Bitcoin (BTC),
Ethereum (ETH), Monero (XMR), Ripple (XRP), Cardano (ADA), Stellar (XLM), EOS,
Bitcoin SV (BCHSV), Tron (TRX), Litecoin (LTC)
BTC/USD
Dominant
trend: Ranging
Supply zone: $6000, $7000, $8000
Demand zone: $2000, $1500, $1000
BTC/USD continues in a range-bound market in the
long-term outlook. The new year rally was shortlived as the bears stage a
return as the price drops below the 10EMA. BTC/USD dropped to $3850 in the
demand area on 4th January closing a bullish spinning top and an indication of
bulls gradual return.
The new trading week started on a bullish note with an engulfing
candle as BTC/USD rose to $4218 in the supply area on 6th January. With the
stochastic oscillator signal pointing up at 51% and price above the 10-EMA, the
bulls may sustain the momentum within the rage in days ahead.
BTC/USD is in consolidation and trading between $4370 in the
upper supply area and at $3470 in the lower demand area of the range. A
breakout at the upper supply area or breakdown at the lower area may occur
hence patience is required to allow this to happen before a position is taken.
ETH/USD
Dominant
trend: Bullish
Supply zones: $250, $300, $350
Demand zones: $50, $30, $10
The bullish exhaustion denoted by wicks on the candle at the
$165.00 are signals that the bears are in for a minor retracement despite a
bullish overall outlook.
The bullish
spinning top that opens the trading week on 5th January after pushing ETH/USD to
$165.86 in the supply area failed to sustain the bullish momentum as the bears
took over the market.
The bearish
momentum may increase leading to a further drop in the price of the cryptocurrency within the two EMAs before in the coming
days, but the bulls will stage a comeback to attain the bulls target at $174.00
in the supply area.
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