For key levels of the week, we review analyst Rakesh Upadhyay’s analysis of BTC and altcoins.
Bitcoin technical analysis
- Bitcoin is showing the first signs of recovery at $57,000. According to the analyst, the strongest resistance of the bulls is at $58,521. Closing below the descending channel below could intensify the sell-off and deepen the decline to $40,000. The correction will expire after $60,000.
- On the 4-hour chart, the RSI has formed a bullish divergence indicating that selling pressure may decrease. If BTC rises above $58.521, it could rally to $60,000. However, if the price breaks down from the overhead resistance, strong supports could be tested at 53,500 and then $50,000.
Altcoin analysis of the week
- BNB traded uncertainty near $590. If the bulls push the price above $621.30, then $669.30 and $691.80 could be targeted. A close below the 20-day EMA reveals the bears’ targets of $546. Next support levels are $498 and $440.
- On the 4-hour chart, BNB bears are trying to stop the recovery near the 20-EMA. Initial targets on the downside are $564.20 and $553.80. The decline may extend to $510 and further purchases from this level can gain momentum to $621.30.
- Cryptocoin. com, LUNA is trading within an ascending channel. According to the analyst, if the bulls can continue to rise, 52 and 54.95 levels can be targeted. On the downside, there are strong support levels at $32 and $24.
- LUNA: On the 4-hour chart, it will suggest accumulation on the downsides if the price rises from the current level or bounces back at $45.54. Closing below the MAs leads the decline to $38.
- MANA bulls aim to reach $5.90 ATH. According to the analyst, $ 7.87 can be targeted in the uptrend. The rise will be invalidated if the price drops below $3.88. According to the analyst, MANA could decline to $3.10 later.
- On the downside, support levels are $3.90 and $3.50. Buying at these levels will increase the probability of $5.50 and $5.90.
- SAND corrects strong bullish over last few days. Resistance levels are 8.48 and $10.52. The price might find support at $4.48 on dips from these levels.