A widely followed crypto analyst is warning Bitcoin (BTC) traders that the weekend ahead could be a tricky one. Popular crypto trader Michaël van de Poppe tells his 644,000 Twitter followers to avoid overleveraging BTC heading into the first weekend of the new year. “We should be good if Bitcoin remains above $16,600. Tricky weekend coming up […]
The post Crypto Analyst Michaël van de Poppe Forecasts a Tricky Weekend for BTC, Charts Ethereum and Litecoin appeared first on The Daily Hodl.
A rally in equities markets is providing support to BTC and altcoins, but bulls will likely struggle in keeping the momentum needed to turn overhead resistance levels to support.
The United States December nonfarm payrolls report showed a growth of 223,000 jobs, above the market's expectation of an increase of 200,000 jobs. While this shows that the economy remains strong, market observers shifted their focus to the slower wage growth of 0.3% for the month, below economists’ expectation of 0.4%.
In addition, the euro zone’s headline inflation dropped from 10.1% in November to 9.2% in December. Both economic data boosted hopes that the central bank’s aggressive rate tightening may slow down. This triggered a rally in the U.S. and European stock markets.
However, the reaction in the cryptocurrency space remains muted, with Bitcoin (BTC) continuing to trade inside a narrow range. The crypto investors may be taking a cautious approach due to rumors about Huobi’s insolvency, which the company’s representative said were untrue.
Several analysts believe that the extended period of low volatility in Bitcoin could be followed by an increase in volatility but John Bollinger, the creator of Bollinger Bands, thinks otherwise. Responding to a tweet by Wolf of All Streets podcast host Scott Melker, Bollinger said that “prolonged squeezes are rarely valuable signs.”
Are Bitcoin and altcoins showing signs of a breakout or will they remain stuck inside the range for some more time? Let’s study the charts of the top-10 cryptocurrencies to find out.
Bitcoin rose above the moving averages on Jan. 4 but the bulls could not clear the hurdle at $17,061. This shows that bears are fiercely defending the overhead resistance.
Although the price tumbled below the moving averages on Jan. 6, the long tail on the candlestick shows buying at lower levels. The bulls may make one more attempt to drive the price above $17,061.
If they succeed, the BTC/USDT pair could pick up momentum and rally to $17,854 and then to $18,138.
On the other hand, if the price turns down from the current level or the overhead resistance, it will indicate that the pair may consolidate in the narrow range of $17,061 to $16,256 for a while longer.
Ether (ETH) has been range-bound between $1,150 and $1,352 for the past few days. The price action inside the range could be random and volatile.
The moving averages have flattened out but the RSI is in the positive territory, indicating that bulls have a slight edge. If the price turns up and breaks above $1,272, the ETH/USDT pair could rally to the overhead resistance at $1,352.
Another possibility is that the price turns down and dives back below the moving averages. In that case, the pair could decline to the immediate support at $1,150. This level could witness a tough battle between the bulls and the bears.
The bears are trying to halt BNB’s (BNB) relief rally at $261 but a minor positive in favor of the bulls is that they have not ceded ground to sellers.
If the price rebounds off the 20-day exponential moving average ($252) with strength, the BNB/USDT pair could jump to the 50-day simple moving average ($268). This level may act as a barrier but it is likely to be crossed. The pair could then soar to $300.
The bears are likely to have other plans. They will try to sink the price back below $250. If that happens, the $236 support may come under attack. If this level also gives way, the pair could dive to the critical support at $220.
XRP (XRP) rose above the 20-day EMA ($0.35) on Jan. 4 but the bulls could not sustain the higher levels as seen from the long wick on the day’s candlestick.
The price turned down and slumped to the support line of the symmetrical triangle on Jan. 5. Both moving averages are sloping down and the RSI is in the negative zone, indicating that bears are in command.
If the price closes below the triangle, the XRP/USDT pair could start its downward journey toward the pivotal support at $0.30.
Alternatively, if the price turns up from the current level and climbs above the 20-day EMA, it will suggest strong buying near the support line. The pair could then reach the resistance line of the triangle.
Dogecoin’s (DOGE) rebound off the important support at $0.07 fizzled out at the 20-day EMA ($0.07) on Jan. 5. This suggests that bears are selling on every relief rally.
The price has dropped back to the $0.07 support where buyers are mounting a strong defense because if the level breaks down, the DOGE/USDT pair could tumble to $0.06 and thereafter to the vital support near $0.05. The downsloping moving averages and the RSI in the negative territory indicate that bears have the upper hand.
If bulls want to salvage the situation, they will have to propel the price above the resistance zone between the 20-day EMA and $0.08. That could start a sustained recovery toward $0.11.
Cardano (ADA) climbed and closed above the 20-day EMA ($0.26) on Jan. 4 which is the first indication that bulls are attempting a comeback. However, the bears are in no mood to surrender their advantage.
The long wick on the Jan. 6 candlestick shows that higher levels are attracting sellers. The bears will try to pull the price back below the 20-day EMA and yank the ADA/USDT pair toward the crucial support near $0.24.
On the contrary, the bulls will try to protect the 20-day EMA. If the price turns up from the current level, the pair could rally to the 50-day SMA ($0.29). This level could again witness strong selling by the bears.
Polygon (MATIC) rose above the 20-day EMA ($0.80) on Jan. 4 but the bulls could not sustain the recovery. The bears pulled the price back below the 20-day EMA on Jan. 5.
The bears will now try to sink the price below the immediate support of $0.75. If they manage to do that, the MATIC/USDT pair could drop to the support of the range at $0.69. Buyers are likely to defend this level with all their might because a break below it could start a new downward move.
If bulls want to invalidate the negative view, they will have to quickly push and sustain the price above the moving averages. The pair could then rise toward $0.97.
Related: Ethereum’s Shanghai upgrade could supercharge liquid staking derivatives — Here’s how
Polkadot’s (DOT) recovery has stalled near the 20-day EMA ($4.59) but a minor positive is that the bulls did not give up much ground. This indicates that buyers expect a move higher, hence they are not closing their positions in a hurry.
If the price ascends above $4.68, the DOT/USDT pair could attempt a rally to the 50-day SMA ($4.98). This level may again act as a barrier but if bulls overcome it, the pair could surge to the downtrend line.
Instead, if the price turns down and slides below $4.50, it will suggest that bears continue to defend the zone between the moving averages. The pair could then again drop toward the vital support at $4.22.
Litecoin (LTC) turned down from the minor resistance at $78 on Jan. 4 but rebounded off the moving averages on Jan. 6. This suggests that bulls are viewing the dips as a buying opportunity.
The upsloping moving averages and the RSI in the positive territory indicate the path of least resistance is to the upside. If bulls thrust the price above the resistance at $78, the LTC/USDT pair could soar to $85.
On the other hand, if the price turns down from the current level or the overhead resistance, it will suggest that bears are selling on rallies. A break and close below the moving averages could tilt the advantage in favor of the bears. The pair could then slide to the next support at $65.
Uniswap’s (UNI) recovery hit a roadblock at the 50-day SMA ($5.56) on Jan. 4. This may have tempted short-term traders to book profits, which pulled the price to the support line of the triangle on Jan. 6.
The bulls purchased the dip and pushed the price back above the 20-day EMA ($5.36). This indicates that the bulls are aggressively guarding the support line. Buyers will again try to overcome the obstacle at the 50-day SMA. If they can pull it off, the UNI/USDT pair could start its march toward the resistance line.
The bears will have to sink and sustain the price below the support line to gain the upper hand. The pair could then decline to the $4.94 to $4.71 support zone.
The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
An under-the-radar altcoin is surging in price this week as its associated network nears a long-delayed token giveaway. Songbird (SGB), the “canary network” of Flare Network, is up more than 88% this week. The 153rd-ranked crypto asset by market cap is trading at $0.0189 at time of writing. Explains Flare, “A canary network is an […]
The post Under-the-Radar Altcoin Skyrockets in Price As Flare Network Prepares Crypto Airdrop to XRP Holders appeared first on The Daily Hodl.
The CEO of crypto wealth management platform Abra thinks Litecoin’s (LTC) reliability makes it important to the broader crypto space. Bill Barhydt says that Litecoin is the only decentralized peer-to-peer payment system with 10 years of uninterrupted uptime. Uptime measures the percentage of time a system has been up and operational. According to some estimates, […]
The post Here’s Why Litecoin (LTC) Is Important, According to Abra CEO Bill Barhydt appeared first on The Daily Hodl.
A closely followed crypto trader says now may be the time to keep an eye on peer-to-peer payments network Litecoin (LTC). The pseudonymous trader known as Cantering Clark tells his 156,000 Twitter followers that LTC is forming a structural pattern that previously signaled bottoms and reversals. Cantering Clark’s chart shows LTC bouncing off a support […]
The post Litecoin About To Explode? Top Trader Looks at Potential Opportunities in LTC and One More Large Cap Altcoin appeared first on The Daily Hodl.
Bitcoin and select altcoins are showing signs of starting a sustained recovery over the next few days.
Gold made a strong start to the new year and is trading close to a seven-month high on expectations that the United States Federal Reserve may slow down and hike rates only by 25 basis points in its next meeting on Feb. 1.
Cryptocurrency markets have also shown a mild uptick but are yet to make a decisive move higher. One of the reasons could be renewed fears regarding Digital Currency Group’s liquidity issues, which again came into focus after Gemini co-founder Cameron Winklevoss penned an open letter to DCG CEO Barry Silbert on the alleged $900 million that Genesis owes Gemini.
Among all the gloom, Circle's chief strategy officer and head of global policy, Dante Disparte, sounded positive and said in a Jan. 2 post for The World Economic Forum that the current crisis in the cryptocurrency space may eventually prove to be a boon. Disparte believes that the crypto bear market of 2022 could start “a handover of crypto technology and blockchain infrastructure to steadier hands.”
Could cryptocurrencies break out of the slumber and start a sustained recovery as investors allocate fresh money to various asset classes? Let’s study the charts of the top-10 cryptocurrencies to find out.
Bitcoin (BTC) climbed above the moving averages on Jan. 4, indicating buying at lower levels. The next level to watch on the upside is $17,061 where the bears may mount a strong resistance.
If buyers succeed in bulldozing their way through $17,061, the BTC/USDT pair could pick up pace and sprint toward $18,388. This level could again witness a tussle between the bulls and the bears.
On the contrary, if the price fails to sustain above $17,061, it will suggest that bears are selling on relief rallies. That could keep the pair range-bound for a few more days. The bears will have to pull the price below the strong support of $16,256 to gain the upper hand.
Ether (ETH) climbed above the moving averages on Jan. 4, indicating that bulls have the upper hand in the near term. The price could start its trek toward the overhead resistance at $1,352.
The bears are expected to fiercely defend the zone between $1,352 and the downtrend line. If the price turns down from this zone, the ETH/USDT pair could drop to the moving averages.
If the price rebounds off the 20-day exponential moving average ($1,219), it will suggest a potential change in sentiment from selling on rallies to buying on dips. That could improve the prospects of a break above the downtrend line.
The short-term advantage could tilt in favor of the bears if the price turns down and plummets below $1,150.
After consolidating near the breakdown level for the past several days, BNB (BNB) made a decisive move on Jan. 4 and broke above the overhead resistance. This suggests that the break below $250 on Dec. 16 may have been a bear trap.
The 20-day EMA ($251) has flattened out and the relative strength index (RSI) has risen into positive territory, indicating that bulls are on a comeback. The momentum could pick up further if buyers kick the price above the 50-day simple moving average ($268). That could clear the path for a potential rally to $300.
If bears want to trap the aggressive bulls, they will have to swiftly yank the price below the support at $236. That could accelerate selling and pull the BNB/USDT pair to the vital support at $220.
XRP (XRP) turned down from the 20-day EMA ($0.35) on Jan. 3 but the bulls successfully guarded the support line of the symmetrical triangle.
The XRP/USDT pair has reached the 20-day EMA, which could witness a tough battle between the bulls and the bears. If bulls come out on top, the pair could climb to the resistance line of the triangle.
Conversely, if the price once again turns down from the 20-day EMA, it will suggest that bears are selling on relief rallies. That could increase the possibility of a break below the support line of the triangle.
Dogecoin (DOGE) turned down from the downtrend line on Jan.3 but the bears did not allow the price to dip below the crucial support at $0.07. This indicates demand at lower levels.
The DOGE/USDT pair could rise to the 20-day EMA ($0.07) and if this level is crossed, the next stop could be $0.08. The bears are expected to defend this zone with vigor because a break and close above it could attract a strong pullback to $0.11.
Contrarily, if the price turns down from the 20-day EMA, the bears will make one more attempt to yank the pair below the crucial support near $0.07. If they can pull it off, the pair could slump to the major support near $0.05.
Cardano’s (ADA) recovery has reached the first hurdle at the 20-day EMA ($0.26). The bears successfully defended this level during previous relief rallies, hence they may try to do that again.
However, the RSI has risen close to the midpoint, indicating a build-up in positive momentum. That increases the likelihood of a break above the 20-day EMA. If that happens, the ADA/USDT pair could attempt a rally to the downtrend line of the falling wedge pattern.
Conversely, if the price fails to sustain above the 20-day EMA, it will suggest that the bears are active at higher levels. They will then again try to resume the downtrend by pulling the price below $0.24.
Polygon (MATIC) has recovered to the 20-day EMA ($0.80), indicating that the price could extend its stay inside the large range between $0.69 and $1.05 for some more time.
If bulls thrust the price above the 20-day EMA, the MATIC/USDT pair could start its northward march toward $0.97. The 50-day SMA ($0.84) could act as a minor hurdle but it is likely to be crossed.
On the downside, the $0.75 remains the key level to keep an eye on. A break and close below it could pull the price to the support of the range at $0.69. The price action inside the range could continue to be random and volatile.
Related: $16.8K Bitcoin now trades further below this key trendline than ever
Polkadot’s (DOT) recovery has risen above the 20-day EMA ($4.59) on Jan. 4, which is the first sign that the bears may be losing their grip.
The bulls will try to strengthen their position further by pushing the price above the 50-day SMA ($5.02). If they do that, the DOT/USDT pair could soar the downtrend line. This level could again behave as a major barrier.
Alternatively, the bears will try to defend the zone between the moving averages. If the price turns down and breaks below the 20-day EMA, it will suggest that the sentiment remains negative and traders are selling on rallies. The pair could then retest the support at $4.22.
Litecoin (LTC) broke and closed above the overhead resistance at $75 on Jan. 3., suggesting that the bulls are trying to start a new up-move.
The 20-day EMA ($70) has started to turn up and the RSI is in the positive territory, indicating advantage to buyers. There is a minor resistance at $78, which if crossed could transport the LTC/USDT pair to $85.
The bears are unlikely to give up easily and may try to stall the recovery in the $78 to $85 zone. They will have to pull the price back below the moving averages to trap the aggressive bulls. The pair could then drop to $65.
Uniswap’s (UNI) break below the support line of the symmetrical triangle on Dec. 28 proved to be a bear trap as the bulls purchased the dip and pushed the price above the 20-day EMA ($5.35) on Jan. 2.
Buyers are trying to build upon the strength and overcome the obstacle at the 50-day SMA ($5.58). If they manage to do that, the UNI/USDT pair could rally to the resistance line of the triangle. This level may again act as a stiff hurdle.
If the price turns down from the resistance line, the pair may stay inside the triangle for some more time. The bears will gain the upper hand if they manage to sink the pair below the $4.94 to $4.71 support zone.
The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
The DXY has turned bearish and that could prove to be a boon for SPX, cryptocurrency and Bitcoin.
The S&P 500 index (SPX) fell 19.4% and the Nasdaq nosedived 33.1% in 2022, recording the worst performance since 2008. The crypto markets also had a horrendous year with Bitcoin (BTC) falling roughly 65% in 2022. In comparison, the United States dollar, which is perceived to be a safe haven, rallied nearly 9%, its best year since 2015.
There are several green shoots visible for the cryptocurrency sector for 2023. The U.S. dollar index (DXY), which usually moves in inverse correlation with Bitcoin may have topped out. This increases the likelihood that select cryptocurrencies may be close to forming a bottom.
Several traders miss buying at lower levels because they attempt to catch the bottom. Instead, long-term investors who believe in the crypto story may consider building a portfolio or adding positions in batches. Thus, they will have some skin in the game and not repent when the next bull move begins.
Could the U.S. dollar index continue its correction and will that benefit risky assets? Let’s study the charts to find out.
The bears tried to extend the correction last week but the bulls managed to defend the 3,764 level. This indicates that the bulls are trying to form a higher low in the S&P 500 index.
The 20-day exponential moving average (3,880) is sloping down and the relative strength index is near 45, suggesting that bears have a slight edge. If bulls want to gain the upper hand, they will have to push the price above the moving averages.
That could open the doors for a possible recovery to the downtrend line where the bears may again mount a strong defense. Buyers will have to pierce this resistance to signal a potential trend change.
On the contrary, if the price turns down from the 20-day EMA and plummets below 3,764, the selling could intensify and the index may slide to 3,650.
Buyers tried to propel the U.S. dollar index above the 20-day EMA (104) on Dec. 28 but the bears held their ground. This indicates that the sentiment has turned negative and traders are selling on relief rallies.
The bears yanked the price below the immediate support of 103.44 on Dec. 30, indicating the resumption of the downtrend. The index could next drop to 102 and thereafter plunge to the psychologically important level of 100.
This negative view could invalidate in the near term if the price turns up from the current level and breaks above the 20-day EMA. The index could then rally to the 50-day simple moving average ($106).
Bitcoin has been oscillating between $16,256 and $17,061 for the past few days. This tight consolidation indicates indecision among the bulls and the bears.
The 20-day EMA ($16,777) is flattening out and the relative strength index (RSI) is just below the midpoint, suggesting a balance between supply and demand. The next trending move is likely to start after the price escapes the range.
If the price breaks below $16,256, the selling could accelerate and the BTC/USDT pair may retest the crucial support at $15,476.
Alternatively, if the price breaks above $17,061, the pair could pick up pace and climb to the overhead resistance at $18,388. This level may again witness a tough battle between the bulls and the bears.
The bulls have failed to drive Ether (ETH) above the moving averages in the past few days but an encouraging sign is that they have not ceded ground to the bears.
This suggests that the bulls will make one more attempt to propel the price above the moving averages. If they succeed, the ETH/USDT pair could rally to the stiff overhead resistance at $1,352. The bears are likely to protect this level with vigor.
If bulls fail to clear the overhead hurdle at the moving averages, the pair could dip to the immediate support at $1,150. This is an important level for the bulls to guard because a break below it will complete a head and shoulders pattern, which has a target objective of $948.
BNB (BNB) has been trading near the breakdown level of $250 for the past few days. This shows that the bears are trying to flip the level into resistance while the bulls are attempting to thrust the price back above it.
This tight-range trading is unlikely to continue for long. The longer the price remains inside the tight range, the stronger the eventual breakout.
If buyers kick the price above the $250 to $255 overhead resistance zone, the BNB/USDT pair could advance to the 50-day SMA ($270). This level may act as a minor hurdle but if surpassed, the pair may rise to $300.
The bears are likely to have other plans. They will try to shield the overhead zone and sink the price below $236. If they do that, the pair could slump to $220 and then to $200.
XRP (XRP) tumbled below the support line of the symmetrical triangle and fell to the strong support at $0.30. The long tail on the candlestick shows that the bulls aggressively purchased the dip to $0.30.
The XRP/USDT pair has re-entered the triangle and the bulls are trying to build upon the momentum by pushing the price above the 20-day EMA ($0.35). If they do that, the pair could reach the resistance line. If bulls scale this level, the pair could jump to $0.42.
Conversely, if the price fails to sustain above the 20-day EMA, it will suggest that bears continue to sell on every rally. The bears will then again strive to sink the price below the support line of the triangle.
Dogecoin (DOGE) broke and closed below the $0.07 support on Dec. 30 but this proved to be a bear trap. The bulls purchased at lower levels and pushed the price back above $0.07 on Dec. 31.
The buying picked up further on Jan. 2 and the bulls are trying to strengthen their position by catapulting the price above the downtrend line. If they can pull it off, the DOGE/USDT pair could challenge the resistance near $0.08. A break above this level could trigger stop losses of aggressive bears, resulting in a short squeeze. The pair could then climb toward $0.11.
This positive view could be negated if the price turns down from the current level and breaks below the intraday low made on Dec. 30. The pair could then decline to the pivotal support near $0.05.
Related: US will see new ‘inflation spike’ — 5 things to know in Bitcoin this week
Cardano (ADA) has started a recovery and the price is nearing the 20-day EMA ($0.26). The positive divergence on the RSI suggests that the selling pressure could be reducing.
The 20-day EMA is an important level to keep an eye on. If buyers overcome this obstacle, the ADA/USDT pair could rise to the breakdown level of $0.29. If this level is also scaled, the pair could touch the downtrend line.
Contrarily, if the price once again turns down from the 20-day EMA, it will suggest that bears are active at higher levels. The pair could then drop to the support line where the buyers may step in to stop the decline.
Polygon (MATIC) fell below $0.75 on Dec. 30 but the bears could not capitalize on the advantage and pull the price to the critical support at $0.69.
The bulls are trying to start a relief rally, which could face selling at the moving averages. If the price turns down from this resistance, it will suggest that higher levels are attracting selling by the bears. That could increase the likelihood of a drop to $0.69.
On the other hand, if bulls drive the price above the moving averages, the MATIC/USDT pair could rally to $0.97. This level may again behave as a strong barrier but if bulls surpass it, the next stop will likely be $1.05.
Litecoin (LTC) soared above the moving averages and the overhead resistance at $75 on Jan. 3. This indicates that buyers are attempting to take control.
If the price sustains above $75, the LTC/USDT pair could rally to $85. This level may act as a minor obstacle but if crossed, the pair could pick up pace and skyrocket to the psychologically vital level of $100.
If bulls fail to sustain the price above $75, the pair could drop to the moving averages. If the price rebounds off this support, the possibility of a break above the overhead resistance increases. The bears will be at an advantage if the price turns down and falls below the moving averages.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Market data is provided by HitBTC exchange.
A widely followed analyst is predicting a surge for one large-cap altcoin as the crypto markets grace a new year. The pseudonymous analyst known in the industry as Rekt tells his 331,200 Twitter followers that peer-to-peer payments protocol Litecoin (LTC) closed 2022 on a high note. “LTC is successfully retesting the top of its historical […]
The post Popular Crypto Strategist Says One Large-Cap Altcoin Well-Positioned for New Year Rally, Updates Outlook on Bitcoin appeared first on The Daily Hodl.
A popular crypto strategist says he’s keeping an eye on three altcoins that are flashing signs of strength to start the year. Pseudonymous analyst DonAlt tells his 448,700 Twitter followers that his favorite altcoin at the moment is peer-to-peer payments network Litecoin (LTC). According to the crypto strategist, Litecoin looks bullish against the US dollar […]
The post Here Are Three Altcoins To Watch To Start the New Year, According to Top Analyst appeared first on The Daily Hodl.
Bitcoin remains stuck in a tight range but LTC, APE, ICP, and BIT are showing signs of starting a new up-move.
Bitcoin’s (BTC) volatility remained subdued in the final few days of the last year, indicating that investors were in no hurry to enter the markets.
Bitcoin ended 2022 near $16,500 and the first day of the new year also failed to ignite the markets. This suggests that traders remain cautious and on the lookout for a catalyst to start the next trending move.
Several analysts remain bearish about Bitcoin’s near-term price action. David Marcus, CEO and founder of Bitcoin firm Lightspark, said in a blog post released on Dec. 30 that he does not see the crypto winter ending in 2023 and not even in 2024. He expects that it will take time to rebuild consumer trust but believes the current reset may be good for legitimate firms over the long term.
The bearish calls are an indication that the sentiment remains negative but there is also a silver lining to it. Usually, bear markets end after the last bull has turned bearish. With no more sellers left, the price action stabilizes and new buyers enter the market. That usually causes a reversal and starts a new up-move.
While Bitcoin remains range-bound, select altcoins are showing signs of strength. Let’s look at the charts and spot the important levels to keep an eye on.
The failure of the bulls to push Bitcoin above the 20-day exponential moving average ($16,778) has strengthened the bears further who are trying to sink the price below the immediate support at $16,256.
The 20-day EMA is gradually sloping down and the relative strength index (RSI) is near 43, indicating a minor advantage to sellers. If bears sink the price below $16,256, the BTC/USDT pair could drop to $16,000 and thereafter to the vital support at $15,476. A break below this support could signal the resumption of the downtrend.
This negative view will be invalidated in the near term if buyers thrust the price above $17,100. Such a move will indicate aggressive buying on dips. The pair could then pick up momentum and make a dash toward $18,388. Sellers are again expected to mount a strong defense at this level.
The pair has been stuck between $16,256 and $17,061 for some time. The bounce off the support is facing selling near the moving averages. This suggests that bears continue to sell on rallies.
However, a minor positive is that the bulls have not given up much ground and the pair remains near the 20-EMA. This increases the likelihood of a break above the moving averages. If that happens, the pair could rise to $16,800 and then $17,061.
On the downside, bears will have to pull the price below the immediate support of $16,429 to set up a retest of $16,256.
Several major cryptocurrencies are still searching for a bottom but Litecoin (LTC) is way above its June low. This indicates strong demand at lower levels.
The 20-day EMA ($69) has flattened out and the RSI is just above the midpoint, suggesting a balance between supply and demand.
The advantage will tilt in favor of the buyers if they push and sustain the price above the moving averages. The LTC/USDT pair could then climb to the overhead resistance at $75. This is an important level to watch out for in the near term because a break above it could open the doors for a rally to $85.
Contrarily, if the price turns down from the current level and breaks below the 20-day EMA, the pair could slide to $65.
The moving averages on the 4-hour chart are moving up slowly and the RSI is in the positive territory, signaling that bulls have the upper hand. There is a minor resistance at $72 but if this level is crossed, the up-move could reach $75.
Sellers are likely to mount a strong defense in the $72 to $75 zone but if bulls bulldoze their way through, the rally could accelerate and reach $80. On the downside, a break below $65 could open the doors for a decline to $61.
ApeCoin (APE) has been trading inside a large range between $3 and $7.80 for the past several months. The moving averages have flattened out and the RSI is near the midpoint, indicating that the selling pressure could be reducing.
The bears have not allowed the price to rise above the moving averages but an encouraging sign is that the bulls have maintained the buying pressure and not let the price slip. This increases the possibility of a break above the moving averages. If that happens, the APE/USDT pair could ascend to $4.58 and thereafter to $5.25.
Alternatively, if bears do not allow the price to pierce the overhead resistance, the pair could again slump to the vital support at $3. A slide below the $3 to $2.61 support zone could indicate the start of the next leg down.
The pair has formed a symmetrical triangle on the 4-hour chart. This indicates indecision between the bulls and the bears. Although the moving averages are flattish, the RSI has risen into the positive zone, indicating that bulls have a slight edge. If buyers clear the minor hurdle at $3.71, the pair could rise to the resistance line of the triangle.
Conversely, if the price turns down and breaks below the uptrend line, it will suggest that bears are back in the game. The pair could then tumble to $3.20 and later to the important support at $3.
Related: Rewind 2022: A crypto roundup of the year and stepping into 2023
Internet Computer (ICP) continues to trade below the breakdown level of $4.61 but the RSI is forming a positive divergence, indicating that the selling pressure could be reducing.
Buyers propelled the price above the downtrend line on Dec. 30 but the bulls could not sustain the breakout. The bulls again tried to overcome the barrier on Jan.1 but the long wick on the candlestick shows that bears are selling on intraday rallies.
If the price slips and sustains below the 20-day EMA ($3.91), the bears will try to pull the price to $3.60 and then to $3.40.
On the contrary, if the price rebounds off the moving averages, the bulls will again try to drive the price above $4.21. If they can pull it off, the ICP/USDT pair could soar to $4.61 where the bears may try to stall the recovery.
The bulls have managed to defend the 50-SMA but they have failed to sustain the price above the 20-EMA. This indicates that bears are active at higher levels. If the price turns down and plummets below $3.90, the pair could drop to $3.76 and then $3.60.
Alternatively, if bulls pierce the overhead resistance zone of $4.10 to $4.21, the momentum could pick up and the pair could surge to $4.46. This level may behave as a minor hindrance but it is likely to be crossed. The pair could then reach $4.61.
BitDAO (BIT) has been consolidating between $0.25 and $0.35 for the past few days but the price action is showing signs of a possible breakout.
The moving averages have completed a bullish crossover, indicating a potential trend change. If buyers catapult the price above $0.35, the BIT/USDT pair could start a new uptrend. The pair could then attempt a rally to the target objective at $0.45.
On the other hand, if the price turns down from $0.35, it will suggest that bears are guarding this level with vigor. The price could then dip to the 20-day EMA ($0.30).
If the price rebounds from this level, it will suggest that the sentiment may have shifted from selling on rallies to buying on dips. That could enhance the prospects of a break above $0.35.
The bears will have to yank the price below the moving averages to invalidate the bullish view. The pair could then remain stuck inside the range for a while longer.
The price turned down sharply from the overhead resistance at $0.35 but the bulls are trying to arrest the pullback at the 20-EMA. If the price rebounds off the 20-EMA with strength, it will suggest aggressive buying on dips. The pair could then scale the overhead resistance and start its northward march to $0.40 and then $0.42.
Instead, if the price turns down and breaks below the 20-EMA, several short-term bulls may book profits. That could pull the price to the 50-SMA. Such a move will suggest that the pair may spend some more time inside the range.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
