Analyst and author of the образовательного курса по трейдингу, Dmitry Perepelkin, explains the current market situation.
Since mid-March, Bitcoin’s uptrend has remained intact. Within it, a pattern known as the ‘Symmetrical Triangle’ has formed, characterised by two converging lines of support and resistance. The pattern arises from the tug-of-war between buyers and sellers. A break above the triangle’s upper boundary would signal a continuation of the uptrend, with the price then heading toward the historical resistance level of $13,000.
On the Ichimoku Cloud indicator, price has bounced off the lower boundary of the ‘cloud’, but remains between its lower and upper bounds. When price is above the ‘cloud’, this indicates the uptrend remains intact, whereas breaking below the lower boundary signals a weakening of the uptrend.
On the ETH/USD (Coinbase) chart, the pattern ‘Triangle with a flat bottom’ has formed. The formation of this pattern indicates that sellers are slowly pressing the price down, but buyers are resisting, as evidenced by the long wicks from the $360 support level. The logic is the same as with the ‘Symmetrical Triangle’ — a break above the upper boundary would signal further upside.
Interesting dynamics are developing in the BNB/USDT pair on Binance. The price is moving decisively higher, making new highs and bouncing strictly off the inclined support line. Such a clear pattern is encountered fairly often in top-five cryptocurrencies by market capitalisation. BNB is currently testing the support level again.
In past reports I have repeatedly drawn attention to the ZRX/USDT pair, and the price has not let us down yet. Initially, ZRX bounced a few times from the $0.31 support level; now the price continues higher within an ascending channel.
Pay attention to the pinbars at the sloped support level. They indicate the strength of buyers.
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