Many are still yet to recover from the euphoria of the $41,000 all-time-high set by bitcoin in the first week of January this year. However, the leading cryptocurrency has been hanging within the range of $34,000 to $39,000 since then and has not been able to recapture the level. This development has surely caught everyone
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Many are still yet to recover from the euphoria of the $41,000 all-time-high set by bitcoin in the first week of January this year. However, the leading cryptocurrency has been hanging within the range of $34,000 to $39,000 since then and has not been able to recapture the level.
This development has surely caught everyone who expected the prices to soar higher the week after it set the all-time high off guard. This disappointment could also be the reason that $500 million worth of cryptocurrency futures positions was liquidated in the past 24 hours.
Still, the investment management firm, Osprey Funds has now begun quoting in the over-the-counter market on 15th January under the ticker symbol OBTC.
The firm has emerged as a new competitor to Grayscale Investments who has been one of the major buyers in the past months. As these firms attract more institutional investors, it can yield positive results for the crypto market.
However, though bitcoin seems to be stuck, some altcoins have been going strong. Here’s a list of the top five cryptocurrencies to watch out for this week:
From the daily charts, bitcoin seems to be consolidating an upward trend. If the buyers can push the price above the symmetrical triangle which has been formed by the price action of the past few days, the next part of the upward trend can begin.
If the bulls can propel the price above the current all-time high of $41,959.63, then the price of the currency pair may well be on its way to $50,000. However, if there are no buyers at higher levels, the bears may try to sink the prices below the triangle and propel a correction that may go as low as $26,581.
On a good note, Chainlink (LINK) was able to break above its $20.1111 resistance on 15th January with another move the following day to an all-time high of $22.96.
The bulls seem to be in control. If they are able to push the price above $23, the currency pair could get to as high as $30 but if the price goes down to break below $20.1111, it may be on a downward slope to $17.7777.
The upward slope of the 20-day EMA ($6.15) and the RSI on the daily charts suggest that the bulls are also in control in this territory.
If they are able to push the price above $9.3776, the price rally could probably extend to as high as $15. But if the bears are able to sink the price below $7.4725, the currency pair is highly likely to drop to as low as $6.15.
The bulls are trying to push the price of Tezos (XTZ) upward and begin a new trend. The currency has been stuck in a range of $2.85 to $1.85 for some weeks now. The longer the bulls can keep the price above $2.85, the more likely it is for the upward trend to resume. If not, it could drop below the 20-day EMA of $2.40.
Cosmos (ATOM) registered a new all-time high of $9.60 on 16th January after a stiff resistance at $8.877. Although it seemed like the bulls were at the driver’s seat, the bears have successfully pulled down the price to below $8.877. If the bulls can push the price above the $8.877 overhead resistance, the currency pair could reach $9.60 and be on its way to an upward trend. On the other hand, if the bears are able to sink the price, a drop to $7.50 and below is possible.
It should be noted that the information provided here is not to be followed without due research and consultation.
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