Bitcoin Price Analysis [BTC]:
Bitcoin price is under selling pressure below $3,650 against the US Dollar. There are high chances of more losses in BTC below $3,500 and $3,450 in the near term.
Recently, there was decent support formed near $3,550 in bitcoin price against the US Dollar. The BTC/USD pair started a short term recovery and moved above the $3,600 and $3,620 resistance levels. There was also a break above the 50% Fib retracement level of the last side from the $3,716 high to $3,549 low.
However, the price struggled to hold gains above the $3,650 level and the 100 hourly simple moving average. A clear rejection candle was formed near the $3,650 level.
Besides, the price failed to surpass the 61.8% Fib retracement level of the last side from the $3,716 high to $3,549 low. As a result, there was a bearish reaction and the price declined below $3,620 and $3,600.
More importantly, there was a break below a major contracting triangle with support at $3,590 on the hourly chart of the BTC/USD pair. The pair is now trading well below $3,620 and the 100 hourly SMA. Should bitcoin gain bearish momentum below the $3,550 support, the price may tumble below the $3,500 and $3,450 support levels.
Looking at the chart, the bitcoin price is showing a few bearish signs below the $3,620 and $3,650 resistance levels. Therefore, to start a decent upward move, the price must surpass the $3,650 pivot level. If not, there is a risk of a sharp decline below $3,500 and $3,450 in the coming sessions.
Ethereum Price Analysis [ETH]:
The pair may continue to find a strong buying interest near the $120 and $118 support levels.
After an increase in the bearish sentiment, ETH price dropped towards the $118 support against the US Dollar. The ETH/USD pair found a lot of buyers near the $117-118 zone, resulting in a decent upside correction. The price jumped sharply above the $120, $124 and $127 levels. Buyers were successful in piercing the 50% Fib retracement level of the recent decline from the $130 swing high to $117 swing low.
There was a spike above the 100 hourly simple moving average and $128. However, the price failed to stay above the $127 resistance and later declined. There was a rejection near the 76.4% Fib retracement level of the recent decline from the $130 swing high to $117 swing low. The price is currently trading below the $125 resistance and the 100 hourly simple moving average. Moreover, there is a new connecting bearish trend line formed with resistance at $127 on the hourly chart of ETH/USD.
Therefore, there are a few important hurdles near the $124, $125 and $127 resistance levels. A clear break and close above the trend line are must for acceleration towards $130 and $135.
Looking at the chart, ETH price is facing tough resistance on the upside near the 100 hourly SMA and $127. Having said that, it remains well bid on the downside near the $120, $118 and $117 support levels.
Ripple Price Analysis [XRP]:
Ripple price is struggling to gain momentum above the $0.3300 and $0.3320 resistances against the US dollar.
Recently, there was a dip below the $0.3250 and $0.3200 supports in ripple price against the US Dollar. The XRP/USD pair traded as low as $0.3192 and later corrected higher. It moved above the $0.3220 and $0.3250 resistance levels. There was a break above the 50% Fib retracement level of the last slide from the $0.3383 high to $0.3192 low.
Moreover, there was a break above the $0.3300 level and the 100 hourly simple moving average. Buyers also pushed the price above a connecting bearish trend line with resistance at $0.3260 on the hourly chart of the XRP/USD pair. However, the upside move was capped by the $0.3320 and $0.3330 resistance levels. The price also failed to settle above the 61.8% Fib retracement level of the last slide from the $0.3383 high to $0.3192 low.
As a result, there was a fresh decline below the $0.3300 level and the 100 hourly simple moving average. At the outset, the price is trading near a key bullish trend line with support at $0.3240 on the same chart. If there is a downside break below the trend line and $0.3220, the price could accelerate losses.
Looking at the chart, the ripple price seems to be slowly moving into a bearish zone below $0.3250. If buyers continue to struggle, there could be more declines below $0.3200. The next key supports are $0.3150 and $0.3105.
Litecoin Price Analysis:
LTC/USD Medium-term Trend: Bearish
Resistance Levels: $66, $68, $70
Support Levels: $30, $28, $26
Yesterday, January 16, the price of Litecoin was in a bearish trend zone. The crypto’s price is fluctuating above the $30 price level in the last 24 hours. The appearance of small body candlesticks like the Doji and the Spinning tops describe the indecision of buyers and sellers at the $30 price level.
As the crypto ranges, there is the likelihood of price breakout in the nearest future. Meanwhile, the LTC price is still below the 12-day EMA and the 26-day EMA indicating that price is likely to fall. If the bears break the $30 price level, the crypto will find support at the $28 price level. The MACD line and the signal line are below the zero line which indicates a sell signal.
LTC/USD Short-term Trend: Bearish
On the 1-hour chart, the price of Litecoin was in a bearish trend zone. Yesterday, the 12-day EMA and the 26-day EMA are trending horizontally. The crypto’s price is below the 12-day EMA and the 26-day EMA indicating that price is likely to fall. The crypto’s price fell to the low of $31 and commenced a range bound movement.
Meanwhile, the stochastic is out of the overbought region but below the 50 % range which indicates that the crypto is in bullish momentum and a buy signal.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]