Price Analysis Jan 22: BTC, ETH, XRP, BCH, BSV, LTC, EOS, BNB, XLM, ADA

Recently Hiromi Yamaoka, the former head of payments and settlements at the Depository financial institution of Japan, said that Facebook'due south Libra has forced cardinal banks to research and consider issuing central bank digital currencies (CBDC). Currently People's republic of china is leading the race in developing a CBDC just information technology appears that other nations are at present attempting to play take hold of up.

In a press release, the Bank of England said that the central banks of Canada, the Uk, Japan, the Eu, Sweden and Switzerland have joined hands with the Bank for International Settlements (BIS) to form a working group tasked with researching CBDCs. This group will "assess CBDC apply cases; economic, functional and technical design choices, including cantankerous-border interoperability; and the sharing of cognition on emerging technologies."

Daily cryptocurrency market functioning. Source: Coin360

It is non only CBDCs, the governments and private companies are as well working together to speed up the deployment of digital technologies in merchandise and commerce. These developments prove that the technology is probable to be used extensively in various fields within the next few years. Circle CEO Jeremy Allaire believes that securitization of assets through tokenization will become much more realistic within the side by side two or three years.

The fundamentals of the asset grade are improving on a daily basis. As these projects are still in early stages, the crypto prices might exist deadening to answer to it. However, the long-term prospects await encouraging. Let's clarify the charts of the summit cryptocurrencies to determine the next possible move.

BTC/USD

Bitcoin (BTC) is stuck between the xx-day EMA and the 200-twenty-four hours SMA. Both the moving averages are flattening out, which suggests a few days of consolidation. A strong bounce off the 20-day EMA will indicate ownership on dips by the bulls.

BTC USD daily nautical chart. Source: Tradingview

All the same, the next leg of the up movement will start only after the bulls button the toll to a higher place the 200-twenty-four hours SMA and $9,200 resistance zone. Above this zone, the rally can extend to $10,360.89, which is likely to deed as a resistance.

Conversely, if the bears sink the price beneath the 20-day EMA, the BTC/USD pair tin drop to the breakout level of $seven,856.76.

We anticipate the bulls to defend this level aggressively. Nonetheless, if this level cracks, the adjacent level to sentry out for is $7,000. The traders can hold their long positions with stops at $seven,600.

ETH/USD

Afterward the modest dip to $157.50, the bulls are attempting to push Ether (ETH) to a higher place the overhead resistance at $173.841. The upsloping xx-day EMA and the RSI in positive territory signal that bulls are in control.

A breakout of $173.841 will challenge the 200-twenty-four hours SMA at $180. If this level is scaled, a move to $197.75 will be on the cards.

ETH USD daily chart. Source: Tradingview

However, if the bears defend $173.841 level aggressively, the ETH/USD pair might drop to $157.50 and remain stuck between these two levels for a few more days.

The pair will turn negative on a break below the $157.50 to $151.829 back up zone. A breakup of this zone volition signal weakness and can drag the price to $140. Therefore, the traders can protect their long positions with stops placed at $150.

XRP/USD

The bounce off the neckline of the inverted head and shoulders (H&S) pattern is struggling to stay in a higher place $0.2326. This shows a lack of buyers at college levels. If XRP fails to climb above $0.24 speedily, the bears will again attempt to sink the price below the neckline.

XRP USD daily nautical chart. Source: Tradingview

The 20-day EMA is placed close to the neckline, hence, this is likely to act every bit a strong support. All the same, if this back up as well cracks, the drib tin extend to $0.20041. Though the end loss on the long position is at $0.1995, nosotros might suggest closing the trade early on if the cost sustains below the neckline.

On the other hand, if the bulls tin sustain the price above $0.24, a move to the 200-mean solar day SMA is possible. A breakout of the 200-day SMA tin conduct the XRP/USD pair to $0.31503.

BCH/USD

Bitcoin Cash (BCH) has formed doji candlestick patterns for the past 3 days, which shows indecision among the bulls and the bears. All the same, the positive thing is that the altcoin is consolidating near the overhead resistance at $360.

BCH USD daily chart. Source: Tradingview

If the bulls can push the price above $360, a rally to $403.88 is possible. Above this level, the up movement can extend to $480. The upsloping 20-day EMA suggests that bulls take the upper hand. We will wait for the cost to sustain to a higher place $360 before suggesting a long position once again.

However, if the bulls neglect to propel the cost above $360, the BCH/USD pair might dip to $306.78 and remain range-bound for a few days. The pair volition turn negative on a suspension below the 20-day EMA.

BSV/USD

Bitcoin SV (BSV) has closed in the green for the past three days, which is a positive sign. This shows that bulls are nevertheless buying it on dips. Notwithstanding, we conceptualize the up motility to confront stiff resistance at $337.80.

BSV USD daily chart. Source: Tradingview

If the price turns downward from $337.80, the BSV/USD pair might dip to $255.62. We anticipate the bulls to aggressively defend the $236 to $255.62 support zone. A breakdown of this zone will be a huge negative.

Reverse to our assumption, if the bulls tin push the price above $337.80, the pair might pick upwardly momentum and rally to $400 and above it to $458.74. We do not observe a merchandise setup with a good run a risk to reward ratio, hence, we are not proposing a trade in it.

LTC/USD

Litecoin (LTC) has held the support at $55 for the by three days. This shows that bulls are buying on dips. However, the bounce off the back up has not been potent every bit the price has not scaled above $sixty.

LTC USD daily nautical chart. Source: Tradingview

If the toll fails to climb above $sixty, the bears will attempt to sink the price beneath $55. If successful, a drop to the 20-day EMA at $53 is possible, which is likely to human activity as a strong support.

Conversely, if the LTC/USD pair rises above $60, the bulls volition brand another attempt to scale above the 200-day SMA to $66.1486 zone. Above this zone, a rally to $80.2731 will exist on the cards. We will look for a new purchase setup to grade before recommending a merchandise in it.

EOS/USD

The bounce off the 200-day SMA lacks strength. If EOS does not motion up quickly, the bears will attempt to sink the price back below the moving averages. If successful, a autumn to $3 is possible. Therefore, the traders can maintain the end loss on the remaining long positions at $iii.4.

EOS USD daily chart. Source: Tradingview

The upsloping 20-mean solar day EMA and the RSI in positive territory indicates that bulls are at an advantage. If the current rebound picks up momentum, the bulls are likely to carry the price to $4.24. A breakout of this resistance can effect in a move to $four.8719, which is probable to act every bit a stiff resistance one time over again.

BNB/USD

Binance Money (BNB) has again turned downward from the overhead resistance at $18.50. This suggests that the altcoin might extend its stay inside the $sixteen.50 and $18.50 range for a few more than days.

BNB USD daily chart. Source: Tradingview

If the bears sink the price below $16.50, the BNB/USD pair might dip to the side by side support at $14.5201. Therefore, traders can protect their long positions with stops at $15.90.

On the other hand, a break higher up $18.fifty tin can result in a move to the 200-twenty-four hours SMA and to a higher place it to $21.lxxx.

XLM/USD

The bulls have failed to propel Stellar Lumens (XLM) above the 200-day SMA for the past five days. This shows that the bears are aggressively defending this resistance. The failure to break above the resistance is likely to concenter profit booking from the short-term traders. If that happens, a dip to the xx-day EMA is possible.

XLM USD daily chart. Source: Tradingview

The 20-day EMA is sloping upwards and the RSI is in the positive zone, which suggests that the bulls have the upper paw. Therefore, we anticipate the bulls to defend the 20-twenty-four hours EMA aggressively.

If the bulls tin scale above the 200-day SMA within the next few days, a motility to $0.088708 is possible. The traders tin can retain the stops on their long positions at $0.056.

ADA/USD

Cardano (ADA) has broken out of the 200-twenty-four hours SMA and is attempting to rise to a higher place the overhead resistance at $0.0461161. If successful, the bulls are likely to conduct the price to the side by side overhead resistance at $0.0560221. Therefore, we retain the purchase recommendation given in the previous analysis.

ADA USD daily nautical chart. Source: Tradingview

Contrary to our assumption, if the bulls fail to propel the price above $0.0461161, the ADA/USD pair is probable to dip back to the 20-twenty-four hour period EMA. Nosotros anticipate the price to bounciness off this support. Our bullish view volition be invalidated if the bears sink the price below $0.040.

The views and opinions expressed hither are solely those of the author and exercise not necessarily reflect the views of Cointelegraph. Every investment and trading motility involves risk. Yous should conduct your own enquiry when making a decision.

Market data is provided by HitBTC exchange.

Source: https://cointelegraph.com/news/price-analysis-jan-22-btc-eth-xrp-bch-bsv-ltc-eos-bnb-xlm-ada

Posted by: morrisonwastoponcen.blogspot.com

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