Bitcoin (BTC) bottoming out is pulling altcoins up

Bitcoin is ending its correction for the time being and is stabilizing above the US $ 10,000. In particular, many top 100 Altcoins from the DeFi sector – after a bloodbath the previous week – can again increase in value significantly.

Bitcoin can end its slide of last week for the time being and bottom out above the psychological mark of $ 10,000

The reserve currency is currently trying to attack the strong resistance at USD 10,580. The market as a whole can also benefit significantly from this positive development. After significant price setbacks in the DeFi coins in the previous week, investors are currently taking courage again and ensuring significant price increases among the top 10 and top 100 altcoins.

More than half of the 100 largest cryptocurrencies are increasing in double-digit rates on a weekly basis and can for the most part offset large parts of the previous week’s losses. In addition to the strong performance of Ethereum (ETH) caused by the DeFi hype, the bullish development of the Binance Coin (BNB) in recent weeks stands out in particular. The crypto exchange now also seems to benefit from the increased listing of various new DeFi projects.

After a strong previous week, the Binance Coin BNB can also convince this week and increase in value by around 40 percentage points. The bulls were able to dynamically overcome the old weekly high of 29.92 US dollars and let the Binance Coin rise directly to the price target proclaimed from the last analysis at 32.56 US dollars. Although the BNB rate corrected briefly this Monday morning back to the purple support area at 29 US dollars, it is currently rising again significantly and is trading at the weekly high at 31.97 US dollars. If this mark is also breached upwards, the next bullish price target is now US $ 35.76 (Fibonacci 88 retracement).

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If the bulls can overcome this resist at the daily closing price, a subsequent rise to the all-time high of 39.69 US dollars is very likely. A sustained bullish price rally could cause the BNB price to break out to the 127 Fibonacci extension at 48.75 US dollars in the medium term. Even an increase to the 138 Fibonacci extrension at $ 52.48 is conceivable in the coming weeks. Temporary price setbacks up to the annual high of USD 27 are to be used for new long entries.

If, on the other hand, the overall market falls significantly in the coming days and the Bitcoin falls below 9,800 US dollars, a price setback can also be expected at BNB. If the BNB price slips below the annual high of $ 27 and falls back below the red support area at $ 25.80, the first important price target is 24.93. The EMA20 (red) and the old breakout level run here. If this mark in the chart does not stop, price targets at 23.03 US dollars (50s Fibonacci retracement) and below that at 21.76 US dollars come into focus.

In this area, the supertrend from the daily chart, which should have a halting effect, runs. If, contrary to expectations, this support is also undercut at the daily closing price, this activates the maximum price target of 19.45 US dollars. The EMA200 (blue), which represents a strong support, runs at this mark on the chart. The picture for the Binance Coin only deteriorates significantly below 19 US dollars. For the time being, however, this variant is only to be understood as an alternative scenario.

Veröffentlicht am Kategorien Bitcoin