Featured, Research and Analysis

Crypto Conjecture For January 21, 2019

Bitcoin Price Analysis [BTC]

Daily Chart:
Bitcoin price is showing positive signs above the $3,600 support against the US Dollar. BTC/USD could accelerate gains once there is a break above $3,800 and $3,850.

BTC price analysis for Jan 21

This past week, bitcoin price dived below the $3,560 support level against the US Dollar. However, the BTC/USD pair found a strong buying interest near the $3,480 and $3,500 support levels. As a result, there was a sharp bounce above the $3,560 level. The price climbed above the $3,600 and $3,640 resistance levels. Besides, there was a break above the 23.6% Fib retracement level of the last decline from the $4,111 high to $3,489 low. Later, there was a consolidation pattern formed above the $3,600 level.
Finally, there was a break above a contracting triangle with resistance at $3,635 on the 4-hour chart of the BTC/USD pair. The price tested the 100 simple moving average (4-hours) and the $3,800 resistance level. However, the price failed to stay above the 50% Fib retracement level of the last decline from the $4,111 high to $3,489 low. There was a fresh downside move below the $3,700 level and the price is currently trading in a range. On the upside, there are many hurdles, starting with $3,750 and ending with $3,850. Furthermore, there is a crucial bearish trend line in place with resistance near $3,850 on the same chart.
Looking at the chart, BTC price is clearly showing positive signs above the $3,600 support level. Having said that, a proper close above the $3,800 and $3,850 resistance levels is must for more gains.

Ethereum Price Analysis [ETH]

Daily Chart:
The pair remains at risk of more losses as long as it is trading below the $119 and $121 resistances.

ETH price analysis for Jan 21

After a decent recovery, ETH price faced a strong selling interest above the $125 level against the US Dollar. The ETH/USD pair formed a top near the $126 level and later started a sharp decline. It broke the $122 support and the 100 hourly simple moving average. The decline was crucial since the price broke the $120 and $118 support levels to move into a bearish zone. Sellers even pushed the price below the $115 level and a new weekly low was formed near the $113 level.
Later, the price started consolidating losses above $113 and corrected a few points higher. It moved above the 23.6% Fib retracement level of the recent decline from the $124 high to $113 swing low. However, the previous support near the $118 level is acting as strong resistance. Moreover, the 50% Fib retracement level of the recent decline from the $124 high to $113 swing low is positioned near $118. More importantly, there is a major bearish trend line formed with resistance at $121 on the hourly chart of ETH/USD.
Looking at the chart, ETH price clearly moved into a bearish zone below $120 and the 100 hourly simple moving average. As long as it is trading below $118 and $120, there is a risk of more losses. The next supports are at $110 and $106.

Ripple Price Analysis [XRP]

Daily Chart:
There is a crucial bearish trend line formed with resistance at $0.3185 on the hourly chart of the XRP/USD pair.

XRP price analysis for Jan 21

This past week, we saw a decent recovery above $0.3300 in ripple price against the US Dollar. However, the XRP/USD pair failed on many occasions to clear the $0.3380 and $0.3400 resistance levels. As a result, there was a bearish reaction and the price declined below the $0.3200 support level. The decline was such that the even broke the key $0.3180 support level and moved into a bearish zone. Finally, there was a close below the $0.3200 support level and the 100 hourly simple moving average.
A low was formed at $0.3102 and later the price started a short term upside correction. It recovered above the $0.3120 and $0.3130 levels. There was a break above the 23.6% Fib retracement level of the last decline from the $0.3352 high to $0.3102 low. However, the previous important support near $0.3180 is now acting as a strong barrier for buyers. Moreover, there is a crucial bearish trend line formed with resistance at $0.3185 on the hourly chart of the XRP/USD pair. Above the trend line, the 50% Fib retracement level of the last decline from the $0.3352 high to $0.3102 low is at $0.3227. Therefore, there are many hurdles formed near $0.3180, $0.3200 and $0.3220.
Looking at the chart, Ripple price might continue to struggle near the $0.3200 resistance level. Therefore, there is a risk of more losses and it may even break the $0.3000 support area.

Litecoin Price Analysis [LTC]

Daily Chart:
LTC/USD Medium-term Trend: Bearish
Resistance Levels: $66, $68, $70, Support Levels: $30, $28, $26

LTC price analysis for Jan 21

Last week, the price of Litecoin was in a bullish trend zone. The crypto’s price had been fluctuating above the $30 price level since January 14. On January 19, the bulls took price to the high of $33 and commenced a range bound movement above the 12-day EMA and the 26-day EMA. The crypto’s price was resisted at the $33 price level and the bears broke the 12-day EMA and the 26-day EMA.
The crypto’s price fell to a low of $ 30.88. The price of Litecoin is below 12-day EMA and the 26-day EMA which indicates that the crypto is likely to fall. Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal. Also, the stochastic is in the oversold region but below the 20 % range which indicates that the crypto is in a strong bearish momentum and a sell signal.

LTC Daily Chart:
LTC/USD Short-term Trend: Bearish.

LTC bearish market trend on Jan 21

On the 1-hour chart, the price of Litecoin was in a bearish trend zone. On January 20, the bears broke the 12-day EMA, the 26-day EMA and price fell to the $30.60 price level. The crypto’s price made a bullish movement to the EMAs and it was resisted by the 12-day EMA.
The crypto’s price is falling because it is below the 12-day EMA and the 26-day EMA. Meanwhile, the stochastic is in the overbought region but below the 60 % range which indicates that the crypto is in a bearish momentum and a sell 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. ]
coinmag

OWLT Market Media Desk publishes press releases from individuals and companies related to the cryptocurrency-related market.

Leave a Comment

Your email address will not be published. Required fields are marked *