Značka: Price analysis

Price analysis 1/28: BTC, ETH, BNB, ADA, SOL, XRP, LUNA, DOGE, DOT, AVAX

Bitcoin (BTC) and most major altcoins are turning down from overhead resistance levels, indicating that the sentiment remains negative and traders are selling on every available opportunity.Decentrader analyst Philip Swift said that the on-chain spent profit output ratio (SOPR) metric, which aggregates the price of purchase versus price sold during a given period, indicates that traders are selling their Bitcoin holdings for a loss.Another metric that is worrying traders is the funding rates, which has further slipped into the negative territory following comments by the U.S. Federal Reserve. Crypto research firm Delph Digital expects Bitcoin to “make a lower low after recently testing the $34K level.”Daily cryptocurrency market performance. Source: Coin360Among several bearish projections, there was an uber bullish long-term forecast by Cathy Wood’s Ark Invest. The report projected Bitcoin’s price to cross $1 million by 2030 and Ether to reach between $170,000 to $180,000 during the same period.Could Bitcoin and most major altcoins bottom out near current levels? Let’s study the charts of the top-10 cryptocurrencies to find out.BTC/USDTBitcoin is facing stiff resistance in the overhead zone between $37,332.70 to $39,600. This suggests that bears are unwilling to let go of their advantage and are selling on rallies.BTC/USDT daily chart. Source: TradingViewThe pullback of the past few days has resolved the oversold levels in the relative strength index (RSI). The bears will now attempt to resume the downtrend by pulling the BTC/USDT pair below $32,917.17. If they succeed, the next stop could be $30,000.Alternatively, if the price turns up from the current level and rises above $37,332.70, it will suggest accumulation at lower levels. The buyers will then attempt to push the price above the 20-day exponential moving average ($39,714) and challenge the 50-day simple moving average ($44,428). A break and close above this resistance will signal that the downtrend could be over.ETH/USDTEther (ETH) surged above the overhead resistance at $2,652 on Jan. 26 but the bears sold aggressively at higher levels and pulled the price back below the channel.ETH/USDT daily chart. Source: TradingViewSince then, buyers have struggled to push the price back inside the channel. The bears will now try to resume the downtrend by pulling the price below the Jan. 24 intraday low at $2,159. If they succeed, the ETH/USDT pair could drop to $2,000 and then to $1,700.The RSI is stuck inside the oversold zone for the past few days, suggesting that the selling may have been overdone in the near term. Therefore, the bulls may again attempt a relief rally, which could reach the 20-day EMA ($2,856). This is an important hurdle for the bulls to cross because the previous three relief rallies had turned down from the 20-day EMA.BNB/USDTBinance Coin (BNB) rebounded off the $330 support and re-entered the descending channel on Jan. 25 but the bulls are struggling to push the price toward the 20-day EMA ($424). This suggests a lack of demand at higher levels.BNB/USDT daily chart. Source: TradingViewThe bears will sense an opportunity and try to pull the price back toward the strong support zone at $330 to $320. This is an important zone for the bulls to defend because if it cracks, the BNB/USDT pair could plummet to $250.Contrary to this assumption, if the price rises from the current level, the bulls will try to thrust the pair above the 20-day EMA. If they succeed, the pair could rally to the resistance line of the channel. A break and close above the channel will signal that the downtrend could be over.ADA/USDT Cardano (ADA) has been trading near the psychological support at $1 for the past few days. This suggests that bulls are defending the support but have failed to push the price higher.ADA/USDT daily chart. Source: TradingViewThe downsloping moving averages and the RSI in the negative territory suggest that the path of least resistance is to the downside. If bears sink and sustain the price below $1, the ADA/USDT pair could drop to $0.80.This negative view will invalidate in the short term if the price bounces off the current level and breaks above the moving averages. The pair could then test the resistance line of the channel. The bulls will have to clear this barrier to signal a possible change in trend.SOL/USDTSolana (SOL) has been trading close to the support line of the descending channel for the past few days. This suggests that bulls are defending the support line but haven’t been able to achieve a strong rebound off it.SOL/USDT daily chart. Source: TradingViewThe RSI has been trading in the oversold territory for the past few days, signaling that the correction may have been overdone in the short term. This indicates the possibility of a consolidation or minor pullback in the next few days.If that happens, the SOL/USDT pair could rise to the 20-day EMA ($118). A break and close above this level could clear the path for a possible rally to the resistance line of the channel.This short-term positive view will invalidate if the price turns down and dives below the channel. The pair could then drop to $66.XRP/USDTThe bulls attempted to push Ripple (XRP) above the overhead resistance at $0.65 but the long wick on the day’s candlestick suggests that bears are in no mood to relent.XRP/USDT daily chart. Source: TradingViewBoth moving averages are sloping down and the RSI is in the oversold territory, indicating that bears are in command. The sellers will now attempt to sink the XRP/USDT pair below $0.54 and challenge the psychological support at $0.50.This negative view will invalidate if bulls push and sustain the price above the 20-day EMA ($0.68). Such a move will be the first sign that the selling pressure could be reducing. The pair may then rally to the overhead resistance at $0.75.LUNA/USDTTerra’s LUNA token has again slipped to the support line of the descending channel. This suggests that traders continue to sell on rallies.LUNA/USDT daily chart. Source: TradingViewThe downsloping 20-day EMA ($68.8) and the RSI near the oversold territory indicate that bears have the upper hand. If bears sink the price below the support line of the channel, the selling could intensify and the LUNA/USDT pair may plummet to $37.82.Contrary to this assumption, if the price rebounds off the current level, the bulls will make one more attempt to push the pair to the 20-day EMA. This level is again likely to act as a stiff resistance but if the bulls overcome it, the pair may rally to the downtrend line.Related: Defying the bear market, this automated strategy is up 15% so far in 2022DOGE/USDTDogecoin (DOGE) turned down from the 20-day EMA ($0.15) on Jan. 26, indicating that bears are selling near this overhead resistance. The price is back inside the tight range at $0.15 to $0.13.DOGE/USDT daily chart. Source: TradingViewWhile the downsloping 20-day EMA indicates advantage to bears, the bullish divergence on the RSI suggests that the selling pressure could be reducing. This state of uncertainty is unlikely to continue for long.If bulls push and sustain the price above the 20-day EMA, the DOGE/USDT pair could rise toward the overhead resistance at $0.19. Conversely, if the price slips and closes below $0.13, the pair could drop to the psychological support at $0.10. DOT/USDTPolkadot (DOT) has been trading near the strong support at $16.81 for the past few days but a minor negative is that the bulls have not been able to achieve a powerful rebound off it. This indicates a lack of demand at higher levels.DOT/USDT daily chart. Source: TradingViewThe bears will now try to pull and sustain the price below $16.81. If they manage to do that, the selling could intensify and the DOT/USDT pair may drop toward the next major support at $10.37. The downsloping moving averages and the RSI in the oversold zone suggest the path of least resistance is to the downside.Conversely, if bulls drive the price above $20.16, it will suggest a pick-up in demand. The pair may then rise to the 50-day SMA ($25.44). This is an important level to watch out for because a break above it will signal a possible change in trend.AVAX/USDTThe long wick on Avalanche’s (AVAX) Jan. 26 candlestick shows that bears are defending the breakdown level at $75.50. The bears will now try to pull the price to the strong support at $51.04. AVAX/USDT daily chart. Source: TradingViewIf the price rebounds off $51.04, it will suggest that bulls are buying on dips to this level. That could keep the AVAX/USDT pair range-bound between $75.50 and $51.04 for a few days. A break and close above $75.50 will be the first indication that the correction could be over. The pair could then rise to the downtrend line. Alternatively, if the price breaks below $47.66, the next leg of the downtrend could begin. Until then, the pair could remain volatile inside the range.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.Market data is provided by HitBTC exchange.

Čítaj viac

Price analysis 1/26: BTC, ETH, BNB, ADA, SOL, XRP, LUNA, DOGE, DOT, AVAX

Bitcoin (BTC) and most major altcoins have bounced off their strong support levels but could the rally sustain to the extent that traders feel confident that a bottom in place? Bloomberg Intelligence senior commodity strategist Mike McGlone said that Bitcoin’s price is “about 30% below its 20-week moving average,” roughly at the same position, which had led to bottom formations in March 2020 and July 2021.Although Bitcoin has corrected sharply in January, the exchanges’ balances dropped from 2.428 million Bitcoin on December 28 to 2.366 million Bitcoin on Jan. 24, according to data from CryptoQuant. This indicates that investors may be stashing away their recent purchases safely.Daily cryptocurrency market performance. Source: Coin360However, it may not be a V-shaped recovery for Bitcoin as volatility is likely to remain high. Traders will keenly watch the U.S. Federal Reserve’s decision following the conclusion of its two-day policy meeting on Jan. 26. Could Bitcoin and most major altcoins extend their relief rally? Let’s study the charts of the top-10 cryptocurrencies to find out.BTC/USDTThe long tail on Bitcoin’s Jan. 24 candlestick shows aggressive buying at lower levels. Sustained buying by the bulls has propelled the price above the immediate resistance at $37,332.70.BTC/USDT daily chart. Source: TradingViewThe BTC/USDT pair could now reach the 20-day exponential moving average ($40,438), which has been acting as a strong resistance during relief rallies. If the price turns down from this resistance, the bears will try to pull the pair below $32,917.17. If they succeed, the pair could drop to the strong support at $30,000.Conversely, if the price breaks above the 20-day EMA, the pair could rally to the 50-day simple moving average ($44,935). A break and close above this resistance will be the first sign that the corrective phase could be over. The pair could then challenge the 200-day SMA ($48,750).ETH/USDTEther (ETH) sharply bounced off $2,159 on Jan. 24, as seen from the long tail on the day’s candlestick. This suggests that bulls are aggressively buying at lower levels.ETH/USDT daily chart. Source: TradingViewSustained buying has pushed the price back into the channel today. This is the first sign of strength. The buyers will now attempt to push and sustain the price above the overhead resistance at $2,652.If they manage to do that, the ETH/USDT pair could rise to the 20-day EMA ($2,966). The bears are likely to mount a strong defense of this level.If the price turns down from the 20-day EMA, it will suggest that sentiment remains negative and traders are selling on rallies. The bears will then again try to resume the downtrend by pulling the pair below $2,159.BNB/USDTBinance Coin (BNB) rebounded sharply off the $330 support on Jan. 24 as seen from the long tail on the day’s candlestick. This suggests that buyers are aggressively accumulating near $330.BNB/USDT daily chart. Source: TradingViewThe bulls pushed the price back inside the channel on Jan. 25 and will now attempt to drive the BNB/USDT pair to the 20-day EMA ($435). If this hurdle is overcome, the pair could rally to the resistance line of the channel.On the contrary, if the price turns down from the current level or the 20-day EMA, it will suggest that traders continue to sell on rallies. The bears will then again try to sink the pair below the strong support zone at $330 to $320.ADA/USDT Cardano (ADA) is attempting to bounce off the strong support at $1, indicating that bulls are buying on dips to this level. The relief rally could now reach the 50-day SMA ($1.28).ADA/USDT daily chart. Source: TradingViewIf bulls thrust the price above the 50-day SMA, the ADA/USDT pair could rally to the resistance line of the descending channel. A break and close above the channel will signal a possible change in trend.Conversely, if the price turns down from the moving averages, it will suggest that bears continue to sell on rallies to strong resistance levels. The bears will then again attempt to sink and sustain the price below $1. If they succeed, the pair could decline to $0.80.SOL/USDTThe bulls again successfully defended the support line of the descending channel on Jan. 24 as seen from the long tail on the day’s candlestick. If bulls push the price above $104.82, Solana (SOL) could reach the 20-day EMA ($125).SOL/USDT daily chart. Source: TradingViewA break and close above the 20-day EMA will be the first sign that the selling pressure could be reducing. The SOL/USDT pair could then rise to the resistance line of the descending channel. The bulls will have to push the price above the channel to signal a change in trend.Conversely, if the price turns down from the 20-day EMA, it will suggest that bears continue to sell on rallies. The bears will then again try to sink the pair below the channel. If they succeed, the bearish momentum could pick up and the pair could drop to the psychological support at $50.XRP/USDTRipple (XRP) has been trading inside a tight range between $0.65 and $0.54 for the past few days. This suggests that both bulls and bears are playing it safe and not waging large bets.XRP/USDT daily chart. Source: TradingViewThe downsloping 20-day EMA ($0.70) and the relative strength index (RSI) near the oversold territory indicate that bears have the upper hand. If the price turns down from $0.64, the XRP/USDT pair could plummet to the psychological support at $0.50.Contrary to this assumption, if bulls drive the price above $0.64, the pair could challenge the 20-day EMA. A break and close above this resistance could open the gates for a rise to the 50-day SMA ($0.79). The bulls will have to clear this hurdle to signal a possible change in trend.LUNA/USDTTerra’s LUNA token continues to trade inside the descending channel pattern. The downsloping 20-day EMA ($73) and the RSI in the negative zone indicating advantage to sellers.LUNA/USDT daily chart. Source: TradingViewIf bears pull the price below $59.13, the LUNA/USDT pair could again drop to the support line of the channel. This level has held during the previous two declines, hence the bulls will again try to defend it.If they do, the pair could rise to the 20-day EMA and then rally toward the downtrend line of the channel. A break and close above the channel will be the first sign that the downtrend could be over. Related: Can DeFi and CeFi coexist? Three takeaways from experts panelDOGE/USDTThe buyers once again purchased the dip below $0.13 on Jan. 24 as seen from the long tail on the day’s candlestick. This started a relief rally, pushing Dogecoin (DOGE) to the 20-day EMA ($0.15).DOGE/USDT daily chart. Source: TradingViewIf bulls drive the price above the moving averages, the DOGE/USDT pair could rally to the critical overhead resistance at $0.19. If the price turns down from this resistance, the pair could extend its stay inside the $0.19 to $0.13 range for the next few days.Contrary to this assumption, if the price turns down from the moving averages, it will suggest that demand dries up at higher levels. The bears will then try to pull and sustain the price below $0.13. If they do that, the pair could resume its decline to the psychological support at $0.10.DOT/USDTThe bulls have successfully held Polkadot (DOT) above the critical support at $16.81 for the past few days. This could attract further buying by short-term traders propelling the price toward the breakdown level at $22.66.DOT/USDT daily chart. Source: TradingViewThe 20-day EMA ($22.77) is sloping down and the RSI is in the negative zone, indicating that bears have the upper hand. The DOT/USDT pair is likely to face stiff resistance at this level. If the price turns down from the 20-day EMA, the bears will again try to pull the pair to $16.81. If this support holds, the pair could remain range-bound for a few days.A break and close below $16.81 could start the next leg of the downtrend while a break above the 50-day SMA ($25.88) may open the doors for a possible rally to $32.78.AVAX/USDTThe failure of the bears to sink Avalanche (AVAX) below the $51.04 to $47.66 support zone may have attracted buying from aggressive bulls who have pushed the price above the 200-day SMA ($65).AVAX/USDT daily chart. Source: TradingViewThe AVAX/USDT pair could now rise to the breakdown level at $75.50 where the bears may mount a stiff resistance. This is an important level to watch out for as the 20-day EMA ($80) is placed just above it.If the price turns down from the breakdown level, the bears will try to pull the pair below the 200-day SMA. If they succeed, the pair could again drop to $51.04. Alternatively, a break and close above the 20-day EMA could open the gates for a possible rally to the downtrend line.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.Market data is provided by HitBTC exchange.

Čítaj viac

Price analysis 1/24: BTC, ETH, BNB, ADA, SOL, XRP, LUNA, DOGE, DOT, AVAX

Bitcoin (BTC) and most major altcoins are struggling to find a bottom, indicating that traders are dumping their positions out of fear. The big question on everyone’s mind is whether the selling is over or could the decline continue?UTXO Management senior analyst Dylan LeClair highlighted that the network cost basis, the average price at which Bitcoin was last moved by various investors, is $24,000 and historically, the ratio of cost basis to price has bottomed out below 1.0. If history were to repeat itself, Bitcoin may have to fall some more to make it an attractive buy according to the metric.Daily cryptocurrency market performance. Source: Coin360Long-term investors don’t seem to be perturbed by the recent correction in Bitcoin. Glassnode data suggests that investors continue to withdraw their coins to cold storage. “Bitcoin illiquid supply is going up relentlessly,” said Lex Moskovski, chief investment officer of Moskovski Capital.Bitcoin and most major altcoins are nearing strong support levels. Could investors use their opportunity to buy or will the bears prevail? Let’s study the charts of the top-10 cryptocurrencies to find out.BTC/USDTBitcoin has been trading below the $39,600 to $37,332.70 zone for the past two days. The buyers attempted a relief rally on Jan. 23 but could not even challenge the overhead resistance at $37,332.70. This indicates weak demand at higher levels.BTC/USDT daily chart. Source: TradingViewThe selling renewed today and the bears pulled the BTC/USDT pair below the Jan. 22 intraday low at $34,008. The next support on the downside is the critical zone between $30,000 and $28,805.The oversold level on the relative strength index (RSI) suggests that the selling may be overdone in the short term. This could attract buying from traders near the support zone. If the price rebounds off this zone, the bulls will try to push the pair above $39,600.A break and close above the 20-day exponential moving average ($40,835) will be the first indication that the bears may be losing their grip. A trend change may be signaled after the price rises and sustains above the 50-day simple moving average ($45,404).ETH/USDTEther (ETH) plummeted and closed below the descending channel on Jan. 21, indicating an increase in selling pressure. The bulls tried to push the price back into the channel on Jan. 23 but failed.ETH/USDT daily chart. Source: TradingViewThis renewed the selling pressure today and bears have pulled the price below the Jan. 22 intraday low at $2,300. The ETH/USDT pair could now decline to the psychological level at $2,000 where the buyers may provide support.If the price rebounds off this level, the bulls will again try to push the price back into the channel. If they succeed, the pair could rise to the breakdown level at $2,652. Conversely, if the price breaks below $2,000, the pair could slide to the next major support at $1,700.BNB/USDTBinance Coin (BNB) plummeted below the support line of the descending channel on Jan. 21 and follow-up selling on Jan. 22 pulled the price toward the strong support zone at $330 to $320.BNB/USDT daily chart. Source: TradingViewThe buyers attempted a relief rally on Jan. 23 but the bears did not allow the price to re-enter into the channel. This indicates that bears are defending the support line of the channel. The selling resumed today and the bears will try to sink the price below the support zone.If the price sustains below $320, the BNB/USDT pair could slide to $254.50 and then to the next support at $225.40. The first sign of strength will be a break and close inside the channel. The pair could then attempt a rally to the 20-day EMA ($443).ADA/USDT Cardano (ADA) broke below the strong support at $1 on Jan. 22 but the long tail on the candlestick shows that bulls purchased the dip and defended the level successfully.ADA/USDT daily chart. Source: TradingViewHowever, a minor negative is that the bounce off $1 could not even reach the 20-day EMA ($1.24). This suggests that bears are pouncing on minor relief rallies and not waiting for higher levels to sell.The bears again pulled the price below $1 today. If they sustain the ADA/USDT pair below this level, the selling momentum could pick up. The pair could then decline to $0.80 and later to the support line of the channel. SOL/USDTSolana (SOL) nosedived below the $116 support on Jan. 21 and the price reached the support line of the descending channel on Jan. 22. Although bulls defended this level, they could not push the price to the breakdown level at $116. This indicates that buying dries up at higher levels.SOL/USDT daily chart. Source: TradingViewThe bears resumed their selling today and are attempting to sink the SOL/USDT pair below the support line of the channel. If they succeed, the selling could pick up momentum and the pair may drop to $66 and later to $58.The incessant selling of the past few days has pushed the RSI below 22. This indicates that selling may have been overdone in the short term and a relief rally is possible. The first level to watch on the upside is $116 and then the 20-day EMA ($131).XRP/USDTRipple (XRP) broke below the Dec. 4 intraday low at $0.60 on Jan. 22. There was an attempt by the bulls to start a relief rally on Jan. 23 but it did not find any takers at higher levels.XRP/USDT daily chart. Source: TradingViewThe selling resumed today and the bears are trying to pull the price to the psychological level at $0.50. This is an important support for the bulls to defend because if it cracks, the XRP/USDT pair could slide to $0.39.Contrary to this assumption, if the price rebounds off the $0.50 support, the bulls will attempt to push the pair to the 20-day EMA ($0.72). A break and close above this resistance could signal that the selling pressure may be reducing.LUNA/USDTTerra’s LUNA token rebounded off the support line of the descending channel on Jan. 22 but the recovery hit a wall at $70.22 on Jan. 23. This suggests that bears have not given up and are actively selling at higher levels.LUNA/USDT daily chart. Source: TradingViewThe moving averages have completed a bearish crossover and the RSI is in the negative territory, indicating that bears have the upper hand. The sellers will now try to pull the price to the support line.If the price rebounds off this line once again, the possibility of a move back to the downtrend line increases. Alternatively, if bears sink and sustain the price below the channel, the selling could intensify and the pair may plummet to $37.82.Related: Bitcoin ‘enters value zone’ as BTC price floor metric goes green againDOGE/USDTDogecoin (DOGE) plummeted below the strong support at $0.13 on Jan. 22 but the long tail on the candlestick shows buying at lower levels. The buyers attempted to start a recovery on Jan. 23 but higher levels attracted selling.DOGE/USDT daily chart. Source: TradingViewThe price has turned down today and the bears are attempting to pull and sustain the DOGE/USDT pair below the $0.13 support. If they succeed, the pair could start its slide toward the psychological level at $0.10.Contrary to this assumption, if the price turns up from the current level, the bulls will again try to push the pair to the 20-day EMA ($0.15). A break and close above the 50-day SMA ($0.16) could keep the $0.13 to $0.19 range into play.DOT/USDTPolkadot (DOT) plummeted below the critical support at $22.66 on Jan. 21 and reached the next support at $16.81 on Jan. 22. Although bulls defended this level, they could not extend the relief rally on Jan. 23. This indicates a lack of demand at higher levels.DOT/USDT daily chart. Source: TradingViewThe bears have resumed their selling today and are attempting to sustain the DOT/USDT pair below $16.81. If they do that, the pair could extend its decline to the next major support at $10.37.The sharp selling of the past few days has pushed the RSI into the oversold territory. This suggests that the selling may have been overdone in the short term and a relief rally could be possible. If the price turns up from the current level and rises above $19.20, the pair could rally to $22.66.AVAX/USDTAvalanche (AVAX) plunged and closed below the $75.50 support on Jan. 21, completing a bearish descending triangle pattern. The bulls defended the $51.04 support on Jan. 22 but could not push and sustain the price above the 200-day SMA ($65) on Jan. 23.AVAX/USDT daily chart. Source: TradingViewThis suggests that bears continue to sell on minor rallies. The bears have resumed their selling today and will try to pull the AVAX/USDT pair below the strong support zone at $51.04 to $47.66. If they succeed, the pair could plummet to $32.23.Conversely, if the price rebounds off the support zone, it will indicate accumulation at lower levels. The bulls will then attempt to push the pair to the breakdown level at $75.50, which is an important level to watch out for.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.Market data is provided by HitBTC exchange.

Čítaj viac

Top 5 cryptocurrencies to watch this week: BTC, LUNA, ATOM, ACH*, FTM

Bitcoin (BTC) fell close to $34,000 on Jan. 21, which reflects a 50% decline from the $69,000 all-time high made on Nov. 10, 2021. Altcoins also could not buck the trend and faced intense selling pressure, which pulled the total crypto market capitalization to $1.6 trillion, a 46% decline from its November 2021 all-time high near $3 trillion.It is not only the crypto markets that are facing selling by investors. The S&P 500 has also plummeted 8% year-to-date. However, gold has outperformed and risen about 1.76% during the period, cementing its billing as a safe haven asset.Crypto market data daily view. Source: Coin360Several retail traders who purchased Bitcoin near its all-time high are voicing their concerns on social media. However, El Salvador’s President Nayib Bukele does not seem to be worried by the recent fall as he recently announced a purchase of 410 Bitcoin at an average price of roughly $36,585 per coin.Could Bitcoin and altcoins witness a bounce after the recent carnage? Let’s study the charts of the top-5 cryptocurrencies that may outperform if a relief rally starts.BTC/USDTBitcoin plunged below the $39,600 to $37,332. support zone on Jan. 21, indicating panic selling. The selling continued on Jan. 22 and the price dipped to $34,008.BTC/USDT daily chart. Source: TradingViewThe sharp fall of the past few days has pulled the relative strength index (RSI) near the 20 level, suggesting that the selling may have been overdone in the short term. Usually, such oversold levels are followed by a consolidation or relief rally.Recovery attempts are likely to face strong resistance in the overhead zone. If the $37,332 to $39,600 zone flips into resistance, it will signal that the sentiment remains negative and traders are selling on rallies.The bears will then attempt to resume the downtrend and sink the BTC/USDT pair to the major support at $30,000. A break and close above the 20-day exponential moving average ($41,427) will be the first indication that bears may be losing their grip.BTC/USDT 4-hour chart. Source: TradingViewThe 4-hour chart shows that the pair is trading inside a descending channel pattern. The bears pulled the price below the channel but have not been able to sustain the lower levels. This suggests strong buying by the bulls who have pushed the price back into the channel.The pair could rise to the 20-EMA where the bears may again pose a stiff challenge. If the price turns down from this resistance and plummets below $34,008, the selling could intensify. Conversely, a break above the 20-EMA could open the doors for a possible rise to the resistance line of the channel.LUNA/USDTTerra’s LUNA token has been trading inside a descending channel for the past few days. The price dropped to the support line of the channel on Jan. 22 but the bulls purchased this dip aggressively as seen from the long tail on the day’s candlestick.LUNA/USDT daily chart. Source: TradingViewThe LUNA/USDT pair could attempt a pullback to the moving averages and then to the downtrend line of the channel. If bulls propel the price above the channel, the pair could rise toward $87.90 and later to $93.81.Contrary to this assumption, if the price turns down from the current level or the moving averages, it will suggest that bears are selling on every minor rally. The pair could then retest the support line of the channel. A break below this support could accelerate the selling.LUNA/USDT 4-hour chart. Source: TradingViewThe 4-hour chart shows that the relief rally has reached the 20-EMA which is an important level to watch out for. The marginally downsloping 20-EMA and RSI just below the midpoint indicate a minor advantage to bears.If bulls drive the price above the 20-EMA, the pair could attempt a rally toward the downtrend line of the channel. Alternatively, if the price turns down from the current level, the bears will fancy their chances and strive to pull the pair to the support line of the channel. ATOM/USDTCosmos (ATOM) turned down from the overhead resistance at $40 on Jan. 17 and plummeted to the 200-day simple moving average ($27.57) on Jan. 22. ATOM/USDT daily chart. Source: TradingViewThe ATOM/USDT pair has rebounded sharply off the 200-day SMA, suggesting that bulls are defending this level aggressively. The buyers will now try to push the price to the 20-day EMA ($35.91). A break and close above this level could indicate that the correction may be over. The pair could then rally to the critical overhead resistance at $44.80. This positive view will invalidate if the price turns down from the current level or the 20-day EMA and breaks below the 200-day SMA. Such a move could open the door for a possible drop to $20.ATOM/USDT 4-hour chart. Source: TradingViewThe 4-hour chart shows a double top formation, which completed on a break and close below $34. This topping out pattern has a target objective of $23.20 and the pair plunged to an intraday low at $27.31.The relief rally from the lower levels is facing stiff resistance at the breakdown level at $34. If bulls push and sustain the price above this resistance, the pair could rise to the downtrend line. A break and close above this line will suggest a possible change in trend. Related: How to pick or analyze altcoins?ACH/USDTAlchemy Pay (ACH) aims to bridge the gap between the crypto and fiat world by achieving seamless transactions between the two economies. Its recent partnership with MEXC Global will provide users with several payment options in Japan, Korea, and Indonesia.Alchemy Pay also teamed up with Algorand and Avalanche to bring direct fiat payment channels such as Visa, Mastercard, PayPal and several local payment channels to their network.A new partnership with NIUM will help Alchemy Pay lower costs for its clients in the 190+ countries where NIUM operates. NIUM’s licences in financially important regions such as the United Kingdom, Europe, U.S., Singapore, Hong Kong and Australia, will assist Alchemy Pay in penetrating these markets.The network added support to Dai after a new collaboration with MakerDAO and also announced a partnership with IoTeX (IOTX). The integration enables IOTX to be used for business-to-business (B2B) or customer-to-business (C2B) payments in several parts of the world.The project’s multiple partnerships have helped it to expand its support to more than 70 countries with 300 payment channels reaching more than 2 million merchants. ACH was also listed on Binance exchange on Jan. 10, making it easier for a larger pool of traders to transact the coin ACH has been steadily declining since hitting an all-time high in August 2021. This suggests that traders have been booking profits on rallies.ACH/USDT daily chart. Source: TradingViewTHE ACH/USDT pair plunged below the strong support zone at $0.056 to $0.045 on Jan. 21, but a minor positive is that bears could not build upon this advantage. This indicates strong demand at lower levels.If buyers push the price back above the overhead zone, several aggressive bears who may have sold recently may get trapped. This could result in a short squeeze which may push the pair to the downtrend line of the descending triangle. The bullish momentum could pick up on a break and close above the triangle. On the other hand, if the price turns down from the overhead zone, it will suggest a change in sentiment from buy on dips to sell on rallies. The bears will then attempt to sink the price below $0.03 and resume the downtrend. FTM/USDTFantom (FTM) broke above the $3.17 overhead resistance on Jan. 16 but could not clear the next hurdle at $3.48. This may have attracted profit-booking by traders, resulting in a sharp pullback. FTM/USDT daily chart. Source: TradingViewThe bears pulled the price below the 50-day SMA ($2.14) on Jan. 22 but could not sink the FTM/USDT pair to the 200-day SMA ($1.57). Strong buying by the bulls has pushed the pair back above the 50-day SMA.The bulls will now try to push and sustain the price above the 20-day EMA. If they manage to do that, the pair could retest the overhead zone. Conversely, if the price turns down from the current level or the 20-day EMA, it will suggest that traders are selling on rallies. The bears will then try to pull the pair below the 200-day SMA.FTM/USDT 4-hour chart. Source: TradingViewThe 4-hour chart shows the formation of a head-and-shoulders pattern, which had a target objective at $1.70. The pair bounced from $1.77 and has reached the 20-EMA, which is acting as a stiff resistance.If the price turns down from the current level, the bears will try to resume the downtrend and sink the pair to $1.30. Conversely, if the price rises and sustains above the 20-EMA, the pair could rally to the neckline of the bearish setup and then rise to $3.00.LEO/USDUNUS SED LEO (LEO) plunged and closed below the ascending channel pattern on Jan.21 but a minor positive is that bulls bought at lower levels and are attempting to push the price back above the moving averages.LEO/USD daily chart. Source: TradingViewIf they succeed, the LEO/USD pair could retest the overhead resistance at $3.92. A break and close above this level could indicate the resumption of the uptrend. The pair could then rise to the resistance line of the channel. If bulls thrust the price above the channel, the pair could pick up momentum. This positive view will invalidate if the price turns down from the current level and breaks below $3.37. The pair could then drop to the strong support at the 200-day SMA ($3.19).LEO/USD 4-hour chart. Source: TradingViewThe 4-hour chart shows that bulls repeatedly attempted to push and sustain the price above the overhead resistance at $3.85 but failed. This may have attracted profit-booking, resulting in a decline to the strong support at $3.40.The sharp rebound off $3.40 indicates aggressive buying at the level. The bulls will now try to push the price to $3.85. If bulls clear the overhead zone between $3.85 to $3.92, the uptrend could resume. This positive view will invalidate on a break and close below $3.40.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.*Disclaimer: ACH is a featured cryptocurrency from one of Cointelegraph’s sponsors, its inclusion did not affect this price analysis.

Čítaj viac

Price analysis 1/21: BTC, ETH, BNB, ADA, SOL, XRP, LUNA, DOT, AVAX, DOGE

Bitcoin (BTC) and most major altcoins continue to witness a bloodbath on Jan. 21 and the result of the most recent downturn has been a $200 billion reduction in market capitalization. A new report by Huobi Research, in collaboration with Blockchain Association Singapore, forecast Bitcoin to enter a bear market in 2022. The liquidity tightening measures undertaken by the U.S. Federal Reserve and other central banks across the world and the regulatory action by authorities could play spoilsport and keep crypto prices under check.Daily cryptocurrency market performance. Source: Coin360The calls for a bear market have not shaken up the resolve of MicroStrategy CEO Michael Saylor who is determined to hold on to the company’s Bitcoin holdings. Saylor said in a recent interview with Bloomberg that the firm’s strategy is to acquire and hold Bitcoin and not sell.Could Bitcoin and most major altcoins start a relief rally from their strong support levels? Let’s study the charts of the top-10 cryptocurrencies to find out.BTC/USDTBitcoin attempted a recovery on Jan. 20 when bulls pushed the price to the 20-day exponential moving average ($43,041). However, the bears had other plans as they sold this rise and pushed the price lower as seen by the long wick on the day’s candlestick.BTC/USDT daily chart. Source: TradingViewThe selling continued today and the BTC/USDT pair has broken below the strong support at $39,600. There is a minor support at $37,332.70. The bulls are likely to defend this support zone with all their might. The oversold level on the relative strength index (RSI) also points to a possible consolidation or a rebound. If the subsequent relief rally rises above the 50-day simple moving average (SMA), it will indicate that the downtrend may be over.Conversely, if the price plummets below the support zone, the bearish momentum could pick up and the pair may slide to $30,000.ETH/USDTEther’s (ETH) long wick on the Jan. 20 candlestick indicates that the trend remains negative and traders are selling on relief rallies to strong resistance levels. ETH/USDT daily chart. Source: TradingViewThe selling has continued today and bears have pulled the price below the immediate support at $2,928.83. This opens up the doors for a possible drop to $2,652 where buyers are anticipated to mount a strong defense.If the price bounces off $2,652, the bulls will again try to push the ETH/USDT pair above the 20-day EMA and the resistance line of the channel. If that happens, the pair could signal a change in trend.Conversely, if bears sink and sustain the price below $2,652, the selling could accelerate and the pair may drop to $2,000.BNB/USDTBinance Coin (BNB) turned down from the 20-day EMA ($474) on Jan. 20, indicating that bears are defending this resistance aggressively. The sellers will now try to pull the price below the Jan. 10 intraday low at $405.60.BNB/USDT daily chart. Source: TradingViewThe downsloping moving averages and the RSI in the negative territory indicate advantage to bears. If the price sustains below $405.60 and the descending channel, the selling could intensify and the pair may drop to $325.Conversely, if the price rebounds off $405.60 or the support line of the channel, the bulls will again attempt to push the BNB/USDT pair above the 20-day EMA and the resistance line of the channel. If they do that, it will signal a possible change in trend.ADA/USDT Cardano (ADA) broke and closed below the moving averages on Jan. 20. The long wick on the day’s candlestick showed that bears continue to sell on rallies.ADA/USDT daily chart. Source: TradingViewIf bears sustain the price below the moving averages, the ADA/USDT pair could drop to the critical support at $1. This is an important support to watch out for because it has not been breached on a closing basis for about ten months.If the price turns up from the current level and breaks above the moving averages, it will indicate that traders are accumulating on dips. The buyers will have to push and sustain the pair above the descending channel to signal a possible change in trend.SOL/USDTSolana (SOL) formed an outside day candlestick pattern on Jan. 20. Traders sold aggressively at higher levels and pulled the price below the immediate support at $130.SOL/USDT daily chart. Source: TradingViewThe SOL/USDT pair has dropped to the strong support at $116. If this level also fails to provide support, the decline could extend to the support line of the descending channel. The downsloping moving averages and the RSI in the oversold zone, suggest the path of least resistance is to the downside.Alternatively, if the price turns up from $116, the bulls will again try to overcome the barrier at the 20-day EMA ($146). If they manage to do that, the pair could rise to the resistance line. A break and close above the channel could signal a change in trend.XRP/USDTRipple (XRP) broke and closed below the $0.75 support on Jan. 19. The bulls tried to reclaim the level on Jan. 20 but the long wick on the candlestick shows that bears continue to sell on rallies.XRP/USDT daily chart. Source: TradingViewThe XRP/USDT pair has broken below the support at $0.69. If bears sustain the lower levels, the pair could extend its decline to $0.60. The downsloping moving averages and the RSI near the oversold territory indicate that sellers are in control.This negative view will invalidate if the price turns up from the current level and breaks above the moving averages. Such a move could suggest accumulation at lower levels. The pair could then start its up-move toward $1.LUNA/USDTTerra’s LUNA token once again turned down from the downtrend line on Jan. 20, indicating that bears continue to defend this level with vigor. LUNA/USDT daily chart. Source: TradingViewAlthough the 20-day ($79) is flattish, the RSI has slipped below 46, indicating that bears have a slight advantage. If the price sustains below $73.95, the LUNA/USDT pair could start its decline toward the critical support at $62.46.Contrary to this assumption, if the price rebounds off the current level, the bulls will again try to push the pair above the downtrend line. If they succeed, it will indicate that the correction may be over. The pair could rally to $93.81.Related: 3 wildest theories explaining $500B crypto market crashDOT/USDTPolkadot (DOT) has dipped below the critical support at $22.66, which is an important level to keep an eye on because it has not been breached on a closing basis since mid-August of last year.DOT/USDT daily chart. Source: TradingViewIf the price rebounds off the current level, the bulls will again attempt to clear the overhead hurdle at the moving averages. A break and close above the 50-day SMA ($27.08) will be the first indication that the selling pressure may be reducing. The bulls will have to push and sustain the price above $32.78 to signal a possible change in trend.Conversely, if the DOT/USDT pair sustains below $22.66, it will suggest that supply exceeds demand and traders are rushing to the exit. The pair could then drop to the next support at $16.81.AVAX/USDTAvalanche (AVAX) turned down from close to the 20-day EMA ($90) on Jan. 20 and broke below the strong support at $75.50 today.AVAX/USDT daily chart. Source: TradingViewThe downsloping moving averages and the RSI in the negative zone indicate that bears are in command. A close below $75.50 will complete a descending triangle pattern, signaling that a top may be in place. The AVAX/USDT pair could then start its decline toward $50.However, the bulls are unlikely to surrender without putting up a strong fight. If the price rebounds off the current level, the pair could recover to the 20-day EMA and later to the downtrend line. The bulls will have to clear this hurdle to signal a possible end to the corrective phase.DOGE/USDTThe bulls tried to push Dogecoin (DOGE) back above the moving averages on Jan. 20 but failed. This suggests that sentiment remains negative and bears are selling near resistance levels.DOGE/USDT daily chart. Source: TradingViewThe DOGE/USDT pair could now gradually drop toward the strong support at $0.13 where the buyers may step in to arrest the decline. If the price rebounds off this level and rises above the moving averages, it will suggest that the range-bound action may continue for a few more days.The critical level to watch on the upside is $0.19 and $0.13 on the downside. The next trending move could start after the price breaks out of either level. Until then, volatile random moves inside the range may continue.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.Market data is provided by HitBTC exchange.

Čítaj viac

Price analysis 1/19: BTC, ETH, BNB, ADA, SOL, XRP, LUNA, DOT, AVAX, DOGE

Bitcoin (BTC) and select altcoins are showing signs of some buying near support levels. According to Arcane Research, the seven-day average real Bitcoin trading volume has dropped to the lowest level since July 2021. During the previous instance, the sharp drop in volume marked a bottom and led to a strong rally from August to October 2021.However, Bloomberg Intelligence senior commodity strategist McGlone warned in a recent podcast that risk assets may correct as the United States Federal Reserve increases rates and reduces asset purchases. After the corrective phase is over, McGlone expects Bitcoin to transition from a “risk-on to a risk-off asset” and “come out better off.” Daily cryptocurrency market performance. Source: Coin360In the short term, analysts at Decentrader, a crypto market intelligence firm, expect Bitcoin to stay range-bound between “$44,000 and potentially $38,000 before an eventual breakout.”While analysts are divided on their forecasts for Bitcoin, let’s study the charts of the top-10 cryptocurrencies to find the path of least resistance.BTC/USDTThe bears are attempting to pull Bitcoin toward the strong support at $39,600 but the long tail on the candlesticks of the past two days shows that bulls have other plans. The buyers are buying on dips but a minor negative is that they have not been able to push the price above the 20-day exponential moving average ($43,804).BTC/USDT daily chart. Source: TradingViewBoth moving averages are sloping down and the relative strength index (RSI) remains in the negative zone, indicating that bears have the upper hand. If the price turns down from the current level or the 20-day EMA, the bears will again attempt to sink the BTC/USDT pair to $39,600. This is a key level to keep an eye on in the short term.If this level cracks, the bearish momentum could pick up as several stop-losses could be triggered. That may result in a decline to $30,000.Alternatively, if the price rebounds off the current level or the $39,600 support, the buyers will attempt to push the pair above the moving averages. If the price sustains above the 50-day simple moving average ($47,070), the negative view will invalidate and the pair could rally to the stiff overhead resistance at $52,088.ETH/USDTEther (ETH) has continued its down move and is close to the support at $2,928.83. The bulls may attempt to defend this level and start a relief rally.ETH/USDT daily chart. Source: TradingViewIf that happens, the ETH/USDT pair could rise to the 20-day EMA ($3,381). This is a key resistance to watch out for because a break above it will be the first indication that the bears may be losing steam.A break and close above the channel will signal a possible change in trend. The pair could then start its upward march toward $4,200.On the contrary, if the price turns down from the current level or the 20-day EMA, it will increase the possibility of a break below $2,928.83. If that happens, the pair could slide to the strong support at $2,652.BNB/USDTBinance Coin (BNB) continues to trade inside the descending channel pattern. The 20-day EMA ($485) has started to turn down and the RSI has dipped below 43, suggesting that bears are at an advantage.BNB/USDT daily chart. Source: TradingViewThe bulls are attempting to defend the minor support at $450. If the price rebounds off this level, the buyers will make one more attempt to clear the overhead hurdle at $500. If they succeed, it will indicate a possible change in trend.The BNB/USDT pair could then start its northward march toward $572 and later to $617. Alternatively, if the price breaks below $450, the bears will try to pull the BNB/USDT pair to the support line of the channel. ADA/USDT Cardano (ADA) rallied to the resistance line of the descending channel on Jan. 18 but the bulls could not push the price above the channel. This suggests that bears are defending the resistance line aggressively.ADA/USDT daily chart. Source: TradingViewThe ADA/USDT pair has dipped to the moving averages, which could act as a strong support. The moving averages are on the verge of a bullish crossover and the RSI is in the positive territory, indicating advantage to buyers.If the price rebounds off the current level, the bulls will again try to drive the price above the channel and the developing neckline of a possible inverse head and shoulders pattern. If that happens, the pair could start a new uptrend.This positive view will invalidate if the price breaks and sustains below the moving averages. Such a move could pull the pair down to $1.06.SOL/USDTSolana (SOL) has reached near the minor support at $130. The bulls had defended this level on Jan. 10 and may again try to do so during the current decline.SOL/USDT daily chart. Source: TradingViewIf the price rebounds off the support, the bulls will again attempt to push the SOL/USDT pair above the 20-day EMA ($151). If they succeed, the pair could rally to the resistance line of the descending channel. This is an important level to watch out for because a break and close above it will signal the possible start of a new up-move.On the contrary, if the $130 support cracks, the pair could drop to the critical support at $116. A break below this level could pull the price to the support line of the channel.XRP/USDTRipple (XRP) had been stuck between the 20-day EMA ($0.78) and the $0.75 support for the past few days, which has resolved to the downside today. This indicates that bears have overpowered the buyers.XRP/USDT daily chart. Source: TradingViewThe downsloping moving averages and the RSI in the negative territory indicate that the path of least resistance is to the downside. If the price sustains below $0.75, the bears will try to build upon their advantage and sink the XRP/USDT pair to $0.69. Contrary to this assumption, if the price turns up from the current level and rises above the moving averages, it will indicate that bulls are accumulating on dips. That could start a relief rally which could reach the overhead resistance at $1. LUNA/USDTTerra’s LUNA token dipped below the 50-day SMA ($76) on Jan. 18 but the bulls bought the dip and pushed the price back above the 20-day EMA ($80). This is a positive sign as it shows traders are buying on dips.LUNA/USDT daily chart. Source: TradingViewIf the bulls maintain the price above the 20-day EMA, the LUNA/USDT pair could rise to the downtrend line. A break and close above this level will suggest that the selling pressure could be reducing. The pair could then rise to the 61.8% Fibonacci retracement level at $87.88 and later to $93.81.This positive view will invalidate if the price turns down and breaks below $73.95. Such a move will suggest that supply exceeds demand. The pair could then decline to $68.33 and later to $62.46.Related: 43% of Bitcoin trading volume during US market hours: Arcane ResearchDOT/USDTPolkadot (DOT) continues to drift down toward the strong support at $22.66 where the bulls will try to halt the decline. The strength of the rebound off this level could indicate whether the decline is over or not.DOT/USDT daily chart. Source: TradingViewIf the bounce rises above the moving averages, it will suggest accumulation at lower levels. The DOT/USDT pair could then rise to the overhead resistance at $32.78. A break and close above this level will suggest the start of a new uptrend.Conversely, if the price turns down from the moving averages, it will indicate that sentiment remains negative and traders are selling on rallies. That will increase the prospects of a break and close below $22.66. If that happens, the pair could drop to $16.81.AVAX/USDTAvalanche (AVAX) continues to slide toward the strong support at $75.50. The price action of the past few days has formed a descending triangle pattern that will complete on a break and close below $75.50.AVAX/USDT daily chart. Source: TradingViewBoth moving averages are sloping down and the RSI is in the negative territory, indicating that bears have the upper hand. The sellers will have to sink and sustain the price below $75.50 to indicate the start of a new downtrend.The bulls are unlikely to surrender the $75.50 level easily. If the price rebounds off this support, the AVAX/USDT pair could reach the moving averages. If buyers push the price above the moving averages, the pair could rise to the downtrend line. The bulls will have to propel the price above this resistance to indicate a change in trend.DOGE/USDTDogecoin (DOGE) dipped below both moving averages on Jan. 18 which brings the $0.19 to $0.13 range into play. The flattish 20-day EMA ($0.16) and the RSI just below the midpoint suggest a balance between supply and demand.DOGE/USDT daily chart. Source: TradingViewIf the price sustains below the moving averages, the DOGE/USDT pair could gradually drop to $0.15 and if this level also cracks, the decline could extend to $0.13. A break and close below $0.13 will indicate the resumption of the downtrend.Alternatively, if the price turns up and breaks above the moving averages, it will suggest that bulls are buying on dips. The buyers will then attempt to clear the overhead hurdle at $0.19 and push the pair to $0.22.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.Market data is provided by HitBTC exchange.

Čítaj viac

Bearish sentiment may soon abate according to Coinshares and Bitcoin metrics

While key Bitcoin (BTC) metrics don’t paint a pretty picture, the bears could be running on fumes. Contrary to analysts warning that Bitcoin could dip to $38,000 “before an eventual breakout”, CoinShares and Arcane Research suggest that the tide could be turning. In brief, Bitcoin institutional outflows were negative four out of the last five weeks, totaling $55 milion. The total assets under management fell to a three-month low of $35 billion midweek last week. CoinShares’ findings illustrate that large investors in the Bitcoin ecosystem; those using companies such as Grayscale, CoinsXBT, ProShares, and ETC Group have been reducing their exposure to the digital asset. Their actions are compounded by the fear and greed index hogging the “extreme fear” dial for two months, as Bitcoin spot buying volume hit a six-month low. If the fear and greed index enters a third consecutive month of extreme fear, it will be the second time to do so in the metric’s existence. Traders are also trepidatious. According to Arcane Research, the seven-day average real BTC trading volume sits at $3.4 billion. It’s the lowest figure since July 2021, remembered as the trough of the mini bear market that occurred from May to July 2021. Investors and spectators in the space will remember that following that moment, from August to October 2021, the BTC price swelled by more than 60%, buoyed by robust institutional investment. Related: 43% of Bitcoin trading volume during US market hours: Arcane ResearchPlus, with Bitcoin 30-day price volatility constrained to the lowest level seen for twelve months, at 2.5%, the spring is coiled. Twitter analysts clamor for upside action. Popular Bitcoin bull @GalaxyBTC tells followers that $80,000 is on the horizon while @Tradermayne says the “bottom is in for the nth time.”

Čítaj viac

Price analysis 1/17: BTC, ETH, BNB, ADA, SOL, XRP, LUNA, DOT, AVAX, DOGE

Bitcoin’s (BTC) volatility has been shrinking in the past few days. The standard deviation of daily Bitcoin returns for the last 30 and 60 days as calculated by the Bitcoin Volatility Index is at 2.63%, the least volatile it has been since November 2020.Generally, tight ranges are followed by strong price expansions. In 2020, the low volatility period in November was followed by a sharp rally in mid-December, which resulted in a supercycle that carried the price all the way to $64,854 on April 14, 2021.Daily cryptocurrency market performance. Source: Coin360However, there is no certainty that the volatility expansion will happen only to the upside. The price could break out in either direction. Commentator Vince Prince warned that the high leverage ratio of Bitcoin could trigger a big chunk of stop-losses if the $40,000 support breaks down.Could Bitcoin start a new up-move or will bears pull the price below the support levels, triggering a sell-off in altcoins? Let’s study the charts of the top 10 cryptocurrencies to find out.BTC/USDTBitcoin has been trading near the 20-day exponential moving average (EMA) ($44,181) for the past few days. Although bulls have not been able to push the price above this resistance, a minor positive is that they have not given up much ground.BTC/USDT daily chart. Source: TradingViewIf the price turns up from the current level or $41,725.95, the bulls will make one more attempt to clear the overhead resistance at the 20-day EMA and the horizontal resistance at $45,456.If they do that, the pair could rise to the 50-day simple moving average (SMA) ($47,680) where the bulls may again encounter stiff resistance from the bears. A break and close above this resistance could push the pair to $52,088.Conversely, if the price breaks below $41,725.95, the BTC/USDT pair could drop to the strong support at $39,600. This is an important level for the bulls to defend because if it breaks down, the selling could intensify and the pair may plummet toward $30,000.ETH/USDTEther’s (ETH) recovery off the support line of the descending channel fizzled out near the 20-day EMA ($3,439), which suggests that the sentiment remains negative and traders are selling on rallies.ETH/USDT daily chart. Source: TradingViewThe bears will now try to pull the price below $3,188. If they manage to do that, the ETH/USDT pair could drop to $2,928.83. This is an important support to watch out for because if it collapses, the decline could extend to $2,652.Contrary to this assumption, if the price turns up from the current level and breaks above the 20-day EMA, the bulls will try to push the pair above the resistance line of the channel. If that happens, the pair could rise to $4,200. BNB/USDTBinance Coin (BNB) failed to break above the resistance line of the descending channel pattern on Jan. 16. This may have sparked selling by short-term traders, pulling the price below the 20-day EMA ($488).BNB/USDT daily chart. Source: TradingViewIf bears pull the price below $466.50, the BNB/USDT pair could decline toward the support line of the channel. The flat moving averages and the RSI just below the midpoint, indicate equilibrium between the bulls and bears.If the price rebounds off $466.50, the bulls will again try to thrust the price above the channel and the 50-day SMA ($530). If they succeed, it will signal a possible change in trend. The pair could then rally to $572.ADA/USDT Cardano (ADA) broke and closed above the 50-day SMA ($1.34) on Jan. 16, indicating that bulls are attempting a comeback. The price could now reach the resistance line of the descending channel.ADA/USDT daily chart. Source: TradingViewThe moving averages are on the verge of a bullish crossover and the RSI has jumped into the positive zone, indicating that bulls have the upper hand in the short term. If buyers propel and sustain the price above the channel, it will signal a change in trend.The ADA/USDT pair could first rally to $1.87 and if this level is crossed, the next move could be to $2.47. On the other hand, if the price turns down from the resistance line, the pair could again drop to the moving averages.SOL/USDTSolana (SOL) continues to trade inside the descending channel pattern. The bulls attempted to push the price above the 20-day EMA ($154) on Jan. 13 but failed. This suggests that bears are selling on every minor rally.SOL/USDT daily chart. Source: TradingViewThe bears will now attempt to pull the price below the support at $130. If they succeed, the SOL/USDT pair could drop to the strong support at $116. This is an important level for the bulls to defend because a break below it could sink the pair to the support line of the channel.Contrary to this assumption, if the price turns up from the current level and breaks above the 20-day EMA, the pair could rise to the resistance line of the channel. A break and close above the channel will signal a possible change in trend. XRP/USDTRipple (XRP) has been trading between the 20-day EMA ($0.79) and the support at $0.75. This squeeze is soon likely to end in a range expansion.XRP/USDT daily chart. Source: TradingViewIf the price breaks below $0.75, the XRP/USDT pair could resume its downtrend and drop to $0.69 followed by a decline to $0.60. The downsloping moving averages and the RSI in the negative territory indicate advantage to bears.Contrary to this assumption, if the price turns up from $0.75 and breaks above the moving averages, it will suggest accumulation at lower levels. The pair could then start its northward march toward the stiff overhead resistance at $1.LUNA/USDTTerra’s LUNA token could not rise and sustain above the 61.8% Fibonacci retracement level at $87.88 on Jan. 15 and 16. This may have triggered profit-booking by short-term bulls.LUNA/USDT daily chart. Source: TradingViewThe price has turned down to the 20-day EMA ($80.17), which could act as a support. If the price turns up from the current level, the bulls will again try to propel and sustain the LUNA/USDT pair above $87.88. If they succeed, the pair could rally to the 78.6% Fibonacci retracement level at $94.80. Alternatively, if the price slips below both moving averages, it will suggest that traders are rushing to the exit. The pair could then drop to $68.33.Related: Propy rallies 227% as real estate NFTs become reality and PRO lists at CoinbaseDOT/USDTPolkadot (DOT) rose above the 20-day EMA ($26.90) on Jan. 12 but the bulls could not push the price above the 50-day SMA ($28.15). This may have attracted profit-booking from the short-term traders.DOT/USDT daily chart. Source: TradingViewThe bears pulled the price back below the 20-day EMA on Jan. 17. If sellers sink the price below $25.45, the DOT/USDT pair could drop to the strong support at $22.66. The 20-day EMA is flat and the RSI is just below the midpoint, indicating a balance between supply and demand. This suggests that the pair could remain range-bound between $22.66 and $32.78 for a few more days.If the price turns up from the current level and rises above the 50-day SMA, the pair could rally to $32.78. The bulls will have to clear this hurdle to signal the start of a new up-move.AVAX/USDTAvalanche (AVAX) turned down from the 20-day EMA ($95) on Jan. 16, indicating that bears continue to defend this level aggressively. If the price sustains below the uptrend line of the symmetrical triangle, the next stop could be $75.50.AVAX/USDT daily chart. Source: TradingViewThe downsloping moving averages and the RSI in the negative zone indicate that bears have the upper hand. A close and below $75.50 could complete a descending triangle pattern, which could signal the start of a new downtrend.The AVAX/USDT pair could drop to $57.02 and then to $50. This negative view will be invalidated if the price turns up from the current level and breaks above the downtrend line. The pair could then rally to $128.DOGE/USDTDogecoin’s (DOGE) failure to rise and sustain above the $0.19 overhead resistance on Jan. 15 may have attracted profit-booking from short-term traders. This has pulled the price to the 20-day EMA ($0.16).DOGE/USDT daily chart. Source: TradingViewThe flattening 20-day EMA and the RSI just below the midpoint signal a consolidation in the near term. If bears sink and sustain the price below the moving averages, the DOGE/USDT pair could drop to $0.13.Conversely, if the price rebounds off the current level, the bulls will make one more attempt to push and sustain the pair above $0.19. If they manage to do that, it will indicate the start of a new up-move. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.Market data is provided by HitBTC exchange.

Čítaj viac

Top 5 cryptocurrencies to watch this week: BTC, NEAR, ATOM, FTM, FTT

Bitcoin (BTC) has stopped its decline and is attempting a recovery along with select altcoins. Some traders have been fearing a massive sell-off in Bitcoin but Capriole CEO Charles Edwards said that Bitcoin’s worst crashes have happened “due to miner capitulation (December 2018 and March 2020), when BTC fell below production costs.” However, the current production cost of Bitcoin was $34,000, which is well below the current price.In a sign that institutional investors remain bullish on the crypto sector even after the recent fall, Cathie Wood’s Ark Invest bought 6.93 million shares of the special purchase acquisition company that will merge with Circle, the principal operator of USD Coin (USDC) and the second-largest stablecoin in terms of market capitalization.Crypto market data daily view. Source: Coin360Another sign that the crypto markets are maturing is the fact that nonfungible tokens (NFTs) have not responded negatively to the fall in crypto prices. A recent report by DappRadar said that NFT trading in the first ten days of 2022 generated $11.90 billion compared to $10.7 billion in Q3 2021.Could Bitcoin continue its recovery and pull select altcoins higher? Let’s study the charts of the top-5 cryptocurrencies to find out.BTC/USDTThe bulls are struggling to propel Bitcoin above the 20-day exponential moving average ($44,415) for the past few days but a minor positive is that buyers have not given up much ground. This suggests that bulls are buying on every minor dip.BTC/USDT daily chart. Source: TradingViewIf buyers push and sustain the price above the 20-day EMA, it will signal a possible change in trend. The BTC/USDT pair could then rally to the 50-day simple moving average ($47,987) where the bears may again mount a stiff resistance. A break and close above this resistance could clear the path for a rally to $52,088.Contrary to this assumption, if the price fails to rise above the 20-day EMA, it will suggest that the sentiment remains negative and traders are selling on rallies. The bears will then attempt to sink the price below the critical support at $39,600. If they succeed, the pair could extend its downtrend.BTC/USDT 4-hour chart. Source: TradingViewThe moving averages have flattened out and the relative strength index (RSI) is just above the midpoint on the 4-hour chart. This suggests a range-bound action in the short term. The pair could remain stuck between $39,600 and $45,456.A break and close above $45,456 could tilt the advantage in favor of the bulls, signaling the start of a possible rally to $52,088. Alternatively, a break and close below $39,600 could indicate the resumption of the downtrend.NEAR/USDTNEAR Protocol’s NEAR token is in a strong uptrend. The price broke above the previous all-time high at $17.95 on Jan. 11, signaling the resumption of the up-move. The bears pulled the price back below $17.95 on Jan. 12 but the bulls bought this dip and reclaimed the level on Jan. 13.NEAR/USDT daily chart. Source: TradingViewBoth moving averages are sloping up and the RSI is in the positive territory, indicating that the path of least resistance is to the upside. If bulls do not allow the price to dip below the breakout level at $17.95, the NEAR/USDT pair could rally to $25.44.Alternatively, if bears pull the price below $17.95, the pair could drop to the 20-day EMA ($16.42). A bounce off this level could keep the uptrend intact but a break and close below it will suggest that traders are rushing to the exit. The pair could then decline to $13.NEAR/USDT 4-hour chart. Source: TradingViewThe 4-hour chart shows that the price has been taking support at the 20-EMA. The upsloping moving averages and the RSI in the positive territory indicate that the short-term trend favors the buyers.If bulls propel the price above $20.59, the uptrend could begin. The pair could then rise to $22 and later to $25.Contrary to this assumption, if the price drops below the 20-EMA, it will indicate that short-term traders may be booking profits. The pair could then drop to the 50-SMA. A break and close below this support will indicate the start of a deeper correction.ATOM/USDTCosmos (ATOM) is attempting to form an inverse head and shoulders pattern, which will complete on a breakout and close above the overhead resistance at $44.80.ATOM/USDT daily chart. Source: TradingViewThe rising moving averages and the RSI in the overbought territory indicate that the path of least resistance is to the upside. A close above $44.80 could open the gates for a rally to the psychological level at $50 and then toward the pattern target at $69.42.Alternatively, if the price turns down from the overhead resistance, the ATOM/USDT pair could drop to the 20-day EMA ($36). This is a key level for the bulls to defend. If the price rebounds off this level, the bulls will again attempt to drive the pair above the overhead resistance and resume the uptrend.A break and close below the 20-day EMA will be the first sign that the up-move could be losing steam. The pair could then drop to $32.90.ATOM/USDT 4-hour chart. Source: TradingViewThe 4-hour chart shows that the price has broken out of the symmetrical triangle pattern, indicating that the uncertainty has resolved in favor of the buyers. The bears may attempt to defend the overhead resistance at $44.80 but if they fail, the pair could rally to the pattern target at $51.19.Alternatively, if the bears successfully defend the resistance at $44.80, the pair could drop to the 20-EMA. If the price rebounds off this support, the bulls will again try to clear the overhead hurdle. This positive view will be negated on a break and close below the 50-SMA.Related: Dogecoin leaps 25% after Musk announces DOGE payments for Tesla merchFTM/USDTFantom (FTM) is in a strong uptrend. The price action of the past few days has formed an inverse (IH&S) which will complete on a break and close above $3.17. FTM/USDT daily chart. Source: TradingViewThe bears may attempt to stall the rally at $3.48 but if bulls push the price above this level, the next leg of the uptrend could begin. The up-move could first reach $4 and later continue its journey toward the pattern target at $5.11.Contrary to this assumption, if the price turns down from the overhead resistance, the bears will attempt to pull the FTM/USDT pair to the 20-day EMA ($2.62). If the price turns up from this level, it will suggest that the sentiment remains positive and traders are buying the dips.However, a break and close below this support will signal the start of a deeper correction to the 50-day SMA ($2.07).FTM/USDT 4-hour chart. Source: TradingViewThe bears attempted to stall the up-move at $3.17 but the bulls had other plans. They bought the dip to the 20-EMA and have pushed the price above the overhead barrier. If bulls sustain the price above the breakout level, it will signal the resumption of the uptrend.On the other hand, if bears pull the price below $3.17, the pair could drop to the 20-EMA. This is an important level to watch out for because a break and close below it could indicate that the current breakout may have been a bull trap. The pair could then drop to $2.80 and later to the 50-SMA.FTT/USDTFTX Token (FTT) has been in a strong corrective phase for the past several weeks. The bulls pushed the price above the downtrend line on Jan. 14, signaling a possible change in trend.FTT/USDT daily chart. Source: TradingViewThe moving averages are on the verge of a bullish crossover and the RSI has risen above 64 after forming a positive divergence. This suggests that bulls are attempting a comeback. If the price sustains above the downtrend line, the FTT/USDT pair could rise to $53.50.Contrary to this assumption, if the price turns down from the current level and breaks below the moving averages, it will suggest that the breakout was a bull trap. That could pull the price down to $33.76. A break and close below this support could open the doors for a possible drop to $24.FTT/USDT 4-hour chart. Source: TradingViewThe 4-hour chart shows the formation of a falling wedge pattern. The buyers pushed the price above this pattern and have also cleared the horizontal resistance at $45.07. Both moving averages are sloping up and the RSI is in the overbought zone, indicating that bulls have the upper hand. If bulls maintain the price above $45.07, the pair could start its march toward the psychological resistance at $50.This positive view will invalidate if the price turns down and re-enters the wedge. Such a move will indicate that demand dries up at higher levels.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Čítaj viac

Price analysis 1/14: BTC, ETH, BNB, SOL, ADA, XRP, LUNA, DOT, AVAX, DOGE

Bitcoin (BTC) and most major altcoins are facing selling at higher levels and buying on dips, indicating the possibility of a range formation. On-chain analysis firm Whalemap said that a “reclaim of $46,500 will look like a trend reversal,” for Bitcoin as the previous accumulation phase of 90,000 BTC was at this level.Fidelity Digital Assets said in its annual report that the “massive “ Bitcoin accumulation by Bitcoin miners suggests that the “Bitcoin cycle is far from over.” The report went on to add that more sovereign nations may “acquire Bitcoin in 2022 and perhaps even see a central bank make an acquisition.” Daily cryptocurrency market performance. Source: Coin360Switzerland-based financial institution SEBA Bank CEO Guido Buehler said in a recent interview that if the right counterparties and necessary regulations are in place, asset pools at SEBA may invest in Bitcoin at the right time. Buehler portrayed a bullish picture for Bitcoin, saying a rally to $75,000 was possible. Will Bitcoin and most major altcoins remain range-bound in the short term? Let’s study the charts of the top-10 cryptocurrencies to find out.BTC/USDTBitcoin turned down from the 20-day exponential moving average ($44,681) on Jan. 13 indicating that bears continue to sell on rallies. The bears will now attempt to pull the price back to the strong support at $39,600.BTC/USDT daily chart. Source: TradingViewBoth moving averages are sloping down and the relative strength index (RSI) is in negative territory, indicating that the path of least resistance is to the downside. If sellers sink and sustain the price below $39,600, the BTC/USDT pair could extend the decline to $30,000.However, the bulls are unlikely to give up easily at $39,600. A strong rebound off the current level or from $39,600 will suggest accumulation at lower levels. The pair could then remain range-bound between $39,600 and $45,456 for a few days. A break and close above $45,456 will be the first indication that the correction may be over. The pair could then start its northward march toward $52,088.ETH/USDTEther’s (ETH) rebound off the support line of the descending channel on Jan. 10 could not even reach the 20-day EMA ($3,485) which suggests that demand dries up at higher levels.ETH/USDT daily chart. Source: TradingViewThe moving averages are sloping down and the RSI is below 40, suggesting that bears are in control. The sellers will now try to pull the price to the zone between the psychological level at $3,000 and the support line of the channel. A break and close below $2,652 will signal the start of the next leg of the downtrend.On the contrary, if the price turns up from the current level, the bulls will make one more attempt to push the ETH/USDT pair above the 20-day EMA. If they succeed, the pair could rise to the resistance line of the channel and later to the 50-day simple moving average ($3,893). The bulls will have to push and sustain the price above this level to signal that the downtrend could be over.BNB/USDTBinance Coin (BNB) is facing strong resistance at the 20-day EMA ($487) but a minor positive is that the bulls have not given up much ground. This suggests that traders are not rushing to the exit. BNB/USDT daily chart. Source: TradingViewIf the price breaks above the 20-day EMA, the bulls will try to clear the overhead hurdle at the downtrend line. If they can pull it off, the BNB/USDT pair will signal a possible change in trend. The pair could then attempt a rally to $617.Conversely, if the price turns down from the 20-day EMA or the downtrend line, it will suggest that bears are selling on rallies. That could keep the pair stuck inside the channel for a few more days. SOL/USDTSolana (SOL) reached the 20-day EMA ($157) on Jan. 13 but the bulls could not clear this overhead hurdle. This suggests that the bears have not yet given up and are selling on rallies.SOL/USDT daily chart. Source: TradingViewThe bears will now attempt to resume the downtrend by pulling the price below the support at $130. If they do that, the SOL/USDT pair could decline to the next important support at $116. The downsloping moving averages and the RSI in the negative territory indicate that the path of least resistance is to the downside.Contrary to this assumption, if the price rises above the 20-day EMA, the pair could rally to the resistance line of the channel. The bulls will have to push the pair above the channel to signal a possible change in trend.ADA/USDT Cardano (ADA) turned down from the 50-day SMA ($1.35) on Jan. 13 but the bulls did not allow the price to break below the $1.18 support. This suggests that bulls are buying on dips. ADA/USDT daily chart. Source: TradingViewThe bulls will now attempt to push and sustain the price above the 50-day SMA. If they manage to do that, the ADA/USDT pair could rally to the resistance line of the descending channel. A break and close above the channel could indicate that the downtrend has ended.Alternatively, if the price turns down from the 50-day SMA, it will suggest that bears continue to sell on rallies. The sellers will then try to sink the pair below $1.18 and pull the price to the critical support at $1.XRP/USDTRipple (XRP) turned down from the 20-day EMA ($0.80) on Jan. 13 but a minor positive is that bulls did not allow the price to dip below the support at $0.75. This indicates accumulation at lower levels.XRP/USDT daily chart. Source: TradingViewIf bulls drive the price above the moving averages, it will suggest that the bears may be losing their grip. The XRP/USDT pair could then rise to the overhead resistance at $1. If the price turns down from this level, the pair could remain range-bound between $1 and $0.75 for a few more days. A break and close above $1 will signal the start of an up-move toward $1.41.Conversely, if the price turns down from the 20-day EMA, the bears will attempt to pull the pair below the $0.75 to $0.69 support zone and resume the downtrend to $0.60.LUNA/USDTTerra’s LUNA token broke and closed above the resistance line of the channel on Jan. 12. The bears tried to pull the price below the 20-day EMA ($78.61) on Jan. 13 but failed. This indicates that bulls are defending the support aggressively.LUNA/USDT daily chart. Source: TradingViewThe buyers are currently attempting to push and sustain the price above the channel and the overhead resistance at $83.86. If they manage to do that, the LUNA/USDT pair could rally to $93.81.The 20-day EMA is trying to turn up and the RSI has risen into the positive territory, indicating that buyers are attempting a comeback.This positive view will invalidate if the price turns down from the current level and breaks below the moving averages. That could pull the price down to the support line of the channel.Related: Bitcoin dips below $42K as new forecast says breakout ‘most probable outcome’ for BTC priceDOT/USDTPolkadot (DOT) turned down from the 20-day EMA ($26.81) on Jan. 13 but the positive sign is that the bulls did not give up much ground. This indicates that bulls are viewing the dips as a buying opportunity.DOT/USDT daily chart. Source: TradingViewThe bulls are currently trying to sustain the price above the moving averages. If they do that, the DOT/USDT pair could rise to the overhead resistance at $32.78. The flat 20-day EMA and the RSI near the midpoint suggest a balance between supply and demand.If the price turns down from $32.78, the pair may extend its stay inside the range for a few more days. The next trending move may start on a break and close above the overhead resistance at $32.78 or on a break below the support at $22.66.AVAX/USDTAvalanche (AVAX) turned down from the 20-day EMA ($96) on Jan. 13, indicating that bears continue to sell on rallies. The price has dipped back to the uptrend line of the symmetrical triangle, which could act as a support.AVAX/USDT daily chart. Source: TradingViewIf the price rebounds off the current level, the buyers will again attempt to propel the price above the moving averages. If they succeed, the AVAX/USDT pair could rally to the downtrend line of the triangle.A break and close above the triangle will suggest that the correction could be over. The pair may then rise to $128.Contrary to this assumption, if the price slips below the uptrend line of the channel, the pair may retest the critical level at $75.50. If this support cracks, the pair could start a decline toward $57 and then $50.DOGE/USDTDogecoin (DOGE) broke and closed above the 20-day EMA ($0.16) on Jan. 13, which was the first indication that the selling pressure may be reducing. That was followed by another sharp move today which pushed the price above the stiff overhead resistance at $0.19.DOGE/USDT daily chart. Source: TradingViewHowever, the long wick on today’s candlestick suggests that bears continue to sell at higher levels. If the price sustains below $0.19, the DOGE/USDT pair could drop to the moving averages and extend its range-bound action for a few more days.Conversely, if the price sustains above $0.19, the bulls will make one more attempt to clear the overhead resistance zone at $0.22 to $0.24. If they manage to do that, the pair could rally toward $0.30.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.Market data is provided by HitBTC exchange.

Čítaj viac

Price analysis 1/12: BTC, ETH, BNB, SOL, ADA, XRP, LUNA, DOT, AVAX, DOGE

Bitcoin (BTC) and most major altcoins appear to have started a relief rally. Glassnode data suggests that Bitcoin addresses with a non-zero balance have risen to about 40 million, indicating increasing adoption by retail traders.Edelman Financial Engines founder Ric Edelman said that the number of Americans owning Bitcoin could rise from 24% currently to one-third by 2022. He expects this to happen as “Bitcoin is becoming more and more mainstream. People are hearing about it everywhere — it isn’t going away.”Daily cryptocurrency market performance. Source: Coin360The investors buying Bitcoin seem to be in it for the long haul, if the outflows from major exchanges are any indication. CryptoQuant data shows outflows of 29,371 BTC on Jan. 11, the highest withdrawals since Sep. 10. Could the recovery in Bitcoin and the major altcoins sustain the higher levels? Let’s study the charts of the top-10 cryptocurrencies to find out.BTC/USDTBitcoin bounced off the $39,600 support on Jan. 10 indicating that bulls are attempting to defend the level with full force. The relief rally could reach the 20-day exponential moving average ($45,058) which is likely to act as a resistance.BTC/USDT daily chart. Source: TradingViewThe downsloping moving averages and the relative strength index (RSI) in the negative zone indicate that bears have the upper hand. If the price turns down from the 20-day EMA, the BTC/USDT pair could again retest the strong support at $39,600.If the level cracks, the pair could witness panic selling, indicating the start of the next leg of the down move.Alternatively, if bulls push and sustain the price above the 20-day EMA, the pair could rise to the 50-simple moving average ($49,031). If this level is crossed, the recovery could reach the stiff overhead resistance at $52,088. ETH/USDTEther (ETH) bounced off the support line of the descending channel on Jan. 10, suggesting that bulls are attempting to defend this level with vigor. The price could reach the overhead zone between the 20-day EMA ($3,536) and the resistance line of the channel.ETH/USDT daily chart. Source: TradingViewBoth moving averages are trending down and the RSI is in the negative zone, indicating that bears have the upper hand. If the price turns down from the overhead zone, it will suggest that sentiment remains negative and traders are selling on rallies. The bears will then attempt to pull the ETH/USDT pair to the support line of the channel. On the other hand, if bulls push the price above the overhead zone, the pair could rise to the 50-day SMA ($3,938). A break and close above this resistance will suggest a possible change in trend.BNB/USDTBinance Coin (BNB) broke below the support line of the descending channel on Jan. 10, but the bears could not achieve a close below it as seen from the long tail on the day’s candlestick.BNB/USDT daily chart. Source: TradingViewThis could have caught the aggressive bears off guard, resulting in a short squeeze on Jan. 11. Follow-up buying today has pushed the price to the 20-day EMA ($489). If bulls clear this hurdle, the BNB/USDT pair could rise to the 50-day SMA ($542).A break and close above this resistance will suggest that the downtrend could be over. The pair could then rise to $617. Conversely, if the price turns down from the 20-day EMA or the downtrend line, the bears will again try to pull the price to the support line of the channel.SOL/USDTSolana (SOL) is attempting a pullback in a downtrend. The price turned up from $130 on Jan. 10 and could now reach the 20-day EMA ($159).SOL/USDT daily chart. Source: TradingViewThe downsloping moving averages and the RSI in the negative zone suggest that bears have the upper hand. If the price turns down from the 20-day EMA, the sellers will attempt to sink the SOL/USDT pair to the strong support at $116.On the contrary, if bulls push the price above the 20-day EMA, the pair could rise to the resistance line of the channel. A break and close above the channel will signal a possible change in trend.ADA/USDT Cardano (ADA) turned up from $1.06 on Jan. 10, indicating that bulls are attempting a relief rally. The buyers have pushed the price to the 20-day EMA ($1.27) today.ADA/USDT daily chart. Source: TradingViewThe RSI is attempting to form a bullish divergence, indicating that the bearish momentum may be weakening. If bulls thrust the price above the moving averages, the ADA/USDT pair could rise to the resistance line of the descending channel.Contrary to this assumption, if the price turns down from the moving averages, it will suggest that the sentiment remains negative and traders are selling on rallies. The bears will then make one more attempt to pull the price down to the critical support at $1.XRP/USDTXRP dropped to $0.69 on Jan. 10 but the long tail on the day’s candlestick suggests that bulls bought this dip aggressively. The buyers pushed the price back above the overhead resistance at $0.75 on Jan. 11.XRP/USDT daily chart. Source: TradingViewThe XRP/USDT pair reached the 20-day EMA ($0.80) today but the long wick on the candlestick indicates that bears continue to defend this level. If the price turns down from the current level, the bears will again try to pull the XRP/USDT pair below $0.69. If they manage to do that, the pair could plummet to the Dec. 4 intraday low at $0.60.Conversely, if bulls push the price above the 20-day EMA, the pair could rise to the 50-day SMA ($0.86). A break and close above this resistance could clear the path for a possible up-move to $1.LUNA/USDTTerra’s LUNA token bounced off the support line of the channel on Jan. 10 and broke above the 50-day SMA ($71.99) on Jan. 11. Follow-up buying has pushed the price to the 20-day EMA ($78.12) today.LUNA/USDT daily chart. Source: TradingViewThe bulls will now try to propel the price above the resistance line of the descending channel. A close above the channel will be the first sign that the downtrend could be over. The LUNA/USDT pair will then attempt a rally to $93.81.On the contrary, if the price turns down from the resistance line, the pair could remain inside the channel for a few more days. A break and close below the support line of the channel could indicate the start of a deeper correction.Related: Bitcoin shoots to $44,000 as US inflation hits 7.8% in DecemberDOT/USDTPolkadot (DOT) bounced off the $22.66 support on Jan. 10, indicating that the bulls are defending the support. The rebound has reached the 20-day EMA ($26.85) which could act as a resistance.DOT/USDT daily chart. Source: TradingViewIf the price turns down from the 20-day EMA, the bears will again try to sink and sustain the DOT/USDT pair below the $22.66 support. If they pull it off, the pair could resume its downtrend. The next level to watch on the downside is $16.81.Conversely, if bulls drive the price above the moving averages, the pair could rally to the resistance of the range at $32.78. The buyers will have to push and sustain the price above this level to signal the start of a new up-move.AVAX/USDTAlthough Avalanche (AVAX) closed below the uptrend line of the symmetrical triangle on Jan. 8 and again on Jan. 10, the bears could not sustain the lower levels. This suggests that the bulls bought the dips.AVAX/USDT daily chart. Source: TradingViewThe bulls pushed the price back into the triangle on Jan. 11 and have followed that with another up-move today. The relief rally is likely to face stiff resistance at the moving averages.If the price turns down from this overhead resistance, the bears will make one more attempt to sink and sustain the AVAX/USDT pair below the triangle and the critical support at $75.50. Conversely, if bulls drive and sustain the price above the moving averages, the bulls will sense an opportunity and try to push the pair above the downtrend line of the triangle. DOGE/USDTThe bears attempted to pull Dogecoin (DOGE) below the Dec. 4 intraday low at $0.13 but the bulls thwarted their attempt on Jan. 10. The buyers pushed the price back above $0.15 on Jan. 11 but hit a roadblock at the 20-day EMA ($0.16). DOGE/USDT daily chart. Source: TradingViewThe downsloping moving averages and the RSI in the negative territory suggest that bears have the upper hand. If the price turns down from the 20-day EMA, the bears will attempt to pull the price below $0.13. If they succeed, the DOGE/USDT pair could slide to the psychological support at $0.10. This negative view will invalidate if bulls drive and sustain the price above the moving averages. That could indicate a possible change in trend. The bullish momentum may pick up on a break and close above $0.19.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.Market data is provided by HitBTC exchange.

Čítaj viac

Bitcoin shoots to $44,000 as US inflation hits 7.8% in December

The latest figures from the United States Bureau of labor statistics show that the (Consumer Price Index) CPI hit 7% in December. Bitcoin (BTC) was volatile prior to the announcement, fluctuating over $2,000 from lows of $41,000 to $43,000 on Wednesday morning. Upon release of the figures, the price continued its upward climb, touching $44,000. Prior to the announcement, Twitter was rife with speculation. According to a poll by @coinbureau, 53% of his 580,000 followers expected CPI to overshoot the consensus estimation of 7% inflation.Macroeconomic specialist and cryptocurrency soothsayer Lyn Alden was on the money.December CPI comes out tomorrow and has a decent shot at reaching 7%+ year-over-year.But then unless monthly inflation accelerates from here, the year-over-year figure will likely peak within Q1 2022. pic.twitter.com/7hjA3ehAXI— Lyn Alden (@LynAldenContact) January 11, 2022The graph for inflation from the FED over the past 10 years is eye-opening. Since the pandemic, marked in grey, the inflation level plummeted before beginning a dizzying climb to 7%.Related: Bitcoin crash ahead? Expert warns higher inflation could whip BTC price to $30KCastle Island Ventures’ Nic Carter was more tongue-in-cheek prior to the data update. In anticipation of more inflation rises, he joked that he was “looking forward to the inflationista cope if CPI prints double digits”. Inflation rates have become of paramount concern to developed countries around the world, but particularly for the United States. 7% is the highest inflation rate since the 1980s. Traditional markets including the S&P kicked off in the green, up 0.36%, while BTC was up 2.8% during the morning’s action.

Čítaj viac
Načítava

Získaj BONUS 8 € v Bitcoinoch

nakup bitcoin z karty

Registrácia Binance

Burza Binance

Aktuálne kurzy