Us stocks are expected to lose money this week, but that did not cause BTC (BTC) to fall further. The announcement of the bankruptcy of digital currency borrower Genesis did not have any far-reaching impact on the price of bitcoin. This shows that the pressure of sales work is likely to have eased.
However, online trading platform QCP Capital warned in the latest issue of on-time market communications that the recovery of BTC at this stage is only a rebound from the bear market. They expect a new round of sales after the rebound, which could push Bitcoin and ETH prices below the 2022 bottom. This result is summarized by using Elliott wave analysis in QCP.
After a long bear market period, market prices have been climbing a wall of anxiety in the first few days of a new bull market. At that time, several investment analysts still couldn't believe it because they had been expecting gold prices to fall, so if the trader focused on higher points or how many points occurred, he might capture changes in the market.
Are Bitcoin and preferred alternative coins a sign of the bottom? Let's take a look at the data charts of the top ten digital currencies to find out.
In the past few days, the price of Bitcoin has fluctuated slightly between $20400 and $21650. In general, close sideways finishing near upright friction resistance is a positive sign, because it shows that traders are in no hurry to make a profit.
The rising moving average and the relative strength index (RSI) in the overbought area indicate that the route with the least friction resistance is rising. Customers will be forced to promote and keep the price above $21650 before they can send a data signal to repair the surge. Subsequently, the BTC/USDT pair is likely to gradually embark on a $25211 journey.
Conversely, if bears cannot rise above $21650, several traders who are likely to buy at lower levels may be tempted to record profits. If it falls below $20400, the sale may become bigger.
The next downside support is the 20-day index moving average ($19268). If the gold price rebounds from this support line, the duo will try again to remove the $21650 barrier, and if the 20-day moving average breaks, the adjustment is likely to extend to $18388.
Merchants tried to take the Ether a step further, but Shuangtou bought it when it was close to $1500 on January 18th. This means that Shuangtou should be bought with a small adjustment.
The duo will try to push the price of gold above the frictional resistance area between $1610 and $1680. If he succeeds, the ETH/USDT rate is likely to rise to $1800. This level is likely to become a hindrance again, and if the duo overcomes it, the currency pair could reach $2000.
If bears need to weaken the trend, he will be forced to defend the area above his head and bring the price below $1500. Subsequently, the pair is likely to slip into the 20-day moving average ($1428), which is likely to attract customers.
On January 19th, BNB rebounded from its 20-day moving average ($281), but Shuanghead has been trying to maintain this trend, as higher standards have attracted merchants.
The area between the 20-day moving average and the 50-day moving average ($268) is a major area of high concern, and if prices rise from this area, duopoly will again try to push the BNB/USDT pair above $318. If he does it to the extreme, they will complete a bearish head and shoulder in reverse.
On the other hand, if the price of gold falls again and falls below the moving average, it is likely to clear the way for it to fall to $240 and then to $220.
XRP (XRP) moved its moving average to find support on January 18, and it happened on January 19. This indicates strong stock buying at the 20-day moving average ($0.37).
Customers will try to keep the pace and send the price to the head pressure level of $0.42. This is also the key level for bears to keep, because once pulled out, the XRP/USDT pair is likely to soar to $0.51, because there is no significant hindrance in the middle.
Bears may have other options because they will again try to bring the price below the moving average. If he succeeds in doing this to the extreme, the pair could plummet to support, where buying is possible.
On January 19th, ADA protruded from the flag support, a sign of initiative. Customers will try to push the price above the flag to mean that the next round of big increases is gradual.
Bears may have a strong defense at 37 cents when raising the flag, so if the double raises this barrier, the ADA/USDT pair is likely to soar to 44 cents. This level is likely to prove to be the problem of double heads again.
If gold falls and falls below the flag, such proactive views may not be valid for a short time. This may attract short-term speculators to sell further, and the currency pair could fall to 50-day SMA ($0.29).
On January 18, customers tried to push the Dogecoin (Doge) above $0.09, but the long bulbs in the candlestick knew that the bears had taken the initiative to guarantee that level.
Duo has a 20-day moving average ($0.08) of support, but the weak rebound on Jan. 19 and 20 suggests hesitancy to buy big money. This may encourage the bears, who will try to break the Doge/USDT pair below the 20-day moving average.
If he does, the pair could fall to a strong support line around $0.07. The 20-day moving average and RSI, which is slightly above the midpoint of the exchange rate, have flattened, indicating that there are likely to be recent ups and downs.
If Shuangtou is to maintain its strengths, he will be forced to remove the barrier at $0.09. Subsequently, the pair is likely to gradually move northward, rising to $0.11.
Polygon now trades in a wide range of $0.69 to $1.05. Generally speaking, in a set range, traders buy around the pressure level and sell around the pressure level.
This is the correct situation for Ma Jiqi / USD, turning down from the head pressure level of US $1.05. The first support line entered the 20-day moving average ($0.90). Customers remained at that level on January 19, but they needed to push the price above $1.05 to make a new increase.
Or, if the price falls below the 20-day moving average, it will indicate that the currency pair is likely to stay in that range for a few more days. In the short term, the advantage is likely to skew when it falls below the 50-day moving average ($0.86).
Litecoin (LTC) rebounded from its 20-day moving average ($81) on Jan. 19, suggesting that duo sees the decline as a buying opportunity.
The duo will try to push the price of gold up to $91, where they may encounter positive friction from bears. If the duo rises by $91, the LTC/USDT pair is likely to accelerate to the critical psychological threshold of $100, followed by $107m.
Another possibility is that the rally will collapse and it will not be easy to rise above $91. This may increase the probability of falling below the 20-day moving average. The pair could then plummet to a rising level of $75.
Pol Cardotmund continues to play a protracted war near the downtrend line. This shows that relatively low standards have attracted customers, but short sellers are sold when they rebound.
The rising 20-day moving average ($5.34) and RSI coincide with the region, suggesting that variability may be beneficial to the duopoly. Customers will have to push the price above $6.53 to gain control. If he can do this, the DOT/USDT pair is likely to soar to $7.42 and from then on to $8.05.
Contrary to this assumption, if the price turns down and falls below the 20-day moving average, the bears will run over the doubles. This may bring the price down to 50-day SMA ($5).
The Avax fell from the resistance line on January 14th, but bears were unable to pull the price to the 20-day moving average ($14.72). This shows that businesses are likely to be out of control.
The customer will try again to push the price above the resistance line. If he succeeds, the Avax/USDT pair is likely to accelerate the trend, bouncing back to $22 and then to $24. The rising 20-day moving average and RSI near overbought areas suggest that customers are good.
If the price of gold turns down and falls below the 20-day moving average, such positive views are likely to be denied for a short time. This is likely to attract more sales, after which the pair is likely to extend the decline to 50-day SMA ($13.09).
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