After several weeks with prices moving sideways at resistance in most of the large cap tokens, this week we have seen a bearish rejection reaction, which in the case of $BTC reaches the first target we set last week at $22k and with which we keep a constant monitoring of its evolution. If this range of $20.5k-$21.6k fails to stop the fall, the next impulse could take us to $18.5k.
With this rejection we can consider the consolidation phase that we expected for this month to have started and which should leave us with a higher low than the previous ones to confirm that the scenario we have proposed is the correct one. If, on the other hand, the corrective movement is pronounced and leaves a low below the support, we would have a bearish continuation scenario that would change from a consolidation phase to a distribution phase.
This corrective movement of $BTC has led to a weekly result of -5%, slightly more favourable than other tokens we have discussed in previous weeks such as $FTM or $GALA, which have suffered a correction of close to -20%.
But this week we have seen some tokens with positive results, such as $SYS (+36%), $CHR (+12%) or $SKL (+48%). Although it should be noted that these are some of the tokens that had maintained a less exponential evolution during previous weeks and that during the last few days have generated this momentum that has led to the positive closing of the week.
Perhaps the most outstanding case is that $SKL, the SKALE token had been in a low area for several months and respecting the last decreasing high at $0.045, but this week it has generated a movement to break through this high, breaking $0.06.
This upward movement has occurred with increasing volume and with the RSI crossing the 70 zone, which makes us consider a scenario in which we can expect some correction in the coming days and then see a bullish response that could seek a test of the monthly high or even the $0.08 resistance.
Another token that I would like to highlight this week is $CHR, the Chromia token generated bullish momentum last Thursday, reaching resistance levels in the $0.23/$0.25 price zone.
This resistance has stopped the rise of the price, causing it to fall to the area of the highs of last week, but for now it continues to respect the trend that has been created since the beginning of the year.
We will see if this trend is prolonged over time giving rise to a scenario of a change in the main trend or if, on the contrary, this trend ends up running out of steam generating a reactivation of the underlying bearish trend.
Finally I would like to highlight the result of $SYS, the @SYSCOIN. Token has been the last to generate an exponential upward movement, triggered from Friday and that has left a breakout movement at $0.20.
This movement could be the beginning of a change of trend that could take the price to $0.40 in the medium/long term, but it still has a long way to go, as $0.25-$0.26 has another level of resistance that would have to be broken to confirm this scenario.
Finally, remember that nothing discussed in our articles can be considered as investment advice. Everyone must do their own analysis and develop their own trading strategy. The BELOBABA team only shows analysis and investment tools, and how they help us in our operations when making decisions.