BTC/USDT
Bitcoin (BTC) surged to $23,816 on Jan. 25, but the bulls were unable to sustain the highs as evidenced by the long core of the candlestick on the day.
Short-term traders may be tempted to book profits as the BTC/USDT pair repeatedly fails to sustain above $23,000. The immediate support is at $22,292, and if this level breaks, it can reach the 20-day exponential moving average (EMA, $21,172).
This level will be a demand level to watch. A sharp rally from here would suggest strong demand on the downside. BTC may then resume its rally and attempt to break out of the key overhead resistance at $25,211.
On the other hand, if the price turns down and plunges below the 20-day EMA, it suggests that investors may be in a rush to sell. A break below $20,400 will again lead the bears.
ETH/USDT
Ether (ETH) rebounded from the 20-day EMA ($1,520) on the 25th, but there were no buyers, indicating that the bears are selling near the overhead resistance of $1,680.
For the bears to gain a short-term advantage, the price will need to drop below the support near $1,500. After that, the ETH/USDT pair may start to slide towards the strong support at $1,352.
If the bulls want to avoid this short-term bearish view, they need to quickly push the price above the overhead resistance at $1,680. If so, the pair could target $2,000 and pause at $1,800.
XRP/USDT
XRP surged up from the 20-day EMA ($0.39) on the 25th and broke above the overhead resistance of $0.42, but buyers failed to sustain the price above it.
Repeated failures to clear the overhead hurdle may prompt the bulls to book profits. In that case, the XRP price can break below the 20-day EMA and drop to the 50-day SMA ($0.37).
This negative view will be invalidated in the short term if the price turns up from the 20-day EMA and breaks out of the $0.42-0.44 zone. After that, the XRP/USDT pair can start a strong rally to touch $0.51.
Translation/Editing Cointelegraph Japan
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