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It rose above $19,000 on January 12, the highest level since November 8. Although the bull market may not start in a hurry, Glassnode data indicates that the basis for a macro bottom for Bitcoin may be in place. The on-chain analytics firm tweeted on Jan. 12 that “13% of circulating supply” returned to profit when bitcoin surged to $18,200. This indicates a significant phase of accumulation in the $16,500 to $18,200 range.

Along with Bitcoin, Ether

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Signs of accumulation are also attested. The number of ether sharks, which contain between 100 and 10,000 ether, has increased by 3,000 since November 22, according to Saintmint data.

Daily cryptocurrency market performance. Source: Coin360
Often times, traders lose bottom because they remain in denial. If traders want to catch the trend early, they should watch the price action closely because a series of higher highs and higher lows may indicate an uptrend.

Are Bitcoin and altcoins showing signs of starting a new bullish trend? Let’s study the charts of the top 10 cryptocurrencies to find out.

Bitcoin is on the way to recovery. Strong buying by the bulls pushed the price above the strong resistance at $18,388 on January 12th. This is the first indication that the bears may be losing their grip.

BTC/USDT daily chart. Source: TradingView
The sharp rise in the past few days has pushed the Relative Strength Index (RSI) into the overbought territory, indicating a possible correction or consolidation in the near term.

If the bulls do not allow the price to drop below the breakout level of $18,388, this would indicate a change in sentiment from selling on rallies to buying on dips. The BTC/USDT pair could then continue its recovery towards the next major resistance at $21,500.

If the bears want to slow down the positive momentum, they will have to quickly drag the price below $18,388. The pair could then drop to the 20-day exponential moving average (EMA) of $17,378.

Ether rose above the $1,352 overhead resistance on January 11 and followed that with a break above the downtrend line on January 12. This indicates that the bulls are making a strong comeback.

ETH/USDT daily chart. Source: TradingView
The bears will try to stop the recovery and drag the price below the breakout level at $1,352. If this happens, the ETH/USDT pair could slide to the 20-day moving average at $1,292. A strong bounce off this level would indicate that traders are buying on dips. That could improve the odds of a rally towards $1,700. This level may again act as a strong hurdle.

The positive opinion can be invalidated if the price declines and falls below the moving averages. Such a move could indicate that the recent breakout may have been a bull trap.


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305 bucks

It bounced from the 50-day simple moving average (SMA) of $268 on January 10 and continued its northward march. The price is approaching $300, where bears may mount a strong resistance.

BNB/USDT daily chart. Source: TradingView
A bullish 20-day EMA at $266 and the RSI near the overbought region suggest an advantage for the buyers. If the price drops from $300, it is likely to find support at the 20-day moving average at $266. A strong rebound from this level could push the BNB/USDT pair to the $318 to $338 resistance area.

Contrary to this assumption, if the price declines and slides below the moving averages, the pair could retest the $250 to $236 support area.

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0.40 USD

It fell below the 50-day SMA at $0.37 on June 12, but the bulls successfully defended the breakout level from the symmetrical triangle.

XRP/USDT daily chart. Source: TradingView
The gradually bullish 20-day moving average at $0.35 and the RSI in positive territory suggest that the bulls have the upper hand. Buyers will try to push the price above $0.38 and extend the upward move to $0.42.

Conversely, if the price fails to hold above the 50-day SMA at $0.37, the bears will try again to pull the XRP/USDT back into the triangle. If they do, the pair may drop to the triangle support line.

Bears tried to sink Cardano

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Back to the wedge on January 11th but the long tail on the candle shows strong buying on lows.

ADA/USDT daily chart. Source: TradingView
The ADA/USDT pair continued its upward movement, pushing the RSI into the overbought zone. This indicates that the rally may be overheated in the near term and the pair may enter a short-term correction or consolidation.

If the price declines from the current level but bounces off the 20-day moving average of $0.29, that would indicate demand at lower levels. Buyers will again try to clear the barrier at $0.35 and launch a rally to $0.38 and later to $0.44. The bears will have to pull the price back to MA

Source: CoinTelegraph