ZB Market: BTC, ETH & XRP technical weekly analysis
The crypto market was very volatile last week with DOGE token taking the bulls by the horn.
DOGE went sporadically with over 700% gains from its recent low.
XRP also followed suit after the breaking news of the CEO of XRP recent filed for freedom of information act request with the SEC seeking document pertaining to Ethereum Cofounder.
XRP rallied after the sub reddit , r/wallstreetbets said “Pump XRP”
XLM rallied hard after holders also went to the sub reddit to boost its technological impact in global economic.
The crypto market capitalization revisited its previous highs of 1 trillion US dollar.
The richest man, Elon Musk updated his bio data on twitter to #Bitcoin over the week.
This caused heavy rally of Bitcoin as many retail traders opened long position due to the fundamental bias for bull Run.
BTC
At the close of the previous weekly session, the bulls became weak due to persistence sell-off from retail traders.
Last week it was bullish open of the trading session. BTC opened the week with $32,193.74 on 22nd January.
BTC spiked to an intraday high of $34,926.59 but got pulled back due to bear pressure at a minor supply area of $35,725.42 closing on Monday session with a Doji. This scenario left traders undecided on where price action might be heading to in the course of on Tuesday session. Which was the basic reason for BTC price consolidating before the bear pressure forcing BTC price to close at a $30,049.51 major support. This support was created on the daily time frame on 4th January.
This psychological level gave traders bullish sentiment towards the market on 28th January to print a high of $33,791.41. The fundamental news tweet from Elon Musk acted as catalyst to skyrocket BTC price to an intraday high of $38,584.40.
Traders swiftly booked for profit as BTC price fell to a low of $32,572.14 to close the weekly session.
BTC price retested the upper part of a 6 days consolidation with a bearish close of a candle.
Areas of concentration on the week ahead will be $33,076.66 and $38,584.40. If the bulls sustain BTC price above $33,076.66 on the 1st of February, traders can apply a wick fill strategy to for probable retest of the $38,458.27 as the first target. The 9EMA also supported this bias as the bulls prevented the bears from breaking the 9EMA. More so, the bearish pressure is weak as the RSI moves sideways.
But on the contrary, if the bears force BTC price to close below on $33,076.66. We could see more sell-off in the rest of week to a low of $23,956.07 as a probable target for short position.
ETH
Last week, the bulls battled with the bears as the ETH price ranged all throughout the week. Creating equals highs and equal lows in the course of the week.
The opened session of last week saw ETH spike to a high of $1,476.82 but got pulled back to a low of $1,309.46 on 22nd January, future traders added more short position to further flip ETH price lower to a support of $1,224.38.
The bulls got some level of volume at the support and ETH price rose to retest a resistance of $1.386.53.
For the day ahead, ETH price will need to breakout of this consolidation. If there are lot of volume at the beginning of the upcoming week, ETH could break out the consolidation to resume the rally to $1.500 as first anticipated target.
But on the contrary, if the bears break out the consolidation below the support of 1232.00. More so, the 9EMA acted as dynamic resistance as the bulls struggled to break above the 9EMA. This could launch ETH to a bear market in the mid-term.
XRP
XRP rallied hard in the course of the week with over 85% due to the fundamental impact news mention above.
After several days of bearish triangular pattern, XRP fell to a major support of $0.24877. At the pennant of the descending triangle, XRP rose to a high of $0.26898 at the open of the week on Monday. The bulls break the 9EMA on 23rd January, which launched XRP to huge rally to a weekly high of $0.51953.
For the week ahead, XRP will be faced a weekly resistance of $0.62863 at the beginning of the upcoming week. For XRP to continue the rally, XRP will need to create a higher low. This higher lows will be a correction of the last rally to a low of $0.46295. This will be a decent platform for traders to accumulate the underlying crypto asset to long their position in the mid-term.
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