BTC - ETH - XRP - LTC - ADA - FLOW Technical Analysis
MonoCoin Signal - Trend Analysis - 25 Feb 2023
BITCOIN AND ALTCOINS ANALYSIS
Bitcoin has corrected to the $22,900 range in the last 24 hours. This price correction can continue until the bottom of the short-term ascending channel in the $22,000 area. The support of $22,000 is very important, and it is decisive. We can expect a positive reaction from this range. The support of the bottom of the channel is the starting range of the bullish spike. A positive swing for Bitcoin in the $22,000 range could happen. But in a sensitive situation and a bearish scenario, a break of this solid support can take Bitcoin to lower levels to the $18,000 channel range. Until then, we can still expect Bitcoin to grow again.
Ethereum was losing minor support in the $1,622-$1,635 range. Even the $1,600 support range was briefly broken, and the Ethereum price corrected to the $1,580 area. Given that Bitcoin has yet to settle on support if the price decline continues, we can expect selling pressure to push the price of Ethereum to crucial support in the $1,550 range. At this level, we expect a positive reaction. The range is $1,611 as a pivot level. If the breaking of this range is accompanied by breaking the resistance of the $1,622 to $1,635 range, we can expect further growth to higher resistance levels.
On the upside, Ripple's resistance is $0.400, and the next key resistance is near the $0.420 level. A clear break above the $0.420 resistance will send the price toward the $0.450 resistance. Any more gains might send the price toward the $0.485 area. If Ripple fails to clear the $0.400 resistance zone , it could continue to move down. Initial support on the downside is near the $0.390 level. The next major support is in the $0.380 area. A close below the $0.380 level will send the price lower. The price could decline below the $0.365 support in the stated case.
After the support of Litecoin buyers completely broke the resistance of the $85-$91.5 range and turned this level into support, the correction and pullback to this support brought positive reactions. The buying pressure continued up to the resistance range of $150.60 to $108.4, and by closely touching this range, we saw a negative reaction and profit savings by short-term buyers. The continuation of the LTC trend can be considered between the specified levels. The range that has been formed is expected to continue until the market is in favorable conditions again. In general, until the current support is not broken, the price trend will not be downward in the short term and in the 4-hour timeframe. But if the 4-hour time trend is down, the price reduction can continue up to the support range of $69.90 to $73.30.
The selling pressure created in the market caused Cardano's short-term uptrend line to be broken in the first stage, and this support was also broken in the second stage when the price reached the bottom of the channel. Cardano's price is in the range of $0.365 and moving towards lower support levels in the range of $0.340-0.350 and the range of $0.317-0.330. Support is considered in the $0.300-$0.308 area. So this week, you can keep an eye on the first support and the $0.300 range support.
Flow's price increased to $1.44 after it crossed the resistance range of $1.159 to $1.238 with the support of buyers. Positive reactions have been observed in the return and pullback to this level of support. Considering that the trend is completely bullish in the 4-hour timeframe, as long as this support is maintained, there is the potential to continue the upward movement and grow further to the resistance range of $1.57 to $1.64. But if selling pressure increases in the market and this support level is broken, we can expect a deeper correction to the $1 support area and even the previous floor area at $0.938-0.964. Given that the current support range has overlapped with the ceiling of the broken descending channel , there is potential for a good positive reaction from this level and continued price growth to at least the previous top. In general, the range of $1 is considered an important supply and demand area for it, and it is expected that the price of FLOW will fluctuate in this range for some time. So the range trend is expected for it. Also, price growth is more likely until the floor of the previous ascending candle in the weekly time frame is not broken down.
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