Market Summary 21/1: Bitcoin and Altcoins Grapple to Regain Losses

Bitcoin News

After a strong decline, bitcoin price found support near USD 33,400. BTC started an upside correction above USD 34,000 and USD 34,500. However, the price is facing a lot of hurdles near USD 35,000 and USD 35,500. To start a steady increase, the price must settle above USD 35,000 with a follow-up move above USD 35,500.

If not, there is a risk of more downsides below USD 34,000. The first key support is near the USD 33,400 zone, below which the bears might test USD 32,000.

Ethereum News

Ethereum found support near USD 1,250 and started a strong recovery. ETH surpassed USD 1,300 and it even spiked above USD 1,350, but there was no momentum above USD 1,350. The price is down 5% and it is now consolidating near the USD 1,290 level.

An immediate support is near the USD 1,280 level. The main support is now forming near the USD 1,250 level, below which the price might decline heavily. On the upside, the USD 1,350 zone is a key breakout region for a fresh increase.

Other Altcoin New

Here’s how altcoins besides Ethereum are performing.

1. Bitcoin Cash

Bitcoin cash price is down 5% and it extended its decline below USD 485. BCH is trading near the USD 475 level and it could even revisit the USD 465 support. If there are more losses, the bears might aim for a test of USD 450. Conversely, a clear break above USD 488 may possibly increase the chances of a surge above USD 500.

2. Litecoin

Litecoin (LTC) failed to recover and it even spiked below the USD 140 support. Having said that, downsides were limited and the price recovered above USD 142. On the upside, the previous support near USD 150 could act as a resistance in the short-term.

3. Ripple

XRP price is stable above USD 0.280 and it is up around 2%. The price is approaching the USD 0.300 resistance. A clear close above the USD 0.300 and USD 0.308 could set the pace for a fresh increase. In this case, the price could revisit USD 0.330. On the downside, the USD 0.265 and USD 0.255 levels are important supports.