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 21st
BTC/USD
Dominant trend: Ranging
Supply zone: $6000, $7000, $8000
Demand zone: $2000, $1500, $1000
BTC/USD continues in a range-bound market in the long-term outlook. The bears had a momentary hold of the range as BTC/USD made a low of $3570 while the bulls took the cryptocurrency initially to a high of $3799 and later to $3882 as the week ended on19th January.
Momentum to the downside remains strong. With the price below the 10-EMA and the stochastic oscillator in the oversold region and its signal pointing down at 14 %. The new trading week started on a bearish note with BTC/USD opened at $3762. The lower demand area of the range may be tested as the bearish momentum increase.
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
The head and shoulder pattern is the cryptocurrency structure in the long-term outlook. The bulls attempt continue the journey up north at $134.50 in the supply area was rejected by the 10-EMA on 14th January.
The formation of a bearish railroad on 15th January was an indication of the bears taken over of the market. Increased momentum led to a drop in ETH/USD to $107.51 in the demand area.
The price is below the EMAs crossover and the stochastic oscillator is in the oversold region at 16% an indication of downward momentum in price as the right leg of pattern forms in the week ahead.
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. $47.20 in the supply area was the high of the week while $46.09 in the demand area was the low of the week as the battle for dominance for market control continues.
The week starts bearish within the range at $46.36 on 20th January as the bearish pressure gradually builds up. The stochastic oscillator points down at 13% in the oversold region and the price is below the two EMAs and an indication of downward momentum in the long-term with the range.
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 remains in consolidation in a long-term outlook. The bullish railroad formed on 14th January after a drop in XRP/USD to $0.3181 could only manage a push to $0.3499 in the supply area on 19th January as the day ended an inverted hammer.
The week opened with the bears in charge after the bullish exhaustion. XRP/USD was down to $0.3154 in the demand area at the start of the week. The pressure down south may increase as the stochastic oscillator is in the oversold region and it signal points down at 9% and the price is below the 10-EMA.
$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 after a retest.
ADA/USD
Dominant trend: Ranging
Supply zone: $0.0600, $0.0800, $0.1000
Demand zone: $0.0100, $0.0080, $0.0060
ADA/USD is in a range-bound market in its long-term outlook. Exhaustion of the bearish momentum occurred at $0.04005 in the demand area on 13th January as the bulls gradually stage a return.
The bullish railroad formed on 14th January confirms the bulls’ takeover of the market as the cryptocurrency enters the range. $0.04833 in the supply area was the high attained as the trading week ended on 19th January with exhaustion in the bullish momentum.
The bears seem to have taken over the control of the range as the new week starts on a bearish note at $0.04632.
The cryptocurrency is in consolidation and trading between $0.05200 in the upper supply area and at $0.03800 in the lower demand area of the range. Traders should wait for a breakout at the upper supply area or a breakdown at the lower demand area before taking any back position.
XLM/USD
Dominant trend: Ranging
Supply zone: $0.200, $0.2200, $0.2400
Demand zone: $0.0500, $0.0300, $0.0100
Stellar neither broke out nor brokedown with all the market activities last week but continues in a range-bound market. The bears’ pressure remained strong as price never broke the 10-EMA.
$0.1147 in the supply area was the high while $0.1030 in the demand area was the low of the cryptocurrency in the week just ended.
The new week opened bearish at $0.1094 and XLM/USD already dropped to $0.1078 in the demand area with an indication of further downward movement as the signal of the stochastic oscillator points down at 13%.
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 remains in a bearish trend in its long-term outlook. After dropping the price down to $2.24 in the demand area the bears lost momentum. Pressure from the bulls was subsequently stronger with a breakout at the broken demand area on 14th January. EOS/USD rose initially to $2.54 and ended the week at $2.59 in the supply area but as an inverted hammer an indication of bullish exhaustion.
The price is back below the broken demand area as the new trading week starts. EOS/USD was already down to $2.30 in the demand area.
A further downward movement may occur in days ahead with confirmation from the stochastic oscillator whose signal points down at 23%. $2.00 may be retested in the demand area.
BSV/USD
Dominant trend: Bearish
Supply zones: $150, $170, $190
Demand zones: $40, $30, $20
BSV/USD continues in a bearish trend in its long-term outlook. Despite a high at $86.40 was attained above the 10EMA. The journey down south continues with the strong bearish pressure keeping the price below the two EMAs. BSV/USD dropped to $74.12 in the demand area as the low of the week. The week ended as a doji, but the new week opened with a bearish candle at $76.36, but the cryptocurrency was already down to $73.27 in the demand area.
$62.60 in the demand area remains a target to the bears as they continue the journey down south. Further confirmation to this was from the stochastic oscillator signal pointing down at 11% in the oversold region.
TRX/USD
Dominant trend: Bearish
Supply zone: $0.0300 $0.0350, $0.0400
Demand zone: $0.100, $0.0800, $0.0600
TRX/USD long-term outlook is in a range-bound market. The bears’ failure to push further down at $0.02118 in the demand area on 13th January despite a break at the 10-EMA.
The long bullish marubozu candle confirms the bulls’ presence with a push to the supply area when the cryptocurrency rose initially to $0.02631 and later to $0.02700. The bears are back as TRX/USD enters the range and ended the week lower at $0.02389 in the demand area.
TRX/USD is in consolidation and trading between $0.02881 in the upper supply area and at $0.02142 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower area followed by a retest may occur hence patience is required to allow this to happen before a position is taken.
LTC/USD
Dominant trend: Bearish
Supply zone: $50.00 $60.00, $70.00
Demand zone: $10.00, $05.00, $01.00
LTC/USD continues in a bearish trend in the long-term outlook. The head and shoulder pattern is the cryptocurrency structure in the long-term. The bullish railroad formed on 14th January did little in pushing the LTC/USD price to $33.15 in the supply area as the week ended with bullish exhaustion.
The week started on a bearish note at $32.22 with the cryptocurrency already down to $30.20 in the demand area.
The right shoulder of the pattern may be fully developed in the days ahead as the bearish pressure becomes stronger with the stochastic oscillator in the oversold region and its signal points down at 16% an implication of downward momentum in price.
By Azeez Mustapha
