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 remains in a
range-bound market in the long-term outlook. $3462 in the demand area was the
low of the week attained on 22nd January while $3570 in the supply area was the
high of the week. This was attained on 26th January.
With the new trading week starting as a hammer, it suggests a
possible trend reversal within the range and the bulls are staging a return.
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 so
patience is required to allow this to happen before a position is taken.
ETH/USD
Dominant trend: Bearish
Supply zones: $250, $300, $350
Demand zones: $50, $30, $10
The
bearish pressure remains strong as momentum for the journey down south is
building up. The ending week saw Ethereum down to $107.51 in the demand area on
20th January. Although the bulls attempt to push the price back up, it was
rejected at the 10-EMA area.
Exhaustion to the bullish momentum was seen as the new week
began with ETH/USD briefly up at $122.00 in the supply area but ended the day a
gravestone doji on 26th January, an indication of further strong bearish
pressure.
The price is still below the EMAs crossover and already down to
$112.16 in the demand area. The stochastic oscillator signal points down at
26%. This suggests a downward momentum in price. $85.75 in the demand area is
the bears’ target in the long-term.
No comments:
Post a Comment