Price Analysis Jan 10: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XMR, TRX

Safe oasis assets were dumped on January. 8, on reports that the US-Iran conflict might non escalate to an all out war. Cryptocurrencies, which had surged alongside gold and oil with besides retreated from two-month high. However, the positive sign is that most major cryptocurrencies accept held their immediate support levels, which indicates buying on dips. This shows that the sentiment has changed from sell on rallies to purchase on dips.

With the news-based rally out of the style, the focus volition again shift to the fundamentals. A new police governing cryptographic password management came into force in China on Jan. 1 and some local media outlets take speculated that this law was enacted as a safeguard for the forthcoming release of China's central bank digital currency (CBDC).

Daily cryptocurrency market place operation. Source: Coin360

Christine Lagarde, the president of the European Central Banking company (ECB), besides said that the bank is reviewing the merits of issuing a CBDC to cater to the urgent need for fast and low-cost payments. This shows that the ECB might be close on the heels of Red china in terms of launching a CBDC, which is a huge positive.

BitPay main commercial officer Sonny Singh believes that "unforeseen" events could propel Bitcoin to a new high during this year. While analysts accept been positive for 2022, let's encounter if Bitcoin and the other major altcoins bear witness signs of having bottomed out.

BTC/USD

Bitcoin (BTC) turned down from $viii,452.84 on Jan. 8. However, the pullback was short lived as the price is attempting to bounce off the downtrend line that had previously acted as a potent resistance. This is a positive sign. If the bulls tin can push the price above $8,452.84, it will betoken the possible outset of a new uptrend.

BTC USD daily chart. Source: Tradingview

The 20-day EMA is sloping up gradually and the RSI is in the positive zone, which suggests that bulls have the upper mitt.

Our bullish view will be invalidated if the bulls neglect to scale and sustain the BTC/USD pair above $viii,452.84. The pair will plow negative if the cost slips below the moving averages and the critical support at $7,000. Therefore, traders can continue a stop loss on the long positions at $6,800. We shall recommend trailing stops college at the first bachelor opportunity.

ETH/USD

The bulls accept dedicated the 20-twenty-four hours EMA for the past two days, which is a positive sign. They will at present try to carry Ether (ETH) to the $151.829 to $157.50 resistance zone. The moving averages are on the verge of a bullish crossover and the RSI is in the positive zone, which suggests that bulls have the upper mitt.

ETH USD daily chart. Source: Tradingview

A breakout of the zone tin propel the ETH/USD pair to $173.841. Traders can watch the price action closer to the $151.829 to $157.50 resistance zone and book fractional profits if the bulls fail to calibration information technology. However, if the momentum carries the price in a higher place the resistance, the stops tin exist trailed higher to protect the paper profits.

Our bullish view will exist invalidated if the price turns around and sinks below the moving averages and $131.484. For at present, the traders tin retain the stop loss on the long positions at $122.

XRP/USD

XRP has given up nearly of the gains seen on Jan. half-dozen. This is a negative sign every bit it shows a lack of buyers at higher levels. The price is currently attempting a bounce off the strong support at the 20-solar day EMA. The horizontal support at $0.20041 is too placed at this level, hence, nosotros anticipate the bulls to defend the level aggressively.

XRP USD daily chart. Source: Tradingview

If the XRP/USD pair rises in a higher place the 50-day SMA, the bulls will attempt to carry the price to $0.2326. The flattening xx-day EMA and the RSI only above the 50 level suggests a range-bound action for a few days.

The pair will choice up momentum above $0.2326. Above this level, a rally to $0.31503 will exist on the cards. On the other paw, if the bears sink the price beneath $0.20041, the pair can retest the potent support at $0.18339. Nosotros do non find a reliable buy setup yet, hence, nosotros are non proposing a trade in it.

BCH/USD

The bulls defended the breakout level of $227.01 for four days, which is a positive sign. This shows buying on dips. Bitcoin Greenbacks (BCH) has resumed its upwards motion towards the target objective of $306.78.

BCH USD daily chart. Source: Tradingview

There is a small resistance at $270.15, but nosotros expect it to be crossed. The twenty-twenty-four hours EMA is sloping up and the RSI is close to the overbought zone, which suggests that bulls are in command. Nosotros suggest traders trail the stops on their remaining long positions to $226. The stops can be tightened further after the cost scales above $270.15.

Our bullish view will be invalidated if the BCH/USD pair turns downward from the electric current levels and plunges beneath $227.01.

LTC/USD

Litecoin (LTC) has bounced off the moving averages, which is a positive sign. The moving averages are on the verge of a bullish crossover and the RSI is in the positive zone, which suggests that the bulls are in command.

LTC USD daily chart. Source: Tradingview

The altcoin has reached close to the overhead resistance at $50. If the bulls can scale the price above $l, a move to $60 and in a higher place it to $66 will exist on the cards.

Yet, if the bulls fail to push the price in a higher place $50, the LTC/USD pair might remain range-jump for a few days. It volition plough negative on a break below $42.0599. The traders can trail the stop loss on the long position to $42.

EOS/USD

EOS has bounced off the support at the moving averages, which is a positive sign. The bulls are attempting to push the price in a higher place the overhead resistance at $two.8695. If successful, a motility to the downtrend line is possible.

EOS USD daily chart. Source: Tradingview

The downtrend line remains the critical resistance to spotter out for. A breakout of this line volition point a change in trend. Therefore, the traders can go on the stop loss on the remaining long positions at breakeven. Our bullish view will exist invalidated if the bears sink the EOS/USD pair below $2.5804.

BNB/USD

The bulls are attempting to defend the 20-day EMA. If successful, Binance Money (BNB) might over again attempt to motion towards $16.50. The flattish 20-day EMA and the RSI just to a higher place the midpoint suggests a balance between the bulls and the bears. The advantage will tilt in favor of the bulls above $15.32.

BNB USD daily chart. Source: Tradingview

Conversely, a break below the 20-day EMA will tilt the advantage in favor of the bears and a driblet to $12.98 is possible. Beneath this level, the adjacent support is at $12.1111. The traders tin retain the stop loss on the long position at $12.95.

BSV/USD

Bitcoin SV (BSV) has resumed its upwardly move and has reached the target objective of $155. This level had previously acted every bit a stiff resistance, hence, nosotros conceptualize the bears to mount a strong defense one time again.

BSV USD daily nautical chart. Source: Tradingview

The 20-day EMA is sloping up and the RSI is in the overbought zone, which shows that bulls are in control.

If the price sustains higher up $155.38, the BSV/USD pair can move up to $188. The traders can lookout man the toll activeness at the current levels and volume fractional profits close to it. The stops on the remaining long positions can exist trailed higher to protect the paper profits.

XMR/USD

Monero (XMR) has been holding higher up the immediate support at $57.1199 for the by four days. The dips below this level have been bought aggressively by the bulls, which shows demand at lower levels.

XMR USD daily chart. Source: Tradingview

If the bulls can button the price above $60.2991, a move to $67.02 is likely. The short-term traders can ride this move higher by ownership at $60.four with a stop loss at $55. The upsloping 20-day EMA and the RSI shut to the overbought zone suggests that bulls are in control.

Our bullish view will be invalidated if the cost turns down from the current level and plummets beneath $55. Such a move can drag the XMR/USD pair to the side by side support at the 20-day EMA, which is at $52.fifty.

TRX/USD

About five cryptocurrencies have similar market capitalizations. Therefore, depending on their operation on any given twenty-four hour period, the ranking keeps irresolute. Today, Tron (TRX) has again risen into the acme 10 listing of cryptocurrencies by market capitalization.

TRX USD daily nautical chart. Source: Tradingview

The TRX/USD pair has cleaved out of the descending channel, which is a positive sign. The moving averages are on the verge of a bullish crossover and the RSI is in the positive territory, which indicates that the bulls are in command.

If the price sustains above $0.015, a movement to $0.0163957 will exist on the cards. We anticipate this level to human activity as a potent resistance. However, if the momentum can push button the toll higher up it, a move to $0.020 and above it to $0.0234 is possible. We will wait for the toll to sustain to a higher place $0.0164 before proposing a trade in it.

The views and opinions expressed here are solely those of the writer and do not necessarily reflect the views of Cointelegraph. Every investment and trading motion involves hazard. You should conduct your own research when making a determination.

Market data is provided by HitBTC exchange.

Source: https://cointelegraph.com/news/price-analysis-jan-10-btc-eth-xrp-bch-ltc-eos-bnb-bsv-xmr-trx

Posted by: warfieldpasters.blogspot.com

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