Trader outlines prospects for Bitcoin price movement.

The current market picture is provided by analyst Top Traders and practicing trader Timur Gribennikov.

Bitcoin

Last week closed negatively for the bulls, but on Monday buyers held above the 50-day moving average on the daily timeframe. A rebound occurred from the buyers’ zone on the RSI; the price was not allowed to re-enter the ATZ (active trading zone).

At the time of writing, the initial target for the move is to breach the local high at $45,821 and push into the ATZ of $46,000–$50,000.

S&P 500 and NASDAQ100

The American stock market began the week on a positive note, aided by a temporary easing of geopolitical tensions and solid results from the Federal Reserve’s meeting.

The S&P is forming a double bottom (DB) and shows a bounce from the main 250-day moving average on the daily timeframe. NASDAQ100 is also forming a double bottom, but remains below the main moving averages.

According to RSI, both instruments are in neutral territory.

Avalanche

Avalanche (AVAX) showed strong momentum this week. As expected, after retesting a local downtrend line, on the second attempt the bulls breached the main downtrend. The 12-hour candle closed above the MA200.

A shallow intraday pullback is expected and the move is set to continue. Across all indicators, a continuation of the rally appears likely. The only obstacle remains the RSI downtrend line, which should be breached sooner while the bulls keep the initiative.

If these conditions are met, one can expect growth with a view to surpassing the all-time high.

Solana

Solana (SOL) continues to show weak activity. If Bitcoin keeps rebounding, there is a chance of drawing the DB, and Solana would move into a normal rebound. At present, long trades are not a priority.

Terra

Terra (LUNA) on the daily timeframe retraced the RSI’s downtrend, and is now in neutral territory.

There is a chance to draw a double bottom. Otherwise, bulls’ activity can be considered weak, which cautions against trading long until the impulse and the updating of the local high, after which one can accumulate on a pullback.

Near

Buyers failed to hold the edge — Near (NEAR) fell into the ATZ. RSI retraced the downtrend from below. In this situation, one should wait for a breakout — the price breaking out of the ATZ in either direction.

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