Bitcoin and Ethereum slide, will the bulls’ step in again?

January 19, 2022 - 4 months ago
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Bitcoin, the world’s largest cryptocurrency by market, started a fresh decline and finished just below the waterline on Tuesday after a turbulent session, briefly slides below US$42,000, while Ethereum is struggling to regain renewed momentum; however, continues to flirt with the US$3,170 support.

Viewing the September 2021 lows, market bulls are expected to defend the US$40,350.00 zone.

However, a decisive break could open a bigger bearish pattern and expose the region of US$34,200.00 as the next bearish challenge (support).

Conversely, if there is a fresh recovery, the price could face resistance near the short-term downtrend (line) is located around US$43,100.00 level, also viewed from the (61.8%) Fibonacci retracement level at US$44,000.00.

A decisive break of the US$44,000.0 level should strengthen the upward bias and reinstate the bullish case to the challenge of the (50%) Fibonacci retracement resistance at US$48,800.0, which has caused some trouble for the bulls to clear recently.

However, above this region exposes a broader bullish outlook to the (38.2%) key level at US$53,400.00. Reassess from there.

Daily Chart of Bitcoin

Ethereum, the second-largest cryptocurrency by market cap, failed to surpass the (61.8%) Fibonacci retracement level at US$3,500.0 on Tuesday, as new bearish price action emerges.

A close beneath US$3,170 could trigger additional weakness and reopen the downside and look to the region of US$2,900 to US$2,600 (key support).

However, given the recent bullish defence, it could soon see a bounce as the market contests the support.

A decisive break of (61.8%) Fibonacci retracement level at US$3,500.0 should open the path further with the (50.0%) Fibonacci retracement level viewed from US$3,755.0.

Daily Chart of Ethereum

In other markets, PanCake Swaps continues to lack momentum as it holds above the near-term support at US$10.00-50, while beneath, the bull camp harbours from US$9.40-60.

Based on the Relative Strength Index (RSI), 3-daily ‘lookback’ indicator, at present, holds in negative territory since breaking beneath the 50-midway point.

Viewing the topside, the immediate resistance is lower and assessed from US$12.50, with US$14.80 located above.

Daily Chart of PanCake-Swap

Viewing Binance Coin (BNB), the utility token of the global crypto exchange holds in a weak/mixed pattern, assessed from the Relative Strength Index (RSI) 3-daily ‘lookback’ indicator, while the Moving Average Convergence Divergence (MACD) supports a positive signal.

Due to the weakness, now exposes the region of US$468.00 to US$460.00, to which if challenge expects a bullish response.

Conversely, a break of US$488.00 would give the scope of reaching the area of US$510-15 trend line. Reassess from there

Daily Chart of Binance

Hedera Hashgraph (HBAR/USD) weakness lingers into its 5th day, as the bears eye the key support area at US$0.225 to $0.235.

However, with a lacklustre day seen ahead, it could display little direction.

Conversely, although the intraday technical assessment is weaker, a decisive break of US$0.31 would expose the US$0.35 potential challenge.

Reassess from there, as it is viewed, little resistance is seen until US$0.42, with US$0.50 above, which is likely to see a round of profit-taking.

Daily Chart of Hedera Hashgraph

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