BTCUSD Coinbase
The past week had been negative for Bitcoin after the price action found resistance around the $9,200 area. It broke below the key area mentioned in our last weekly crypto analysis and since then buyers had been unable to break back above it. At the time of writing, it seems like the buyers will try again to break above $8,500-$8,600 and in case they’ll fail again, our expectations are for a continuation lower in the next few days.
More specifically, the Bitcoin price could edge towards $8,050 – $7,950, where some swing points from the first half of January are located. Traders should also not ignore the 4h chart 200 moving average, located near that zone.
If a break above the key area will take place, we should expect Bitcoin to edge towards the $9,000 area once again, but our bias is slightly tilted towards the sell-side.
ETHUSD Kraken
Ether had opened with a large gap on January 25th but managed to fill it until the time of writing. Interesting to note that the price had started to weaken before it touched the upper line of our channel formation, meaning we could see Ether continuing the upside, towards the $177 key resistance area.
A failure to break above that zone could be a warning that more selling lies ahead, with the $150 area as the first support. Above $177, $186 and $195 are two important resistance levels to watch for selling. Those levels held back in December 2019 and it’s not excluded to see strong selling orders placed around them. As compared to Bitcoin, the Ether activity had been greater, and we should expect that to continue during the upcoming days.
BNBUSD Binance
We’ve been very bullish on Binance Coin at the beginning of January 2020, because an increase in crypto trading activity would have benefited one of the largest exchanges in the world. Our assumption had been right and for the past few weeks the price had been steadily building up towards the upper line of a falling pennant.
Right now, we can easily notice a key support area around $16 -$16.5, a great zone for buyers to get long. We believe BNB will continue on its way up towards the $19 – $19.5 resistance area. The upside potential will increase exponentially in case the buyers will manage to break outside the structure.
On the flip side, a break below the highlighted support zone will expose the 4h chart 200 moving average and the $13.5, where the lower line of the structure is currently located. That’s not the case right now since the buyers are clearly the ones favorite.
Briefings about ICOs
ONI is an IEO that will run until January 31st on the Saturn Network launchpad. Developed by a Cyprus-based company and based on the Ethereum ERC-20 standard, it represents a blockchain-based solution to earn passive income by saving pocket money in a simple wallet.
MintMine is a UK-based ICO that will start on February 1st, 2020. The company behind it wants to set up a sustainable mining operation that’s simple, accessible and brings value to the crypto community.
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