Price Analysis Jan 03: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XTZ, XLM

Bitcoin started the new year on a weak note and looked to be losing ground. Nevertheless, the news of the killing of Iran's Full general Qasem Soleimani, in an airstrike ordered by the US President Donald Trump, caused a reversal in Bitcoin'southward price. This shows that the market participants have once again turned to cryptocurrencies in times of uncertainty and escalating geopolitical tensions.

In other news, Antoni Trenchev, the head of decentralized finance (DeFi) platform Nexo.io, said that Bitcoin is a unique asset which is uncorrelated to the overall marketplace. Trenchev said it is entirely possible that Bitcoin price reaches $50,000 in 2022. Trenchev said that the only affair that had come close to Bitcoin'southward functioning was "the ascension of the US dollar against the (German papiermark) in the 1920s."

Daily cryptocurrency market performance. Source: Coin360

Major cryptocurrency substitution Binance has added back up for euro trading against six cryptocurrencies from January. 3. Binance CEO Chanpeng Zhao said that the exchange aims to provide fiat-to-crypto trading for 180+ fiat currencies in 2022. This move will bring crypto to the masses across the world.

While crypto prices are benefitting from the take chances-off sentiment, tin can this relief rally sustain? What are the important levels that will signal a change in trend? Allow'due south analyze the charts to detect out.

BTC/USD

The bears attempted to sink Bitcoin (BTC) below the firsthand back up at $7,000 on Jan. 2 but the price rapidly bounced back which is a positive sign. Information technology shows accumulation by the bulls at lower levels.

BTC USD daily nautical chart. Source: Tradingview

If the bulls tin push the price above the fifty-day SMA, a move to $vii,856.76 is possible. The downtrend line is likewise close to this level, hence, we anticipate the bears to defend it aggressively.

Nonetheless, if the bulls can scale the BTC/USD pair in a higher place information technology, nosotros anticipate the buyers sitting on the sidelines to jump in. A close (UTC time) higher up $7,856.76 will likewise complete a double bottom blueprint that has a minimum target objective of $9,278.52. Above this, a motility to $10,360.89 and above information technology to $12,000 is possible. Therefore, nosotros retain the buy suggested in our earlier assay.

Contrary to our assumption, if the price turns downwards from the 50-day SMA and sustains below $7,000, a drop to $6,435 is possible. A breakdown of this support volition resume the downtrend.

ETH/USD

Ether (ETH) has bounced sharply from back up line of the symmetrical triangle, which is a positive sign. It the bulls tin push button the price higher up the triangle, a move to $157.50 is possible. Therefore, nosotros retain the buy recommendation given in the previous assay.

ETH USD daily nautical chart. Source: Tradingview

Nonetheless, if the bulls fail to button the price higher up the triangle, it will indicate a lack of demand at higher levels.

The ETH/USD pair will turn negative if the cost turns downwardly from the current levels and plummets beneath the support line of the triangle. Such a move will resume the downtrend with a target objective of $98.

XRP/USD

XRP has bounced off the support at $0.18339, which is a positive sign. This shows that bulls are accumulating on dips to the strong support levels. If the cost can at present rise higher up the overhead resistance at $0.20041, a relief rally to $0.23260 is possible. The aggressive traders can ride this move upward as suggested by u.s. in an earlier assay.

XRP USD daily chart. Source: Tradingview

Reverse to our assumption, if the price fails to scale above $0.20041, the XRP/USD pair will remain range-bound for a few more than days. The pair will plough negative on a break below the support at $0.18339 and the downtrend will resume below $0.17468.

BCH/USD

The dip to the support at $192.52 was bought aggressively. This is a positive sign as it indicates potent demand on dips. Bitcoin Cash (BCH) has reached close to our first target objective of $227.01.

BCH USD daily chart. Source: Tradingview

If the bulls tin can push the price above $227.01, the next target is $241.85. Every bit the BCH/USD pair is backed with momentum, we suggest traders trail the stops on their long position to $191. Permit's reduce the gamble.

Contrary to our assumption, if the bears defend $227.01 aggressively, the traders tin can book fractional profits and trail the stops on the remaining position.

LTC/USD

The bears dragged Litecoin (LTC) to the support at $39.252, which held. This shows buying close to critical back up level. If the bulls can now acquit the price to a higher place the 50-twenty-four hours SMA, a move to $fifty is possible.

LTC USD daily nautical chart. Source: Tradingview

Nosotros anticipate a stiff resistance at $50. Hence, traders can watch the cost action closely and volume partial profits if the bulls neglect to button the cost above information technology. All the same, if the momentum carries the price above $50, the side by side level to picket out for is $60. The traders can retain the stops on their long position at $38.

Our view volition be invalidated if the LTC/USD pair turns down from the current level and plunges below $39.252. A suspension below $35.8582 will resume the downtrend.

EOS/USD

EOS once more bounced off the back up at $2.4001. If the bulls tin sustain the toll to a higher place the 50-twenty-four hours SMA, a movement to $two.8695 is possible. If the momentum tin carry the price in a higher place $2.8695, a rally to the downtrend line is possible. This is an important resistance to spotter out for because the cost has repeatedly turned down from the downtrend line.

EOS USD daily chart. Source: Tradingview

The traders tin sentry the price action at $2.8695 and volume partial profits if the bulls struggle to propel the toll higher up information technology. The remaining position can exist held with a trailing stop loss. For now, the stops on the long positions can be maintained at $2.xl.

Our bullish view will be negated if the EOS/USD pair turns down from the current level and breaks below $2.4001.

BNB/USD

Binance Money (BNB) slipped below the downtrend line on Jan 02. However, the bears could not capitalize on this breakdown and drag the price to $12.1111. This shows buying at lower levels.

BNB USD daily chart. Source: Tradingview

The price is currently shut to the twenty-mean solar day EMA. If the BNB/USD pair tin rise to a higher place it, the bulls will again endeavour to propel the toll higher up $14.5201. If successful, a movement to $16.l is possible. Therefore, nosotros retain the buy recommended in our earlier analysis.

Opposite to our assumption, if the bulls neglect to break higher up the overhead resistance levels, the price might remain range-bound betwixt $12.1111 and $14.5201 for a few more days. The pair will plow negative on a break beneath $12.1111.

BSV/USD

The bulls once more defended the back up at $92.693 aggressively, which is a positive sign. If Bitcoin SV (BSV) tin sustain above $101.66, a rally to $113.96 will be on the cards. The traders can volume partial profits at this level if the bulls find it hard to scale it.

BSV USD daily nautical chart. Source: Tradingview

Nevertheless, if the momentum tin can acquit the price above $113.96, a move $140 and above it to $155.380 is possible. The traders can trail the stops on the long positions to $90.

Contrary to our assumption, if the BSV/USD pair turns down from the current level and breaks below $92.693, it tin can drop to $78.506.

XTZ/USD

The bulls have held the $1.20 back up on Tezos (XTZ) for the by 4 days. This shows that buyers are accumulating close to this level. If the price rises higher up the moving averages, a move to $1.40 and in a higher place it to $1.sixty is possible.

XTZ USD daily chart. Source: Tradingview

On the other mitt, if the bulls fail to sustain the price above the moving averages, the XTZ/USD pair might remain range-bound for a few days. The pair will plough negative if the bears sink the cost below $i.10. We practice not find whatever reliable buy setups at the electric current levels, hence, nosotros remain neutral on the altcoin.

XLM/USD

Stellar Lumens (XLM) is consolidating between $0.042133 and $0.047799. The RSI has formed a bullish divergence, which is a positive sign. If the bulls can push the price above $0.047799, a move to $0.051014 is possible.

XLM USD daily chart. Source: Tradingview

We will turn positive if the bulls sustain the cost to a higher place $0.047799. As the risk is low, we advise traders buy 50% of the desired resource allotment on a close (UTC time) above $0.047799 and await to buy the rest after the price sustains above $0.051014. The stops can initially be kept at $0.042.

If the XLM/USD pair turns down from the current levels and drops below $0.042133, the downtrend will resume.

The views and opinions expressed here are solely those of the writer and exercise non necessarily reverberate the views of Cointelegraph. Every investment and trading move involves risk. You should deport your own research when making a conclusion.

Market data is provided by HitBTC commutation.

Source: https://cointelegraph.com/news/price-analysis-jan-03-btc-eth-xrp-bch-ltc-eos-bnb-bsv-xtz-xlm

Posted by: wardhoulds.blogspot.com

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