Disclaimer: The findings of the next evaluation are the only opinions of the author and shouldn’t be thought-about funding recommendation.
Bitcoin [BTC] paddled laborious to keep above the $19.8k mark over the day prior to this. The efforts of the bulls have been rewarded in current hours as BTC noticed a small surge previous the $21k degree.
Resistance lies at $23.3k subsequent, and a Bitcoin transfer greater might usher in near-term positive factors for the altcoin market. The Sandbox had some energy in current hours as the value climbed previous the $0.89 mark. Yet, a zone of powerful resistance was forward for SAND at $0.97.
SAND- 1 Hour Chart
The Fibonacci retracement ranges (pale yellow) have been plotted based mostly on SAND’s transfer from $1.4 to $0.73 over the previous two weeks. They confirmed the 23.6% and 38.2% retracement ranges to be at $0.89 and $0.98 respectively.
These ranges are robust resistance ranges. $0.89 has been crushed at press time. However, the $0.97 (dotted white) represents an area excessive. It was a decrease excessive on the chart within the current downtrend. At press time, the market construction was bearish.
Yet, the $0.89 was crushed and the $0.97 remained to be crushed, so as to flip the short-term bias to bullish. On the opposite hand, the $0.96-$1 area has supplied stiff resistance to the value up to now week. Therefore, rejection can’t be dominated out both.
On the hourly timeframe, the momentum indicators confirmed bullish momentum. The RSI was above impartial 50 and has defended the impartial 50 line as help. This indicated that the consumers have the higher hand. Similarly, the Awesome Oscillator has additionally managed to stay above the zero line to present upward impetus.
However, the A/D line was worrisome for the consumers. The indicator has been headed decrease and decrease in current days. Despite the surging value, there was no upward spike within the A/D. The inference right here was that purchasing quantity has not been vital. Hence, the SAND transfer towards $0.97 might face rejection and a leg downward within the coming days.
Even although the decrease timeframe indicators signaled bullish momentum, there was a scarcity of demand for SAND up to now few days. Unless demand arrived, a real uptrend may not materialize.
The $1 degree can also be a psychological resistance. Patience was essential, and if SAND managed to flip $1 to help, then the upward momentum can possible be sustained. Else, a reversal again towards $0.8-$0.75 could possibly be on the playing cards.