Today's Analysis - 25 Jan 2023

Bitcoin again reacted negatively to the resistance of the $23,371 range yesterday, and the price of Bitcoin entered a correction. In the 4-hour time frame, the bitcoin range trend is quite clear, and we can consider the floor of this range channel in the support range of $22,238. But the point is that Bitcoin is still in an ascending channel , and we can expect another upward move to the indicated higher resistances. In general, if the daily candle closes like this today, and we see positive signs on the chart in the next day, there is a possibility that another upward movement will start again with the break of the $23,371 resistance. Otherwise, the important support of $21,041 will be waiting for it.

Yesterday, after breaking the floor of the short-term ascending channel and simultaneously breaking the support range of $1,600, Ethereum decreased to near the previous floor in the range of $1,520. Also, the floor of Ethereum's 15-minute timeframe channel has been broken, but there is a possibility that it will return to the channel again. If the $1501 level of support is lost for Ethereum , we can expect a further price drop to the $1450 - $1400 range.

Last week, AAVE registered a bullish candlestick with a not-so-large body. The resistance that the price hit and reacted to is the $91.3 range. Also, this area has exactly overlapped with the ceiling of the medium-term descending channel , which could cause the price to have a correction towards lower supports this week. A trend change is observed in the daily time frame. Therefore, a pullback supported by 71.2 to 75.9 dollars can bring a positive reaction. But more important support is considered in the $66.5. If weakness is observed in the uptrend, given the potential for a double ceiling pattern to form in the 4-hour timeframe, if the first support is broken, the support range of The second can bring a stronger reaction. Therefore, you can consider these two supports this week, because if there is a positive reaction to these levels, another upward movement can be formed.

CAKE reacted positively to the support of the range of $3.56 to $3.63 and continued to move upwards again. In the daily timeframe , a higher ceiling has been recorded than the ceiling of the previous downward wave, indicating the medium-term conditions are bullish . Therefore, there is still a possibility of retesting the resistance and breaking the resistance in pullbacks. Of course, the negative reaction to the candle yesterday can indicate that the price trend this week and in the 4-hour time frame can turn into a range mode. So the previous floor at the $3.56 -$3.63 support limit can be retested, forming a large range zone. Also, after the top of the main descending channel is broken, we expect a pullback to the top of the broken channel. The main resistance of CAKE is also considered in the range of $5.20, which can be associated with a strong negative reaction.

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