Cryptocurrency Weekly Analysis

Weekly Technical Analysis of Digital Currencies January 12 (January 23)


Technical analysis of the price of Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin, Cardano, Binance Coin, Polkadot, Stellar and China. Read the link for today (January 23) below:

Weekly technical analysis of bitcoin prices

The price of Bitcoin has dropped to $ 30,420 daily low over the past two days, but has recovered and closed at $ 35,404 yesterday. However, market bears brutally entered the market and put aggressive pressure on the market.

Weekly Technical Analysis of Digital Currencies January 12 (January 23)
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The price of Bitcoin fell below the 20-day moving average (EMA 20 – blue line in the picture) at $ 32,093, but supported near its 38.2% Fibonacci retracement level at $ 29,688.10. Given the jump in prices from this level, it can be said that this fall will be considered a natural correction after this wide uptrend and there is a possibility of resumption of the uptrend by the market cows.

On the other hand, if sellers manage to lower the price below $ 29,688.10 by raising the selling pressure, the next support will be at the 50% Fibonacci retracement level at $ 25,897.42. This level is slightly above the 50-day moving average (SMA 50 – red line in the image) at $ 24,307. A sudden fall in price warns of a momentary decrease (acceleration) of the price and the beginning of a new trend.

  • Resistances: 36,171 – 37,555 – 40,700
  • Supports: 29,688.10 – 25,897.42

Weekly technical analysis of Ethereum prices

Ethereum prices on January 10 formed the Dodge Candle with a long wick in daily time frame, which was accompanied by a sharp drop in the previous day. This indicates that traders are saving aggressive profits. Buyers are currently trying to support the 20-day moving average (EMA 20 – blue line in the picture) at $ 956.

Weekly Technical Analysis of Digital Currencies January 12 (January 23)
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If the move is successful, sellers are likely to re-enter the price recovery wave to the resistance of $ 1,100. If the price turns after hitting this resistance but buyers do not allow it to fall below the 20-day moving average, there is a possibility that the price will enter the consolidation phase and its transverse fluctuations for a few days.

On the other hand, if sellers push the price below the 20-day moving average, the next stop will be $ 840.93. If this support is also violated, the price correction is likely to deepen to the simple 50-day moving average (SMA 50 – red line in the picture) at $ 712. The higher the price drop, the longer it will take to recover.

  • Resistance: 1,100
  • Support: 956 – 840.93 – 712

Ripple Price Weekly Technical Analysis

The Ripple price has moved above its high resistance at $ 0.384998. This indicates that traders have reduced their market position in the price recovery wave. After staying above the 20-day moving average at $ 0.30 for three consecutive days, the price finally moved below this support yesterday.

Weekly Technical Analysis of Digital Currencies January 12 (January 23)
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In the current situation, the price is likely to fall to the support of $ 0.169. At this level, buyers are likely to enter the market. The price jump of this support can mean its cross fluctuations for a few days between the two levels of $ 0.169 to $ 0.384998.

On the other hand, if sellers push the price below the level of $ 0.169, there is a possibility of continuing the downward trend with the target of $ 0.10.

  • Resistances: 0.384998
  • Supports: 0.169 – 0.10

Weekly technical analysis of LightQueen prices

After several days of trying to breakout the Litecoin price above the $ 180 level over the past few days, it finally surrendered yesterday and traded below the 20-day moving average (EMA 20 – blue line in Image) has moved to $ 142. The price is currently trying to stay above the $ 120 support.

Weekly Technical Analysis of Digital Currencies January 12 (January 23)
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If the price jumps from the current levels, buyers will try to continue the upward trend. But this uptrend is likely to be met with heavy resistance from the 20-day moving average. If the price is pushed above this level, there is a possibility of a gradual rise in price to $ 160.

If the price moves lower after hitting below this moving average, buyers will try to push the price below the 50-day simple moving average at $ 108. If successful, it could continue to fall to $ 100, and such a move would change the price trend.

  • Resistances: 142-160
  • Supports: 120 – 108 – 100

Weekly technical analysis of bitcoin cache price

The price of Bitcoin Cash jumped above its high resistance at $ 515.35 on January 9, followed by an upward momentum to $ 631.71.

Weekly Technical Analysis of Digital Currencies January 12 (January 23)
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The strong flow of the stock has pushed the profit of price transactions below $ 515.35 during the last day. This will be a negative sign for the price and it means that this level has not turned into support. The price has corrected all its growth since January 9.

In the current situation, the price is likely to enter the consolidation phase between the two levels of $ 370 to $ 515.35. If sellers push the price below the $ 353 to $ 370 support area, there is a possibility that the decline will continue up to $ 250. In order to strengthen their dominance in the market, buyers must move the price above the level of $ 515.35 and stabilize.

  • Resistance: 515.35
  • Supports: 370-353-250

Weekly Technical Analysis of Cardano Price

Cardano traded below the 20-day moving average (EMA 20 – blue line in the picture) at $ 0.236, slightly below the 61.8% Fibonacci retracement level at $ 0.2395088. However, the long wick of the daily candle shows the strong defense of buyers from this level.

Weekly Technical Analysis of Digital Currencies January 12 (January 23)
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If the price manages to jump from this level and maintain it, there is a possibility that the buyers will continue the upward trend. The first level to be considered on the climb will be $ 0.28. If buyers manage to push the price above this resistance, it is likely to grow up to $ 0.34.

On the other hand, if buyers fail to stabilize the price jump or the price moves down from $ 0.28, sellers will try to bring it below the 20-day moving average. Under such circumstances, it will be possible to continue the fall to the simple 50-day moving average (SMA 50 – red line in the image) at $ 0.18.

  • Resistances: 0.28 – 0.34
  • Supports: 0.236 – 0.18

Weekly technical analysis of Polkadot prices

The Pulkadat price jumped higher from the Fibonacci 38.2% correction level to $ 8.5515 on January 10, but buyers did not ride strongly on this uptrend, indicating a lack of demand at higher levels.

Weekly Technical Analysis of Digital Currencies January 12 (January 23)
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This led to short-term sellers entering the market, which eventually led to a drop in the price to the correction level of 61.8% Fibonacci at $ 7.2365 during the last day. If buyers succeed in turning the $ 6.8619 level into support, there is a possibility that the uptrend will continue.

The bearish wave is resisting the 20-day moving average (EMA 20 – blue line in the picture) at $ 8.16. But if this resistance is broken, it is likely to grow to $ 10.68. A change in the price trend is likely to move below $ 6.8619.

  • Resistances: 8.16 – 10.68
  • Supports: 6.8619

Weekly Technical Analysis of Chainlink Price

The price of Chainlink on January 10 failed to stabilize above its resistance of $ 17.7777, which has saved traders’ profits at this level. Selling pressure has risen over the past day and the price has also moved down to the simple 50-day moving average (SMA 50 – red line in the picture) at $ 13.31.

Weekly Technical Analysis of Digital Currencies January 12 (January 23)
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If the price stabilizes below this moving average, it is likely to continue to fall to the uptrend line. It will be important to monitor the price reaction to this level because if this support is violated, it is likely to continue to fall to $ 8.

On the other hand, if the price jumps from the current levels or the uptrend line, buyers will try to push the price above the 20-day moving average (EMA 20 – blue line in the picture) at $ 14. In that case, it will be possible to grow up to $ 15 and above it up to $ 17.7777.

  • Resistances: 14 – 15 – 17.7777
  • Supports: 8

Weekly Technical Analysis of Binance coin Price

The high wick of Baines Quinn price candle in daily time frame shows the aggressive entry of buyers in the price drop to the level of $ 40, but buyers failed to maintain the price recovery trend yesterday. Market bears continued to push the sell, pushing the price below the 20-day moving average (EMA 20 – blue line in the picture) at $ 38.53.

Weekly Technical Analysis of Digital Currencies January 12 (January 23)
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Buyers are currently trying to keep the price above $ 35.69 support. If successful, there is a possibility of a jump in prices up to the 20-day moving average. If the price moves downwards after hitting this moving average, it will be possible to fall to the simple 50-day moving average (SMA 50 – red line in the picture) at $ 33.40 and below $ 32. Such a move indicates that we have probably seen a short-term price ceiling at higher levels.

However, if the price jumps from current levels and moves above the 20-day moving average in the next few days, it can be said that we still see demand in the market at low price levels and buyers are likely to continue the upward trend.

  • Resistance: 38.53
  • Supports: 35.69 – 33.40 – 32

Weekly technical analysis of Stellar price

Buyers have been defending the $ 0.2864 level at Stellar for the past four days, but a weak jump in price indicates a lack of demand at higher price levels. The price has gone below the support of $ 0.2864 yesterday and the level of 61.8% of the Fibonacci correction at $ 0.232928.

Weekly Technical Analysis of Digital Currencies January 12 (January 23)
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In the current situation, buyers are trying to defend the price on the 20-day moving average (EMA 20 – blue line in the picture) at $ 0.214. If successful, it could grow to $ 0.2864. This level is likely to be a strong resistance to the price, but if buyers manage to push the price above it, it is likely to grow to $ 0.35.

On the other hand, if sellers push the price below the 20-day moving average (EMA 20 – blue line in the picture), it can be said that buyers will not enter the market with falling prices. This indicates that the price increase on January 6 was bullish.

  • Resistances: 0.2864 – 0.35
  • Supports: 0.214

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