Regulatory Chatter Weighs on the Major Cryptos with the Exception of Cardano (ADA)

It was a bearish session for Bitcoin (BTC) and the broader crypto market on Monday. Chatter from DAVOS 2022 over the need for unified action on cryptocurrencies likely contributed to the broad-based pullback.

Amongst the first speakers at this year’s virtual event was Indian Prime Minister Modi. We reported this morning of the Prime Minister’s call for unified global action on cryptocurrencies. At the turn of the year, news had hit the wires of the Indian government creating a FINTECH division to keep up with cryptos.

Others have also made calls for a global regulatory framework, which would stamp out regulatory arbitrage.

Monday’s Crypto Market Movers

The total crypto market cap briefly fell back to sub-$2,000bn levels before ending the day at $2,005bn.

Chainlink (LINK) led the way down, sliding by 6.40%. Things were not much better for Binance Coin (BNB) (-4.69%), Crypto.com Coin (CRO) (-3.93%), and Ethereum (ETH) (-4.15%).

For CRO the losses could have been far more significant. On Monday, news had hit the wires of Crypto.com suspending withdrawals. The decision to suspend was in response to user claims of stolen funds.

Bitcoin saw a relatively modest 2.03% loss on the day. In spite of the Bitcoin pullback and negative sentiment, the Bitcoin Fear & Greed Index currently sits at 24/100 and in the red. While up from 10/100 on 8th January, a level in the red and close to or at zero indicates investor fear of further price declines.

Bitcoin Fear & Greed Index b

Cardano (ADA) Bucks the Trend

Bucking the trend on the day were Cardano (ADA) and Litecoin (LTC). While Litecoin rose by 3.17%, ADA surged by 13.53% to end the day at $1.603.

For Cardano, there’s been plenty of news chatter and activity to support the latest breakout. On Monday, news of the first Metaverse project launching on the Cardano blockchain delivered the upside.

For the Day Ahead

It’s been a mixed start to the morning for the broader crypto market. Chatter from DAVOS 2022 will likely continue to influence, particularly if more world leaders call for unified action on cryptos. We may also see some market jitters ahead of Thursday’s U.S Congress subcommittee hearing on cryptocurrencies.

From the U.S, there are no major stats to influence market sentiment towards FED monetary policy. With the prospect of 4 rate hikes this year, however, it’s still negative for riskier assets. Support could come from the U.S equity markets, however.

At the time of writing, Bitcoin (BTC) was up by 0.34% to $42,368. We continue to see a move back through to $43,500 and last week’s high $44,443 key to any run at this month’s high $47,979.

A broad-based pullback and a Bitcoin fall back to sub-$41,500 levels, however, would bring sub-$40,000 back into play. This week, much will likely depend on the outcome to Thursday’s subcommittee hearing and any concrete plans from DAVOS 2022.

BTCUSD 180122 Daily Chart

U.S Tech Rout Sinks Bitcoin (BTC) and the Broader Crypto Market

Crypto market relief stemming FED Chair Powell testimony on Tuesday was short-lived. A 2-day winning streak came to an end on Thursday, with a 2.51% slide in the NASDAQ weighing on the crypto majors.

Hawkish chatter from FOMC members weighed on riskier assets on Thursday. A number of FOMC members talked of the need for a March rate hike. Amongst them, some talked of the need for more than 3 hikes this year to curb inflation. The comments were in contrast to FED Chair Powell’s testimony that had supported riskier assets mid-week.

Bitcoin (BTC) fell by 3.06% to end the day at $42,576. Elsewhere, Chainlink (LINK) tumbled by 7.05% with Cardano’s ADA sliding by 6.09%. Things were not much better for Ethereum (ETH) and Litecoin (LTC), which ended the day down by 3.89% and by 3.66% respectively.

The Thursday sell-off saw the crypto market cap fall from a day high $2,119bn to a low $1,992bn before a partial recovery.

In spite of the pullback, the Bitcoin Fear & Greed Index remained unchanged at 21/100 and in the red. A level in the red and close to or at zero indicates investor fear of further price declines.

Bitcoin Fear & Greed Index b

Interconnectedness with U.S Markets to Raise More Regulatory Concerns

Earlier this week, the IMF had raised concerns over the interconnectedness of cryptos and the global financial markets. Thursday’s moves across the U.S equity markets and the crypto market provided further evidence of interconnectedness. The IMF’s comments had followed on from concerns raised by the Bank of England over cryptos and UK financial stability.

Movements across the global financial markets and the crypto market will likely give regulators more reason to move quickly towards a global regulatory framework for the crypto market.

For the Day Ahead

With movements across the crypto market now hinged on market sentiment towards FED monetary policy, we can expect more influence from U.S economic data and FOMC member chatter near-term.

Later today, U.S retail sales figures will give a sense of what impact inflation is having on consumer spending. Any FOMC member chatter will also need considering

For Bitcoin, a break back through to $44,000 levels would be needed to bring $45,000 levels and January’s high $47,979 into play. With market jitters over FED monetary policy in play, however, we can expect plenty of resistance at Thursday’s high $44,443.

A fall back to sub-$41,500 levels would bring sub-$40,000 and Monday’s low $39,668 into play.

At the time of writing, Bitcoin was down by 0.25% to $42,470.

BTCUSD 140122 Daily Chart

Top 3 Ethereum-based Coins to Watch in 2022

2021 was undoubtedly the year the crypto industry matured. It saw the launch of new coins and exchanges as the sector recorded more investors than in previous years. Above all, it was the year we witnessed crypto adoption en masse.

While Bitcoin was the focal point of the market throughout 2021, hitting an ATH of $69k in November, altcoins’ dominance also recorded some level of substantial gains.

Surprisingly, many Ethereum-based coins, such as ETH, outperformed BTC in the market, causing its dominance to decline from over 70% to the current level of less than 40%.

What is Ethereum Blockchain

Ethereum is a decentralized blockchain with smart contract functionality created in 2015 by Vitalik Buterin and two other programmers. Bitcoin has been positioned as a digital currency and a store of value, on the other hand, the Ethereum blockchain is a platform for hosting decentralized applications. 

This puts it in the nucleus of Web 3. According to the state of dApps, there are almost 3000 decentralized applications on Ethereum. 

Although the crypto market is in a terrible bear phase currently, indicators suggest that altcoins, most especially Ethereum-based cryptos, will produce strong returns for investors this year amid a bull run. 

Here, we bring you the top 3 Ethereum-based coins to watch out for in 2022:

Ethereum (ETH)

FXEmpire Ethereum
Source: FXEMPIRE

We can’t talk about Ethereum-based coins without discussing the world’s second-largest cryptocurrency by market capitalization, Ether. ETH had good growth in 2021, gaining more than 500%. It began 2021 at $733 before soaring to an A.T.H. of $4.8k in November. As earlier mentioned, its growth outpaced Bitcoin throughout all the quarters of last year.

Although it currently trades below $3,500, the major altcoin still has room for growth. Ether has a greater relationship with DeFi and the metaverse than other coins, which will ultimately help boost its price in 2022. 

The chain’s highly-anticipated ETH 2.0 will also play a massive role in the crypto’s value. Though the date of the implementation remains unknown, the upgrade will make the chain more scalable, less energy-intensive, and have reduced gas fees.

If this goes as anticipated, it would give room for more projects to be built on the network thereby boosting its price performance for the year. The asset is currently trading for $3,376 and has a market cap of over $400 billion.

Polygon (MATIC)

FXEmpire Polygon
Source: FXEMPIRE

Co-founded by India’s crypto billionaires Sandeep Nailwal, Jaynti Kanani, and Anurag Arjun, MATIC is the native currency of the Ethereum Layer2 scaling solution Polygon. It is a multi-chain ecosystem integrated into Ethereum to solve high gas fees and make the blockchain interoperable with other networks.

MATIC was amongst the top-performing cryptocurrencies of 2021, posting gains of more than 11,026% in one year. The crypto was valued at 2 cents at the beginning of the year, and in less than six months, surpassed $2, thanks to its increased activity on the network.

As of press time, Polygon is trading for $2.40 and it is the 14th largest crypto asset by market cap with a valuation of over $15 billion.

Decentraland (MANA)

FXEmpire Decentraland
Source: FXEMPIRE

What makes Ethereum a superb network is the diversity of platforms running on its ecosystem. One of the best performing tokens on it is MANA, the native token of a virtual reality platform, Decentraland.

On the platform, users are able to buy virtual lands where they can build, navigate and monetize. The platform was created by Ariel Meilich and Esteban Ordino and launched in 2019 after an ICO in 2017. It became open to the public in 2020.

Decentraland has two tokens, LAND, a non-fungible token, and MANA, an ERC-20 Token. Users can use MANA to buy wearables, avatars, names, etc., on the platform. 

MANA was one of the best-performing assets of last year, with over a 2000% increase in value. Given the renewed interest in NFT and metaverse-related projects, it doesn’t look like the growth will stop. It is currently valued at $3.09 and has a market cap of over $4 billion.

Uniswap (UNI)

FXEmpire Uniswap
Source: FXEMPIRE

Uniswap is a decentralized exchange on Ethereum where users can swap ERC-20 tokens. It uses an automated market maker to enable crypto swapping without an order book. 

In this model, the liquidity providers deposit their tokens into smart contracts. The liquidity pool automatically determines the price quote allowing the providers to earn 0.3% of trading fees. 

Hayden Adams founded the protocol in 2018, and it has grown to become one of the biggest DeFi platforms. UNI is the governance Token and was introduced through an airdrop in September 2020. Token holders are the decision-makers on the platform and vote through their tokens. 

At the start of 2021, UNI was worth less than $5, but by December, it was $17. This growth pattern only goes to show its long-term value. Even though it has dropped recently and currently trades at around $16, it’s still one of the top 25 Cryptocurrencies. It has a market cap of over $10 billion. 

Chainlink (LINK)

FXEmpire Chainlink
Source: FXEMPIRE

Chainlink is an oracle network created by Sergey Nazarov in 2017 to improve Ethereum smart contracts by integrating real-world data into online systems. Simply put, Chainlink is an Oracle data provider that uses LINK as its native currency.

The use of smart contracts is one thing that drives up the value of LINK. The more smart contracts are used, the higher the value of LINK. Although it is currently consolidating between $44 and $48, The crypto’s value has doubled from a year ago, hitting an A.T.H. of $51.17 attained in May. Its market cap is currently around $12 billion.

This is why you Should pay Attention to These Assets

All these Cryptocurrencies reflect the best functionalities of Ethereum. These include its smart contract, decentralized finance, and its metaverse capabilities. 

Chainlink is integral to Ethereum and is further expanding to other blockchains. This will only increase the value of LINK. On its own, Uniswap has already established itself as a top dog in DeFi. But it’s also expanding and recently deployed its v3 on Polygon. 

For Decentraland, the growing interest in metaverse will positively influence its token value. Judging by the use cases of these coins, we expect a huge return on investments for them this year.

Although 2022 started with the market correcting, the crypto industry still has much potential. The pandemic and increased regulations may swing the prices of these Ethereum-based coins, so invest wisely and only invest what you can afford to lose.

Kraken Lists LINK, OMG and BAT for Japanese Users

Available information has indicated that one of the world’s leading crypto exchanges, Kraken, has just added support for three new tokens, including Chainlink (LINK), Basic Attention Token (BAT), and OMG (OMG), for its Japanese customers.

Kraken’s 3 new Listings

In a January 12 blog post, the exchange disclosed that Kraken Japan now handles trades on the tokens mentioned above. 

Per the announcement, the OMG Network (OMG) is an ERC20 standard-based token. OMG Network is one of the fast-rising Layout 2 solutions providing solutions to Ethereum scalability problems.

The network was rebranded from OmiseGo, and its main objective is to offer accessible, low cost and speedy peer-to-peer financial services for unbanked individuals. 

As of press time, the OMG token is one of the highest gainers in the market with its price rising by 14.3% in the last 24 hours to $5.88.

Basic Attention Token (BAT) is an ERC20 standard token that supports a decentralized, open-source advertising platform. It functions in a “Brave” web browser, which aims to exist alongside users, advertisers, and websites. Users of this browser earn BAT as rewards for viewing ads on websites. 

BAT token has risen by 7.5% in the last 24 hours and it is trading for $1.08 presently.

The third token, Chainlink (LINK), is also an Ethereum ERC20 token. 

According to Kraken,

LINK connects decentralized peer-to-peer networks and smart contracts to real-world data, events, and payments.

Amongst the three assets, LINK is the only one that has been on a green run within the past week, however, within the last 24 hours, it has lost 1.6% of these gains. It is currently trading for $26.3.

Kraken’s Operation in Japan

Kraken’s first foray into Japan began a month after the former leading exchange in the region, Mt. Gox exchange, suffered a major hack and went bankrupt due to a $460 million loss in 2014. At the time, Kraken founder Jesse Powell got an invitation to help recover the fund.

Kraken Japan eventually launched and started trading around 2014 to fill the vacuum left by the defunct Mt. Gox exchange. Four years later, it ceased operation due to “rising costs” and need to focus its resources.

But it relaunched operations in October 2020, with just a limited number of crypto assets available for its users. But since then, it has steadily increased the numbers of available digital assets.

Japan’s regulatory landscape is still working to develop a stricter regulatory framework. Authorities in the Asian country had set up a panel in August last year to help it strengthen its regulation. 

Just recently, the Financial Services Agency (FSA) revealed its intent to regulate stablecoins like USDT and co.

Bitcoin (BTC) and the Broader Crypto Market Sink Again as Investor Jitters over FED Policy Lingers

It’s been a particularly bearish start to the year for Bitcoin (BTC) and the broader market. As bullish BTC price predictions for 2022 hit the news at the turn of the year, a New Year’s Day rally had provided hope.

The 1st January rally, however, was an outlier in what has been an active 1st week of the year on the news front.

A marked increase in regulatory chatter and activity coupled with FED monetary policy have hit the markets early in the year.

Monetary Policy

On Wednesday, the FED released its FOMC meeting minutes from the December meeting. Catching the markets off-guard, Committee members talked of the need to lift rates sooner to curb inflation. There was also the talk of needing to begin reducing the balance sheet.

Bitcoin (BTC) slumped by 2.7% within the first hour of the FOMC meeting minutes being released. On the day, Bitcoin (BTC) ended the day down by 5.19% and things were not much better elsewhere.

Ripple’s XRP fell by 5.92%, with Litecoin (LTC) and Ethereum (ETH) seeing losses of 7.59% and 6.50% respectively on Wednesday.

Regulator Activity

Ahead of the FOMC meeting minutes that caused a market stir, regulatory chatter and activity had also tested crypto market support.

At the turn of the year, news hit the wires of Indian tax authorities searching 6 exchanges on suspicion of tax evasion. There was also news of a U.S Congress sub-committee preparing to hold a hearing on the impact of crypto mining on the environment.

All of this, coupled with the talk of a global regulatory framework and the SEC lawsuit against Ripple Lab delivered early pressure.

Bitcoin Price Action

On Friday, Bitcoin (BTC) fell by 3.61% to end the day at $41,548. It was a 6th consecutive day in the red and left Bitcoin (BTC) down 10% for the first 7-days of the year. The early pullback has been in stark contrast to the first week of 2021, when Bitcoin (BTC) had surged by 36%.

Key through the Friday session was avoiding a return to sub-$40,000 levels. Finding support at $40,500, Bitcoin (BTC) ended the day at $41,000 levels.

Having seen red for 6 days in a row, avoiding a return to Friday’s low $40,750 will be key. For the bulls, a move back through Friday’s high $43,136 would be needed to avoid further losses.

At the time of writing, Bitcoin (BTC) was down by 0.61% to $41,799.

BTCUSD 080122 Daily Chart

Elsewhere

Ethereum (ETH) slid by 6.08%, to lead way down on Friday. Bucking the trend at the start of the year, however, has been Chainlink (LINK). Following a 1.85% gain on Friday, Chainlink (LINK) is up 33% year-to-date. News of an Ethereum (ETH) whale purchasing $4.6m worth of LINK has contributed to the upside. Chainlink’s (LINK) decentralized oracle network continues to draw interest, contributing to this week’s gains.

At the time of writing, Chainlink (LINK) was up by 1.31% to $26.29. A breakout from Wednesday’s high $27.45 would bring $30 levels into play, last struck in mid-November. A pullback to sub-$20 levels, however, would test support at December’s low $15.38.

LINKUSD 080122 Daily

Crypto Meltdown Remains Alive With ETH As the Biggest Loser of the Day

The crypto bloodbath keeps underway across the biggest digital assets by market capitalization, with Ether (ETH) becoming one of the major losers across the sphere.

The US Federal Reserve (FED) and its recently released minutes are attributed as the main catalysts behind the buying interest around the US dollar. In fact, the US central bank hinted at a faster timetable to start hiking the interest rates this year.

Ether Under Heavy Selling Pressure

ETH is exchanging hands at around $3,386, approximately down -4% on the day as of press time. The price managed to pierce below the $3,650 level, which was a critical support zone established at the end of last year.

Ethereum FXEmpire

On the other hand, Bitcoin (BTC) entered a rangebound stage around $42,900, still -1.21% down on the day following a strong decline from the highs at $47,076. Now, the world’s biggest crypto by market cap keeps a critical support at the $42,800 level, fueling the interest in the buyers, although it’s limited.

Next on the line is Litecoin (LTC), which remains capped by the psychological zone of $135 after it plummetted from the highs around $150, and its daily change stands at $134.87.

In the crypto assets that trade against BTC, Ether plunged over 5% following the FOMC’s minutes. “There’s a real risk now, I believe, that inflation may be more persistent and…the risk of higher inflation becoming entrenched has increased,” Jerome Powell, Fed’s Chairman, noted in the statement.

Altcoins Sphere In Bears’ Eyes

In the altcoins sphere, Chainlink (LINK) loses bullish ground after dropping -4.92% on the day to quote at around $23.98.

LINK FXEmpire

From a technical point of view, the cryptocurrency attempts to consolidate below the 50-period simple moving average at the H4 chart. Then, it tries to reach the 200-period simple moving average, fueled by a negative RSI indicator in the same timeframe.

Moreover, Cardano (ADA) wants to recover above $1.24 following a strong fall from $1.34, where it found dynamic resistance.

LINK Rallies by 7% in 24 Hours Following Whale Acquisition

While Bitcoin and the other leading altcoins continue to underperform, some cryptocurrencies have been recording positive performances. LINK is one of the top performers at the moment after adding more than 5% to its value in 24 hours.

Ethereum Whale Buys $4.6 Million Worth of LINK Tokens

WhaleStats, a platform dedicated to tracking the activities of the richest whales in the cryptocurrency space, revealed yesterday that an Ethereum whale had acquired 199,999 LINK tokens.

The acquisition was the second-largest on the WhaleStats platform yesterday. The 199,999 LINK tokens acquired by the whale amounted to $4,693,999.

Chainlink is a blockchain-based decentralized oracle network designed to enable smart contracts to connect to external data sources. The external sources can include APIs, internal systems and various other types of external data feeds.

LINK, the native token of the Chainlink ecosystem, is an ERC-20 token, and it is used to pay for the oracle services on the Chainlink network. What makes Chainlink a powerful protocol is its ability to validate data from multiple sources.

At press time, LINK is trading at $25.42 per token. LINK’s price is up by more than 7% over the past 24 hours, outperforming numerous cryptocurrencies in the process.

LINK Targets $29 Resistance Level Following its Recent Rally

The technical indicators show that LINK is currently performing well following days of poor performance in the market. LINK’s current rally allowed it to break past its 50-day moving average price of $22.48.

LINK just broke past its 50-day EMA. Source: FXEMPIRE

The MACD line currently stays within the neutral zone after spending the past few weeks in the negative region. Meanwhile, the 14-day relative strength index of 63 shows that there is buying pressure on LINK at the moment.

If the bulls stay in control, LINK could break past the first major resistance level at $29.19 over the next few hours. However, LINK might need the support of the broader cryptocurrency to extend its gains past the $33 resistance level before the end of the day.

Secret (SCRT) up 6% in 24 Hours

No matter how bearish the crypto market might be, there’ll always be digital assets that defy the odds. In the past 24 hours Secret (SCRT) has been one of those tokens.

Secret (SCRT) Rises by 6% in 24 Hours

The relatively unknown token has risen by more than 6% in the past 24 hours, going from $5.776 to as high as $6.876. While it’s already shed some of those gains, it’s still performing well with a current price of around $6.67 as of writing.

With this spike, SCRT is finally rebounding after the pullback that saw it fall from its ATH in late October until mid-December. The recent rise in price is likely due to a greater emphasis on privacy in the crypto community following several talks about more regulatory oversight this year. 

Interestingly, available data on Coingecko shows that the asset has seen its value rise by over 30% in the last 30 days.

This green run has pushed SCRT into the top 100 Cryptocurrencies by market cap as it currently ranks 96 on CoinMarketCap.

Secret Blockchain is Enjoying Wider Adoption

SCRT is the native token of open-source blockchain, Secret. The network provides privacy features for the Ethereum blockchain and select ERC-20 tokens. Secret blockchain, which launched in late 2020, allows holders of Ether and other ERC-20 tokens to create Secret Tokens. 

Secret tokens are programmable versions of their digital assets with privacy features, making such ERC-20 tokens similar to privacy coins such as Monero while still being programmable.

The 14 ERC-20 tokens initially selected to have these privacy features include ETH, Compound (COMP), Yearn.Finance ( YFI), Aave (AAVE), Uniswap ( UNI), Synthetix (SNX), Kyber (KNC), Ocean (OCEAN), Dai (DAI), Maker (MKR), True USD (TUSD) Wrapped BTC (WBTC), Band (BAND) Chainlink (LINK) and Tether (USDT).

The network has a
Secret Ethereum bridge that makes this possible. According to the network, this is part of its effort to bring privacy to public blockchains.

While it might not have gotten as much mainstream attention as popular networks, the adoption of Secret Network is increasing. 

In November 2021, legendary director Quentin Tarantino announced plans to auction NFTs of seven uncut scenes from Pulp Fiction using Secret Network. 

According to the CEO, such NFTs offer more functionalities than regular NFTs as it has two layers, with one layer being secret except for the owner.

Chainlink Struggles To Regain Bids, but There Are Bullish Hints

Chainlink (LINK) is looking for bids around the $21.70 level following a resurge in the buying force ahead of Christmas day across the board.

The cryptocurrency wants to test the 200-period simple moving average at the H4 chart, where it converges with the dynamic resistance offered around the psychological area of $22.

A demand zone has been established around the $18 neighborhood, where buyers had been active in avoiding a downwards extension of the bearish bias. As a result, the altcoin developed an impulsive structure that aimed to consolidate below $16.

Technicals Are Still on the Negative Waters

Now, with the odds in place for a recovery above the 200 SMA, LINK could be targeting levels above the $22 zone that could be seeking a resistance zone of $25 in a first degree, followed by $27 in a second degree.

The crypto then should break the stagnation zone where it had been trapped since the beginning of the month, capped by the $23 level. However, bears are not strong enough to crack lower and strengthen the bearish perspective ahead of the Christmas rally for the mid-term.

Bullish Force Ahead?

Still, if Chainlink pierces below the $18 level, doors will open for a decline towards the $15 zone as the first tough nut to crack to the downside. When the altcoin manages to break below the lows from December 4, eyes will be on the $14.50 area.

LINK FXEmpire
LINK hovers around the 200 SMA at H4 chart – Source: FXEMPIRE

It’s worth noting that the RSI indicator at the H4 chart is inside the overbought territory, suggesting that the DeFi altcoin could extend the bearish bias further and eventually enter into the rangebound zone that was mentioned above.

Also, it coincides with the fact that the 200 SMA could act as a dynamic resistance in the near term, although if it gives up, buyers could resurge for taking the crypto to develop an impulsive structure towards new highs.

Breaking down Resistance at $48,500 Remains Key for the Bitcoin (BTC) Bulls

This is the tech analysis for Bitcoin (BTC). We will be looking at movements from the day prior and today’s support, resistance, pivot levels, and Fibonacci’s. Additionally, we will look at the broader market moves on the day prior and any key market drivers. Please see the end of the article for a full video tech analysis including a look at the EMAs.

Bitcoin’s Day Prior Moves

Bitcoin, BTC to USD, fell by 0.35% on Sunday. Partially reversing a 1.54% gain from Saturday, Bitcoin ended the week down by 6.81% to $46,704.

A bearish start to the day saw Bitcoin fall to an early morning intraday low $46,458. Steering clear of the first major support level at $45,770 Bitcoin rallied to an early afternoon intraday high $48,364. Bitcoin broke through the first major resistance level at $47,730 before sliding back to sub-$47,000 levels and into the red.

The near-term bullish trend remained intact, in spite of the most recent pullback to $41,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $28,814 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed session.

Litecoin rose by 3.07% to lead the way, with Cardano’s ADA (+0.08%) and Ripple’s XRP (+0.72%) also bucking the trend on the day.

It was a bearish end to the week for the rest of the majors, however.

Chainlink slid by 3.52% to lead the way down, with Bitcoin Cash SV (-2.85%), Crypto.com Coin (-1.75%), and Polkadot (-2.44%) also struggling.

Binance Coin (-0.82%) and Ethereum (-0.91%) saw relatively modest losses, however.

In week, the crypto total market fell to a Monday low $2,054bn before rising to a Thursday high $2,303bn. At the time of writing, the total market cap stood at $2,179bn.

Bitcoin’s dominance rose to a Tuesday high 42.25% before falling to a Saturday low 40.21%. At the time of writing, Bitcoin’s dominance stood at 40.39%.

This Morning

At the time of writing, Bitcoin was down by 0.22% to $46,599. A mixed start to the day saw Bitcoin rise to an early morning high $46,791 before falling to a low $46,245.

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

BTCUSD 201221 Hourly Chart

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV was up by 0.22% to avoid the red early on.

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

At the time of writing, Crypto.com Coin was down by 1.99% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to move through the $47,175 pivot to bring the first major resistance level at $47,893 into play. Support from the broader market would be needed, however, for Bitcoin to break out from $47,500 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $48,500 would likely cap the upside. In the event of an extended rally, Bitcoin could test resistance at $50,000 levels before any pullback. The second major resistance level sits at $49,081. Bitcoin would need plenty of support, however, to breakout from Sunday’s high $48,364 and $48,500 levels.

Failure to move through the $47,175 pivot would bring the first major support level at $45,987 into play. Barring an extended sell-off on the day, however, Bitcoin should steer clear of sub-$45,000 levels. The second major support level at $45,269 should limit the downside.

Daily Video Tech Analysis of Bitcoin, Ethereum, Litecoin, and Ripple’s XRP

 

Bitcoin (BTC) Finds Support though Indicators Suggest It May be Temporary

This is the tech analysis for Bitcoin (BTC). We will be looking at movements from the day prior and today’s support, resistance, pivot levels, and Fibonacci’s. Additionally, we will look at the broader market moves on the day prior and any key market drivers. Please see the end of the article for a full video tech analysis including a look at the EMAs.

Bitcoin’s Day Prior Moves

Bitcoin, BTC to USD, rose by 1.54% on Saturday. Partially reversing a 3.10% slide from Friday, Bitcoin ended the day at $46,873.

A bearish start to the day saw Bitcoin fall to an early morning intraday low $45,523. Steering clear of the first major support level at $45,134 Bitcoin rallied to a late morning intraday high $47,483. Falling short of the first major resistance level at $46,633, however, Bitcoin fell back to sub-$46,500 levels before finding support.

The near-term bullish trend remained intact, in spite of the most recent pullback to $41,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $28,814 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a bullish session.

Chainlink rallied by 6.87% to lead the way, with Litecoin (+3.31%) and Ripple’s XRP (+3.74%) also finding strong support.

Binance Coin (+1.58%), Bitcoin Cash SV (+1.34%), Cardano’s ADA (+1.97%), Crypto.com Coin (+1.22%), Ethereum (+2.21%), and Polkadot (+1.89%) trailed the front runnners, however.

In the current week, the crypto total market fell to a Monday low $2,054bn before rising to a Thursday high $2,303bn. At the time of writing, the total market cap stood at $2,194bn.

Bitcoin’s dominance rose to a Tuesday high 42.25% before falling to a Saturday low 40.22%. At the time of writing, Bitcoin’s dominance stood at 40.33%.

This Morning

At the time of writing, Bitcoin was down by 0.05% to $46,848. A mixed start to the day saw Bitcoin rise to an early morning high $46,920 before falling to a low $46,783.

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

BTCUSD 191221 Hourly Chart

Elsewhere, it was a mixed start to the day.

Cardano’s ADA (+0.08%) and Litecoin (+0.05%) avoided the red early on.

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

At the time of writing, Crypto.com Coin was down by 1.34% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to avoid the $46,626 pivot to bring the first major resistance level at $47,730 into play. Support from the broader market would be needed, however, for Bitcoin to break out from $47,500 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $48,000 would likely cap the upside. In the event of an extended rally, Bitcoin could test resistance at $50,000 levels before any pullback. The second major resistance level sits at $48,586.

A fall through the $46,626 pivot would bring the first major support level at $45,770 into play. Barring an extended sell-off on the day, however, Bitcoin should steer clear of  sub-$44,000 levels. The second major support level at $44,666 and the 38.2% FIB of $44,144 and should limit the downside.

Daily Tech Analysis of Bitcoin, Ethereum, Litecoin, and Ripple’s XRP

Bitcoin (BTC) Faces sub-$45,000 Levels as Losses Mount

This is the tech analysis for Bitcoin (BTC). We will be looking at movements from the day prior and today’s support, resistance, pivot levels, and Fibonacci’s. Additionally, we will look at the broader market moves on the day prior and any key market drivers.

Bitcoin’s Day Prior Moves

Bitcoin, BTC to USD, fell by 3.10% on Friday. Following a 2.53% loss on Thursday, Bitcoin ended the day at $46,180.7.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $48,038 before hitting reverse. Falling short of the first major resistance level at $48,916, Bitcoin slid to an early afternoon intraday low $45,539.

Bitcoin fell through the first major support level at $46,979 and the second major support level at $46,292. Steering clear of sub-$45,000 levels, however, Bitcoin revisited $47,600 levels before falling back into the deep red. The pullback saw Bitcoin fall back through the first major support level and the second major support level to end the day at sub-$46,200 levels.

The near-term bullish trend remained intact, in spite of the recent pullback to $41,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $28,814 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed session.

Bitcoin Cash SV rose by 2.23% to buck the trend on the day.

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

Crypto.com Coin slid by 6.35% to lead the way down.

Chainlink (-2.49%), Cardano’s ADA (-1.69%), Ethereum (-2.05%), Litecoin (-3.18%), and Polkadot (-2.25%) also struggled.

Binance Coin (-0.04%) and Ripple’s XRP (-0.91%) saw relatively modest losses, however.

In the current week, the crypto total market fell to a Monday low $2,054bn before rising to a Thursday high $2,303bn. At the time of writing, the total market cap stood at $2,131bn.

Bitcoin’s dominance rose to a Tuesday high 42.24% before falling to a Thursday and Friday low 40.60%. At the time of writing, Bitcoin’s dominance stood at 40.74%.

This Morning

At the time of writing, Bitcoin was down by 0.53% to $45,934. A mixed start to the day saw Bitcoin rise to an early morning high $46,278 before falling to a low $45,806.

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

BTCUSD 181221 Hourly Chart

Elsewhere, it was a bearish start to the day.

At the time of writing, Crypto.com Coin was down by 1.76% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to move through the $46,586 pivot to bring the first major resistance level at $47,633 into play. Support from the broader market would be needed, however, for Bitcoin to break out from $47,500 levels.

Barring an extended crypto rally, the first major resistance level and Friday’s high $48,038 would likely cap the upside. In the event of an extended rally, Bitcoin could test resistance at $50,000 levels before any pullback. The second major resistance level sits at $49,085.

Failure to move through the $46,586 pivot would bring the first major support level at $45,134 into play. Barring another extended sell-off on the day, Bitcoin should steer clear of  sub-$44,000 levels. The 38.2% FIB of $44,144 and the the second major support level at $44,087 should limit the downside.

Daily Video Tech Analysis of Bitcoin, Ethereum, Litecoin, and Ripple’s XRP

A Bitcoin (BTC) Move back Through $48,500 Would Bring the Elusive $50,000 into Play

This is the tech analysis for Bitcoin (BTC). We will be looking at movements from the day prior and today’s support, resistance, pivot levels, and Fibonacci’s. Additionally, we will look at the broader market moves on the day prior and any key market drivers.

Bitcoin’s Day Prior Moves

Bitcoin, BTC to USD, fell by 2.53% on Thursday. Reversing a 1.05% gain from Wednesday, Bitcoin ended the day at $47,665.

After a mixed start to the day, Bitcoin rose to a late morning intraday high $49,480 before hitting reverse. Falling short of the first major resistance level at $50,081, Bitcoin slid to a late intraday low $47,543.

Steering clear of the first major support level at $47,161, however, Bitcoin revisited $48,000 levels before easing back.

The near-term bullish trend remained intact, in spite of the recent pullback to $41,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $28,814 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed session.

Crypto.com Coin rallied by 8.95% to buck the trend on the day.

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

Cardano’s ADA slid by 5.49% to lead the way down, with Bitcoin Cash SV (-3.80%), Chainlink (-4.80%), and Litecoin (-3.14%) also struggling.

Binance Coin (-2.81%), Ethereum (-1.59%), Polkadot (-1.71%), and Ripple’s XRP (-2.62%) saw relatively modest losses, however.

In the current week, the crypto total market fell to a Monday low $2,049bn before rising to a Thursday high $2,304bn. At the time of writing, the total market cap stood at $2,204bn.

Bitcoin’s dominance rose to a Wednesday high 42.27% before falling to a Thursday low 40.58%. At the time of writing, Bitcoin’s dominance stood at 41.01%.

This Morning

At the time of writing, Bitcoin was up by 0.37% to $47,841. A mixed start to the day saw Bitcoin fall to an early morning low $47,440 before rising to a high $47,920.

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

BTCUSD 171221 Hourly Chart

Elsewhere, it was a mixed start to the day.

Crypto.com Coin and Polkadot were down by 3.66% and by 0.24% respectively to buck the early trend.

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

At the time of writing, Cardano’s ADA was up by 0.56% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to move through the $48,229 pivot to bring the first major resistance level at $48,916 into play. Support from the broader market would be needed, however, for Bitcoin to break out from $48,500 levels.

Barring an extended crypto rally, the first major resistance level and Thursday’s high $49,480 would likely cap the upside. In the event of an extended rally, Bitcoin could test resistance at $52,000 levels before any pullback. The second major resistance level sits at $50,166.

Failure to move through the $48,229 pivot would bring the first major support level at $46,979 into play. Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$46,000 levels. The second major support level at $46,292 should limit the downside.

Daily Tech Analysis of Bitcoin, Ethereum, Litecoin, and Ripple’s XRP

Bitcoin (BTC) Bulls Target $53,000 Levels as Risk Appetite Returns

This is the tech analysis for Bitcoin (BTC). We will be looking at movements from the day prior and today’s support, resistance, pivot levels, and Fibonacci’s. Additionally, we will look at the broader market moves on the day prior and any key market drivers.

Bitcoin’s Day Prior Moves

Bitcoin, BTC to USD, rose by 1.05% on Wednesday. Following a 3.51% rally on Tuesday, Bitcoin ended the day at $48,901.

After a mixed morning, Bitcoin fell to an early afternoon intraday low $46,600 before making a move. Steering clear of the first major support level at $46,942, Bitcoin rallied to a late intraday high $49,520.

Bitcoin broke through the first major resistance level at $49,270 before easing back to end the day at $48,900 levels.

The near-term bullish trend remained intact, in spite of the recent pullback to $41,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $28,814 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed session.

Crypto.com Coin fell by 3.20% to buck the trend on the day.

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

Chainlink rallied by 6.71% to lead the way, with Cardano’s ADA (+3.59%) and Ethereum (+4.17%) finding strong support.

Binance Coin (+2.42%), Bitcoin Cash SV (+0.90%), Litecoin (+2.13%), Polkadot (+2.75%), and Ripple’s XRP (+2.14%) trailed the front runners, however.

In the current week, the crypto total market rose to a Monday high $2,297bn before falling to a Monday low $2,049bn. At the time of writing, the total market cap stood at $2,250bn.

Bitcoin’s dominance rose to a Wednesday high 42.27% before falling to a Wednesday low 40.88%. At the time of writing, Bitcoin’s dominance stood at 41.18%.

This Morning

At the time of writing, Bitcoin was up by 0.14% to $48,968. A mixed start to the day saw Bitcoin fall to an early morning low $48,786 before rising to a high $48,985.

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

BTCUSD 161221 Hourly Chart

Elsewhere, it was a bullish start to the day.

At the time of writing, Crypto.com Coin was up by 7.84% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid the $48,340 pivot to bring the first major resistance level at $50,081 into play. Support from the broader market would be needed, however, for Bitcoin to break out from Wednesday’s high $49,520.

Barring an extended crypto rally, the first major resistance level would likely cap the upside. In the event of an extended rally, Bitcoin could test resistance at the 23.6% FIB of $53,628 before any pullback. The second major resistance level sits at $51,260.

A fall through the $48,340 pivot would bring the first major support level at $47,161 into play. Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$46,000 levels. The second major support level sits at $45,420.

Daily Video Tech Analysis of Bitcoin, Ethereum, Litecoin, and Ripple’s XRP

Bitcoin (BTC) Eyes a Return to $50,000 after Tuesday’s Gain

This is the tech analysis for Bitcoin (BTC). We will be looking at movements from the day prior and today’s support, resistance, pivot levels, and Fibonacci’s. Additionally, we will look at the broader market moves on the day prior and any key market drivers.

Bitcoin’s Day Prior Moves

Bitcoin, BTC to USD, rose by 3.51% on Tuesday. Partially reversing a 6.72% slide from Monday, Bitcoin ended the day at $48,399.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $46,356 before making a move. Steering clear of the first major support level at $44,947, Bitcoin rallied to a late intraday high $48,684.

Falling short of the first major resistance level at $49,393, however, Bitcoin eased back to end the day at sub-$48,500 levels.

The near-term bullish trend remained intact, in spite of the recent pullback to $41,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $28,814 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed session.

Crypto.com Coin and Polkadot bucked the trend on the day, falling by 1.35% and by 2.70% respectively.

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

Litecoin led the way, rising by 4.04%.

Cardano’s ADA (+3.59%), Chainlink (+3.78%), and Ripple’s XRP (+3.76%) also found strong support.

Binance Coin (+1.44%), Bitcoin Cash SV (+1.02%), and Ethereum (+2.03%) trailed the front runners, however.

Early in the week, the crypto total market rose to a Monday high $2,297bn before falling to a Monday low $2,049bn. At the time of writing, the total market cap stood at $2,185bn.

Bitcoin’s dominance fell to a Monday low 41.33% before rising to a Tuesday high 42.25%. At the time of writing, Bitcoin’s dominance stood at 41.85%.

This Morning

At the time of writing, Bitcoin was down by 0.02% to $48,391. A mixed start to the day saw Bitcoin rise to an early morning high $48,400 before falling to a low $48,282.

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

BTCUSD 151221 Hourly Chart

Elsewhere, it was a mixed start to the day.

Binance Coin (-0.02%), Chainlink (-0.12%), and Ripple’s XRP (-0.33%) joined Bitcoin (BTC) in the red.

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

At the time of writing, Crypto.com Coin was up by 2.45% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid the $47,813 pivot to bring the first major resistance level at $49,270 into play. Support from the broader market would be needed, however, for Bitcoin to break out from Tuesday’s high $48,684.

Barring an extended crypto rally, the first major resistance level and resistance at $50,000 would likely cap the upside. In the event of an extended rally, Bitcoin could test resistance at $52,000 before any pullback. The second major resistance level sits at $50,141.

A fall through the $47,813 pivot would bring the first major support level at $46,942 into play. Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$45,000 levels. The second major support level at $45,485 should limit the downside.

Daily Tech Analysis of Bitcoin, Ethereum, Litecoin, and Ripple’s XRP

Bitcoin (BTC) – A Move back Through to $48,500 Would Support a Return to $50,000

This is the tech analysis for Bitcoin (BTC). We will be looking at movements from the day prior and today’s support, resistance, pivot levels, and Fibonacci’s. Additionally, we will look at the broader market moves on the day prior and any key market drivers.

Bitcoin’s Day Prior Moves

Bitcoin, BTC to USD, slid by 6.72% on Monday. Reversing a 1.41% rise from Sunday, Bitcoin ended the day at $46,749.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $50,234 before hitting reverse. Falling short of the first major resistance level at $51,052, Bitcoin slid to a late intraday low $45,788.

The extended sell-off saw Bitcoin fall through the first major support level at $48,942 and the second major support level at $47,761. Steering clear of the third major support level at $45,651, however, Bitcoin moved revisited $47,000 levels before easing back.

The near-term bullish trend remained intact, in spite of the latest pullback to $41,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $28,814 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a bearish session.

Chainlink slumped by 12.97% to lead the way down, with Binance Coin (-8.72%), Cardano’s ADA (-9.13%), Crypto.com Coin (-8.81%), Ethereum (-8.45%), and Litecoin (-9.07%) also deep in the red.

Bitcoin Cash SV (-6.45%), Polkadot (-5.81%), and Ripple’s XRP (-6.92%) saw relatively modest losses, however.

Early in the week, the crypto total market rose to a Monday high $2,284bn before falling to a Monday low $2,061bn. At the time of writing, the total market cap stood at $2,099bn.

Bitcoin’s dominance fell to a Monday low 41.52% before rising to a Monday high 42.06%. At the time of writing, Bitcoin’s dominance stood at 41.86%.

This Morning

At the time of writing, Bitcoin was down by 0.66% to $46,438. A mixed start to the day saw Bitcoin rise to an early morning high $46,839 before falling to a low $46,438.

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

BTCUSD 141221 Hourly Chart

Elsewhere, it was a bearish start to the day.

At the time of writing, Crypto.com Coin was down by 2.43% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to move through the $47,590 pivot to bring the first major resistance level at $49,393 into play. Support from the broader market would be needed, however, for Bitcoin to breakout from $48,500 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $50,000 would likely cap the upside. In the event of an extended rally, Bitcoin could test the 23.6% FIB $53,628 before any pullback. The second major resistance level sits at $52,036.

Failure to move through the $47,590 pivot would bring the first major support level at $44,947 and the 38.2% FIB of $44,144 into play. Barring another extended sell-off on the day, Bitcoin should steer clear of the second major support level at $43,144.

Daily Video Tech Analysis of Bitcoin, Ethereum, Litecoin, and Ripple’s XRP

Bitcoin (BTC) – Bears Test Support Early. A Move Back Through to $50,000 Needed to Support a Breakout

This is the tech analysis for Bitcoin (BTC). We will be looking at movements from the day prior and today’s support, resistance, pivot levels, and Fibonacci’s. Additionally, we will look at the broader market moves on the day prior and any key market drivers.

Bitcoin’s Day Prior Moves

Bitcoin, BTC to USD, rose by 1.41% on Sunday. Following a 4.73% rally on Saturday, Bitcoin ended the week up by 1.31% to $50,123.

A mixed start to the day saw Bitcoin fall to a late morning intraday low $48,690 before making a move. Steering clear of the first major support level at $47,691, Bitcoin rose to a late afternoon intraday high $50,800.

Bitcoin broke through the first major resistance level at $50,341 before falling back to sub-$50,000 levels. Finding late support, however, Bitcoin wrapped up the day at sub-$50,200 levels. The first major resistance level pinned Bitcoin back late in the day.

The near-term bullish trend remained intact, in spite of the latest pullback to $41,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $28,814 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed session.

Bitcoin Cash SV fell by 2.84%, with Cardano’s ADA (-0.52%) also seeing red to buck the trend on the day.

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

Polkadot rallied by 4.87% to lead the way, with Chainlink (+2.46%) and Crypto.com Coin (+3.46%) also finding strong support.

Binance Coin (+1.13%), Ethereum (+1.02%), Litecoin (+0.59%), and Ripple’s XRP (+0.37%) trailed the front runners, however.

In the week, the crypto total market rose to a Tuesday high $2,417bn before falling to a Saturday low $2,116bn. At the time of writing, the total market cap stood at $2,224.

Bitcoin’s dominance rose to a Monday high 41.96% before falling to a Thursday low 39.95%. At the time of writing, Bitcoin’s dominance stood at 41.63%.

This Morning

At the time of writing, Bitcoin was down by 2.02% to $49,109. A mixed start to the day saw Bitcoin rise to an early morning high $50,234 before falling to a low $48,875.

Bitcoin tested the first major support level at $48,942 early on.

BTCUSD 131221 Hourly Chart

Elsewhere, it was a bearish start to the day.

At the time of writing, Ethereum was down by 3.49% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to move back through the $49,871 pivot to bring the first major resistance level at $51,052 into play. Support from the broader market would be needed, however, for Bitcoin to breakout from Sunday’s high $50,800.

Barring an extended crypto rally, the first major resistance level would likely cap the upside. In the event of an extended rally, Bitcoin could test the 23.6% FIB $53,628 before any pullback. The second major resistance level sits at $51,981.

Failure to move back through the $49,871 pivot would bring the first major support level at $48,942 back into play. Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$48,000 levels. The second major support level sits at $47,761.

Daily Video Tech Analysis of Bitcoin, Ethereum, Litecoin, and Ripple’s XRP

Bitcoin (BTC) – A Return to $50,000 Would Support a Run at $53,000

This is the tech analysis for Bitcoin (BTC). We will be looking at movements from the day prior and today’s support, resistance, pivot levels, and Fibonacci’s. Additionally, we will look at the broader market moves on the day prior and any key market drivers.

Bitcoin’s Day Prior Moves

Bitcoin, BTC to USD, rose by 4.73% on Saturday. Reversing a 0.82% loss from Friday, Bitcoin ended the day at $49,426.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $46,872 before making a move. Steering clear of the first major support level at $46,102, Bitcoin rose to a late intraday high $49,522.

Bitcoin broke through the first major resistance level at $49,263 to wrap up the day at $49,400 levels.

The near-term bullish trend remained intact, in spite of the latest pullback to $41,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $28,814 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a bullish session.

Cardano’s ADA jumped by 11.73% to lead the way. Chainlink (+7.44%) and Litecoin (+6.44%) also found strong support.

Binance Coin (+2.04%), Bitcoin Cash SV (+4.53%), Crypto.com Coin (+0.91%), Ethereum (+4.79%), Polkadot (+0.27%), and Ripple’s XRP (+4.84%) trailed the front runners, however.

In the current week, the crypto total market rose to a Tuesday high $2,420bn before falling to a Saturday low $2,116bn. At the time of writing, the total market cap stood at $2,261.

Bitcoin’s dominance rose to a Monday high 41.90% before falling to a Thursday low 39.90%. At the time of writing, Bitcoin’s dominance stood at 41.49%.

This Morning

At the time of writing, Bitcoin was up by 0.51% to $49,676. A mixed start to the day saw Bitcoin fall to an early morning low $49,372 before rising to a high $49,721.

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

BTCUSD 121221 Hourly Chart

Elsewhere, it was a mixed start to the day.

Chainlink (-0.14%) and Polkadot (-0.23%) bucked the early trend.

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

At the time of writing, Cardano’s ADA was up by 1.85% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid the $48,607 pivot to bring the first major resistance level at $50,341 into play. Support from the broader market would be needed, however, for Bitcoin to break back through to $50,000 levels.

Barring an extended crypto rally, the first major resistance level would likely cap the upside. In the event of an extended rally, Bitcoin could test the 23.6% FIB $53,628 before any pullback. The second major resistance level sits at $51,257.

A fall through the $48,607 pivot would bring the first major support level at $47,691 into play. Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$45,000 levels and the 38.2% FIB of $44,144. The second major support level at $45,957 should limit the downside.

Daily Tech Analysis of Bitcoin, Ethereum, Litecoin, and Ripple’s XRP

Bitcoin (BTC) – A Bearish Start to Test Support with Next Week’s FED Policy Decision in Focus

This is the tech analysis for Bitcoin (BTC). We will be looking at movements from the day prior and today’s support, resistance, pivot levels, and Fibonacci’s. Additionally, we will look at the broader market moves on the day prior and any key market drivers.

Bitcoin’s (BTC) Day Prior Moves

Bitcoin, BTC to USD, fell by 0.82% on Friday. Following a 5.73% slide on Thursday, Bitcoin ended the day at $47,208.

After a mixed start to the day, Bitcoin rose to an early afternoon intraday high $50,212 before hitting reverse. Bitcoin broke through the first major resistance level at $49,833 before sliding to a late intraday low $47,051.

Steering clear of the first major support level at $46,397, however, Bitcoin moved back through to $47,200 levels to limit the downside.

The near-term bullish trend remained intact, in spite of the latest pullback to $41,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $28,814 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was another bearish session.

Chainlink slumped by 8.57% to lead the way down once more, with Cardano’s ADA (-6.12%), Ethereum (-4.99%), Ripple’s XRP (-7.13%) also seeing heavy losses.

Binance Coin (-3.15%), Bitcoin Cash SV (-1.95%), Crypto.com Coin (-2.74%), Litecoin (-1.95%) and Polkadot (-0.87%) saw relatively modest losses, however.

In the current week, the crypto total market fell to a Monday low $2,124bn before rising to a late Tuesday high $2,417bn. At the time of writing, the total market cap stood at $2,133.

Bitcoin’s dominance rose to a Monday high 41.96% before falling to a Thursday low 39.95%. At the time of writing, Bitcoin’s dominance stood at 41.57%. Bitcoin’s dominance last fell to sub-40% levels back in mid-September.

This Morning

At the time of writing, Bitcoin was down by 0.53% to $46,957. A mixed start to the day saw Bitcoin rise to an early morning high $47,378 before falling to a low $46,872.

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

BTCUSD 111221 Hourly Chart

Elsewhere, it was a bearish start to the day.

At the time of writing, Crypto.com Coin was down by 5.08% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to move through the $48,157 pivot to bring the first major resistance level at $49,263 into play. Support from the broader market would be needed, however, for Bitcoin to break out from $48,500 levels.

Barring an extended crypto rally, the first major resistance level and Friday’s high $50,212 would likely cap the upside. In the event of an extended rally, Bitcoin could test the second major resistance level at $51,318 before easing back.

Failure to move through the $48,157 pivot would bring the first major support level at $46,102 into play. Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$45,000 levels and the 38.2% FIB of $44,144. The second major support level at $45,000 should limit the downside.

Daily Video Tech Analysis of Bitcoin, Ethereum, Litecoin, and Ripple’s XRP

Bitcoin (BTC) – A Return to $50,000 Would Support the Crypto Market. Indicators Flash Red, however

This is the tech analysis for Bitcoin. We will be looking at movements from the day prior and today’s support, resistance, pivot levels, and Fibonacci’s. Additionally, we will look at the broader market moves on the day prior and any key market drivers.

Bitcoin’s Day Prior Moves

Bitcoin, BTC to USD, slid by 5.73% on Thursday. Following a 0.27% decline on Wednesday, Bitcoin ended the day at $47,610.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $50,844.0 before hitting reverse. Falling short of the first major resistance level at $51,610, Bitcoin slid to a late intraday low $47,408. Bitcoin fell through the first major support level at $49,061 and the second major support level at $47,619.

Steering clear of sub-$47,000, however, Bitcoin briefly broke back through the second major support level before ending the day at $47,610 levels.

The near-term bullish trend remained intact, in spite of the latest pullback to $41,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $28,814 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a bearish session.

Chainlink slid by 11.43% to lead the way down, with Bitcoin Cash SV (-9.69%), Cardano’s ADA (-7.66%), Ethereum (-7.54%), and Litecoin (-8.38%) seeing deep red.

Binance Coin (-6.10%), Crypto.com Coin (-5.27%) and Polkadot (-4.28%) also struggled.

Ripple’s XRP ended the day down by a more modest 0.42%, however.

In the current week, the crypto total market fell to a Monday low $2,124bn before rising to a late Tuesday high $2,417bn. At the time of writing, the total market cap stood at $2,227bn.

Bitcoin’s dominance rose to a Monday high 41.96% before falling to a Thursday low 39.95%. At the time of writing, Bitcoin’s dominance stood at 40.62%. Bitcoin’s dominance last fell to sub-40% levels back in mid-September.

This Morning

At the time of writing, Bitcoin was up by 0.61% to $47,901. A mixed start to the day saw Bitcoin fall to an early morning low $47,500 before rising to a high $48,111.

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

BTCUSD 101221 Hourly Chart

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV (-0.50%) and Crypto.com Coin (-2.49%) bucked the early trend.

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

At the time of writing, Chainlink was up by 0.99% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to move through the $48,621 pivot to bring the first major resistance level at $49,833 into play. Support from the broader market would be needed, however, for Bitcoin to break out from $49,500 levels.

Barring an extended crypto rally, the first major resistance level and Thursday’s high $50,844 would likely cap the upside. In the event of an extended rally, Bitcoin could test the 23.6% FIB of $53,628 before easing back. The second major resistance level sits at $52,057.

Failure to move through the $48,621 pivot would bring the first major support level at $46,397 into play. Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$45,000 levels and the 38.2% FIB of $44,144. The second major support level at $45,185 should limit the downside.

Daily Video Tech Analysis of Bitcoin, Ethereum, Litecoin, and Ripple’s XRP