Summary:
- The S&P 500 Index nudged higher by 0.45% this week, while gold witnessed a massive run-up of more than 5%.
- The Bitcoin bulls did not have a good week as Bitcoin is on track to end the week down more than 3%.
- Bitcoin’s weakness and regulatory concerns have kept crypto investors away from altcoins, maintaining Bitcoin’s market dominance near the 50% mark.
- Market observers are closely monitoring Bitcoin for the next few days, as a sustained price above $25,000 could indicate a higher possibility of a bullish move.
- Select cryptocurrencies are showing signs of forming a base, and if they break out to the upside, a new up-move may start.
Bitcoin price analysis:
- Bitcoin has been trading between moving averages, indicating indecision between the bulls and the bears about the next move.
- A tight consolidation is usually followed by a range expansion.
- If the price breaks above the 20-day exponential moving average, it could rise to $28,143, facing strong defense at that level.
- If the price drops below the 50-day simple moving average, it may signal bearish dominance.
Solana price analysis:
- Solana has been battling between the bulls and bears near the 20-day EMA.
- If the resistance at $22.50 is crossed, Solana could rise to the neckline of an inverse head and shoulders pattern.
- A break above the neckline resistance could lead to a surge in price towards the target objective at $32.81.
- Negative momentum may occur if the price turns down and plunges below the 50-day SMA.
Lido DAO price analysis:
- Lido DAO has been trading near the moving averages, suggesting a potential comeback for the bulls.
- If the immediate resistance at $1.73 is breached, Lido DAO could climb to the downtrend line.
- A drop below the moving averages may indicate bearish dominance, retesting key support at $1.38.
Internet Computer price analysis:
- Internet Computer has been consolidating in a tight range between $2.86 and $3.35.
- A positive divergence in RSI suggests a reduction in selling pressure.
- A break above the overhead resistance at $3.35 could signal a potential trend change.
- A drop below $2.86 may indicate a continuation of the downtrend.
VeChain price analysis:
- VeChain has been trading inside a descending triangle, but the price has been clinging to the downtrend line.
- Flattened moving averages and near-midpoint RSI indicate a reduction in bearish pressure.
- A break above the downtrend line could invalidate the negative pattern and start a new up-move.
- A turn down from the current level may suggest continued defense by bears at the downtrend line.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
