Check how major cryptos performed today
BTC has been following a descending resistance line since it peaked at its all-time high price of $41,950 on the 8th of January. It attempted to break out upside on the 29th of January, which was brought on by Elon musk's changing his bio in support of bitcoin.
The breakout was successful initially but declined back below the level on the same day, leaving a long upper wick in place. This is a sign of selling pressure and reversed the breakout.
It dipped past previous significant support at $34,000 also bounced at the 0.382 Fib retracement level of the most recent upward move at $29,670.
Most of its technical indicators were also bearish. The Moving average convergence divergence (MACD) was negative, the RSI got rejected by the 50-line, and the Stochastic oscillator has made a bearish cross.
But finally, we saw a correction to the upside, and currently, it is trading at the $34,000 level.
Ethereum attempted to clear the $1,400 level but failed. It peaked at the $1,375 level before declining almost by $100. It broke out below the $1,350 support level and the 100 hourly simple moving average. But the bulls defended the $1,275 support level, and the price began an upside correction.
A critical bearish trend line formed with resistance near $1,345 on the hourly chart of ETH/USD. If it clears the $1,350 level, it could start a substantial increase, and there would be high chances of a breakout above the $1,400 resistance level.
See what happened with Bitcoin Cash, Ripple, etc.
As in the Bitcoin market, we have not seen much movement in the Bitcoin market. It has been restricted to certain zones, without much action, either above or below.
Since the descending channel (shown in the chart), the 50 moving average had shifted above the candles. We could see a price swing further along the channel. The signal line also stayed above the candles, indicating that the price was dipping lower. Its Relative Strength Index (RSI) showed a rise in selling pressure as it was dropping from the equilibrium zone and closer to the oversold zone. We could see the price drop from $336 if support doesn't hold at $393.
Ripple began a strong rally after settling above $0.3000 against the US Dollar. The altcoin saw a 50% rally, and the price cleared many hurdles, starting with $0.4000 (outperforming bitcoin and ethereum). There was also a break above a significant bearish trend line with resistance near $0.5000 on the daily chart of the XRP/USD pair.
The price is now trading well above $0.5000, and the 100-day simple moving average could surge towards the $0.6500 and $0.6800 resistance levels near term.
In conclusion, most cryptocurrencies are bullish following the bullish turn of bitcoin. Let's hope it is sustained.
