Technical Analysis
BTC/USDT
This week, US inflation data alleviated some of the concerns over inflationary pressures stemming from trade tariffs. The fact that CPI and PPI data came in below expectations reinforced expectations in the markets about the possibility of an interest rate cut by the Fed. On the other hand, we see that countries, along with corporate companies, are now talking more about Bitcoin. Following Ukraine’s reserve move, the Russian Central Bank declared Bitcoin the best performing asset of April. In addition, the Central Bank of Saudi Arabia announced that it has a stake in Strategy, which it indirectly invests in, while Méliuz, a public company in Brazil, attracted attention with a Bitcoin investment of $ 28.4 million.
Looking at the technical outlook, in the previous analysis, we stated that BTC formed a double bottom formation in the horizontal band range by testing 101,400 support. With this pattern, it seems that the technical structure is also preparing a suitable ground for upward movement. As a matter of fact, the price confirmed this structure by rising to 104,000. While the Wave trend oscillator maintains its buy signal, the Williams Trailing Stop and Alligator indicators continue to support the uptrend. However, the squeeze momentum indicator has not yet crossed into positive territory. This shows that the current movement is weak in terms of momentum. In case of a strengthening in momentum with closures above 104,000, a break of the 105,000 resistance level can be expected. If a voluminous breakout occurs, the selling positions concentrated at 106,000 in liquidation data will appear as the first strong resistance. Breaching this level may lead BTC to approach the ATH levels again and increase risk appetite in the market. On the other hand, the 102,350 level will be monitored as short-term support if the price rejects the 104,000 – 105,000 band. If this level is also lost, the 101,400 level will gain importance for BTC as critical support within the “triple bottom” pattern.
Supports 102,350 -101,400 -100,000
Resistances 104,200 – 106,000 – 107,000
ETH/USDT
ETH fell below the $2,533 support level with high volatility yesterday evening, but managed to hold above the support level by recovering with strong purchases from this region. After this reaction, an upward acceleration was observed towards the night hours and the price rose as high as $2,600. This movement can be considered as a remarkable development in terms of short-term recovery signals.
On the technical indicators side, the Chaikin Money Flow (CMF) indicator stands out in particular. The fact that CMF moved out of negative territory and into positive territory indicates that the liquidity entering the market is increasing and the buy side is regaining strength. This kind of liquidity flow creates a positive ground for the sustainability of the upward movement. On the other hand, the Relative Strength Index (RSI) indicator has also started an upward movement again with support from the 50 level. This turn in the RSI indicates that momentum has started to strengthen and market participants are showing interest in buying positions. When the Ichimoku indicator is analyzed, the fact that the price has moved back above the tenkan and kijun levels indicates that the current recovery is technically supported. In particular, the achievement of these levels confirms that the market has moved to a positive outlook in the short term.
As of the general outlook, it is likely that the upward movement will continue if there is a persistence above the $2,600 level during the day. In this context, the level of $2,645 is important as short-term resistance. Exceeding this level is a critical threshold in terms of spreading the rise to higher time frames. On the other hand, the $2,533 level continues to be monitored as the main support in downward movements. A break below this level may cause selling pressure to increase and the price to turn to lower support levels.
Top of Form
Below the Form
Supports 2,533 – 2,254 – 2,131
Resistances 2,799 – 3,062 – 3,246
XRP/USDT
XRP faced a sharp selling pressure after closing below the $2.47 support level, as predicted in last night’s analysis, and the price fell as low as $2.39. However, the price, which could not hold at this level, continued its decline and dropped to the level of $2.35. This level also corresponded to the upper band of the kumo cloud on the ichimoku indicator. With the reaction purchases coming from exactly this technical zone, the price managed to recover again and rise above the $2.39 level.
On the technical indicators side, it is noteworthy that the Chaikin Money Flow (CMF) indicator, while still in positive territory, has come very close to the zero line with the sharp decline. This confirms that there has been a significant outflow of liquidity from the market and buyers remain under pressure. Although the CMF’s continued stay in positive territory provides limited hope, the loss of momentum in the indicator reveals that the buying pressure has weakened. On the other hand, although a limited recovery is seen in the Relative Strength Index (RSI) indicator, it continues to be weak in terms of its overall structure. The fact that the RSI is still at low levels suggests that buyers have not been able to establish a strong control in the market and that the price may encounter resistance in upward movements. The Ichimoku indicator has started to generate short-term negative signals. The fact that the tenkan level crosses the kijun level downwards can be considered as a reflection of the weakening price structure. This crossover is generally considered a negative technical signal. However, it is noteworthy that the price still remains above the kumo cloud. Although the cloud zone has been touched, the fact that it has not yet been entered suggests that the bearish signal has not been fully confirmed. Therefore, price action in this area should be closely monitored.
In general terms, the weakness in technical indicators and the fact that the price has tested important support levels downwards in a short time leads the market to remain cautious. In this context, it seems possible that the price may enter the accumulation process in the 2.35 – 2.39 dollar band for a while. However, if the $2.39 level is broken down again, the possibility that the price will sag into the kumo cloud and a deeper correction movement will increase. On the other hand, regaining the $2.47 level creates a strong technical recovery signal, and closures above this level could pave the way for an upward acceleration.
Supports 2.3928 – 2.2154 – 2.0841
Resistances 2.4765 – 2.5900 – 2.8347
SOL/USDT
Metamask is launching its long-awaited Solana (SOL) integration later this month. Sygnum now allows staked SOL to be used as collateral for Lombard loans, combining fiat liquidity access with staking rewards in a single transaction. Solana, network revenue rose to a 3-week high.
SOL price continued its sideways trend. The asset tested the base level of the uptrend, which is a place of strong resistance, and failed to hold there and continued to retreat. The price, which is currently supported by the 50 EMA (Blue Line), managed to hold here and is above the $171.82 level. If the retracements continue, the 200 EMA (Black Line) should be followed. On the 4-hour chart, the 50 EMA (Blue Line) continued to hold above the 200 EMA (Black Line). This suggests that the upward trend may continue in the medium term. However, the gap between the two moving averages is too wide, which could lead to a pullback. In addition, the fact that the price is above both moving averages indicates that the upside potential of the overall market is strong. Chaikin Money Flow (CMF-20) has crossed into positive territory; in addition, an increase in daily inflows may move CMF to the middle of the positive zone. Relative Strength Index (RSI-14) is neutral and below the downtrend that started on May 9, indicating that selling pressure is likely. The $181.75 level stands out as a strong point of resistance in the event of a rally on the back of macroeconomic data or positive news on the Solana ecosystem. If this level is broken upwards, the rise can be expected to continue. If there are pullbacks due to contrary developments or profit realizations, the $163.80 level may be retested. In case of a decline to these support levels, the increase in buying momentum may offer a potential bullish opportunity.
Supports 171.82 – 163.80 – 150.67
Resistances 181.75 – 189.54 – 200.00
DOGE/USDT
The DOGE price was slightly bullish. The asset continues to be in the downtrend that started on May 11. Testing the 50 EMA (Blue Line), the price accelerated from there and broke the strong resistance at $0.22632 and is set to test the ceiling of the downtrend. This downtrend has also formed a flag formation. If it breaks to the upside, a rise of about 45% could occur. On the 4-hour chart, the 50 EMA (Blue Line) continued to be above the 200 EMA (Black Line). The fact that the price is above both moving averages suggests that the asset has a bullish bias in the short term. The Chaikin Money Flow (CMF-20) indicator is in positive territory. In addition, an increase in money inflows may move CMF to the upper level of the positive zone. Relative Strength Index (RSI-14) is at a neutral level. The $0.25025 level stands out as a strong resistance zone in the case of possible rises in line with political developments, macroeconomic data or positive news flow in the DOGE ecosystem. In the opposite case or possible negative news flow, the $0.21154 level may be triggered. In case of a decline to these levels, the increase in momentum may start a new bullish wave.
Supports 0.22632 – 0.21154 – 0.19909
Resistances .25025 – 0.28164 – 0.30545
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