The rally took Bitcoin, Ethereum, and XRP to a pivotal point in their trend.
A spike in demand around the current price levels could lead to the breakout of such a significant resistance level.
Due to the significance that the current price level has on Bitcoin's trend, the area between the 100-day and the 128-day moving average is a reasonable no-trade zone.
Closing below the 100-day moving average could lead to a steeper decline taking BTC to test the 50-day moving average at $7,450.
Breaking above the 128-day moving average could signal the beginning of a new uptrend.
Currently, Ethereum is sitting on top of the 78.6 percent Fibonacci retracement level as well as the 50-day moving average.
Despite the high level of support, an increase in sell orders could push Ethereum down to $134. Meanwhile, a further increase in demand could take it to test the 100-day moving average at $159.XRP. The TD sequential indicator presented a buy signal in the form of a red nine on XRP's 1-week chart.
Based on the 1-day chart, it seems like the 50-day moving average is serving as significant support for XRP. If this support level continues to hold, a spike in the buying pressure behind this crypto could allow it to surge.
A bullish impulse may take XRP to test the 100-day or the 200-day moving average, sitting at $0.243 and $0.271, respectively.
Willy Woo, an on-chain analyst and partner at Adaptive Capital, recently stated that Litecoin's price action could be used as a "Confirmation signal" of where Bitcoin is heading next.
Bitcoin, Ethereum, and XRP sit at a make-or-break point
gepubliceerd op Jan 13, 2020
by Cryptoslate | gepubliceerd op Coinage
Coinage
Vermeld in dit artikel
Recent nieuws
Alles zien
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.