Market Summary 26/1: BTC Headed to 20k? Descending Triangle Forming on BTC, ETH Finds Support above $1,275

Bitcoin News

Yesterday, the bitcoin price rallied to rise above the $34,000 level. It succeeded in breaking through and climbed up to the $34,500 mark.

But above $34,500, the bulls struggled to gain hold of the market, and the price remained below $35,000. Its peak was at $34,872, but after that, the price started a fresh decline.

A break towards the downside under $32,000 could trigger another decline. If this happens, the price could continue lower towards the $30,800 support level or even the $30,000 level.

BTC Forming Descending Triangle

Bitcoin saw a fresh decline after its rally to $34,872. The plunge saw it fall to $31,435. This decline was brought on after an overnight sell-off in the Bitcoin market on Monday.

Anxieties also occasioned it following a report from financial giant JPMorgan & Chase. The information doubts the ability of BTC to reach $40,000.

This doubt is mostly due to the Grayscale Bitcoin Trust, which saw a decline in its New York fund of about 22%, surpassing Bitcoin's very own downside correction of 17%.

The BTC/USD exchange rate forms a sequence of higher lows on repeated upside rejections while holding its footing at a horizontal support area. The pattern appears like a Descending Triangle.

This formation is often a sign pointing to an uptrend reversal.

Meanwhile, it appears that some bitcoin investors appear to be buying in around $30,000 and taking profits at $40,000.

Ethereum News

After its strong rally recently, ethereum wasn't able to break above the $1,500 resistance level. However, it rallied close to $1,480 to reach a new ATH before the price started a fresh decline.

There was a downside break at the $1,400 and $1,380 support levels. On the ETH/USD's hourly chart, a primary bullish trend line with support close to $1,385 also saw a break downside.

It dropped to the $1,290 level, and it is currently attempting a fresh increase. Significant resistance is forming on the upside near the $1,365 level.

The ETH/USD pair is inclined to find a strong buying interest near the $1,275 and $1,280 support levels. The price is getting close to some critical supports, near $1,300 and $1,285.

Other Altcoin News

Here's how top altcoins besides Ethereum did today.

1. Bitcoin Cash

Bitcoin cash price is consolidating near the USD 425 zone. If BCH continues to move down, the USD 405 and USD 400 support levels might hold losses.

On the upside, the USD 440 level is an immediate hurdle. The main resistance for a steady increase is now forming near the USD 450 level.

2. Litecoin

Litecoin (LTC) is down 10% and it is approaching the USD 130 level. It seems like LTC could accelerate losses and decline towards the USD 125 support.

The next major support is seen near the USD 112 level. On the upside, the price might face resistance near the USD 138 and USD 140 levels. A close above USD 140 is a must for a decent increase in the coming sessions.

3. XRP

XRP price is trading in a bearish zone well below the USD 0.285 level. The price is testing the USD 0.265 support and it seems like it could soon test the USD 0.255 support.

Any more losses may possibly open the doors for a larger decline in the near term. Conversely, a close above the USD 0.285 level is needed for a test of USD 0.300.

In conclusion, just like previous corrections, this is merely an opportunity for purchasing bitcoin.