Disclaimer: The findings of the next evaluation are the only real opinions of the author and shouldn’t be thought of funding recommendation.
Bitcoin [BTC] paddled laborious to keep above the $19.8k mark over the day past. The efforts of the bulls have been rewarded in current hours as BTC noticed a small surge previous the $21k stage.
Resistance lies at $23.3k subsequent, and a Bitcoin transfer larger might usher in near-term good points for the altcoin market. The Sandbox had some power in current hours as the value climbed previous the $0.89 mark. Yet, a zone of robust 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 sturdy resistance ranges. $0.89 has been overwhelmed at press time. However, the $0.97 (dotted white) represents a neighborhood 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 overwhelmed and the $0.97 remained to be overwhelmed, so as to flip the short-term bias to bullish. On the opposite hand, the $0.96-$1 area has provided stiff resistance to the value previously week. Therefore, rejection cannot 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 assist. This indicated that the patrons 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 patrons. 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 important. 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 an absence of demand for SAND previously few days. Unless demand arrived, a real uptrend may not materialize.
The $1 stage can be a psychological resistance. Patience was vital, and if SAND managed to flip $1 to assist, then the upward momentum can probably be sustained. Else, a reversal again towards $0.8-$0.75 might be on the playing cards.