Daily Crypto Analysis - 25th Jan - Technical Analysis
Bitcoin
(Bitstamp:BTCUSD 1h)
Bitcoin made another push higher, but ended up breaking downwards through the current support after some bearish divergence on the MACD. There was a small push below the $10990, but we're currently staying around the $11160 support/ resistance.
We may end up forming a similar pattern to the parallel ascending channel that we saw after the initial drop. As I mentioned in my last post, I would still consider this bearish until we see a strong break above $11910 at least.
It's also looking like there will be a lot of chop in the next few days until we see a decisive break.
Ethereum
(Bitstamp:ETHUSD 1h)
On the other hand, Ethereum is looking quite strong here. It saw a push above the $1092 resistance (which marked the last local maximum) before dipping and staying above the $1022 support. A good consolidation period between $1105 and $1022 would be a very bullish sign. We could push down to the $1000 or $960 support without breaking the consolidation. Either way, as long as we don't see any major breaks downwards then we are looking for the start of a new leg up in the near future.
(Bitstamp:ETHBTC 1h)
Supporting the bullish outlook, ETHBTC has pushed upwards from its consolidation channel. We may see a short consolidation above the top of the channel, but a new bullish leg is looking likely. The first resistance to look for is 0.096, as this marks the last local maximum.
Bitcoin Cash
(Bitfinex:BCHUSD 1h)
BCHUSD remains within its bearish consolidation zone after a failed test of the resistance. We are still following BTCUSD very closely, however Bitcoin Cash is not making the same highs as Bitcoin, further suggesting weakness.
Unless we see a strong break of the 50% resistance around $1730, I would consider this bearish.
(Poloniex:BCHBTC 4h)
On the ratio we have found another bearish consolidation zone. The 0.1451 historical support is important here, as historical support below this is thin. If we break downwards, a reversal before 0.1366 is looking unlikely.
I would advise caution to all market participants, as there is the possibility of sudden spikes in either direction, although the bearish case is looking more likely.
Neo
(Bitfinex:NEOBTC 4h)
After a huge bull run, NEOBTC is now in a good consolidation phase. The volume is dropping during this period, as expected. There appears to be strong support at the 38.2% level, buying around that level would make an attractive trade.
We may see a bounce off the major support from the macro trend as the start of the next leg up, but a longer consolidation period would also be a very strong bullish 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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