Bitcoin Consolidation Looking To Break 40K?

We are long from 37,550 and shared another idea that will be in play upon the break of 36,450. As long as the 32.5 support level continues to hold, Bitcoin is likely to squeeze higher in the coming week. Such a squeeze can lead to a test of the 40K range high and a break out should take price into the 45 to 46K area at least. This would be the follow-through of a Wave 5 of 3.

IF Bitcoin breaks the 32.5K support instead, it increases the chances of a test of the next support which is 27.5K. IF this support is compromised, Bitcoin will then most likely be in a broad Wave 4 consolidation. A good example of such a formation is a Gold chart from the August peak to the December low. It can linger for weeks.
All markets are driven by irrational forces of greed and fear. Trying to figure out “why” it is retracing will not help you make better informed decisions. Price information is the purest form of information we can gather and evaluate because it is a reflection of all the known information in the world at the moment.
Our swing trade strategy looks to capitalize on the broader trend in a market that can take days or weeks to unfold. It is rules based which minimizes the adverse effects of our opinions, and other irrational behaviors. If you want to learn more about how it works, or see first hand examples of trades that we share, visit https://bit.ly/marketsignals and register for our free membership. Each week we send out a swing trade idea for free.

BTC/USD Breaks below Support and 35,000, ETH/USD Breaks down to 1,260 but Makes It Back above 1,325

BTC/USD

With the falling continuing, the price broke down below the local support level at 33,937between 09:00 and 10:00 UTC.

At 11:00 UTC, the pair slowed down the face of its downward price action and started finding support at around 33,450. From 12:00 to 18:00 UTC, the pair was mainly contained between 33,450 and a local technical level at 33,937, with a brief dip below 33,500 taking place between 16:00 and 17:00 UTC. But some measure of resistance was found at 33,450 between 11:00 and 17:00 UTC did not let the price break it down. At 17:00 UTC, BTC/USD attempted an upturn above the resistance level and was able to do it in the hour between 18:00 and 19:00 UTC.

The exit outside the symmetrical triangle increases the chances of further downside dynamics for BTC/USD in the near future. It means that the 2.618 Fibonacci retracement level will be the next target level for the pair. There is a local support level at 33,817, but it should not pose a serious obstacle for BTC/USD on its way to 31,000.

ETH/USD

ETH/USD opened 20th January at 1,367.9 as per the exchange rate on CEX.IO. The overall dynamics were quite reminiscent of those of BTC/USD. The trading pair took a bounce to 1,405 in the first hour of the day and dropped to 1,343 between 03:00 and 04:00 UTC. Some certain sideways trading was taking place between 04:00 and 09:00 UTC.

Between 09:00 and 10:00 UTC, ETH/USD once again dropped handsomely to 1,300. The third big drop of the day took place between 11:00 and 12:00 UTC when the pair fell below 1,260 and quickly bounced off 1,240. But further falling was retraced with countertrade volumes, and the ETH/USD cross rate continued trading mainly between 1,260 and 1,310 for the most part of the time between 12:00 and 18:00 UTC.

A break back above the 4.326 Fibonacci retracement level occurred between 19:00 and 20:00 UTC, with the price suddenly rising 1,350. ETH/USD continued trading above 1,325 until 21:00 UTC.

The ETH/USD took a substantial downswing to 1,260 but the late retracement above 1,350 fairly nullified those downside efforts, showing a continuing bullish sentiment in ETH/USD. ETH/USD remains under temporary selling pressure, but the uptrend on the 4-hour timeframe remains unbroken with new lows going consistently above the previous ones. Therefore, the closest target for ETH/USD is an upside one at 1,430.

Konstantin Anissimov, Executive Director at CEX.IO

EOS, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – January 21st, 2021

EOS

EOS fell by 0.20% on Wednesday. Following on from a 1.02% decline on Tuesday, EOS ended the day at $2.7830.

A mixed start to the day saw EOS rise to an early morning intraday high $2.8350 before hitting reverse.

Falling short of the first major resistance level at $2.9461, EOS slid to a late afternoon intraday low $2.6319.

EOS fell through the first major support level at $2.6436 before revisiting $2.80 levels.

A bearish end to the day, however, saw EOS fall back to sub-$2.788 levels and into the red.

At the time of writing, EOS was down by 1.11% to $2.7522. A mixed start to the day saw EOS rise to an early morning high $2.7891 before falling to a low $2.7451.

EOS left the major support and resistance levels untested early on.

EOSUSD 210121 Daily Chart

For the day ahead

EOS would need to avoid a fall back through the $2.7500 pivot level to support a run at the first major resistance level at $2.8680.

Support from the broader market would be needed, however, for EOS to break out from Wednesday’s high $2.8350.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of an extended rally, EOS could test resistance at $3.00 before any pullback. The second major resistance level sits at $2.9531.

Failure to avoid a fall back through the pivot level at $2.7500 would bring the first major support level at $2.6649 into play.

Barring an extended sell-off, however, EOS should steer of sub-$2.60 levels. The second major support level sits at $2.5469.

Looking at the Technical Indicators

First Major Support Level: $2.6649

First Major resistance Level: $2.8680

23.6% FIB Retracement Level: $6.52

38% FIB Retracement Level: $9.68

62% FIB Retracement Level: $14.77

Stellar’s Lumen

Stellar’s Lumen fell by 1.44% on Wednesday. Following on from a 2.20% decline on Tuesday, Stellar’s Lumen ended the day at $0.2938.

A mixed start to the day saw Stellar’s Lumen rise to an early morning intraday high $0.3019 before hitting reverse.

Falling short of the first major resistance level at $0.3141, Stellar’s Lumen slid to a late afternoon intraday low $0.2750.

The reversal saw Stellar’s Lumen fall through the first major support level at $0.2879 and the 38.2% FIB of $0.2823.

Finding support at the second major support level at $0.2776, Stellar’s Lumen revisited $0.295 levels before easing back.

The partial recovery saw Stellar’s Lumen break back through the 38.2% FIB and the first major support level to end the day at $0.293 levels.

At the time of writing, Stellar’s Lumen was down by 1.01% to $0.2908. A mixed start to the day saw Stellar’s Lumen rise to an early morning high $0.2947 before falling to a low $0.2904.

Stellar’s Lumen left the major support and resistance levels untested early on.

XLMUSD 210121 Daily Chart

For the day ahead

Stellar’s Lumen would need to avoid a fall through the $0.2902 pivot to bring the first major resistance level at $0.3055 into play.

Support from the broader market would be needed, however, for Stellar’s Lumen to break back through to $0.30 levels.

Barring an extended crypto rally, the first major resistance level and Wednesday’s high $0.3019 would likely cap any upside.

In the event of an extended rally, Stellar’s Lumen could test the second major resistance level at $0.3171.

Failure to avoid a fall through the $0.2902 pivot would bring the 38.2% FIB of $0.2823 and the first major support level at $0.2786 into play.

Barring another extended crypto sell-off, however, Stellar’s Lumen should steer clear of sub-$0.027 levels. The second major support level sits at $0.2633.

Looking at the Technical Indicators

First Major Support Level: $0.2786

First Major Resistance Level: $0.3055

23.6% FIB Retracement Level: $0.3187

38% FIB Retracement Level: $0.2823

62% FIB Retracement Level: $0.1850

Tron’s TRX

Tron’s TRX fell by 2.24% on Wednesday. Following on from a 3.17% slide on Tuesday, Tron’s TRX ended the day at $0.03017.

A mixed start to the day saw Tron’s TRX rise to an early morning intraday high $0.03143 before hitting reverse.

Falling short of the first major resistance level at $0.03229, Tron’s TRX slid to a late afternoon intraday low $0.02872.

Tron’s TRX fell through the first major support level at $0.02989 and the second major support level at $0.02889.

More significantly, Tron’s TRX also fell through the 23.6% FIB of $0.0291 before revisiting $0.031 levels in the final hour.

A bearish end to the day, however, saw Tron’s TRX fall back to sub-$0.031 levels and into the red.

In spite of the late pullback, Tron’s TRX avoided a fall back through the first major support level and the 23.6% FIB.

At the time of writing, Tron’s TRX was down by 0.86% to $0.03044. A mixed start to the day saw rise to an early morning high $0.03099 before falling to a low $0.02990.

Tron’s TRX left the major support and resistance levels untested early on.

TRXUSD 210121 Daily Chart

For the Day Ahead

Tron’s TRX need to avoid a back fall through the $0.0.03011 pivot to bring the first major resistance level at $0.03149 into play.

Support from the broader market would be needed, however, for Tron’s TRX to breakout from Wednesday’s high $0.03143.

Barring an extended crypto rally, the first major resistance level and resistance at $0.032 would likely cap any upside.

In the event of an extended rally Tron’s TRX could resistance at $0.033 before any pullback. The second major resistance level sits at $0.03282.

Failure to avoid a fall back through the $0.03011 pivot would bring the 23.6% FIB of $0.0291 and the first major support level at $0.2878 into play.

Barring another extended sell-off on the day, Tron’s TRX should steer clear of sub-$0.028 levels. The second major support level at sits at $0.02740.

Looking at the Technical Indicators

First Major Support Level: $0.02878

First Major Resistance Level: $0.03149

23.6% FIB Retracement Level: $0.03211

38.2% FIB Retracement Level: $0.0428

62% FIB Retracement Level: $0.0648

Please let us know what you think in the comments below

Thanks, Bob

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – January 21st, 2021

Ethereum

Ethereum rose by 0.67% on Wednesday. Following an 8.70% rally from Tuesday, Ethereum ended the day at $1,376.88.

A mixed start to the day saw Ethereum rise to an early morning intraday high $1,408.50 before hitting reverse.

Falling well short of the first major resistance level at $1,455, Ethereum slid to a mid-day intraday low $1,234.01.

Ethereum fell through the first major support level at $1,267 before a late recovery to $1,376 levels.

At the time of writing, Ethereum was down by 0.36% to $1,371.99. A mixed start to the day saw Ethereum rise to an early morning high $1,390.00 before falling to a low $1,364.08.

Ethereum left the major support and resistance levels untested early on.

ETHUSD 210121 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall through the pivot level at $1,340 to support a run at the first major resistance level at $1,446.

Support from the broader market would be needed, however, for Ethereum to break out from Wednesday’s high $1,408.50.

Barring an extended crypto rally, Wednesday’s high and the first major resistance level would likely cap any upside.

In the event of another extended crypto rally, Ethereum could test resistance at $1,600 before any pullback. The second major resistance level sits at $1,514.

Failure to avoid a fall through the $1,340 pivot would bring the first major support level at $1,271 into play.

Barring another extended sell-off, however, Ethereum should continue to steer clear of sub-$1,200 levels. The second major support level sits at $1,165.

Looking at the Technical Indicators

First Major Support Level: $1,271

Pivot Level: $1,340

First Major Resistance Level: $1,446

23.6% FIB Retracement Level: $1,119

38.2% FIB Retracement Level: $921

62% FIB Retracement Level: $600

Litecoin

Litecoin fell by 1.40% on Wednesday. Reversing a 0.06% decline from Tuesday, Litecoin ended the day at $149.77.

A mixed start to the day saw Litecoin rise to an early morning intraday high $156.30 before hitting reverse.

Falling short of the first major resistance level at $162.02, Litecoin slid to a late afternoon intraday low $138.53.

Litecoin fell through the first major support level at $145.98 and the second major support level at $140.05.

More significantly, Litecoin also fell through the 23.6% FIB of $148 before finding support.

Steering clear of sub-$130 levels, Litecoin revisited $150 levels late in the day before easing back.

The partial recovery saw Litecoin break back through the major support levels and the 23.6% FIB of $148.

At the time of writing, Litecoin was down by 0.43% to $149.12. A mixed start to the day saw Litecoin rise to an early morning high $150.35 before falling to a low $148.61.

Litecoin left the major support and resistance levels untested early on.

LTCUSD 210121 Hourly Chart

For the day ahead

Litecoin would need to avoid a fall through the $148.20 pivot level and the 23.6% FIB of $148 to support a run at the first major resistance level at $157.87.

Support from the broader market would be needed, however, for Litecoin to break out from $155 levels.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $170. The second major resistance level sits at $165.97.

Failure to avoid a fall through the $148.20 pivot level and the 23.6% FIB of $148 would bring the first major support level at $140.10 into play.

Barring another extended sell-off, Litecoin should steer clear of the second major support level at $130.43.

Looking at the Technical Indicators

First Major Support Level: $140.10

Pivot Level: $148.20

First Major Resistance Level: $157.87

23.6% FIB Retracement Level: $148

38.2% FIB Retracement Level: $125

62% FIB Retracement Level: $87

Ripple’s XRP

Ripple’s XRP rose by 0.40% on Wednesday. Following a 2.87% gain from Tuesday, Ripple’s XRP ended the day at $0.29534.

A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.28235 before making a move.

Steering clear of the major support levels, Ripple’s XRP jumped to a mid-morning intraday high $0.31200.

Falling well short of the first major resistance level at $0.3212, Ripple’s XRP slid to a late morning intraday low $0.28021.

Steering clear of the first major support level at $0.2757, Ripple’s XRP moved back through to $0.295 levels and into the green.

At the time of writing, Ripple’s XRP up by 0.09% to $0.29560. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.29715 before falling to a low $0.29499.

Ripple’s XRP left the major support and resistance levels untested early on.

XRPUSD 210121 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid a fall back through the $0.2959 pivot level to bring the first major resistance level at $0.3115 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.30 levels.

Barring an extended crypto rally, the first major resistance and Wednesday’s high $0.31200 would likely cap any upside.

In the event of another extended rally, Ripple’s XRP could test resistance at $0.33 levels. The second major resistance sits at $0.3276. Ripple’s XRP would need support to breakout from the 23.6% FIB of $0.3172, however.

Failure to move through the $0.2959 pivot would bring the first major support level at $0.2797 into play.

Barring another extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.27 levels. The second major support level sits at $0.2641.

Looking at the Technical Indicators

First Major Support Level: $0.2797

Pivot Level: $0.2959

First Major Resistance Level: $0.3115

23.6% FIB Retracement Level: $0.6274

38.2% FIB Retracement Level: $0.5285

62% FIB Retracement Level: $0.3687

Please let us know what you think in the comments below.

Thanks, Bob

EOS, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – January 20th, 2021

EOS

EOS fell by 1.02% on Tuesday. Partially reversing a 1.81% gain from Monday, EOS ended the day at $2.7908.

A mixed start to the day saw EOS rise to a mid-morning high $2.9341 before hitting reverse.

EOS broke through the first major resistance level at $2.8917 before sliding to a late morning intraday low $2.6517.

The sell-off saw EOS fall through the first major support level at $2.7095 before striking a late afternoon intraday high $2.9542.

EOS broke back through the first major resistance level before a slide back to sub-$2.80 levels and into the red.

In spite of the 2nd sell-off, EOS steered clear of the first major support level at $2.7095.

At the time of writing, EOS was up by 0.69% to $2.8100. A mixed start to the day saw EOS fall to an early morning low $2.7676 before rising to a high $2.8249.

EOS left the major support and resistance levels untested early on.

EOSUSD 200121 Daily Chart

For the day ahead

EOS would need to avoid a fall back through the $2.7989 pivot level to support a run at the first major resistance level at $2.9461.

Support from the broader market would be needed, however, for EOS to break back through to $2.90 levels.

Barring an extended crypto rally, the first major resistance level and Tuesday’s high $2.9542 would likely cap any upside.

In the event of an extended rally, EOS could test resistance at $3.10 before any pullback. The second major resistance level sits at $3.1014.

Failure to avoid a fall back through the pivot level at $2.7989 would bring the first major support level at $2.6436 into play.

Barring an extended sell-off, however, EOS should steer of sub-$2.60 levels. The second major support level sits at $2.4964.

Looking at the Technical Indicators

First Major Support Level: $2.6436

First Major resistance Level: $2.9461

23.6% FIB Retracement Level: $6.52

38% FIB Retracement Level: $9.68

62% FIB Retracement Level: $14.77

Stellar’s Lumen

Stellar’s Lumen fell by 2.20% on Tuesday. Reversing a 0.53% gain from Monday, Stellar’s Lumen ended the day at $0.2981.

A bullish start to the day saw Stellar’s Lumen rise to a late morning intraday high $0.3198 before hitting reverse.

Stellar’s Lumen broke through the first major resistance level at $0.3115 and the second major resistance level at $0.3180.

Coming up against resistance at $0.32, however, Stellar’s Lumen slid to a late intraday low $0.2936.

Stellar’s Lumen fell through the first major support level at $0.2958 before briefly revisiting $0.3050 levels.

A bearish end to the day, however, saw Stellar’s Lumen fall back to end the day at sub-$0.30 levels.

At the time of writing, Stellar’s Lumen was up by 0.33% to $0.2991. A mixed start to the day saw Stellar’s Lumen fall to an early morning low $0.2950 before striking a high $0.3016.

Stellar’s Lumen left the major support and resistance levels untested early on.

XLMUSD 200121 Daily Chart

For the day ahead

Stellar’s Lumen would need to move through the $0.3038 pivot to bring the first major resistance level at $0.3141 into play.

Support from the broader market would be needed, however, for Stellar’s Lumen to break back through to $0.31 levels.

Barring an extended crypto rally, the first major resistance level and Tuesday’s high $0.3198 would likely cap any upside.

In the event of an extended rally, Stellar’s Lumen could test the second major resistance level at $0.3300.

Failure to move through the $0.3038 pivot would bring the first major support level at $0.2879 and the 38.2% FIB of $0.2823 into play.

Barring another extended crypto sell-off, however, Stellar’s Lumen should steer clear of sub-$0.028 levels. The second major support level sits at $0.2776.

Looking at the Technical Indicators

First Major Support Level: $0.2879

First Major Resistance Level: $0.3141

23.6% FIB Retracement Level: $0.3187

38% FIB Retracement Level: $0.2823

62% FIB Retracement Level: $0.1850

Tron’s TRX

Tron’s TRX slid by 3.17% on Tuesday. Reversing a 3.42% rally from Monday, Tron’s TRX ended the day at $0.03089.

A mixed start to the day saw Tron’s TRX rise to a late morning intraday high $0.03269 before hitting reverse.

Falling short of the first major resistance level at $0.03311, Tron’s TRX slid to a late intraday low $0.03029.

Steering clear of the first major support level at $0.02957, Tron’s TRX revisited $0.0316 levels before sliding back into the deep red.

At the time of writing, Tron’s TRX was down by 0.18% to $0.03143. A mixed start to the day saw Tron’s TRX rise to an early morning high $0.03211 before falling to a low $0.03102.

Tron’s TRX left the major support and resistance levels untested early on.

TRXUSD 200121 Daily Chart

For the Day Ahead

Tron’s TRX would need to avoid a back fall through the $0.03129 pivot to bring the first major resistance level at $0.03229 into play.

Support from the broader market would be needed, however, for Tron’s TRX to break back through to $0.032 levels.

Barring an extended crypto rally, the first major resistance level and Tuesday’s high $0.03269 would likely cap any upside.

In the event of an extended rally Tron’s TRX could resistance at $0.034 before any pullback. The second major resistance level sits at $0.03369.

Failure to avoid a fall back through the $0.03129 pivot would bring the first major support level at $0.02989 and the 23.6% FIB of $0.0291 into play.

Barring an extended sell-off on the day, Tron’s TRX should steer clear of sub-$0.029 levels. The second major support level at sits at $0.02889.

Looking at the Technical Indicators

First Major Support Level: $0.02989

First Major Resistance Level: $0.03229

23.6% FIB Retracement Level: $0.03211

38.2% FIB Retracement Level: $0.0428

62% FIB Retracement Level: $0.0648

Please let us know what you think in the comments below

Thanks, Bob

The Crypto Daily – Movers and Shakers – January 20th, 2021

Bitcoin, BTC to USD, fell by 2.17% on Tuesday. Reversing a 2.22% gain from Monday, Bitcoin ended the day at $35,890.0.

It was a mixed start to the day. Bitcoin rose to an early morning high $37,450.0 before hitting reverse.

Falling short of the first major resistance level at $37,889, Bitcoin slid to a mid-morning low $36,299.0.

Steering clear of the first major support level at $35,176, however, Bitcoin rallied to a late afternoon intraday high $37,936.6.

Continuing to fall short of the first major resistance level at $37,889 Bitcoin slid to a final hour intraday low $35,863.0.

In spite of the late sell-off, Bitcoin continued to steer clear of the first major support level at $35,176.

The near-term bullish trend remained intact, in spite of the latest reversal. For the bears, Bitcoin would need to slide through the 62% FIB of $18,504 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was another mixed day on Tuesday.

Binance Coin and Chainlink slid by 6.05% and by 6.79% respectively to lead the way down.

Cardano’s ADA (-1.04%) also saw red on the day.

It was a bullish start to the week for the rest of the majors, however.

Ethereum rallied by 8.70% to lead the way.

Crypto.com Coin (+5.12%), and Ripple’s XRP (+2.87%) also found strong support.

Bitcoin Cash SV (+0.10%), Litecoin (+0.06%) and Polkadot (+0.92%) trailed the front runners, however.

In the current week, the crypto total market cap fell to a Monday low $958.80bn before rising to a Tuesday high $1,080.72bn. At the time of writing, the total market cap stood at $1,029.91bn.

Bitcoin’s dominance rose to a Monday high 67.47% before falling to a Tuesday low 65.20%. At the time of writing, Bitcoin’s dominance stood at 65.65%.

This Morning

At the time of writing, Bitcoin was up by 1.14% to $36,298.6. A mixed start to the day saw Bitcoin fall to an early morning low $35,602.0 before rising to a high $36,353.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Binance Coin (-0.33%) and Chainlink (-1.85%) saw red to buck the trend early on, with Bitcoin Cash SV flat.

It was a bullish start for the rest of the majors, however.

At the time of writing, Crypto.com Coin was up by 4.04% to lead the way.

BTCUSD 200121 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $36,563 to bring the first major resistance level at $37,263 into play.

Support from the broader market would be needed for Bitcoin to break back through to $37,000 levels.

Barring an extended crypto rally, first major resistance level and Tuesday’s high $37,936.6 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $40,000 before any pullback. The second major resistance level sits at $38,637.

Failure to avoid a fall through the $36,563 pivot would bring the first major support level at $35,190 into play.

Barring an extended crypto sell-off, Bitcoin should steer clear of sub-$35,000 levels. The second major support level sits at $34,490.

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – January 20th, 2021

Ethereum

Ethereum rallied by 8.70% on Tuesday. Following on from a 2.10% gain on Monday, Ethereum ended the day at $1,368.04.

A mixed start to the day saw Ethereum fall to an early morning intraday low $1,252.01 before making a move.

Steering clear of the first major support level at $1,207, Ethereum rallied to a mid-day intraday high and a new swing hi $1,440.00.

Ethereum broke through the day’s major resistance levels before a pullback to sub-$1,330 levels.

The pullback saw Ethereum fall back through the third major resistance level at $1,392.

Steering clear of the second major resistance level at $1,313, Ethereum revisited $1,400 levels before ending the day at sub-$1,370 levels.

At the time of writing, Ethereum was up by 1.34% to $1,386.34. A mixed start to the day saw Ethereum fall to an early morning low $1,356.16 before striking a high $1,397.24.

Ethereum left the major support and resistance levels untested early on.

ETHUSD 200121 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall through the pivot level at $1,353 to support a run at the first major resistance level at $1,455.

Support from the broader market would be needed, however, for Ethereum to break out from Tuesday’s high $1,440.00.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of another extended crypto rally, Ethereum could test resistance at $1,600 before any pullback. The second major resistance level sits at $1,541.

Failure to avoid a fall through the $1,353 pivot would bring the first major support level at $1,267 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$1,200 levels. The second major support level sits at $1,165.

Looking at the Technical Indicators

First Major Support Level: $1,267

Pivot Level: $1,353

First Major Resistance Level: $1,455

23.6% FIB Retracement Level: $1,119

38.2% FIB Retracement Level: $921

62% FIB Retracement Level: $600

Litecoin

Litecoin rose by 0.06% on Tuesday. Following on from a 6.39% gain on Monday, Litecoin ended the day at $151.90.

A mixed start to the day saw Litecoin fall to an early morning intraday low $150.17 before making a move.

Steering clear of the first major support level at $141.77, Litecoin surged to a late morning intraday high $166.21.

Litecoin broke through the first major resistance level at $158.50 and the second major resistance level at $165.11.

More significantly, Litecoin broke back through the 23.6% FIB of $148.

A bearish second half of the day, however, saw Litecoin fall back through the resistance levels to end the day at sub-$152 levels.

At the time of writing, Litecoin was up by 1.13% to $153.61. A mixed start to the day saw Litecoin fall to an early morning low $149.68 before striking a high $154.14.

Litecoin left the major support and resistance levels untested early on.

LTCUSD 200121 Hourly Chart

For the day ahead

Litecoin would need to move through the $156.09 pivot level to support a run at the first major resistance level at $162.02.

Support from the broader market would be needed, however, for Litecoin to break back through to $160 levels.

Barring an extended crypto rally, the first major resistance level and Tuesday’s high $166.21 would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $180. The second major resistance level sits at $172.13.

Failure to move through the $156.09 pivot level would bring 23.6% FIB of $148 and the first major support level at $145.98 into play.

Barring an extended sell-off, Litecoin should steer clear of the second major support level at $140.05.

Looking at the Technical Indicators

First Major Support Level: $145.98

Pivot Level: $156.09

First Major Resistance Level: $162.02

23.6% FIB Retracement Level: $148

38.2% FIB Retracement Level: $125

62% FIB Retracement Level: $87

Ripple’s XRP

Ripple’s XRP rose by 2.87% on Tuesday. Following on from a 2.77% gain on Monday, Ripple’s XRP ended the day at $0.29424.

Tracking the broader market, Ripple’s XRP fell to an early morning intraday low $0.28415 before making a move.

Steering clear of the first major support level at $0.2751, Ripple’s XRP jumped to a mid-morning intraday high $0.32960.

Ripple’s XRP broke through the day’s major resistance levels and the 23.6% FIB of $0.3172.

It was bearish through the remainder of the day, however.

Ripple’s XRP fell back through the third major resistance level at $0.3157 and the second major resistance level at $0.2988.

More significantly, Ripple’s XRP also fell back through the 23.6% FIB of $0.3172.

Finding support at the first major resistance level at $0.2921, however, Ripple’s XRP wrapped up the day at $0.294 levels.

At the time of writing, Ripple’s XRP was up by 0.12% to $0.29460. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.29044 before rising to a high $0.29494.

Ripple’s XRP left the major support and resistance levels untested early on.

XRPUSD 200121 Hourly Chart

For the day ahead

Ripple’s XRP will need to move through the $0.3027 pivot level to bring the first major resistance level at $0.3212 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through the 23.6% FIB of $0.3172.

Barring an extended crypto rally, the first major resistance and Tuesday’s high $0.3296 would likely cap any upside.

In the event of another extended rally, Ripple’s XRP could test resistance at $0.35 levels. The second major resistance sits at $0.3481.

Failure to move through the $0.3027 pivot would bring the first major support level at $0.2757 into play.

Barring an extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.27 levels. The second major support level sits at $0.2572.

Looking at the Technical Indicators

First Major Support Level: $0.2757

Pivot Level: $0.3027

First Major Resistance Level: $0.3212

23.6% FIB Retracement Level: $0.6274

38.2% FIB Retracement Level: $0.5285

62% FIB Retracement Level: $0.3687

Please let us know what you think in the comments below.

Thanks, Bob

EOS, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – January 19th, 2021

EOS

EOS rose by 1.81% on Monday. Reversing a 0.54% decline from Sunday, EOS ended the day at $2.8122.

A mixed start to the day saw EOS fall to a mid-morning intraday low $2.6862 before making a move.

Steering clear of the first major support level at $2.6766, EOS rallied to a mid-day intraday high $2.8684.

EOS broke through the first major resistance level at $2.8367 before a fall back to $2.72 levels.

Finding late support, however, EOS moved back through to $2.81 levels to deliver the upside on the day.

At the time of writing, EOS was down by 0.44% to $2.7997. A mixed start to the day saw EOS rise to an early morning high $2.8383 before falling to a low $2.7804.

EOS left the major support and resistance levels untested early on.

EOSUSD 190121 Daily Chart

For the day ahead

EOS would need to avoid a fall back through the $2.7889 pivot level to support a run at the first major resistance level at $2.8917.

Support from the broader market would be needed, however, for EOS to break out from Monday’s high $2.8684.

Barring an extended crypto rally, the first major resistance level and resistance at $2.90 would likely cap any upside.

In the event of an extended rally, EOS could test resistance at $3.00 before any pullback. The second major resistance level sits at $2.9711.

Failure to avoid a fall back through the pivot level at $2.7889 would bring the first major support level at $2.7095 into play.

Barring an extended sell-off, however, EOS should steer of the second major support level at $2.6067.

Looking at the Technical Indicators

First Major Support Level: $2.7095

First Major resistance Level: $2.8917

23.6% FIB Retracement Level: $6.52

38% FIB Retracement Level: $9.68

62% FIB Retracement Level: $14.77

Stellar’s Lumen

Stellar’s Lumen rose by 0.53% on Monday. Following on from a 4.47% rally on Sunday, Stellar’s Lumen ended the day at $0.3050.

A bullish start to the day saw Stellar’s Lumen rise to an early morning intraday high $0.30883 before hitting reverse.

Falling short of the first major resistance level at $0.3196, Stellar’s Lumen fell to an early morning intraday low $0.29310.

Steering clear of the first major support level at $0.2748, Stellar’s Lumen revisited $0.3050 levels before falling back into the red.

A range-bound second half of the day resistance at $0.30 pinned Stellar’s Lumen until a late move back through to $0.3050 levels.

At the time of writing, Stellar’s Lumen was down by 0.87% to $0.3023. A mixed start to the day saw Stellar’s Lumen rise to an early morning high $0.3060 before falling to a low $0.3019.

Stellar’s Lumen left the major support and resistance levels untested early on.

XLMUSD 190121 Daily Chart

For the day ahead

Stellar’s Lumen would need to avoid a fall back through the $0.3023 pivot to bring the first major resistance level at $0.3115 into play.

Support from the broader market would be needed, however, for Stellar’s Lumen to break back through to $0.31 levels.

Barring an extended crypto rally, the first major resistance level and Monday’s high $0.3088 would likely cap any upside.

In the event of an extended rally, Stellar’s Lumen could test resistance at $0.33 before any pullback. The second major resistance level sits at $0.3180.

Failure to avoid a fall back through the $0.3023 pivot would bring the first major support level at $0.2958 into play.

Barring another extended crypto sell-off, however, Stellar’s Lumen should steer clear of sub-$0.028 levels. The second major support level at $0.2866 and the 38.2% FIB of $0.2823 would likely limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.2958

First Major Resistance Level: $0.3115

23.6% FIB Retracement Level: $0.3187

38% FIB Retracement Level: $0.2823

62% FIB Retracement Level: $0.1850

Tron’s TRX

Tron’s TRX rallied by 3.42% on Monday. Following on from a 0.66% gain on Sunday, Tron’s TRX ended the day at $0.03149.

A mixed start to the day saw Tron’s TRX slide to an early morning intraday low $0.02928 before making a move.

Steering clear of the 23.6% FIB of $0.0291 and the first major support level at $0.02907, Tron’s TRX rallied to a mid-day intraday high $0.03292.

Tron’s TRX broke through the first major resistance level at $0.03151 and the second major resistance level at $0.03258.

An early afternoon pullback, however, saw Tron’s TRX slide back through the resistance levels to $0.03011 levels.

Steering clear of sub-$0.030 levels, Tron’s TRX revisited $0.032 levels before easing back.

Tron’s TRX broke back through the first major resistance level at $0.03151 before ending the day at sub-$0.0315 levels.

At the time of writing, Tron’s TRX was down by 0.18% to $0.03143. A mixed start to the day saw Tron’s TRX rise to an early morning high $0.03211 before falling to a low $0.03102.

Tron’s TRX left the major support and resistance levels untested early on.

TRXUSD 190121 Daily Chart

For the Day Ahead

Tron’s TRX would need to avoid a back fall through the $0.03120 pivot to bring the first major resistance level at $0.03311 into play.

Support from the broader market would be needed, however, for Tron’s TRX to break out from Monday’s high $0.03282.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of an extended rally Tron’s TRX could resistance at $0.35 before any pullback. The second major resistance level sits at $0.03474.

Failure to avoid a fall back through the $0.03120 pivot would bring the first major support level at $0.02957 and the 23.6% FIB of $0.0291 into play.

Barring an extended sell-off on the day, Tron’s TRX should steer clear of sub-$0.029 levels. The second major support level at sits at $0.02766.

Looking at the Technical Indicators

First Major Support Level: $0.02957

First Major Resistance Level: $0.03311

23.6% FIB Retracement Level: $0.03211

38.2% FIB Retracement Level: $0.0428

62% FIB Retracement Level: $0.0648

Please let us know what you think in the comments below

Thanks, Bob

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – January 19th, 2021

Ethereum

Ethereum rose 2.10% on Monday. Following on from a 0.43% gain on Sunday, Ethereum ended the day at $1,258.48.

A mixed start to the day saw Ethereum rise to an early morning high $1,247.22 before hitting reverse.

Falling short of the first major resistance level at $1,279, Ethereum slid to an early morning intraday low $1,181.90.

Steering clear of the first major support level at $1,176, Ethereum rallied to a late intraday high $1,261.00.

Falling short of the first major resistance level at $1,279, Ethereum eased back on to end the day at sub-$1,260 levels.

At the time of writing, Ethereum was up by 0.30% to $1,262.22. A bullish start to the day saw Ethereum rise from an early morning low $1,258.54 to a high $1,274.30.

Ethereum left the major support and resistance levels untested early on.

ETHUSD 190121 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall through the pivot level at $1,234 to support a run at the first major resistance level at $1,286.

Support from the broader market would be needed, however, for Ethereum to break out from Monday’s high $1,261.00.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of an extended crypto rally, Ethereum could test resistance at $1,350 before any pullback. The second major resistance level sits at $1,313.

Failure to avoid a fall through the $1,234 pivot would bring the first major support level at $1,207 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$1,100 levels. The second major support level at $1,155 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $1,207

Pivot Level: $1,234

First Major Resistance Level: $1,286

23.6% FIB Retracement Level: $1,051

38.2% FIB Retracement Level: $866

62% FIB Retracement Level: $566

Litecoin

Litecoin rallied by 6.39% on Monday. Reversing a 0.54% decline from Sunday, Litecoin ended the day at $151.88.

A mixed start to the day saw Litecoin rise to an early morning high $144.52 before hitting reverse.

Falling short of the first major resistance level at $147.77, Litecoin slid to an early morning intraday low $138.27.

Steering clear of the first major support level at $138.27, Litecoin surged to an early afternoon intraday high $155.00.

Litecoin broke through the first major resistance level at $147.77 and the second major resistance level at $152.74.

More significantly, Litecoin also broke through the 23.6% FIB of $148.

Through the late afternoon, Litecoin fell back to through the resistance levels and the 23.6% FIB to revisit $145 levels. In spite of the pullback, Litecoin avoided a fall back into the red.

Finding late support, Litecoin broke back through the first and second major resistance level and the 23.6% FIB to revisit $153 levels.

A late pullback, however, saw Litecoin fall back through the second major resistance level to end the day at sub-$152 levels.

At the time of writing, Litecoin was up by 0.05% to $151.95. A mixed start to the day saw Litecoin rise to an early morning high $153.17 before falling to a low $151.61.

Litecoin left the major support and resistance levels untested early on.

LTCUSD 190121 Hourly Chart

For the day ahead

Litecoin would need to avoid a fall through the $148.38 pivot level and the 23.6% FIB of $148 to support a run at the first major resistance level at $158.50.

Support from the broader market would be needed, however, for Litecoin to break out from Monday’s high $155.00.

Barring an extended crypto rally, the first major resistance level and resistance at $160 would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $170. The second major resistance level sits at $165.11.

Failure to avoid a fall through the $148.38 pivot level and the 23.6% FIB would bring the first major support level at $141.77 into play.

Barring another extended sell-off, Litecoin should steer clear of the second major support level at $131.65.

Looking at the Technical Indicators

First Major Support Level: $141.77

Pivot Level: $148.38

First Major Resistance Level: $158.50

23.6% FIB Retracement Level: $148

38.2% FIB Retracement Level: $125

62% FIB Retracement Level: $87

Ripple’s XRP

Ripple’s XRP rose by 2.77% on Monday. Reversing a 0.68% decline from Sunday, Ripple’s XRP ended the day at $0.28536.

Tracking the broader market, Ripple’s XRP rose to an early morning high $0.27864 before hitting reverse.

Falling short of the first major resistance level at $0.2857, Ripple’s XRP slid to an early morning intraday low $0.27158.

Steering clear of the first major support level at $0.2687, Ripple’s XRP rallied to a mid-day intraday high $0.28852.

Ripple’s XRP broke through the first major resistance level at $0.2857 before falling back to sub-$0.28 levels.

Finding late support, however, Ripple’s XRP moved back through to $0.285 levels to deliver the upside on the day.

At the time of writing, Ripple’s XRP was down by 0.13% to $0.28500. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.28736 before falling to a low $0.28500.

Ripple’s XRP left the major support and resistance levels untested early on.

XRPUSD 190121 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid a fall through the $0.2818 pivot level to bring the first major resistance level at $0.2921 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break through to $0.29 levels.

Barring another extended crypto rally, the first major resistance would likely cap any upside.

In the event of another extended rally, Ripple’s XRP could test resistance at $0.30 levels. The second major resistance sits at $0.2988.

Failure to avoid a fall through the $0.2818 pivot would bring the first major support level at $0.2751 into play.

Barring another extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.27 levels. The second major support level sits at $0.2649.

Looking at the Technical Indicators

First Major Support Level: $0.2751

Pivot Level: $0.2818

First Major Resistance Level: $0.2921

23.6% FIB Retracement Level: $0.6274

38.2% FIB Retracement Level: $0.5285

62% FIB Retracement Level: $0.3687

Please let us know what you think in the comments below.

Thanks, Bob

Will 2021 Be Another Historic Year for Crypto?

We’ve also seen the market cap of the entire crypto space breaking above $1 trillion for the first time ever. Having covered the entire run-up since the end of the bear market, it’s been fascinating to observe these shifts in sentiment.

4-Hour Chart of Total Crypto Market Cap. Source: TradingView 

Aversion Gives Way to Appetite

The crash of 2018, followed by the coronavirus sell-off last year in March, weighed heavily on investor confidence. Each new high was met with expectations of an imminent sell-off. Remember that the asset was already looking overbought before it broke its 2017 highs at the close of 2020. As bitcoin traded closer to those highs, many expected a prolonged correction because it had already rallied by almost 200% in 2020 alone, and this sentiment was held despite coronavirus.

However, as we learned back in 2017, expectations are easily confounded when animal spirits are woken in crypto. We’re barely into the first half of January and bitcoin has doubled again, trading as high as $42,000 on January 8. Over the past weekend, we’ve seen profit-taking as traders hunt for a top. At the time of writing, the price has dipped as low as $32,600.

So, where to next?

As much as the entire market has already run, there are a number of factors possibly converging to support higher crypto prices. What’s notable about the shift in sentiment is that it seems to be remaining positive, even at these inflated prices. It’s worth noting that even as recently 2019, there were nowhere near as many institutional traders publicly discussing bitcoin, making price predictions, or allocating a percentage of their capital to it. Bitcoin seems to have become a part of the broader reflation narrative that sees 2021 ushering in a commodity bull cycle and a cheaper dollar, both of which should be positive for crypto assets.

All this is happening while bitcoin itself is at a very bullish part of its own internal cycle. The “halvening” event, where the number of new bitcoins minted per block is cut in half, takes place every four years and the last one almost went by unnoticed with coronavirus dominating the headlines throughout 2020. Now, with less supply and more interest from institutional and retail alike, we could be at a crucial turning point in the asset’s history. In November, it was reported that PayPal and Square’s CashApp alone, had been scooping up 100% of all newly minted bitcoins, and that’s just for the retail crowd.

Then there’s the amount of fiscal and monetary stimulus that’s already been conducted globally, and all that’s to transpire due to COVID-19 still not firmly in the rearview. The debate as to whether or not inflation is here due to unprecedented central bank largesse is moot when you’re trying to purchase anything that cannot be “eased.” Hard assets like gold, bitcoin, and even industrial metals like copper, have undoubtedly inflated since last year. So, with more printing on the cards, there will be more money vying for the same scarce assets.

How to handle it

If you’re new to the crypto space, keep in mind that it’s a highly volatile asset class and the experience of trading it with no leverage at all is similar to using leverage on less volatile markets like FX. For this reason alone, be very judicious in your use of leverage (if any) when trading crypto. If you’re completely new to trading as a whole, it is best to use no leverage at all. This will help you avoid large losses of capital as you learn how to trade, and is critical in many traders’ long-term ability to stay in the markets.

For those of you with both a basic grasp of trading and crypto markets, it pays to remember that a rising tide lifts all boats, so inflated bitcoin prices eventually spill over into the rest of the crypto market. Some of you will be holding bitcoin all the way up, others will attempt to capitalise on short- and medium-term corrections. For those wanting to trade the chop, a rudimentary understanding of technical analysis will stand you in good stead.

The more ambitious among you who are considering venturing into the other cryptocurrencies should be aware that there’s a relationship between bitcoin and the rest of the “altcoin” market that needs to be researched and understood. If past is prologue, investing in the strongest of the “alts” at the right point of the cycle can lead to trades that outperform bitcoin itself. In 2017, it was all about ether. It may be the same story in 2021-2022, however, there are a few notable contenders out there in the smart contract vertical who are bringing some interesting technologies to market. These should be researched and understood by anyone seeking to trade the altcoin market in 2021.

by Giles Coghlan, Chief Currency Analyst, HYCM

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HYCM is the global brand name of Henyep Capital Markets (UK) Limited, HYCM (Europe) Ltd, Henyep Capital Markets (DIFC) Ltd and HYCM Limited, all individual entities under Henyep Capital Markets Group, a global corporation founded in 1977, operating in Asia, Europe, and the Middle East. 

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Bitcoin and Chainlink – Weekly Technical Analysis – January 18th, 2021

Bitcoin

Bitcoin, BTC to USD, fell by 6.02% in the week ending 17th January. Partially reversing a 15.8% rally from the previous week, Bitcoin ended the week at $35,900.0.

A bearish start to the week saw Bitcoin tumble to a Monday intraweek low $30,635.0 before finding support.

Bitcoin fell through the 23.6% FIB of $33,008 to come within range of the first major support level at $30,504.

After another bearish day on Tuesday, Bitcoin rallied to a Wednesday intraweek high $40,001.0 before hitting reverse.

While falling well short of the first major resistance level at $43,933, Bitcoin broke back through the 23.6% FIB of $33,008.

A bearish end to the week, however, saw Bitcoin revisit sub-$34,000 levels before wrapping up the week at $35,900 levels.

5 days in the red that included an 7.31% tumble on Monday and a 6.12% slide on Friday delivered the downside.

For the week ahead

Bitcoin would need to avoid a fall through $35,512 pivot to support a run the first major resistance level at $40,389.

Support from the broader market would be needed for Bitcoin to break back through to $40,000 levels.

Barring an extended crypto rally, resistance at last week’s high $40,001 would likely cap any upside.

In the event of an extended breakout, Bitcoin could test resistance at $45,000 before any pullback. The second major resistance level sits at $44,878.

Failure to avoid a fall through the $35,512 pivot would bring the 23.6% FIB of $33,008 and the first major support level at $31,023 into play.

Barring an extended sell-off, however, Bitcoin should steer clear of sub-$30,000 support levels and the 38.2% FIB of $27,465. The second major support level sits at $26,146.

At the time of writing, Bitcoin was up by 0.28% to $35,999.0. A mixed start to the week saw Bitcoin fall to an early Monday morning low $35,630.0 before rising to a high $36,244.0.

Bitcoin left the major support and resistance levels untested at the start of the week.

BTCUSD 180121 Daily Chart

Chainlink

Chainlink surged by 43.53% in the week ending 17th January. Following on from an 18.11% gain from the week prior, Chainlink ended the week at $23.30.

It was a particularly bearish start to the week. Chainlink slid to a Monday intraweek low $12.50 before ending the day at $16 levels.

The sell-off saw Chainlink briefly fall through the 38.2% FIB of $12.9 and the first major support level at $12.87.

After a bearish Tuesday, Chainlink surged to a Sunday intraweek high and a new swing hi $23.7392.

The breakout saw Chainlink break through the week’s major resistance levels to end the week at $23 levels.

4-days in the green included a 13.86% rally on Wednesday, a 12.48% gain on Thursday, a 15.7% jump on Friday, and a 15.82% breakout on Sunday.

For the week ahead

Chainlink would need to avoid a fall through the pivot level at $19.85 to support a run at the first major resistance level at $27.19.

Support from the broader market would be needed, however, for Chainlink to break out from last week’s all-time high $23.7392.

Barring another extended crypto rally, the first major resistance level would likely cap any upside.

In the event of another breakout, Chainlink could test resistance at $30 before any pullback. The second major resistance level sits at $31.09.

Failure to avoid a fall through the pivot level at $19.85 would bring 23.6% FIB of $18.5 into play before any recovery.

Barring a crypto meltdown, however, Chainlink should steer well clear of last week’s low $12.50. The first major support level at $15.95 and the 38.2% FIB of $15.2 should limit any downside.

At the time of writing, Chainlink was flat at $23.30. A mixed start to the week saw Chainlink fall to an early Monday morning low $22.9074 before rising to a high $23.6632.

Chainlink left the major support and resistance levels untested at the start of the week.

LINKUSD 180121 Daily Chart

EOS, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – January 18th, 2021

EOS

EOS fell by 0.54% on Sunday. Partially reversing a 0.76% gain from Saturday, EOS ended the week down by 9.65% to $2.7653.

A mixed start to the day saw EOS rise to an early morning intraday high $2.8194 before hitting reverse.

Falling short of the first major resistance level at $2.8858, EOS slid to a late morning intraday low $2.6593.

EOS fell through first major support level at $2.6812 before a break back through to $2.81 levels.

A bearish end to the day, however, saw EOS fall back through to sub-$2.78 levels to end the day in the red.

At the time of writing, EOS was down by 0.36% to $2.7610. A mixed start to the day saw EOS rise to an early morning high $2.8297 before falling to a low $2.7335.

EOS left the major support and resistance levels untested early on.

EOSUSD 180121 Daily Chart

For the day ahead

EOS would need to avoid a fall back through the $2.7480 pivot level to support a run at the first major resistance level at $2.8367.

Support from the broader market would be needed, however, for EOS to break out from Sunday’s high $2.8194.

Barring an extended crypto rally, the first major resistance level and resistance at $2.85 would likely cap any upside.

In the event of an extended rally, EOS could test resistance at $3.00 before any pullback. The second major resistance level sits at $2.9081.

Failure to avoid a fall back through the pivot level at $2.7480 would bring the first major support level at $2.6766 into play.

Barring an extended sell-off, however, EOS should steer of sub-$2.60 levels, however. The second major support level sits at $2.5879.

Looking at the Technical Indicators

First Major Support Level: $2.6766

First Major resistance Level: $2.8367

23.6% FIB Retracement Level: $6.52

38% FIB Retracement Level: $9.68

62% FIB Retracement Level: $14.77

Stellar’s Lumen

Stellar’s Lumen rallied by 4.47% on Sunday. Following on from a 2.39% gain on Saturday, Stellar’s Lumen ended the week up by 6.64% to $0.3037.

A mixed start to the day saw Stellar’s Lumen fall to an early morning intraday low $0.2861 before making a move.

Steering clear of the first major support level at $0.2748, Stellar’s Lumen rallied to an early morning intraday high $0.3190.

Stellar’s Lumen broke through the first major resistance level at $0.3089 before a slide back to sub-$0.29 levels.

Finding late support, however, Stellar’s Lumen moved back through to $0.30 levels to end the day in the green.

At the time of writing, Stellar’s Lumen was up by 0.96% to $0.3066. A bullish start to the day saw Stellar’s Lumen rise from an early morning low $0.3034 to a high $0.3088.

Stellar’s Lumen left the major support and resistance levels untested early on.

XLMUSD 180121 Daily Chart

For the day ahead

Stellar’s Lumen would need to avoid a fall through the $0.3029 pivot to bring the first major resistance level at $0.3198 into play.

Support from the broader market would be needed, however, for Stellar’s Lumen to break back through to $0.31 levels.

Barring an extended crypto rally, the first major resistance level and Sunday’s high $0.3190 would likely cap any upside.

In the event of an extended rally, Stellar’s Lumen could test resistance at $0.33 before any pullback. The second major resistance level sits at $0.3358.

Failure to avoid a fall through the $0.0.3029 pivot would bring the first major support level at $0.2869 and 38.2% FIB of $0.2823 into play.

Barring another extended crypto sell-off, however, Stellar’s Lumen should steer clear of sub-$0.028 levels. The second major support level sits at $0.2701.

Looking at the Technical Indicators

First Major Support Level: $0.2869

First Major Resistance Level: $0.3198

23.6% FIB Retracement Level: $0.3187

38% FIB Retracement Level: $0.2823

62% FIB Retracement Level: $0.1850

Tron’s TRX

Tron’s TRX rose by 0.66% on Sunday. Following on from a 1.51% gain on Saturday, Tron’s TRX ended the week down by 7.23% to $0.03045.

A mixed start to the day saw Tron’s TRX rise to an early morning intraday high $0.03120 before hitting reverse.

Falling short of the first major resistance level at $0.3163, Tron’s TRX slid to a late morning intraday low $0.02876.

The reversal saw Tron’s TRX fall through the 23.6% FIB of $0.0291 and the first major support level at $0.02892.

Finding support through the afternoon, Tron’s TRX revisited $0.03090 levels before easing back.

At the time of writing, Tron’s TRX was up by 0.50% to $0.03060. A mixed start to the day saw Tron’s TRX fall to an early morning low $0.02988 before rising to a high $0.03068.

Tron’s TRX left the major support and resistance levels untested early on.

TRXUSD 180121 Daily Chart

For the Day Ahead

Tron’s TRX would need to avoid a fall back through the $0.03014 pivot to bring the first major resistance level at $0.03151 back into play.

Support from the broader market would be needed, however, for Tron’s TRX to break back through to $0.031 levels.

Barring an extended crypto rally, the first major resistance level and Sunday’s high $0.03120 would likely cap any upside.

In the event of an extended rally Tron’s TRX could resistance at $0.33 before any pullback. The second major resistance level sits at $0.03258.

Failure to avoid a fall back through the $0.02964 pivot would bring the 23.6% FIB of $0.0291 and the first major support level at $0.02907 into play.

Barring another extended sell-off on the day, Tron’s TRX should steer clear of sub-$0.028 levels. The second major support level at sits at $0.02770.

Looking at the Technical Indicators

First Major Support Level: $0.02907

First Major Resistance Level: $0.03151

23.6% FIB Retracement Level: $0.03211

38.2% FIB Retracement Level: $0.0428

62% FIB Retracement Level: $0.0648

Please let us know what you think in the comments below

Thanks, Bob

The Crypto Daily – Movers and Shakers – January 18th, 2021

Bitcoin, BTC to USD, slipped by 0.38% on Sunday. Following on from a 1.91% fall on Saturday, Bitcoin ended the week down by 6.02% to $35,900.0.

It was a mixed start to the day. Bitcoin rose to an early morning intraday high $36,928.0 before hitting reverse.

Falling short of the first major resistance level at $37,553, Bitcoin slid to a late morning intraday low $33,868.0.

Bitcoin fell through the first major support level at $34,974 and the second major support level at $33,906.

Steering clear of the 23.6% FIB of $33,008, Bitcoin revisited $36,900 levels before falling back to sub-$36,000 levels.

The near-term bullish trend remained intact, in spite of the latest reversal. For the bears, Bitcoin would need to slide through the 62% FIB of $18,504 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was another mixed day on Sunday.

Chainlink jumped by 15.8% to lead the way, with Binance Coin  and Cardano’s ADA rallying by 6.38% and by 8.64% respectively. Ethereum also avoided the red, rising by a modest 0.43%.

It was a bearish day for the rest of the pack.

Bitcoin Cash SV and Polkadot led the way down, with losses of 3.42% and 4.67% respectively.

Crypto.com Coin (-0.63%), Litecoin (-0.54%), and Ripple’s XRP (-0.68%) saw modest losses on the day.

For the week ending 17th January, it was also a mixed bag for the majors.

Polkadot surged by 95.6% to lead the way, with Chainlink jumping by 46.2%.

Cardano’s ADA also found strong support, rallying by 26.3%, with Binance Coin rising by 7.99%.

It was a bearish week for the rest of the pack, however.

Bitcoin Cash SV slid by 21.9% to lead the way down.

Litecoin and Ripple’s XRP also struggled, sliding by 16.1% and by 12.0% respectively.

Crypto.com Coin and Ethereum saw relatively modest losses of 2.7% and 1.8% respectively.

In the week, the crypto total market cap fell to a Monday low $803.97bn before rising to a Thursday high $1,083.27bn. At the time of writing, the total market cap stood at $1,002.00bn.

Bitcoin’s dominance rose to a Thursday high 70.28% before falling to a Sunday low 66.33%. At the time of writing, Bitcoin’s dominance stood at 66.68%.

This Morning

At the time of writing, Bitcoin was up by 0.33% to $36,018.0. A mixed start to the day saw Bitcoin fall to an early morning low $35,630.0 before striking a high $36,071.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV (-0.28%), Chainlink (-0.21%), and Ripple’s XRP (-0.03%) saw red early on.

It was a bullish start for the rest of the majors, however.

At the time of writing, Cardano’s ADA was up by 3.08% to lead the way, with Binance Coin up by 2.07%.

BTCUSD 180121 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $35,565 to bring the first major resistance level at $37,263 into play.

Support from the broader market would be needed for Bitcoin to break back through to $37,000 levels.

Barring an extended crypto rally, first major resistance level and resistance at $37,500 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $40,000 before any pullback. The second major resistance level sits at $38,625.

Failure to avoid a fall through the $35,565 pivot would bring the first major support level at $34,203 into play.

Barring another extended crypto sell-off, Bitcoin should steer clear of the second major support level at $32,505. The 23.6% FIB of $33,008 should limit any downside.

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – January 18th, 2021

Ethereum

Ethereum rose by 0.43% on Sunday. Following on from a 4.97% rally on Saturday, Ethereum ended the week down by 1.76% to $1.232.99.

A mixed start to the day saw Ethereum rise to an early morning high $1,256.74 before hitting reverse.

Falling short of the first major resistance level at $1,297, Ethereum slid to a late morning intraday low $1,165.78.

Steering clear of the first major support level at $1,155, Ethereum rallied to a late intraday high $1,268.83.

Continuing to fall short of the major resistance levels, Ethereum eased back to end the week at $1,230 levels.

At the time of writing, Ethereum was up by 0.69% to $1,241.47. A mixed start to the day saw Ethereum fall to an early morning low $1,226.38 before striking a high $1,241.88.

Ethereum left the major support and resistance levels untested early on.

ETHUSD 180121 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall through the pivot level at $1,223 to support a run at the first major resistance level at $1,279.

Support from the broader market would be needed, however, for Ethereum to break out from Sunday’s high $1,268.83.

Barring an extended crypto rally, the first major resistance level and resistance $1,300 would likely cap any upside.

In the event of an extended crypto rally, Ethereum could test resistance at $1,400 before any pullback. The second major resistance level sits at $1,326.

Failure to avoid a fall through the $1,223 pivot would bring the first major support level at $1,176 into play.

Barring another extended sell-off, however, Ethereum should steer clear of the 23.6% FIB of $1,051. The second major support level at $1,120 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $1,176

Pivot Level: $1,223

First Major Resistance Level: $1,279

23.6% FIB Retracement Level: $1,051

38.2% FIB Retracement Level: $866

62% FIB Retracement Level: $566

Litecoin

Litecoin fell by 0.54% on Sunday. Following on from a 0.36% decline from Saturday, Litecoin ended the week down by 16.11% to $142.80.

A mixed start to the day saw Litecoin rise to an early morning intraday high $147.00 before hitting reverse.

Falling short of the 23.6% FIB of $148 and the first major resistance level at $151.03, Litecoin slid to a late morning intraday low $136.29.

Litecoin fell through the first major support level at $137.61 before a brief revisit to $145 levels.

A bearish end to the day, however, saw Litecoin fall back to sub-$143 levels and into the red.

At the time of writing, Litecoin was up by 0.23% to $143.13. A mixed start to the day saw Litecoin fall to an early morning low $142.04 before rising to a high $143.35.

Litecoin left the major support and resistance levels untested early on.

LTCUSD 180121 Hourly Chart

For the day ahead

Litecoin would need to avoid a fall through the $142.0 pivot level to support a run at the first major resistance level at $147.8 and the 23.6% FIB of $148.

Support from the broader market would be needed, however, for Litecoin to break out from Sunday’s high $147.00.

Barring an extended crypto rally, the first major resistance level and 23.6% FIB would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $160. The second major resistance level at $152.74.

Failure to avoid a fall through the $142.0 pivot level would bring the first major support level at $137.1 into play.

Barring another extended sell-off, Litecoin should avoid the 38.2% FIB of $125. The second major support level at $131.3 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $137.1

Pivot Level: $142.0

First Major Resistance Level: $147.8

23.6% FIB Retracement Level: $148

38.2% FIB Retracement Level: $125

62% FIB Retracement Level: $87

Ripple’s XRP

Ripple’s XRP fell by 0.68% on Sunday. Following on from a 0.36 % decline on Saturday, Ripple’s XRP ended the week down by 11.96% to $0.27732.

Tracking the broader market, Ripple’s XRP rose to an early morning intraday high $0.28552 before hitting reverse.

Falling short of the first major resistance level at $0.2921, Ripple’s XRP slid to a late morning intraday low $0.26854.

Ripple’s XRP fell through the first major support level at $0.2706 before finding support.

Late in the day, Ripple’s XRP broke back through the first major support level to revisit $0.28 levels before easing back.

At the time of writing, Ripple’s XRP was up by 0.20% to $0.27788. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.27603 before rising to a high $0.27864.

Ripple’s XRP left the major support and resistance levels untested early on.

XRPUSD 180121 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid a fall back through the $0.2771 pivot level to bring the first major resistance level at $0.2857 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.2850 levels.

Barring another extended crypto rally, the first major resistance and Sunday’s high $0.28552 would likely cap any upside.

In the event of another extended rally, Ripple’s XRP could test resistance at $0.30 levels. The second major resistance sits at $0.2941.

Failure to avoid a fall back through the $0.2771 pivot would bring the first major support level at $0.2687 into play.

Barring another extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.26 levels. The second major support level at $0.2601 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $0.2687

Pivot Level: $0.2771

First Major Resistance Level: $0.2857

23.6% FIB Retracement Level: $0.6274

38.2% FIB Retracement Level: $0.5285

62% FIB Retracement Level: $0.3687

Please let us know what you think in the comments below.

Thanks, Bob

The Crypto Daily – Movers and Shakers – January 17th, 2021

Bitcoin, BTC to USD, fell by 1.91% on Saturday. Following on from a 6.15% slide on Friday, Bitcoin ended the day at $36,041.0.

It was a mixed start to the day. Bitcoin fell to an early morning low $35,551.0 before making a move.

Steering clear of the major support levels, Bitcoin rose to a late morning intraday high $37,997.0.

Falling short of the first major resistance level at $39,461, Bitcoin slid to a late intraday low $35,418.0.

Steering clear of the first major support level at $34,260, Bitcoin moved back through to $36,000 levels to reduce the deficit on the day.

The near-term bullish trend remained intact, in spite of the latest reversal. For the bears, Bitcoin would need to slide through the 62% FIB of $18,504 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was another mixed day on Saturday.

Polkadot surged by 39.53% to lead the way.

Cardano’s ADA (+16.05%) and Crypto.com Coin (+15.91%) also found strong support.

Binance Coin (+5.28%) and Ethereum (+4.97%) trailed the front runners.

It was a bearish day for the rest of the pack.

Chainlink slid by -3.24% to lead the way down.

Bitcoin Cash SV (-0.21%), Litecoin (-0.17%), and Ripple’s XRP (-0.36%) saw modest losses on the day.

In the current week, the crypto total market cap fell to a Monday low $804.97bn before rising to a Thursday high $1,083.27bn. At the time of writing, the total market cap stood at $1,004.03bn.

Bitcoin’s dominance rose to a Thursday high 70.28% before falling to a Saturday low 66.73%. At the time of writing, Bitcoin’s dominance stood at 67.26%.

This Morning

At the time of writing, Bitcoin was up by 0.47% to $36,211.0. A mixed start to the day saw Bitcoin fall to an early morning low $35,565.0 before striking a high $36,348.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV (-2.05%), Crypto.com Coin (+2.27%), Ethereum (-0.19%), and Polkadot (-0.52%) struggled early on.

It was a bullish start for the rest of the majors, however.

At the time of writing, Cardano’s ADA was up by 2.87% to lead the way, with Binance Coin up by 2.22%.

BTCUSD 170121 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the pivot level at $36,485 to bring the first major resistance level at $37,553 into play.

Support from the broader market would be needed for Bitcoin to break back through to $37,000 levels.

Barring an extended crypto rally, first major resistance level and Saturday’s high $37,997.0 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $40,000 before any pullback. The second major resistance level sits at $39,064.

Failure to move through the $36,485 pivot would bring the first major support level at $34,974 into play.

Barring an extended crypto sell-off, Bitcoin should continue to steer clear of the second major support level at $33,906 and the 23.6% FIB of $33,008.

The Crypto Daily – Movers and Shakers – January 16th, 2021

Bitcoin, BTC to USD, slid by 6.15% on Friday. Reversing a 4.73% rally from Thursday, Bitcoin ended the day at $36,741.0.

It was a mixed start to the day. Bitcoin rise to an early morning intraday high $39,701.0 before hitting reverse.

Falling short of the first major resistance level at $40,536, Bitcoin slid to a late afternoon intraday low $34,500.0.

Bitcoin fell through the first major support level at $37,201 and the second major support level at $35,266.

Finding support late in the day, however, Bitcoin broke back through the second major support level to end the day at $36,700 levels.

The near-term bullish trend remained intact, in spite of the reversal. For the bears, Bitcoin would need to slide through the 62% FIB of $18,504 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Friday.

Chainlink bucked the trend on the day, rallying by 15.7%.

It was a bearish day for the rest of the pack.

Bitcoin Cash SV and Crypto.com Coin slid by 7.11% and by 7.93% respectively to lead the way down.

Ethereum (-5.16%), Litecoin (-5.74%), and Ripple’s XRP (-5.30%) also saw heavy losses.

Binance Coin (-2.18%),Cardano’s ADA (-3.13%), and Polkadot (-3.15%) saw relatively modest losses on the day.

In the current week losses, the crypto total market cap fell to a Monday low $804.33bn before rising to a Thursday high $1,083.27bn. At the time of writing, the total market cap stood at $1,011.91bn.

Bitcoin’s dominance rose to a Thursday high 70.28% before falling to a Friday low 68.27%. At the time of writing, Bitcoin’s dominance stood at 68.47%.

This Morning

At the time of writing, Bitcoin was up by 1.27% to $37,207.0. A bullish start to the day saw Bitcoin rise from an early morning low $36,731.0 to a high $37,388.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was also a bullish start to the day.

At the time of writing, Polkadot was up by 12.43% to lead the way, with Crypto.com Coin up by 7.74%.

BTCUSD 160121 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $36,981 to bring the first major resistance level at $39,461 into play.

Support from the broader market would be needed for Bitcoin to break back through to $39,000 levels.

Barring an extended crypto rally, first major resistance level and resistance at $40,000 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at the all-time high $41,969 and at $42,000 before any pullback. The second major resistance level sits at $42,182.

Failure to avoid a fall through the $36,981 pivot would bring the first major support level at $34,260 into play.

Barring an extended crypto sell-off, Bitcoin should continue to steer clear of the second major support level at $31,780. The 23.6% FIB of $33,008 should limit the downside.

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – January 16th, 2021

Ethereum

Ethereum slid by 5.16% on Friday. Partially reversing an 8.89% rally from Thursday, Ethereum ended the day at $1,168.1.

A bullish start to the day saw Ethereum rise to an early morning intraday high $1,255.59 before hitting reverse.

Falling short of the first major resistance level at $1,290, Ethereum slid to a late afternoon intraday low $1,065.0.

The reversal saw Ethereum fall through the first major support level at $1,130, briefly revisiting $1,175 levels.

At the time of writing, Ethereum was up by 2.01% to $1,191.62. A mixed start to the day saw Ethereum fall to an early morning low $1,168.29 before rising to a high $1,195.51.

Ethereum left the major support and resistance levels untested early on.

ETHUSD 160121 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall through the pivot level at $1,163 to support a run at the first major resistance level at $1,261.

Support from the broader market would be needed, however, for Ethereum to break out from Friday’s high $1,255.59.

Barring an extended crypto rally, the first major resistance level and resistance $1,300 would likely cap any upside.

In the event of an extended crypto rally, Ethereum could test resistance at $1,400 before any pullback. The second major resistance level sits at $1,354.

Failure to avoid a fall through the $1,163 pivot would bring the first major support level at $1,070 into play.

Barring another extended sell-off, however, Ethereum should steer clear of the second major support level at $972.31. The 23.6% FIB of $1,051 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $1,070

Pivot Level: $1,163

First Major Resistance Level: $1,261

23.6% FIB Retracement Level: $1,051

38.2% FIB Retracement Level: $866

62% FIB Retracement Level: $566

Litecoin

Litecoin slid by 5.74% on Friday. Reversing a 3.27% gain from Thursday, Litecoin ended the day at $143.63.

A mixed start to the day saw Litecoin rise to an early morning intraday high $155.30 before hitting reverse.

Falling short of the first major resistance level at $158.4, Litecoin slid to a late afternoon intraday low $130.29.

Litecoin fell through the first major support level at $144.9 and the second major support level at $137.4.

Steering clear of the 38.2% FIB of $125, Litecoin broke back through the second major support level to end the day at $143 levels.

The first major support level at $144.9 pinned Litecoin back late in the day.

At the time of writing, Litecoin was up by 1.23% to $145.39. A mixed start to the day saw Litecoin fall to an early morning low $143.54 before rising to a high $145.75.

Litecoin left the major support and resistance levels untested early on.

LTCUSD 160121 Hourly Chart

For the day ahead

Litecoin would need to avoid a fall through the $143.1 pivot level to support a run at the 23.6% FIB of $148 and the first major resistance level at $155.9.

Support from the broader market would be needed, however, for Litecoin to break out from Friday’s high $155.30.

Barring an extended crypto rally, the first major resistance level and resistance at $160 would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $170. The second major resistance level at $168.1.

Failure to avoid a fall through the $143.1 pivot level would bring the first major support level at $138.9 into play.

Barring another extended sell-off, Litecoin should avoid the second major support level at $118.1. The 23.6% FIB of $125 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $130.9

Pivot Level: $143.1

First Major Resistance Level: $155.9

23.6% FIB Retracement Level: $148

38.2% FIB Retracement Level: $125

62% FIB Retracement Level: $87

Ripple’s XRP

Ripple’s XRP slid by 5.30% on Friday. Following on from a 3.29% decline on Thursday, Ripple’s XRP ended the day at $0.28058.

Tracking the broader market, Ripple’s XRP rose to an early morning intraday high $0.30323 before hitting reverse.

Falling short of the first major resistance level at $0.3088, Ripple’s XRP slid to a late afternoon intraday low $0.26186.

Ripple’s XRP fell through the first major support level at $0.2830 and the second major support level at $0.2702.

Finding late support, Ripple’s XRP broke back through the second major support level to end the day at $0.28 levels.

At the time of writing, Ripple’s XRP was up by 0.23% to $0.28123. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.27926 before rising to a high $0.28188.

Ripple’s XRP left the major support and resistance levels untested early on.

XRPUSD 160121 Hourly Chart

For the day ahead

Ripple’s XRP will need to move through the $0.2819 pivot level to bring the first major resistance level at $0.3019 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.30 levels.

Barring another extended crypto rally, the first major resistance and Friday’s high $0.30323 would likely cap any upside.

In the event of another extended rally, Ripple’s XRP could test resistance at the 23.6% FIB of $0.3172 and resistance at $0.32 levels. The second major resistance sits at $0.3233.

Failure to move through the $0.2819 pivot would bring the first major support level at $0.2606 into play.

Barring another extended crypto sell-off, Ripple’s XRP should steer clear of the second major support level at $0.2405.

Looking at the Technical Indicators

First Major Support Level: $0.2606

Pivot Level: $0.2819

First Major Resistance Level: $0.3019

23.6% FIB Retracement Level: $0.6274

38.2% FIB Retracement Level: $0.5285

62% FIB Retracement Level: $0.3687

Please let us know what you think in the comments below.

Thanks, Bob

The Crypto Daily – Movers and Shakers – January 15th, 2021

Bitcoin, BTC to USD, rose by 4.73% on Thursday. Following on from a 9.54% rally on Wednesday, Bitcoin ended the day at $39,136.0.

It was a mixed start to the day. Bitcoin fell to an early morning low $36,666.0 before making a move.

Steering clear of the first major support level at $33,937, Bitcoin rallied to an early afternoon intraday high $40,001.0.

Bitcoin broke through the first major resistance level at $39,277 to test resistance at $40,000 before easing back.

A late pullback saw Bitcoin fall back through the first major resistance level to wrap up the day at $39,130 levels.

The near-term bullish trend remained intact, supported by the latest visit to $40,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $18,504 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Thursday.

Cardano’s ADA (-0.11%), and Ripple’s XRP (-3.29%) saw red to buck the trend on the day.

It was a bullish day for the rest of the majors, however.

Polkadot surged by 26.43% to lead the way once more, with Chainlink (+12.48%) and Crypto.com Coin (+11.04%) also on the move.

Binance Coin (+4.28%), Bitcoin Cash SV (+4.17%), Ethereum (+8.89%), and Litecoin (+3.27%) trailed the front runners, however.

In the current week, the crypto total market cap fell to a Monday low $804.33bn before rising to a Thursday high $1,083.43bn. At the time of writing, the total market cap stood at $1,055.94bn.

Bitcoin’s dominance rose from a Monday low 68.39% to a Thursday high 70.28%. At the time of writing, Bitcoin’s dominance stood at 69.36%.

This Morning

At the time of writing, Bitcoin was up by 0.88% to $39,481.0. A mixed start to the day saw Bitcoin fall to an early morning low $39,025.0 before rising to a high $39,701.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Cardano’s ADA and Polkadot were down by 0.21% and by 1.69% to buck the trend early on.

It was a bullish start to the day for the rest of the majors, however.

At the time of writing, Crypto.com Coin was up by 2.82% to lead the way.

BTCUSD 150121 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $38,601 to bring the first major resistance level at $40,536 into play.

Support from the broader market would be needed for Bitcoin to break back through to $40,000 levels.

Barring an extended crypto rally, first major resistance level and resistance at $41,000 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at the all-time high $41,969 before any pullback. The second major resistance level sits at $41,936.

Failure to avoid a fall through the $38,601 pivot would bring the first major support level at $37,201 into play.

Barring another extended crypto sell-off, Bitcoin should continue to steer clear of sub-$36,000 levels. The second major support level sits at $35,266.

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – January 15th, 2021

Ethereum

Ethereum rallied by 8.89% on Thursday. Following on from a 7.65% rise on Wednesday, Ethereum ended the day at $1,231.32.

A bearish start to the day saw Ethereum fall to an early morning intraday low $1,087.05 before making a move.

Steering clear of the 23.6% FIB of 1,051 and the first major support level at $1,028, Ethereum rallied to a late afternoon intraday high $1,246.99.

Ethereum broke through the first major resistance level at $1,186 to wrap up the day at $1,230 levels.

The second major resistance level at $1,241 pinned Ethereum back on the day.

At the time of writing, Ethereum was up by 1.58% to $1,250.74. A mixed start to the day saw Ethereum fall to an early morning low $1,224.18 before rising to a high $1,251.68.

Ethereum left the major support and resistance levels untested early on.

ETHUSD 150121 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall through the pivot level at $1,189 to support a run at the first major resistance level at $1,290.

Support from the broader market would be needed, however, for Ethereum to break out from $1,260 levels.

Barring an extended crypto rally, the first major resistance level and resistance $1,300 would likely cap any upside.

In the event of an extended crypto rally, Ethereum could test resistance at $1,350 before any pullback. The second major resistance level sits at $1,348.

Failure to avoid a fall through the $1,189 pivot would bring the first major support level at $1,130 into play.

Barring an extended sell-off, however, Ethereum should steer clear of 23.6% FIB of $1,051 and the second major support level at $1,029.

Looking at the Technical Indicators

First Major Support Level: $1,130

Pivot Level: $1,189

First Major Resistance Level: $1,290

23.6% FIB Retracement Level: $1,051

38.2% FIB Retracement Level: $866

62% FIB Retracement Level: $566

Litecoin

Litecoin rose by 3.27% on Thursday. Following on from a 10.61% jump on Wednesday, Litecoin ended the day at $152.38.

A mixed start to the day saw Litecoin fall to an early morning intraday low $143.40 before making a move.

Steering clear of the first major support level at $132.7, Litecoin rallied to a late afternoon intraday high $156.87.

Litecoin broke through the 23.6% FIB of $148 and the first major resistance level at $155.3 before easing back.

A late pullback saw Litecoin fall back through the first major resistance level and the 23.6% FIB to $145 levels.

Finding late support, however, Litecoin moved back through the 23.6% FIB to end the day at $152 levels.

At the time of writing, Litecoin was up by 1.28% to $154.33. A mixed start to the day saw Litecoin fall to an early morning low $151.63 before rising to a high $154.50.

Litecoin left the major support and resistance levels untested early on.

LTCUSD 150121 Hourly Chart

For the day ahead

Litecoin would need to avoid a fall through the $150.9 pivot level to support a run at the first major resistance level at $158.4.

Support from the broader market would be needed, however, for Litecoin to break out from Thursday’s high $156.87.

Barring an extended crypto rally, the first major resistance level and resistance at $160 would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $170. The second major resistance level at $164.4.

Failure to avoid a fall through the $150.9 pivot level would bring the 23.6% FIB and the first major support level at $144.9 into play.

Barring an extended sell-off, Litecoin should avoid sub-$140 levels. The second major support level sits at $137.4.

Looking at the Technical Indicators

First Major Support Level: $144.9

Pivot Level: $150.9

First Major Resistance Level: $158.4

23.6% FIB Retracement Level: $148

38.2% FIB Retracement Level: $125

62% FIB Retracement Level: $87

Ripple’s XRP

Ripple’s XRP fell by 3.29% on Thursday. Partially reversing a 4.54% rally from Wednesday, Ripple’s XRP ended the day at $0.29573.

It was a mixed start to the day. Ripple’s XRP rose to an early morning intraday high $0.30906 before hitting reverse.

Falling short of the first major resistance level at $0.3157, Ripple’s XRP slid to an early morning intraday low $0.28325.

Ripple’s XRP fell through the first major support level at $0.2899 before striking an afternoon high $0.30480.

Continuing to fall short of $0.31 levels, however, Ripple’s XRP slipped back to end the day at $0.295 levels.

At the time of writing, Ripple’s XRP was up by 0.43% to $0.2970. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.29557 before rising to a high $0.29809.

Ripple’s XRP left the major support and resistance levels untested early on.

XRPUSD 150121 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid a fall back through the $0.2960 pivot level to bring the first major resistance level at $0.3088 and the 23.6% FIB of $0.3172 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.30 levels.

Barring another extended crypto rally, the first major resistance and Thursday’s high $0.30906 would likely cap any upside.

In the event of another extended rally, Ripple’s XRP could test resistance at $0.33 before any pullback. The second major resistance sits at $0.3218.

Failure to avoid a fall back through the $0.2960 pivot would bring the first major support level at $0.2830 into play.

Barring another extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.28 levels. The second major support level sits at $0.2702.

Looking at the Technical Indicators

First Major Support Level: $0.2830

Pivot Level: $0.2960

First Major Resistance Level: $0.3088

23.6% FIB Retracement Level: $0.6274

38.2% FIB Retracement Level: $0.5285

62% FIB Retracement Level: $0.3687

Please let us know what you think in the comments below.

Thanks, Bob

EOS, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – January 14th, 2021

EOS

EOS rallied by 6.70% on Wednesday. Reversing a 2.84% fall from Tuesday, EOS ended the day at $2.7708.

A mixed start to the day saw EOS slide to an early morning intraday low $2.5054 before making a move.

Steering clear of the first major support level at $2.4678, EOS rose to a late intraday high $2.8199.

EOS broke through the first major resistance level at $2.7555 to wrap up the day at $2.77 levels.

At the time of writing, EOS was down by 0.36% to $2.7610. A mixed start to the day saw EOS rise to an early morning high $2.8297 before falling to a low $2.7335.

EOS left the major support and resistance levels untested early on.

EOSUSD 140121 Daily Chart

For the day ahead

EOS would need to avoid a fall through the $2.6987 pivot level to support a run at the first major resistance level at $2.8920.

Support from the broader market would be needed, however, for EOS to break out from the morning high $2.8297.

Barring an extended crypto rally, the first major resistance level and resistance at $2.90 would likely cap any upside.

In the event of an extended rally, EOS could test resistance at $3.10 before any pullback. The second major resistance level sits at $3.0132.

Failure to avoid a fall through the pivot level at $2.6987 would bring the first major support level at $2.5775 into play.

Barring an extended sell-off, however, EOS should steer of sub-$2.50 levels, however. The second major support level sits at $2.3842.

Looking at the Technical Indicators

First Major Support Level: $2.5775

First Major resistance Level: $2.8920

23.6% FIB Retracement Level: $6.52

38% FIB Retracement Level: $9.68

62% FIB Retracement Level: $14.77

Stellar’s Lumen

Stellar’s Lumen rallied by 8.72% on Wednesday. Following on from a 2.87% gain on Tuesday, Stellar’s Lumen ended the day at $0.30397.

A mixed start to the day saw Stellar’s Lumen fall to an early morning intraday low $0.2720 before making a move.

Steering clear of the first major support level at $0.2515, Stellar’s Lumen rallied to a late intraday high $0.3100.

Stellar’s Lumen broke through the 38.2% FIB of $0.2823 to visit $0.31 levels.

Coming up against the first major resistance level at $0.3096, Stellar’s Lumen eased back to end the day at sub-$0.03050 levels.

At the time of writing, Stellar’s Lumen was up by 0.54% to $0.3056. A mixed start to the day saw Stellar’s Lumen fall to an early morning low $0.3038 before rising to a high $0.3098.

Stellar’s Lumen left the major support and resistance levels untested early on.

XLMUSD 140121 Daily Chart

For the day ahead

Stellar’s Lumen would need to avoid a fall through the $0.2953 pivot to bring the first major resistance level at $0.3187 into play.

Support from the broader market would be needed, however, for Stellar’s Lumen to break back through to $0.31 levels.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of an extended rally, Stellar’s Lumen could test resistance at $0.33 before any pullback. The second major resistance level sits at $0.3333.

Failure to avoid a fall through the $0.2953 pivot would bring the 38.2% FIB of $0.2823 and the first major support level at $0.2807 into play.

Barring another extended crypto sell-off, however, Stellar’s Lumen should steer clear of sub-$0.027 levels. The second major support level sits at $0.2573.

Looking at the Technical Indicators

First Major Support Level: $0.2807

First Major Resistance Level: $0.2953

23.6% FIB Retracement Level: $0.3187

38% FIB Retracement Level: $0.2823

62% FIB Retracement Level: $0.1850

Tron’s TRX

Tron’s TRX rallied by 7.24% on Wednesday. Reversing a 0.48% loss from Tuesday, Tron’s TRX ended the day at $0.03066.

A mixed start to the day saw Tron’s TRX fall to an early morning intraday low $0.02716 before making a move.

Finding support at the first major support level at $0.02713, Tron’s TRX rallied to a late intraday high $0.03109.

Tron’s TRX broke through the 23.6% FIB of $0.0291 and the first major resistance level at $0.03080.

A late pullback, however, saw Tron’s TRX fall back through the first major resistance level to end the day at $0.0306 levels.

At the time of writing, Tron’s TRX was down by 1.21% to $0.03029. A mixed start to the day saw Tron’s TRX rise to an early morning high $0.03208 before falling to a low $0.02978.

Early in the day, Tron’s TRX tested the first major resistance level at $0.03211.

TRXUSD 140121 Daily Chart

For the Day Ahead

Tron’s TRX would need to avoid a fall through the $0.02964 pivot and the 23.6% FIB of $0.0291 to bring the first major resistance level at $0.03211 back into play.

Support from the broader market would be needed, however, for Tron’s TRX to break back through to $0.032 levels.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of an extended rally Tron’s TRX could resistance at $0.33 before any pullback. The second major resistance level sits at $0.03357.

Failure to avoid a fall through the $0.02964 pivot and the 23.6% FIB would bring the first major support level at $0.02818 into play.

Barring another extended sell-off on the day, Tron’s TRX should steer clear of sub-$0.025 levels. The second major support level at $0.02571 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.02818

First Major Resistance Level: $0.02964

23.6% FIB Retracement Level: $0.03211

38.2% FIB Retracement Level: $0.0428

62% FIB Retracement Level: $0.0648

Please let us know what you think in the comments below

Thanks, Bob