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 8th
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 new year rally was shortlived as the bears stage a return as the price drops below the 10EMA. BTC/USD dropped to $3850 in the demand area on 4th January closing a bullish spinning top and an indication of bulls gradual return.
The new trading week started on a bullish note with an engulfing candle as BTC/USD rose to $4218 in the supply area on 6th January. With the stochastic oscillator signal pointing up at 51% and price above the 10-EMA, the bulls may sustain the momentum within the rage in days ahead.
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 bullish exhaustion denoted by wicks on the candle at the $165.00 are signals that the bears are in for a minor retracement despite a bullish overall outlook.
The bullish spinning top that opens the trading week on 5th January after pushing ETH/USD to $165.86 in the supply area failed to sustain the bullish momentum as the bears took over the market.
The bearish momentum may increase leading to a further drop in the price of the cryptocurrency within the two EMAs before in the coming days, but the bulls will stage a comeback to attain the bulls target at $174.00 in the supply area.
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 bullish momentum that greeted the new year was lost after attaining a high of $55.28 in the supply area. The bears’ pressure wasn’t strong enough to break the 10-EMA for a journey to the south. $50.23 in the demand area was the low of the week session.
The bulls are set to dominate the range in the new week as indicated by the bullish marubozu formed on 6th January as XMR/USD was up at $57.00 in the supply area.
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 bulls lost momentum after the new years that saw XRP/USD up at $0.3930 in the supply area. $0.3501 was the low of the week as the bearish pressure witness rejection at the demand area.
The bulls could not sustain their momentum in the new trading week as they stage a comeback breaking the two EMAs with XRP up at $0.3998 in the supply area on 6th January.
The price is hovering around the two EMAs, and the stochastic oscillator is in a parallel line at 28% which is a reflection of the ranging scenario.
$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: Bullish
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 bullish trend. The bulls sustained their momentum as the cryptocurrency ended the week at $0.04741 in the supply area. The bulls sustained the momentum as the new week starts with the cryptocurrency up at $0.05268 in the supply area.
The price is above the two EMAs crossover an indication of strong bullish pressure. The stochastic oscillator is signal points up at 76 %. It suggests upward momentum in price in the long-term.
The journey to the north may continue to the bulls target at $0.0600 in the supply area as more candles formed and closed above the two EMAs.
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 bear had hold of the market shortly after the new year when XLM/USD went up to $0.1241 in the supply area. The cryptocurrency dropped to $0.1140 in the demand area with the price below the 10-EMA as the week trading ended.
The bulls are back within the range with the breakout at the 10-EMA starting the new week, XLM/USD was up at $0.1254 in the supply area on 6th January.
The stochastic oscillator signal points up at 32% and price above the 10-EMA an indication of upward 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 be patient 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: Ranging
Supply zone: $5.000 , $6.000, $7.000
Demand zone: $1.000, $2.0000, $01.500
The cryptocurrency is in a range-bound market in its long-term outlook. The bullish momentum that stated in the new year was lost on 2nd January at $3.01 in the supply area. EOS/USD was down to $2.62 in the demand area courtesy of the bearish railroad formed on 3rd January.
The new week saw the bulls back as the price rose to $3.00 in the supply area. Rejection to upward movement occurred at the 50-EMA while the 10-EMA was support for the bulls after the price dropped to $2.62 in the demand area. The price is within the two EMAs and the stochastic oscillator at 60%, and it signals parallel which signifies the ranging scenario.
$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 before taking a position.
BSV/USD
Dominant trend: Ranging
Supply zones: $150, $170, $19
Demand zones: $40, $30, $20
BSV/USD continues in a range-bound market in its long-term outlook. The large bearish engulfing candle formed on 3rd January barely drops the price to $84.51 in the demand area before the bulls returned with the bullish doji formed on 3rd January. $90.86 in the supply area was the high the momentum could last due to rejection at the EMAs.
The price is below the two EMAs, and the stochastic oscillator signal at 17% is in parallel an indication of the ranging scenario.
BSV/USD is in consolidation and trading between $98.31 in the upper supply area and at $80.00 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 continues in a bullish trend in its long-term outlook. The strong bulls pressure ensure that the price broke into the 23.6 fib level on 4th January as predicted in last week analysis. The retest at $0.02425 occurred as the week ended on a bullish note.
The new week saw the bullish momentum sustained with TRX/USD up at $0.02410 on 6th January. The cryptocurrency was up at $0.02462 in the supply area as the bulls continue its journey up north.
The stochastic oscillator signal is up at 76%, and the price is above the two EMAs crossover that is fanned apart. These imply upward momentum in price. The 161.8 fibs ($0.02919) is the bulls target 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 in a bullish trend in the long-term outlook. The strong bullish pressure ensured that the cryptocurrency closed the week on a bullish note as LTC/USD rose to $36.11 in the supply area on 5th January.
The new week witness the breakout from the upper supply area of last week ranging at $37.00 as the price $40.12 in the supply area on 6th January. A retest to confirm the bulls takeover was achieved on 7th January as LTC/USD dropped to $37.21 in the demand area.
The price is above the two EMAs crossover and the stochastic oscillator signal pointing up at 78%. These are confirmation to upward momentum in the days ahead.
By Azeez Mustapha
