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Friday, January 27, 2023

BTC Gets A Huge Relief

We’re back with another price analysis. This week, BTC and Ethereum have shown strong gains against the US dollar, while Binance Coin (BNB), Cardano (ADA), and Stellar (XLM) have all suffered from declining prices.

The price of BTC has been trending lower since its peak at around $19,000. As of this writing, BTC is trading at around $18,600. The cryptocurrency has been trading in a range between around $18,000 and $19,000 for the past few days.

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The MACD is a momentum indicator that shows the relationship between two moving averages. This can be confirmed by observing that the MACD has crossed over from below to above its signal line.

BTC Looks For A Positive Run

The EMA is a trend-following indicator that shows the average price over a given time period. We can use this tool to confirm whether or not our hypothesis about Bitcoin’s movement will be correct; if we believe it to be in an uptrend, we look for another higher low than previous ones and wait for confirmation before buying into it again.

Ethereum has been one of the top performers in recent weeks, rising from $527 to currently trade around $600. ETH buyers may look to buy on dips in the mid-$540 zone and accumulate ahead of Sunday’s futures expiry. Buyers may look for a break above resistance at $615 for a move toward $650.

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Binance Coin (BNB) has been trending lower since the start of December after its monthly rally saw the coin reach highs of $38. It is currently trading around $27.

The price action has found resistance at $32, which is a key level that held in Q3. The next level to watch out for is $33, which was supportive in late September and early October and held as well during Q3. Failure to break above these levels could lead to further weakness with a potential target at $24-$25.

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