Bitcoin (BTC), Ethereum (ETH), Monero (XMR), Ripple (XRP), Cardano (ADA), Stellar (XLM), EOS, Bitcoin SV (BCHSV), TRON (TRX), Litecoin (LTC): Weekly trading signals for January 14th
BTC/USD
Dominant trend: Ranging
Supply zone: $6000, $7000, $8000
Demand zone: $2000, $1500, $1000
BTC/USD remains in a range-bound market in the long-term outlook. After a push to $4218 in the supply area, the bulls lost momentum and a gradual drop in price happened until the 10th January when the bears’ takeover of the range was confirmed with a large bearish engulfing candle. BTC/USD dropped to $3686 in the supply area.
Momentum to the downside is strong as confirmed by the stochastic oscillator signal pointing down at 12% in the oversold region. BTC/USD is already down at $3850 in the demand area in the first day of the trading week as the journey toward the lower price continues.
BTC/USD is in consolidation and trading between $4370 in the upper supply area and at $3470 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower area may occur hence patience is required to allow this to happen before a position is taken.
ETH/USD
Dominant trend: Bearish
Supply zones: $250, $300, $350
Demand zones: $50, $30, $10
Several wicks of the daily candle at the $165.00 area confirmed it as a key supply area. The wicks signal to rejection for upward price movement and bullish exhaustion with the bears making an inroad to the market.
Confirmation to the bears’ full takeover of the market came with a large bearish engulfing candle on 10th January.
ETH/USD was down to $125.71 in the demand area with a break of the two EMAs. The journey to the low attained on 14th December at $83.00 in the demand area, may have started because the week opened bearish with the Ethereum already down to $117.07.
XMR/USD
Dominant trend: Ranging
Supply zone: $120.00, $140.00, $160.00
Demand zone: $20.00, $10.00, $05.00
XMR/USD remains in a range-bound market in its long-term outlook. Despite a bullish marubozu candle that opened last week with the price up to $57.00 in the supply area the bullish pressure gradually weakens out setting up the bears return.
The bears finally took over the market on 10th January with the break of the 10-EMA with an engulfing candle as price drops to $44.27 in the demand area.
The stochastic oscillator point down at 10% in the oversold region an indication of further downward momentum in price as the cryptocurrency is already down at $43.39 in the demand area as the trading week commences.
XMR/USD is consolidation and trading between $60.74 in the upper supply area and at $38.92 in the lower demand area of the range. Patience is key at this period while awaiting a breakout at the upper supply area or breakdown at the lower demand area.
XRP/USD
Dominant trend: Ranging
Supply zone: $0.6000, $0.6500, $0.7000
Demand zone: $0.2500, $0.2000, $0.1500
XRP/USD price is below the two EMAs, and the stochastic oscillator is in the oversold region and it signal points down at 16% which implies a downward momentum in price within the range in the long-term.
$0.4119 in the supply area remains the upper price range while $0.3154 in the demand area is the lower price range. A breakout from the upper range may be considered a buy while a breakdown at the lower range may be considered for a sell.
ADA/USD
Dominant trend: Bearish
Supply zone: $0.0600, $0.0800, $0.1000
Demand zone: $0.0100, $0.0080, $0.0060
ADA/USD outlook on the long-term is in a bearish trend. $0.0561 in the supply area above the two EMAs crossover was the high of the week the cryptocurrency attained before exhaustion sets in. The bears announced their takeover with a large bearish candle as ADA/USD dropped to $0.04291 in the demand area on 10th January.
The new trading week opened bearish at $0.04431 with ADA/USD already down at $0.04005 in the demand area.
The journey south is continuing which is indicated by the stochastic oscillator signal pointing down at 21%.and price below the two EMAs crossover. This suggests momentum to the downside in the long-term.
XLM/USD
Dominant trend: Ranging
Supply zone: $0.200, $0.2200, $0.2400
Demand zone: $0.0500, $0.0300, $0.0100
The long-term outlook for XLM/USD remains in a range-bound market. The exhaustion after the bullish spinning top on 7th January was an indication of bears gradually return with the price down at $0.1232 in the demand area. The bearish engulfing candle signals the bears’ control of the range as price drops to $0.1050.
The new week opened bearish $0.1078 with the price already down to $0.1030 in the demand area with an indication of further downward movement within the range.
The stochastic oscillator signal points down at 9% and the price is below the two EMA an indication of downward price movement in the long-term.
XLM/USD is in consolidation and trading between $0.14000 in the upper supply area and at $0.1000 in the lower demand area of the range. Traders should exercise patience and allow a breakout at the upper supply area or a breakdown at the lower demand area before taking a position
EOS/USD
Dominant trend: Bearish
Supply zone: $5.000 , $6.000, $7.000
Demand zone: $1.000, $2.0000, $01.500
The cryptocurrency is in a bearish trend in its long-term outlook. The 50-EMA acted as a strong resistance against the bullish movement at $3.05 in the supply area. With the bearish pressure much stronger on 10th January, $2.44 in the lower demand area of last week range was broken with a large candle.
After a minor consolidation at the broken demand area, the bears’ momentum was increased as EOS/USD drops to $2.24 as the new trading week commences.
The stochastic oscillator signal points down at 13% in the overbought and price is below the two EMAs. These indicate downward price momentum in the long-term.
BSV/USD
Dominant trend: Bearish
Supply zones: $150, $170, $190
Demand zones: $40, $30, $20
BSV/USD is in a bearish trend in its long-term outlook. The strong bearish pressure within the range broke $80.00 the lower demand area of last week range two times. First, it was on 10th January with the cryptocurrency down to $73.00 in the demand area. The second time was at the beginning of this new trading week.
The formation of a bearish inverted hammer at $84.07 in the supply area was a signal to the bears returned on 13th January BSV/USD. Confirmation to the bears’ dominance of the market was with a bearish engulfing candle that broke the lower demand area and took price down to $74.12 in the demand area.
A further move to the downside is obvious with the stochastic oscillator signal pointing down at 25% and the price is below the two EMAs. These suggest downward movement in price in the long-term.
TRX/USD
Dominant trend: Bearish
Supply zone: $0.0300 $0.0350, $0.0400
Demand zone: $0.100, $0.0800, $0.0600
TRX/USD is back in a bearish trend in its long-term outlook. The strong bulls pressure broke the target of last week analysis at 1.618($0.02919) fibs in the supply area and took the cryptocurrency up to the 423.6($0.03600) in the fib extension before it gradually weakens as the bears stage a comeback.
The long-tailed bearish candle of 10th January followed by a bearish inverted hammer confirm that the bears are in control of the market as the week closed at $0.02323 in the demand area.
Continuation of the downward movement to the 61.8 fibs is further confirmed by the signal of the stochastic oscillator pointing down at 27% with the price below the 10-EMA in the long-term.
LTC/USD
Dominant trend: Ranging
Supply zone: $50.00 $60.00, $70.00
Demand zone: $10.00, $05.00, $01.00
LTC/USD is back in a bearish trend in the long-term outlook. After a progressive movement to $41.27 in the supply area as predicted in last weeks analysis, the bulls lost momentum.
The large bearish engulfing candle on 10th January was a confirmation to the bears’ takeover of the market as LTC/USD dropped to $31.91 in the demand area and ended the week lower at $30.43.
The new trading week started on a bearish note at $32.04 with the cryptocurrency already down at $29.72 in the demand area. This is an indication of new lows to be attained in the days ahead as the bears’ pressure becomes much stronger. This was supported by stochastic oscillator signal pointing down at 22% and the price below the two EMAs crossover.
By Azeez Mustapha
