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 28th
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. $3462 in the demand area was the low of the week attained on 22nd January while $3570 in the supply area was the high of the week. This was attained on 26th January.
With the new trading week starting as a hammer, it suggests a possible trend reversal within the range and the bulls are staging a return.
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 so 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 bearish pressure remains strong as momentum for the journey down south is building up. The ending week saw Ethereum down to $107.51 in the demand area on 20th January. Although the bulls attempt to push the price back up, it was rejected at the 10-EMA area.
Exhaustion to the bullish momentum was seen as the new week began with ETH/USD briefly up at $122.00 in the supply area but ended the day a gravestone doji on 26th January, an indication of further strong bearish pressure.
The price is still below the EMAs crossover and already down to $112.16 in the demand area. The stochastic oscillator signal points down at 26%. This suggests a downward momentum in price. $85.75 in the demand area is the bears’ target in the long-term.
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. The bears lost momentum at $43.39 in the demand area with rejection for further downward movement despite the bears’ presence.
The bulls took over the control of the market after the bullish spinning top formation on 21st January. XMR/USD rose to $47.83 in the supply area within the range.
The new week appears to have the bullish pressure intact and a possible continuation of upward price movement. This was confirmed as the price sits above the 10-EMA and the stochastic oscillator signal is up at 77%.
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: Bearish
Supply zone: $0.6000, $0.6500, $0.7000
Demand zone: $0.2500, $0.2000, $0.1500
XRP/USD is in a bearish trend in its long-term outlook. The strong bearish pressure within the range broke the lower demand area first on 22nd January, but the candle closed within. The cryptocurrency was down to $0.3100.
The last straw that broke the camel’s back was on 27th January the starting of a new trading week. The bearish candle at $0.3185 made a nice break at the lower demand area as the cryptocurrency dropped to $0.3068 in the demand area.
The journey down south had just begun which was confirmed with the stochastic oscillator signal pointing down at 10% an indication of further downward movement in price.
ADA/USD
Dominant trend: Ranging
Supply zone: $0.0600, $0.0800, $0.1000
Demand zone: $0.0100, $0.0080, $0.0060
ADA/USD continues in a range-bound market in its long-term outlook. The two EMAs acted as strong resistance against upward price movement last week. Three-time was an attempt made by the bulls to break the 50-EMA, but this was rejected.
The strong bearish pressure within the range was evident with a drop in the price of the cryptocurrency to $0.04054 in the demand area as the new trading week commences.
The price is below the two EMAs and the stochastic oscillator at 42% had its signal points down. This implies downward movement in price within the range.
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: Bearish
Supply zone: $0.200, $0.2200, $0.2400
Demand zone: $0.0500, $0.0300, $0.0100
The cryptocurrency finally goes in a bearish trend in the long-term outlook. On 22nd January the lower demand area was broken as the price drops to $0.09963 in the demand area due to the bears activities.
The day ended with the formation of a hammer as the bulls gradually stage a return. This was short-lived as the bears returned with increased momentum leading to the breakdown at the lower demand area of the range as the new week began.
XLM/USD was down to $0.0942 in the demand area at the end of trading on 27th January. The stochastic oscillator signal points down at 6% an indication of downtrend continuation the days ahead.
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. The bears are still in control of the market after last weeks series of rejection at the 10-EMA against bullish move ending the week as a bearish doji.
The new trading week opened at $2.44 against last week opening the price at $2.50. This suggests strong bears presence and dominance in the days ahead.
The price is below the two EMAs and the stochastic oscillator signal points down at 54%, an indication of downward momentum in the price of EOS/USD. $2.00 may be retested before $1.50 in the demand area is tested in the long-term.
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. Last week opened with a bearish spinning top at $76.36. The bears succeeded in pushing the cryptocurrency $71.77 in the demand area as the low of the week.
This new trading week opened at $72.70 and the cryptocurrency is already down at $68.72 in the demand area. This suggests that a further push of the price to the downside may occur.
The stochastic oscillator is in the oversold region and its signal points down at 7%. A good confirmation of the downward momentum in the price as the bears pressure becomes much stronger.
$62.60 in the demand area is still a prime target to the bears in the long-term.
TRX/USD
Dominant trend: Bullish
Supply zone: $0.0300 $0.0350, $0.0400
Demand zone: $0.100, $0.0800, $0.0600
TRX/USD long-term outlook is in a bullish trend. The cryptocurrency made a progressive move to the upside in the past week with bullish pressure breaking past the upper supply area of the range at $0.02881.
TRX/USD rose to $0.02961 in the supply area as the week ended on 26th January.
The bullish momentum is sustained as new trading week start on a positive note. TRX/USD was up at $0.03122 in the supply area.
The coin is in an ascending channel. A minor pullback to the lower line of the channel may occur before upward continuation to the upper line of the channel, at $0.03400 in supply area a target for retest by the bulls.
LTC/USD
Dominant trend: Bearish
Supply zone: $50.00 $60.00, $70.00
Demand zone: $10.00, $05.00, $01.00
LTC/USD remains in a bearish trend in the long-term outlook. The bears held the market under control with a drop in the price to $29.51 in the demand area. Although the bulls staged a comeback that pushed the cryptocurrency to $34.00 in the supply area, the momentum was later lost as the daily candle closes as an inverted hammer on 26th January.
The bear resumed the journey down south with a lower opening price at $32.63. LTC/USD is already made a low at $31.06 in the demand area with an indication of a further downward movement in the days ahead with the price below the two EMAs and oscillator signal pointing down.
By Azeez Mustapha
