Weekly Crypto Market Analysis with Geco.one 28.03.2022
Bitcoin has increased since March 14 this year by over 10,000 dollars. It means that in just 15 days, BTC went up by almost 27%. It also meant that the oldest virtual currency cost more than $ 47,000 on Monday, which is the highest level since the beginning of the year 2022.
It is noteworthy that as a result of recent increases, the BTC exchange rate broke technical ops of $ 45,000, which led to:
a) breaking the top from the right triangle formation, about which we have already written several times over the past few weeks,
b) establishing a new, higher peak, which may signal a potential shift in market sentiment.
The technical shift of the trend from downward to upward indicates a potential for further upward movement with the possibility of even establishing a new ATH in the medium term.
However, considering that bitcoin is approaching the next resistance, there is quite a probability that before further increases, we will still face a correction and at least a temporary return to around 45,000 dollars, or possibly even 42,500 dollars.
Nevertheless, the medium-term outlook looks quite optimistic. However, this does not change the fact that there are still several significant resistance levels on the way to the new ATH, the first two of which are around $ 48,000 and $ 52,000, respectively.
The current situation on the Ethereum quotes is also very interesting. The exchange rate of this cryptocurrency has recently increased by over $ 850, which is over 34 %.
This increase caused the ETH rate to beat the isosceles triangle and then overcome the horizontal resistance of $ 3,000, which we wrote about a week ago. We could expect another resistance to be re-tested in the $ 3,400 region. Its possible defeat would signal a potential change of the trend and open the door to further appreciation to $ 3600 or even further towards a new ATH above $ 5,000.
The current situation on the listed Solana is also quite similar. The price of this cryptocurrency has already increased by 44%, thus crossing the line of the local downward trend and heading towards technical resistance in the area of $ 120.
A possible permanent breach of this level could open the door to further appreciation, for which the real range seems to be around $ 150.
Looking at the bitcoin cash quotes, we notice that the price of this cryptocurrency has been moving in a horizontal trend between 270 and 350 dollars for two months. As a result of the recent gains, however, the upper bound of this formation was overcome, which naturally opened the door to further gains.
So if this trend continues, in the near future, we could expect BCH to return to $ 395 or further increase to $ 420, $ 480, or even $ 545.
More comments on the cryptocurrencies described above and an analysis of the next few can be found in the market review from Geco One on Comparic Markets TV.