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 3rd
BTC/USD
Dominant trend: Ranging
Supply zone: $6000, $7000, $8000
Demand zone: $2000, $1500, $1000
BTC/USD remained in a range-bound market in the long-term outlook. The bulls attempted to rally on 28th December that took the cryptocurrency to $4095 in the supply area but lacked the momentum for continuity hence the bears returned. BTC/USD closed the year at $3771.
The new year opens with a break out from the 10-EMA as the cryptocurrency rose to $4083 in the supply area within the range.
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: Bullish
Supply zones: $250, $300, $350
Demand zones: $50, $30, $10
The rejection of the downward price movement and subsequent formation of a bullish engulfing candle on 28th December confirm the uptrend. ETH closed the year above the $100.00 as the bulls pushed the price up $153.00 in the supply are on 31st December.
The new saw the bull sustaining the momentum after the bullish railroad on 1st January. $163.67 was retested yesterday as the bulls continue their journey up in the long-term.
Price stands above the two EMAs crossover with stochastic oscillator signal points up at 76% in the overbought region which suggests upward momentum in the price of the cryptocurrency in the long-term.
$174.00 in the supply area remains a target for the bulls 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. 31st December saw the bears establishing their control within the range as XMR/USD made a low of $49.83 in the demand area. With the bullish railroad formed on 1st January coupled with the break of the 10-EMA within the range, the bulls may have resumed.
XMR/USD made a high at $55.28 in the supply area above the 10-EMA as the bulls continue to push the price up north in the upper supply area of the range.
XMR/USD is ranging 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 is in consolidation in a long-term outlook. The stiff contest between the bulls and the bears over the market dominance continued in the new year with no clear winner as the cryptocurrency ranges.
The bullish railroad of 28th December was an opportunity for the bulls to take price to the moon, but it failed after a brief rise to $0.3998 in the supply area. The year ended with XRP/USD retested $0.3561 in the demand area on 31st December.
Price is hovering around the two EMAs, and the stochastic oscillator is in a parallel line at 36% which is a reflection of the ranging scenario.
$0.4119 in the supply area is the upper price range while $0.3154 in the demand area is the lower price range.
ADA/USD
Dominant trend: Ranging
Supply zone: $0.0600, $0.0800, $0.1000
Demand zone: $0.0100, $0.0080, $0.0060
ADA/USD outlook on the long-term remains in a range-bound market. With the price hovering around the two EMAs and the stochastic oscillator signal in a parallel line at 56%, the cryptocurrency is in consolidation.
After a breakout at the 10-EMA, the bulls expectedly to sustain the momentum after ADA/USD was up at $0.04749 in the supply area on 2nd January. Exhaustion seems to have set in as the bears stage a return within the range.
ADA/USD is in consolidation and trading between $0.05200 in the upper supply area and at $0.03600 in the lower demand area of the range. A breakout at the upper supply area may be considered for a long position while a breakdown at the lower demand area may be good for a short position with good candle pattern as confirmation for entries.
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 is a range-bound market. The cryptocurrency is struggling to sustain the bullish momentum it started the year with from the bullish railroad of 1st January. XLM/USD price rose to $0.1241 in the supply area on 2nd January.
The hope of a sustained bullish momentum was dash as the bears returned this morning and took over the market.
The stochastic oscillator signal is parallel at 25%, and the price is around the 10EMA an indication of indecision in market direction.
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: Bullish
Supply zone: $5.000 , $6.000, $7.000
Demand zone: $1.000, $2.0000, $01.500
The bulls and the bears are entangled in a battle for the market control in the long-term. Although the new year was started on a bullish note with EOS/USD with the daily candle of 1st January opened at $2.62 above the 10-EMA. Increased bullish momentum led to a retest at $3.01 in the supply area on 2nd January.
The bears seem to have returned with the stochastic oscillator signal in parallel line at 50% and price within the two EMAs which implies a ranging situation.
$3.20 in the supply area is the upper price area while $2.44 in the demand area is the lower price range. A breakout from the upper area or a breakdown at the lower area may happen soon hence patience is required in the long run.
BSV/USD
Dominant trend: Ranging
Supply zones: $150, $170, $190
Demand zones: $40, $30, $20
BSV/USD returns to a range-bound market as the struggle between the bulls and the bears continue in the long-term. The bulls took control of the market early in the years as the price was initially pushed up to $93.51 in the supply area on 1st January before the drawdown to $88.27.
Another drawdown to $89.07 in the demand area occurred shortly after BSV/USD was up at $95.00 on 3rd January as it continues in the ranges.
BSV/USD is in consolidation and trading between $98.31 in the upper supply area and at $81.66 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.
TRX/USD
Dominant trend: Bullish
Supply zone: $0.0300 $0.0350, $0.0400
Demand zone: $0.100, $0.0800, $0.0600
TRX/USD returns to a bullish trend in its long-term outlook as the new years begins. The 50.0 fib level ($0.01830) a trend reversal area was the point the bulls returned with an engulfing candle on 28th December after the strong bearish pressure at $0.02430. The cryptocurrency is still with the 38.2 fib level in the new year with a push to $0.02112 in the supply area on 2nd January.
The bullish pressure remains strong as price sits above the two EMAs crossover and within the 38.2 fib area. It suggests that upward price movement may continue in the long-term as more candles formed and closed above the EMAs.
LTC/USD
Dominant trend: Ranging
Supply zone: $50.00 $60.00, $70.00
Demand zone: $10.00, $05.00, $01.00
LTC/USD returns to a range-bound market in the long-term outlook. Price is within the two EMAs after the rejection of a bullish attempt that saw the cryptocurrency up at $33.64 in the supply area on 2nd January. The stochastic oscillator is in a parallel line at 42% a reflection of the ranging scenario.
LTC/USD remains consolidation and trading between $3.00 in the upper supply area and at $26.00 in the lower demand area of the range. A breakout at the upper supply area may be considered for a buying opportunity while a breakdown at the lower demand area for selling opportunity with good reversal candle pattern as confirmation.
By Azeez Mustapha
