Weekly Crypto Market Brief

On Sunday night, Bitcoin closed with a potentially cycle-shifting bullish candle on the weekly chart, as it printed a candle with a shorter wick than its body for the first time in 4 weeks. It had been undergoing a consolidation phase with its chopping behaviour, with buyers operating aggressively in the $37-38k region and sellers intervening in the $42-43k region. Should a swing move materialize to the upside, the coming week needs to reflect more bullish price action, with a weekly close above $42.5k needed for such a move.

Binance Coin (BNB) has been operating in the $340-445 range since its price fall in January 2022. Trading below the 233 MA on the daily chart, it appears to have undergone an accumulation phase in the recent period. A break and hold above the $410 resistance level is needed to potentially reverse the trend, which could be a possibility as it appears to have broken the 50 EMA on the daily chart at the time of writing.

KuCoin Token (KCS) has been consolidating nicely in the $17.5-21 zone, ever since its V-shaped reversal in late January and early February 2022, which came on the back of a significant price drop. It had fallen through the 50 EMA support on the daily chart on three separate occasions, and is currently holding it as resistance. A break of this level and a successful holding of it as support could precede a larger move to the upside, while a break and close below the $17.6 support would pave the way for a bearish scenario for the exchange token.

Gate Token (GT) has endured a significant consolidation period, trading in the $4.8-8.4 period since November 2021. Many of its daily candles between November 2021 and February 2022 have had huge wicks in both the upper and lower directions, implying significant selling and buying volumes at the resistance and support levels, potentially due to whale activity. With the 50 EMA on the daily chart being hugged by the price candles in alternating support and resistance roles, it remains to be seen when the spot traders will enter the market to influence the token price, as it has currently been dominated by derivatives traders in its current consolidation zone.

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