Cardano price prediction: ADA ranges at $0.40 despite bullish crypto news from Russia. Meanwhile, traders now eye DeepSnitch AI for potential last-minute 100x gains. Blockonomi
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Bitcoin has slipped into standby mode as the weekend unfolds, with price action remaining compressed inside a familiar range. Volatility is muted, momentum is lacking, and traders are largely focused on well-defined scalp levels rather than expecting a decisive move. With the holiday period approaching, patience and precision are taking center stage as the market waits for its next real catalyst.
Bitcoin Slips Back Into Weekend Range Mode
According to a recent update, analyst Lennaert Snyder noted that Bitcoin has once again entered a period of “weekend chop.” While he does not expect any major trending moves during this time, he has outlined several specific scalp scenarios and price traps he is monitoring closely to take advantage of short-term volatility.
If Bitcoin swipes the wick near $88,865 and tests the resistance box situated just above it, he will be hunting for scalp-short opportunities, specifically after failing to hold the level. Conversely, for those looking to go long, he is eyeing the $87,420 level, which marks the start of the previous impulse and a key support box. If the price tests this area, Snyder will be watching for clear reversal patterns to trigger a scalp-long.
However, if the market loses that “start impulse” support, the analyst believes a continuation short down to the $85,890 lows becomes highly probable. Once the price arrives at those deeper lows, he will pivot his strategy to wait for a reversal to long position.
Finally, Snyder identified a major breakout trigger: when Bitcoin can gain and hold $89,375 (the top of the resistance box), the analyst assumes the market will finally squeeze toward the $90,400 region. While he doesn’t expect this breakout to materialize before Monday, he has his alerts set and suggests traders take the time to enjoy their weekend.
Weekend Lull Keeps Bitcoin Range-Bound
In an X post, analyst Daan Crypto Trades observed that BTC is entering the weekend in a state of relative stagnation. The analyst suggested that this is an ideal window for traders to step back and rest, allowing for a mental reset before the market dynamics potentially shift in the coming week.
Despite various fluctuations, Bitcoin’s price has remained essentially unchanged over the past few weeks. The asset remains firmly stuck in the middle of its established range, lacking the necessary momentum to either break out toward new highs or break down into a deeper correction.
Daan Crypto Trades warned that next week will likely be characterized by more choppy price action, as market activity often thins out significantly around the Christmas holidays.
]]>Ethereum price started a fresh decline below $3,000. ETH is now consolidating and might soon aim to start a recovery wave if it clears $3,025.
- Ethereum started a fresh decline below the $3,050 zone.
- The price is trading below $3,000 and the 100-hourly Simple Moving Average.
- There is a connecting bearish trend line forming with resistance at $3,110 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to move down if it settles below the $2,900 zone.
Ethereum Price Starts Consolidation
Ethereum price failed to stay above $3,050 and started a fresh decline, like Bitcoin. ETH price dipped below $3,020 and $3,000 to enter a bearish zone.
The bears even pushed the price below $2,920. A low was formed at $2,875 and the price is now consolidating losses. There was a minor recovery toward the 23.6% Fib retracement level of the downward move from the $3,175 swing high to the $2,875 low.
Ethereum price is now trading below $3,000 and the 100-hourly Simple Moving Average. Besides, there is a connecting bearish trend line forming with resistance at $3,110 on the hourly chart of ETH/USD.
If there is another upward move, the price could face resistance near the $2,975 level. The next key resistance is near the $3,025 level and the 50% Fib retracement level of the downward move from the $3,175 swing high to the $2,875 low. The first major resistance is near the $3,050 level.
A clear move above the $3,050 resistance might send the price toward the $3,110 resistance and the trend line. An upside break above the $3,110 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $3,200 resistance zone or even $3,250 in the near term.
Another Decline In ETH?
If Ethereum fails to clear the $3,025 resistance, it could start a fresh decline. Initial support on the downside is near the $2,920 level. The first major support sits near the $2,900 zone.
A clear move below the $2,900 support might push the price toward the $2,840 support. Any more losses might send the price toward the $2,800 region. The next key support sits at $2,765.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now near the 50 zone.
Major Support Level – $2,920
Major Resistance Level – $3,025
Cardano price ranges below $0.63, ADA on-chain metrics show signs of sell-off FXStreet
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- Bitcoin has moved in tight ranges since it broke above $30k in 2023
- Market participants await key economic events in September
- All eyes are on the Fed and its monetary policy decision
Bitcoin investors probably have lost their patience during the summer months, as the cryptocurrency did not move. Known for its high volatility levels, Bitcoin is simply consolidating current levels.
Make no mistake, the start of the year was a promising one. After all, Bitcoin rallied from 16k to $32k, doubling in price.
But since it traded above $30k for the first time this year, it began a consolidation that currently lasts for more than five months. Moreover, the ranges become tighter and tighter, making it difficult to swing trade. Speculators, therefore, must scalp or wait for the market to move first and act second.
Financial markets await key events in September
Most likely, financial markets (and the cryptocurrency market) do not move because market participants await key events due in September.
More precisely, they await the Federal Reserve of the United States September decision and the US CPI data for August. Both events will increase volatility for the US dollar, so Bitcoin might finally break the range it held during the summer.
The latest inflation data showed that the prices of goods and services in the United States have come down nicely. Sure enough, inflation is way above the Fed’s 2% target.
Nevertheless, the disinflationary process suggests that inflation has peaked and what remains is to give the interest rate hikes time to make their way through the economy.
Therefore, the Fed’s focus might not be on inflation anymore but on job creation – the other part of its dual mandate. As such, if the current inflation trend remains unchanged, the Fed might not see the need to raise the funds rate again.
It means the US dollar might weaken in September if the Fed does not pause and delivers a dovish message. Bitcoin may resume its bullish 2023 trend if that is the case.
- APE’s price fails to rally high as the price continues to stall in its price movement despite the market looking green across boards.
- APE’s price continues to trend below key support as the price tries to build more strength to overcome this area of resistance that has held the price from rallying.
- APE’s price remains indecisive on the daily timeframes as the price trades below the 50 and 200 Exponential Moving Averages (EMA).
The price of Apecoin (APE) has failed to rally like other altcoins in the past few weeks as the price continues to stall in its price movement with little hope of a rally to a high of $10 ahead of its anticipated staking. The crypto market has enjoyed a bit of relief across all assets, with Bitcoin (BTC) showing great traction, rallying and dragging the market. Apecoin (APE) has remained relatively slow in recent days as buy orders have become slow due to the price facing resistance to breaking higher. (Data from Binance)
Apecoin (APE) Price Analysis On The Weekly Chart
The past week has seen many altcoins continue to produce over 200% gains over the past 7 days of breaking out of their range-bound movement, as many believe more hope could be settling into the crypto space once more.
The new week has looked a bit skeptical, but things are beginning to shape up and looking more promising for some altcoins, like BAND, rallying over 100% in less than 24 hours, showing the price action and volume for buy orders. The price of APE has shown little sign of volatility as the price continues to stall in its price movement as the price aims to break out of its shell with a rally imminent.
After dropping from its high of $27 in recent months with so much hype for APE during the sale of “Otherside” metaverse land, the price of APE has failed to show its price action after rallying from a weekly low of $9 to its high, the price of APE has struggled recently to pull off a rally that has left many in euphoria.
The price of APE saw its trade at a low of $3 on the weekly chart; the price swiftly bounced from this region as the price rebounded to a region of $7 as the price found itself trading in a range before the price of APE was rejected to a range bound movement.
Weekly resistance for the price of APE – $7.
Weekly support for the price of APE – $4.5.
Price Analysis Of APE On The Daily (1D) Chart
In the daily timeframe, the price of APE continues to look strong as the price could be set to breakout of its long-range price movement to a high of $7; recapturing the key support of $5.5 would be a good sign for the price of APE and would mean price rallying to a high of $7.
The price of APE trades at $5 above the 50 EMA, which indicates a good relief sign for APE’s price on the daily timeframe could be poised for a major breakout if prices close above $5.5 after facing rejection to trend higher.
Daily resistance for the APE price – $5.5.
Daily support for the APE price – $4.5.
Featured Image From zipmex, Charts From Tradingview