Bitcoin continues to battle near $22,800. While the bears want to halt the rally at this level, the bulls seem unwilling to surrender.
The rising 20-day exponential moving average ($20,700) and the Relative Strength Index (RSI) in the overbought zone suggest that the bulls have the upper hand. Buyers need to push the price above $23,371 to initiate a rally to $25,211.
A turn down from the current levels and a break below $22,292 may trigger stop losses for several short-term traders. In that case, selling will intensify and the BTC/USDT pair will plunge to $21,480.
If the price bounces off this level, the bulls will try to resume the rally. The short-term trend may turn bearish below $20,400.
After forming a simultaneous candlestick pattern on January 22nd and 23rd, Ether plummeted on the 24th. This shows that the uncertainties have worked in favor of the bears.
The ETH/USDT pair corrected to the 20-day EMA ($1,496) on the 25th, which is an important support to keep an eye on. If the price bounces off this level, it would suggest that the sentiment remains positive and traders are buying near the support.
After that, the pair will retest the $1,680 resistance. A break above this level will signal the start of the next move up. The pair will first move up to $1,800 before heading towards $2,000.
This bullish view may be denied in the short-term if the 20-day EMA breaks down. In that case, the pair can drop to $1,352.
XRP broke the $0.42 overhead resistance on the 23rd, which proved to be a bull trap. The bears pulled the price back below the breakout level on the 24th.
The key level to watch on the downside is the 20-day EMA ($0.38). If the price bounces off this support, it will show that the downside continues to attract buyers. After that, the bulls will try to push the price above the $0.42-$0.44 zone. If they succeed, the XRP/USDT pair could start a rally to $0.51.
If the bears want to consolidate their positions, they will need to drag the price below the 20-day EMA. If successful, short-term traders will take profits and the price will plummet to the 50-day SMA ($0.37).
Leave a Reply