Bitcoin (BTC), Ethereum (ETH), Monero (XMR), Ripple (XRP), Cardano (ADA), Stellar (XLM), EOS, Bitcoin SV (BCHSV), Tron (TRX), Litecoin (LTC)
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.
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.