Bitcoin Chart Analysis
The king cryptocurrency was attempting to break free from the narrow range of the last few days, and altcoins were becoming more active. Cryptocurrencies had a calm start to the first day of January, still emerging from the holiday’s influence. So, what do the current chart analyses tell us about BTC, ETH, and BNB Coin?
The struggle is not challenging for the bulls, and the news flow supports them. Thus, the support level found at the 20-day EMA (42,484) was defended. If BTC can surpass the general resistance of 44,700 dollars in the coming hours, the ascending triangle formation will be completed. Consequently, the target area of 49,178 dollars can be tested.
Conversely, if the price falls below the triangle, the bullish forecast will be invalidated. In a possible “sell the news” event, we could see a pullback to 40,000 dollars. Even in this region, if the selling continues, BTC could decline to 37,980 dollars. For altcoins, this situation would be quite frustrating.
However, the approval of a spot Bitcoin ETF is a significant move in terms of supporting market liquidity and expanding the market with long-term entries. In other words, we might see accredited, institutional investors stepping in during this “sell the news” event, saying “this is the last buying opportunity.” Indeed, daily volumes will be crucial in the first week of ETF listings (likely next week). Technical analysis, FOMO, and FUD are important, but so is focusing on the details and dynamics.
Ethereum Chart Analysis
Ether turned down from 2,446 dollars on December 28 and re-entered the descending channel on December 29. Interestingly, there are massive seller groups that attack with admiration for low profit margins. ETH has not performed as expected in the last 2 years. A small advantage for the bulls is that the price has not fallen below the 20-day EMA (2,270 dollars).
As the article is prepared, the price is holding above 2,300 dollars and will attempt to rise above 2,446 dollars. If successful, a new peak between 3,000 and 3,500 dollars could be targeted. Investors already know what could happen in a negative scenario as support areas are frequently visited.
BNB Coin Chart Analysis
The price correction is being prevented by the bulls in the 309-300 dollar range. The positive outlook of the BTC price certainly contributes to this. If the price recovers from the support region, the bulls will try to continue the uptrend and we could see the 326 to 338 dollar levels tested. The next target will be 350 dollars.
In the opposite scenario, we could see a drop to 291 dollars.
BSCN is aiming to become the leading media coverage platform around the Binance Smart Chain Ecosystem. With a strong focus towards Content Quality, Decentralized platforms, Hot topics in the market, Informative and education sources and guidance in how to be more aware around unreliable crypto projects.