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Market data is provided by the HitBTC exchange.
When a price is forming a fund, it is usually volatile because both the bulls and the bears are trying to get the upper hand. In a bear market, every negative news is accompanied by strong sales and this is what has happened in the last two days. The 51% attack on Ethereum Classic has frightened sentiment and lowered prices.
While the most recent fall shows that sentiment is still fragile, a strong rebound from current levels would indicate that there is a downside demand, a markedly bullish sign. However, if cryptocurrencies fall instead to new lows, it would be a bearish signal.
The CEO and co-founder of Circle, Jeremy Allaire, believes that the lack of regulatory clarity by the US Securities and Exchange Commission (SEC) represents the main obstacle to the nascent asset class. According to him, cryptocurrencies will receive a boost when this problem is solved.
BTC / USD
Bitcoin has lowered itself from the neckline of the head and shoulders. If the price does not stop at current levels, it can repeat the minimum test of $ 3,236.09.
Both moving averages are flat and the RSI sees support for the trend line. If the BTC / USD pair is around current levels, it will try to exit the neckline again. If successful, it will complete the confident reverse head and shoulders model. Traders can wait for a breakout and close above $ 4,255 before buying.
Another possible scenario is that of an interval formation for a few days. We could suggest new positions after the support and resistance levels of the interval are well defined.
XRP / USD
Ripple triggered our stop loss at $ 0.32 on January 10th. If the price does not move quickly from current levels, the decline may extend to $ 0.27795.
After remaining flat for the last few days, moving averages have started to decline and the RSI has also plunged into negative territory. This suggests that bears have the advantage. The XRP / USD pair may fall to the bottom of the downtrend channel. Traders should wait for the formation of a reversal pattern before starting a transaction in the pair.
ETH / USD
After failing $ 167.32 in the last few days, Ethereum retired on January 10th. He easily cut the 20-day EMA and is currently trying to hold the 50-day SMA.
If the bulls defend the 50-day SMA and the ETH / USD pair turns, it will indicate strength. On the other hand, if bears sink the price below $ 116.3, they can fall to $ 100 and below $ 83. Flat moving averages point to short-term consolidation.
We suggest traders to wait for a free interval to be defined or for the price to fall to $ 167.32 before buying.
BCH / USD
After consolidation in the last few days, Bitcoin Cash stopped the 10th January. Now it can go down to $ 100, which is a psychological support. If this level breaks too, the price can go down to $ 73.5.
The 20-day EMA has been declining after remaining unchanged in recent days, which confirms that sellers have a short-term advantage. The 50-day SMA is in decline, indicating that the long-term trend is declining.
If the bulls push the BCH / USD pair back, it will be the first indication to buy at the lows. We could not find reliable purchase configurations, so we are not proposing a trade in it.
EOS / USD
Although EOS has decreased to the bottom of the segment, it is still to be discarded. Currently, it remains limited range between $ 2.3093- $ 3.2081.
If the EOS / USD pair dives and closes (UTC time interval) below the interval, it can repeat the minimum test. Although there is less support at $ 2.1733, we expect it to be broken.
However, if range support is valid, consolidation is likely to continue. The longer the consolidation, the stronger the breakout. Therefore, we suggest traders to buy on a breakout and close (UTC timeframe) above $ 3.2081. Until then, we remain neutral on cryptocurrency.
XLM / USD
Stellar broke the symmetrical triangle on January 10th. Now you can retest the $ 0.09285498 minimum.
The 20-day EMA is shrinking after remaining flat for the last days. This shows that bears still have the upper hand in the short term. The 50-day SMA continues to decline, suggesting that the long-term trend is still declining.
A break of the minimum of December 15 will resume the downward trend. Our downward view will be invalidated if the XLM / USD pair reverses direction and bursts by $ 0.13427050.
LTC / USD
Litecoin came back under the neckline after failing the rally in the last days. If the price is kept under the neckline for another two days, it will confirm that the recent break of the reverse head and shoulders model was a false move.
On the downside, if the $ 29.349 support breaks down, the probability of a decline to $ 23.1 increases. So traders who have long positions should keep their stops at $ 27.5.
If the LTC / USD pair rebounds 20-day EMA or 50-day SMA, it will attempt to exit $ 36.428 and increase to $ 47.246. However, the flattening moving averages and the RSI close to 50 levels indicate a short-term consolidation.
TRX / USD
We expected the TRON to reach a maximum of $ 0.03801042 but dropped from $ 0.03575668. Therefore, we always suggest to exceed the topmost stops, to block profits.
The 20-day EMA is still on the rise, so it could be a strong support. If this support breaks down, it can scroll up to $ 0.0183.
If the TRX / USD pair rebounds 20-day EMA and rises again above $ 0.02815521, it may reach $ 0.03801042. Traders can wait to enter new positions once again.
BSV / USD
Strict consolidation has solved the negative side. The break below $ 80,352 could push the price to immediate support of $ 65,031. If even this support breaks down, a new minimum test is likely.
Our downward view will be invalidated if the bulls push the price above $ 80,352 within the next two days. We will become positive after the BSV / USD pair rises above $ 102.58. Until then, we suggest traders to stay on the sidelines.
ADA / USD
After supporting the rupture above the neckline of the head and the shoulders reverse for four days, Cardano plunged again beneath it.
If the bulls fail to push the price over the neckline within the next two days, the probability of a decline at $ 0.036934 will increase. Therefore, traders who bought our previous recommendation should close the position without waiting for $ 0.036 stops to be hit.
Both moving averages are flat and the RSI is also close to neutral territory, so the probability of consolidation in the coming days is high. If the ADA / USD pair bounces off the 20-day EMA quickly and resizes the neckline again, it can rise to $ 0.060105, followed by a shift to $ 0.066.
Market data is provided by the HitBTC exchange. Analysis charts are provided by TradingView.
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