Bitcoin Price Analysis [BTC]
BTC price may dip a few points towards $3,950 before making another attempt to clear $4,100.
Yesterday, we discussed a couple of important supports near $3,940 for bitcoin price against the US Dollar.
The BTC/USD pair did correct lower recently, but it found support near $3,940. Later, the price recovered nicely above $4,000 and the $4,050 levels. Buyers even breached the last swing high at $4,084 and a new weekly high was formed at $4,113.
However, buyers failed to retain strength, resulting in a drop below $4,080. The price even broke the $4,000 support and traded close to the $3,950 level. A swing low was formed at $3,966 and the price stayed above the 100 hourly simple moving average. More importantly, yesterday’s highlighted key bullish trend line is intact with support at $3,990 on the hourly chart of the BTC/USD pair.
The pair is now trading above the 23.6% Fib retracement level of the recent decline from the $4,113 high to $3,966 low. The current price action is slightly bearish below $4,050. Therefore, there is a risk of a dip towards the $3,950 support to fill buy orders. On the upside, a break above the $4,040 and $4,050 is needed for more gains. Besides, the 50% Fib retracement level of the recent decline from the $4,113 high to $3,966 low is at $4,040.
Looking at this chart, the bitcoin price is well supported above the $3,940. Having said that, a break above the $4,040 and $4,080 levels is needed for more gains.
Ethereum Price Analysis [ETH]
After testing the $159-160 resistance, ETH price started a downside correction against the US Dollar. The ETH/USD pair declined below the $156, $155 and $150 support levels.
There was a test of the $146 support area, where buyers emerged. Later, the price started a fresh upward move and traded above the $150 level. There was a break above the $152 level and the 100 hourly simple moving average. Moreover, the price cleared the 23.6% Fib retracement level of the recent decline from the $160 high to $146 low.
However, there is a strong resistance formed near $154-155. Besides, there is a connecting bearish trend line formed with resistance at $154 on the hourly chart of ETH/USD. An initial resistance is near the $153 zone. It represents the 50% Fib retracement level of the recent decline from the $160 high to $146 low. If there is a break above the $153 and $154 resistance levels, the price may climb towards the $157 level. It is close to the $156.50 pivot level and the 76.4% Fib retracement level of the recent decline.
Looking at this chart, ETH price is clearly holding the $146 support very well. In the short term, there could be range moves above $146 and $148 before an upside break. A proper close above $154 and $157 is needed for an upside acceleration. On the downside, the main supports are $150 and $146.
Ripple Price Analysis [XRP]
Recently, ripple price corrected lower from the $0.3759 high against the US Dollar. The XRP/USD pair declined below the $0.3700 and $0.3680 support levels. The decline was such that the price moved below the $0.3600 support. However, buyers appeared near the key $0.3580 support and protected more losses. More importantly, the 100 hourly simple moving average, currently at $0.3600 also acted as a support. The price is currently recovering above the $0.3620 level. It broke the 23.6% Fib retracement level of the recent decline from the $0.3759 high to $0.3580 low.
However, there are many resistances near $0.3670, $0.3680 and $0.3700 levels. The first hurdle is the 50% Fib retracement level of the recent decline from the $0.3759 high to $0.3580 low at $0.3670. The main barrier is a crucial breakout pattern forming with resistance at $0.3680 on the hourly chart of the XRP/USD pair. If there is a proper close above the triangle and the $0.3680 resistance, the price may break the $0.3700 barrier. The last hurdle for buyers is near the $0.3760 level, above which the price could test $0.3800.
Looking at this chart, ripple price is likely to make the next move either above $0.3700 or below $0.3580. If there is a downside break below $0.3580, the price may decline to $0.3500. The next key support below $0.3500 is near the $0.3400 level.
Litecoin Price Analysis [LTC]
LTC/USD Medium-term Trend: Bullish
Resistance Levels: $66, $68, $70 Support Levels: $30, $28, $26
Yesterday, January 8, the price of Litecoin was in a bullish trend. The crypto’s price is above the 12-day EMA and the 26-day EMA which indicates that the price of Litecoin is likely to rise. The crypto’s price is ranging below the $40 price level. The bulls have not been able to break above the $40 price level. If the bulls break the $40 price level, the crypto will reach the highs of $56 and $63. On the other hand, if the bears break below the EMAs the crypto will find support at the $32 price level. Meanwhile, the stochastic is out of the overbought region but below the 80% range indicating that the price of Litecoin 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. ]