From a bearish perspective, sellers need to push the price below the 20-day EMA to dominate the market. After that, the pair may fall to the 50-day simple moving average at $1.04.
As can be seen from the 4-hour view, buyers have pushed the price above the $1.50 level, and if they manage to use this break, the price can continue to grow to $1.57 and then $1.65. Sellers are likely to show a lot of resistance at this level, but if buyers win this competition, the next wave of the upward trend will begin.
On the other hand, if the price breaks down from the upper resistance and falls below $1.38, it means that the sellers have taken control of the market. This correction can continue to $1.15 and then $1.
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