Bitcoin, the leading cryptocurrency, is attempting to break out of a recent narrow trading range, while altcoins show increased activity. As the market emerges from the holiday lull, analysts are keen to interpret the latest chart patterns for BTC, ETH, and BNB Coin.
Bitcoin bulls are not facing a tough battle, with supportive news flow. If BTC can surpass the general resistance at $44,700, a rising triangle formation could be completed, potentially leading to a test of the $49,178 target zone. However, a drop below the triangle could invalidate this bullish forecast, risking a pullback to $40,000 or even a dip to $37,980, which would be worrisome for altcoins.
The approval of a spot Bitcoin ETF is a significant move that could enhance market liquidity and attract long-term institutional investments. This could counteract a potential “sell the news” event, with investors viewing it as the last buying opportunity. The first week of ETF listings, likely next week, will be crucial for daily trading volumes. Technical analysis requires a focus on details and market dynamics, alongside the usual FOMO and FUD.
Ethereum‘s price trajectory has been less than stellar over the past two years, with large sellers aggressively targeting low-profit margins. A minor advantage for the bulls is the price staying above the 20-day EMA of $2,270. If ETH can climb above $2,446, it may aim for new highs between $3,000 and $3,500. Investors are aware of the potential negative scenarios, given frequent visits to support zones.
BNB Coin’s price correction is being contained by bulls within the $309-300 range, aided by the positive outlook for BTC. A recovery from this support could see bulls aiming for levels between $326 and $338, with the next target at $350. Conversely, a bearish turn could lead to a drop to $291.
Overall, the crypto market is at a critical juncture, with key resistance levels in sight for major cryptocurrencies. The outcome of these technical patterns could set the tone for the market’s direction in the coming weeks.
