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Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate Following Recent Highs

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Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate Following Recent Highs

Bitcoin consolidated on Jan. 16, as U.S. markets closed in celebration of the Martin Luther King Jr. Day holiday celebration. Traders have seemingly moved to secure recent gains, after the world’s largest cryptocurrency rose above $21,000 for the first time since November. Ethereum also retreated from recent highs in today’s session.

Bitcoin

Bitcoin (BTC) consolidated to start the week, as prices failed to break out of a key resistance level.

Following a high of $21,345.25 on Sunday, BTC/USD fell to an intraday low of $20,681.98 earlier in today’s session.

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This drop comes as the world’s largest cryptocurrency was unable to move beyond its long-term ceiling at $21,400.

BTC/USD – Daily Chart

Looking at the chart, this was somewhat expected, due to the 14-day relative strength index (RSI) hovering in overbought territory.

As of writing, price strength is currently tracking at 86.65, after failing to move north of the 90.00 mark.

It is likely that further declines could be on the cards this week, with a floor of $20,000 a potential target for sellers.

Ethereum

In addition to BTC, ethereum (ETH) also retreated from recent highs, which comes after a failed breakout of its own.

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ETH/USD dropped to a bottom of $1,529.79 earlier today, which comes after trading at a high of $1,579.48 on Sunday.

Ethereum failed to sustain a move above a ceiling at $1,580, giving way to a resurgence of some bearish sentiment.

ETH/USD – Daily Chart

Like with bitcoin, ethereum prices were significantly overbought, with the index at its highest point since January 2021.

Now tracking at 83.46, the next visible floor seems to be at the 70.00 mark, which if hit, could see ETH trading near $1,475.

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Do you expect ethereum to fall lower in the coming days? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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altcoin

Monero [XMR]: Can bulls defend $163 support level as bears take over

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Monero [XMR]: Can bulls defend $163 support level as bears take over

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

  • XMR formed a descending channel pattern. 
  • Investors were strongly bearish on XMR as Open Interest (OI) fluctuated. 

Monero’s [XMR] press time plunge was likely because of an increasing divergence in key technical indicators. XMR dropped by over 6% in the past seven days, as per Coingecko’s data.


Read Monero [XMR] Price Prediction 2023-24


At press time, its market was still weak as bears had more leverage. However, the asset was approaching a crucial support level. 

The $163.8 support level: Can it hold the drop?

Source: XMR/USDT on TradingView

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The increasing RSI (Relative Strength Index) and volume divergence from mid-January signaled February’s price correction. The RSI and volume dropped while the XMR price surged, painting a bull trap ripe for a correction. So far, XMR has fallen from $186 towards the end of January to $165 at the time of writing. 

Monero could drop further and break below the crucial $163.8 support level. However, the drop could be checked by the $157 or $154 support levels. 

But bulls could attempt a recovery if the $163.8 support holds, invalidating the bearish bias described above. The rebound could target the upper boundary of the descending channel. However, traders can only make long entry positions if a break above and retest on the upper channel’s boundary is confirmed. Such an upswing would target the $180 zone. 

Nevertheless, the market weakened further, as shown by the dropping RSI and fluctuating volume (OBV). Therefore, bulls may have difficulty regaining control at the $163.8 level.

Investors were bearish on XMR as OI fluctuated

Source: Santiment

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According to Santiment data, investors were strongly bearish on XMR, as shown by the negative sentiment. In addition, the demand for the asset in the derivatives market has been fluctuating, limiting its strong uptrend momentum in the past few days/weeks. 

If the fluctuation in demand continues, XMR could face an extended price correction and a devaluation below the $163.8 price level. 


Is your portfolio green? Check out the XMR Profit Calculator


In addition, the open interest rate data by Coinglass further reinforces XMR fluctuations. More money moved from XMR’s futures market around mid-January. Afterwards, the OI fluctuated, undermining a strong uptrend momentum or recovery. 

Although the dropping OI momentum reduced at press time, a convincing price recovery could follow BTC’s bullish price action. Therefore, investors and traders should monitor the king coin price movements. 

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Source: Coinglass

Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

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ADA price action

Cardano approaches critical resistance level of $0.42: Bulls to witness more gains?

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Cardano approaches critical resistance level of $0.42: Bulls to witness more gains?

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

  • The higher timeframe market structure remained strongly bullish.
  • The $0.4-$0.42 is an important region of resistance- but ADA is likely to push higher.

Cardano [ADA] bounced from $0.38 to reach the $0.4 level of resistance over the past three days. Its technical structure remained bullish on the one-day timeframe – a move above $0.4 and subsequent retest could be a buying opportunity.


Is your portfolio green? Check the Cardano Profit Calculator


The increase in whale transactions saw a significant increase after 3 February. This raised concerns that buyer dominance was weakening.

Any pumps into the $0.42 area will be to take profits on

Source: ADA/USDT on TradingView

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Cardano has seen a remarkable run so far. A jump above $0.31 and the subsequent retest of $0.32 saw the support on the daily market structure decisively broken. The bias remained bullish, although the RSI continued to drop lower to show weakened bullish momentum.

This was because ADA encountered a stern band of resistance around $0.4. It is an important higher timeframe horizontal level. The $0.425 level acted as support from May to October 2022. Beneath it, the $0.4 and $0.376 levels also acted as important support and resistance levels in October and November.


How much is 1, 10, 100 ADA worth today?


Therefore, ADA bulls late to the party must recognize that the meat of the move upward is finished. Lower timeframe scalps within the $0.4-$0.42 region is possible. Longer-term buyers can wait for the flip of $0.42 to support before bidding and must be ready to cut the trade on a drop below $0.4.

The rising OBV meant some demand was present behind ADA. Above $0.42, $0.51 and $0.6 are the next high timeframe levels to watch out for.

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Sentiment has been lukewarm in February

Weighted sentiment fell below the zero mark as February 2023 began and hasn’t recovered since. The MVRV ratio (30-day) also tumbled, but the price did not see a significant sell-off. This hinted that near-term holders might have finished booking profits, and selling pressure could soon abate.

The development activity was unaffected by the higher price swing, which should encourage long-term holders. The age-consumed metric saw a swift spike in early February when ADA pulled back from $0.413.

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Analysis

Smaller exchanges see around $200M in Bitcoin withdrawn over past week

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Smaller exchanges see around $200M in Bitcoin withdrawn over past week

Smaller exchanges see around $200M in Bitcoin withdrawn over past week Oluwapelumi Adejumo · 6 hours ago · 2 min read

Blockchain analytical firm Santiment said Bitcoin’s existing supply has been moving to self-custody since its value crossed $23,000.

2 min read

Updated: February 8, 2023 at 7:34 pm

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Cover art/illustration via CryptoSlate

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Around $200 million worth of Bitcoin (BTC) was withdrawn from smaller exchanges over the past week, according to Glassnode’s data as analyzed by CryptoSlate.

Gate.io recorded the highest withdrawals during this period — the exchange saw $120 million. It was followed by Bithumb, which saw $60 million in withdrawals, and Luno, with $45 million in withdrawals.

The charts below detail the extent of the withdrawals across these exchanges:

Source: Glassnode
Source: Glassnode
Source: Glassnode

Meanwhile, the withdrawals were not restricted to the smaller exchanges alone. Coinglass’s data showed that the amount of Bitcoin on exchanges plummeted over the previous seven days.

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According to the data, Binance’s balance reduced by 4,726 BTC in the last seven days, while Coinbase and Kraken dropped by 1,961 BTC and 1,384 BTC, respectively.

The data were further corroborated by the blockchain analytical firm Santiment. The firm said BTC’s existing supply has been moving to self-custody since the assets price crossed $23,000 in early February. It added that there are only 1.47 million Bitcoin on exchanges — the lowest amount since November 2018.

Source: Santiment

Santiment said:

“There is now $416.5 billion in BTC sitting away from exchanges, and $29.2 billion in BTC on exchanges.”

Crypto investors increasingly favored self-custody following the FTX collapse of last year.

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