Cryptocurrency Weekly Analysis

Weekly Technical Analysis of Digital Currencies January 5 (January 16)


Technical analysis of the price of Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin, Cardano, Binance Coin, Polkadot, Bitcoin SV and China. Read the link for today (January 6) below:

Weekly technical analysis of bitcoin prices

The recent uptrend in Bitcoin has pushed the Relative Strength Index (RSI) deep into the buying saturation zone. The reason for this was the buying pressure and the emotional entry of traders. Usually such a phase is accompanied by a vibration that we saw yesterday.

Weekly Technical Analysis of Digital Currencies January 5 (January 16)
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The price of Bitcoin has also dropped to its daily low of $ 27,762.34 during the last trading day. The floor is also slightly below the 38.2% Fibonacci retracement level at $ 28,382.75. According to yesterday’s long candle wick, it can be said that buyers have flooded the market after this heavy fall.

If buyers manage to stabilize the price above the 20-day moving average (EMA 20 – blue line in the picture) at $ 26,737, it can be said that market sentiment remains positive and buyers will enter the market with price drops.

However, after the price fluctuated sharply yesterday, it is likely to move for a few days between the low and high of $ 26,000 to $ 34,786.04 before the next move.

On the other hand, moving below the 20-day moving average will increase traders’ emotional sell-offs and the possibility of further price declines to the simple 50-day moving average (SMA 50 – red line in the picture) at $ 21,578.

  • Resistances: 34,786.04
  • Supports: 26,737 – 26,000 – 21,578

Weekly technical analysis of Ethereum prices

The price of Ethereum on January 3 easily overcame the resistance range of $ 800 to $ 840.93. This indicates a strong shopping flow in the hands of buyers. Momentum Price rose yesterday and the price rose to its daily ceiling of $ 1,156,456.

Weekly Technical Analysis of Digital Currencies January 5 (January 16)
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If buyers manage to move the price above $ 1,000, it is likely to rise to $ 1,260 and the historical ceiling (ATH) to $ 1,420. Yesterday’s two-headed wicks of the candelabra show the traders’ profits at high levels and the accumulation flow at low levels. After a sharp price fluctuation yesterday, there is a possibility that the price will enter the consolidation phase in a tight range for a few days before the start of the next price movement.

If the price does not penetrate below the $ 840.93 level, it indicates that traders are not in a hurry to close their positions. In such a situation, buyers will try to continue the upward trend. This uptrend will be eliminated as the price falls below the 20-day moving average (EMA 20 – blue line in the picture) at $ 731.

  • Resistance: 1,000 – 1,260 – 1,420
  • Support: 840.93 – 731

Ripple Price Weekly Technical Analysis

In the current situation, the price of Ripple is consolidating its position in a downward trend. The failure of prices to jump from current levels indicates that buyers are in no hurry to enter the market at current levels. Entering the price in the consolidation phase near a support will increase the probability of price failure below it.

Weekly Technical Analysis of Digital Currencies January 5 (January 16)
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The downtrend of the 20-day moving average (EMA 20 – blue line in the picture) and the relative strength index (RSI) near the buy saturation zone indicate the possibility of falling prices. If sellers manage to lower the price below the support of $ 0.169, there is a possibility that the price will fall to the next support at $ 0.10.

On the other hand, if the price moves higher after consolidating its footing and moves above the 20-day moving average at $ 0.322, the selling pressure will be reduced and there will be a possibility of a price recovery wave.

  • Resistances: 0.322
  • Supports: 0.169 – 0.10

Weekly technical analysis of Litecoin price

On January 2, the price of Litecoin jumped up from its support of $ 124,1278 and continued its upward trend. The price has moved above its initial target of $ 160 and is trading at $ 173.3312 with traders saving profits.

Weekly Technical Analysis of Digital Currencies January 5 (January 16)
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On the plus side, it boils down to $ 140. This indicates that market sentiment remains bullish. The upward slope of the moving averages and the relative strength index (RSI) near the buy saturation zone indicate the dominance of buyers in the market.

After the sharp fluctuation of the price yesterday, it will be possible to weaken it and move the price in a tight range for a few more days. If buyers manage to push the price above $ 173.3312, the price is likely to rise to $ 184.7940. The first sign of a downtrend will be below the 20-day moving average (EMA 20 – blue line in the picture) at $ 122.96.

  • Resistances: 173.3312 – 184.7940
  • Supports: 122.96

Weekly technical analysis of Polkadot prices

On January 3, the price of Polkadot continued its upward trend with breakout (price break) above the resistance of $ 9.89. But in this way, it has encountered resistance at $ 10.50 and the price has changed its trend.

Weekly Technical Analysis of Digital Currencies January 5 (January 16)
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If buyers enter the market with the price falling to the Fibonacci level of 38.2%, there is a possibility that the price will continue to rise. With the price moving above $ 9.50, it will be possible to see the $ 10,5169 level again.

On the other hand, if the sellers lower the price below the support of $ 8.4507, it is possible to deepen the correction to the level of 50% correction of the recent Fibonacci retracement of the recent bullish wave at $ 7.8125. A price break below this support would mean a weakening of its bullish momentum.

  • Resistances: 9.50 – 10.516
  • Supports: 8.4507 – 7.8125

Weekly technical analysis of bitcoin cache price

The price of Bitcoin Cache jumped above the 20-day moving average at $ 340.94 on January 2 and climbed above the high resistance at $ 370 the next day. This has opened the way for the price to move towards the resistance area of ​​$ 497 to $ 515.35.

Weekly Technical Analysis of Digital Currencies January 5 (January 16)
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Buyers have been trading high profits over the past day. The move has once again pushed the price down to the $ 370 breakout level. The upward slope of the moving averages and the placement of the Relative Strength Index (RSI) in its positive area indicate the superiority of buyers. If the price jumps out of this support, these people will try again to push the price up to $ 515.35.

This uptrend will be eliminated by moving and stabilizing the price below the $ 353 level. Such a move indicates that the market is reluctant to move to higher levels and may experience limited transverse fluctuations.

  • Resistance: 515.35
  • Supports: 370-353

Weekly Technical Analysis of Cardano Price

On January 2, Cardano jumped above the 20-day moving average (EMA 20 – blue line in the picture) at $ 0.173 and continued its upward trend, breaking the level of $ 0.1966315. The price has risen to the level of $ 0.2399022 but has not managed to stabilize at higher price levels.

Weekly Technical Analysis of Digital Currencies January 5 (January 16)
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Dodge candles yesterday indicate a lack of uncertainty between buyers and sellers, because when buyers are shopping in the fall, sellers enter the market at higher levels.

After the sharp fluctuation of the price yesterday, it is likely to decrease in the next few days, because the cows and bears in the market will try to gain market dominance.

The upward slope of the moving averages and the placement of the Relative Strength Index (RSI) near the buy saturation zone indicate the superiority of buyers. If buyers manage to stabilize the price above the level of $ 0.21, there is a possibility that the upward trend of the price will continue.

A break below the 20-day moving average is the first sign that the price is weakening and may continue to fall to the simple 50-day moving average (SMA 50 – red line in the picture) at $ 0.155. Below this average, there is a possibility that the correction will deepen.

  • Resistances: 0.21
  • Supports: 0.173 – 0.155

Weekly Technical Analysis of Binance coin Price

The price of Binance coin has moved rapidly down from the level of $ 43,2929 yesterday. This indicates that traders save profits at higher price levels. However, the upward slope of the moving averages and the placement of the Relative Strength Index (RSI) in the positive zone indicate that the uptrend remains intact.

Weekly Technical Analysis of Digital Currencies January 5 (January 16)
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If the price jumps above the 20-day moving average (EMA 20 – blue line in the picture) at $ 35, it will be a sign of accumulation in the fall. In such a situation, the cows will try again to continue the upward trend and guide the price to the target of $ 50.

On the other hand, if sellers succeed in lowering and stabilizing the price below the 20-day moving average, the momentum of the price will be weakened and buyers will not fall. Such a move would push the price down to $ 32 support and there would be a possibility of cross price fluctuations.

  • Resistances: 50
  • Supports: 35-32

Weekly Technical Analysis of Chainlink Price

The price of Chainlink on January 3 moved above the ceiling of its downtrend channel and high resistance at $ 13.28. This opened the way for the price to reach $ 16.39, which was seen at $ 15,644 yesterday.

Weekly Technical Analysis of Digital Currencies January 5 (January 16)
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However, the long wick of the price candle in the candle (candle) yesterday, shows the heavy reserve of profits in the hands of buyers. On the plus side, the price is nearing the 20-day moving average (EMA 20 – blue line in the picture) at $ 12.36.

If the price closes above the $ 13.28 level, buyers will try again to push it up to $ 16.39 and above it up to $ 20.1111. On the other hand, if the price moves below the moving averages, the price will continue to fall to $ 11.29 and below it to $ 10.

  • Resistances: 13.28 – 16.39 – 20.1111
  • Supports: 12.36 – 11.29 – 10

Weekly technical analysis of Bitcoin price

The long wick of the price of Bitcoin SV yesterday shows the failure of buyers to stabilize it above the resistance of $ 181. This shows the strong defense of market bears from this level.

Weekly Technical Analysis of Digital Currencies January 5 (January 16)
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In the current situation, the price has moved below the moving averages. If these people manage to lower it below $ 160, it will be possible to continue the decline to $ 146 support.

On the other hand, if the price jumps from the current level and goes above the $ 175 level, buyers will try again to push the price above the $ 181 level. If successful, prices could continue to rise to $ 215.

However, the horizontal slope of the moving averages and the placement of the relative strength index (RSI) below the mid-range indicate a balance between supply and demand.

  • Resistances: 175 – 181 – 215
  • Supports: 160-146

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