Daily Crypto Analysis - 22nd Jan - Technical Analysis

Bitcoin

Bitstamp:BTCUSD 1h
(Bitstamp:BTCUSD 1h)

Bitcoin saw a strong break of the 38.2% and $11160 supports and is currently pausing briefly just above the 23.6% support. We're still on track for the ~$8250 target price, although the zone above the $9200 support should still be watched for sharp rejections, which could form a double bottom.

Ethereum

Bitstamp:ETHUSD 1h
(Bitstamp:ETHUSD 1h)

Again, Ethereum followed Bitcoin's drop and has pushed straight through the $1000 support. So far this dip hasn't been as sharp as the previous and we remain above the 61.8% support. However, we will probably follow Bitcoin down as it continues its bearish movement.
A double bottom is looking a lot more likely here than on BTCUSD, as we have more room to move (if the ETHBTC ratio doesn't break downwards), so keep an eye out for reversal signals.

Bitstamp:ETHBTC 1h
(Bitstamp:ETHBTC 1h)

ETHBTC continues to move counter-trend to BTCUSD (pink line), which is a very strong sign as historically we would see ETHBTC follow BTCUSD corrections. It is also pushing to the top of the flat channel it has consolidated in for the last few days.
We may see another pullback towards the bottom of the channel or a shorter consolidation near the resistance line. Currently, unless there is a clear break of the 0.08825 support, I would consider this very bullish.

Bitcoin Cash

Poloniex:BCHBTC 4h
(Poloniex:BCHBTC 4h)

Bitcoin Cash is doing the opposite of ETHBTC, and appears to be breaking downwards from its short consolidation period after a failed push up.
We may still see a bounce at the 0.1451 support, but I would stay flat here until we see a strong reversal signal.

Disclaimer

I will do my best to give unbiased, objective analysis, but I can make no promises about my accuracy.
All posts are based on my personal opinions and ideas and do not constitute professional financial investment advice.

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