The market is slowing and alts need to push higher above resistance for a bigger pushup.
Jake
TOP Trader
BTC:
INTRO: BTC pushing 43k resistance.
Technical analysis for the BTC/USDT chart:
Key Levels:
• Resistance: $43,000, $44,000
• Support: $41,500, $40,200
Strategy:
• Long: Buy at $41,500 with a stop loss below $40,000 and a target price of $43,000.
• Short: Sell at $43,000 with a stop loss above $44,500 and a target price of $41,000.
Range Description:
BTC/USDT is currently trading in a range between $41,500 and $48,000. The pair has broken into range during the day. However, there are signs that the pair is ready to make a move with possible retest of support.
On the upside, BTC/USDT is facing resistance at $43,000. And 43,000$ level has been tested today and if the price holds above on the daily close it will be confirmed as support. A break above $43,000 would signal a bullish breakout and could send the pair higher to $45,500.
On the downside, BTC/USDT is facing support at $41,500. This level is a previous resistance for the day and now holds as support. A break below $41,500 would signal a bearish breakdown and could send the pair lower to $40,000 or even $38,000.
BTC1D chart TW link: https://www.tradingview.com/x/oLm1Rjz2/
ETH:
INTRO: ETH is pushing above 2500$ and needs to hold for bullish continuation.
Here is a technical analysis of the ETH/USDT chart:
Key Levels:
• Resistance: $2780, $2680
• Support: $2420, $2515
Strategy:
• Long: Buy at $2515 with a stop loss below $2400 and a target price of $2720.
• Short: Sell at $2680 with a stop loss above $2720 and a target price of $2400.
Range Description:
ETH/USDT is currently trading in a range between $2400 and $2700. The pair has broken into range during the day. However, there are signs that the pair is ready to make a move with possible retest of support.
On the upside, ETH/USDT is facing resistance at $2680. This level wasn’t tested today and if the price holds above on the daily close it will be confirmed as support. A break above $2680 would signal a bullish breakout and could send the pair higher to $2720.
On the downside, ETH/USDT is facing support at $2420. This level is a previous swing low and has been tested multiple times in recent weeks as resistance. A break below $2420 would signal a bearish breakdown and could send the pair lower to $2220 or even $2000.
ETH1D chart TW link: https://www.tradingview.com/x/DyJSSNwx/
XRP:
INTRO: XRP holding above 0.58$ and needs to hold up to catch up with BTC.
Here is a technical analysis of the XRP/USDT chart:
Key Levels:
• Resistance: $0.62, $0.67
• Support: $0.54, $0.58
Strategy:
• Long: Buy at $0.58 with a stop loss below $0.52 and a target price of $0.62.
• Short: Sell at $0.62 with a stop loss above $0.67 and a target price of $0.58.
Range Description:
XRP/USDT is currently trading in a range between $0.54 and $0.62. The pair has shifted into range during the day. However, there are signs that the pair is ready to make a move with possible retest of support.
On the upside, XRP/USDT is facing resistance at $0.62. This level has been tested today and if the price holds above on the daily close it will be confirmed as support. A break above $0.62 would signal a bullish breakout and could send the pair higher to $0.67.
On the downside, XRP/USDT is facing support at $0.58. This level is a previous swing low and has been tested multiple times in recent weeks as big support. A break below $0.58 would signal a bearish breakdown and could send the pair lower to $0.54 or even $0.48.
XRP chart TW link: https://www.tradingview.com/x/lGup369l/
LINK:
INTRO: LINK pushing high above 15$ resistance.
Here is a technical analysis for the LINK/USDT chart:
Key Levels:
• Resistance: $15, $16
• Support: $13.3, $14
Strategy:
• Long: Buy at $14 with a stop loss below $13 and a target price of $16.
• Short: Sell at $15 with a stop loss above $16 and a target price of $14.
Range Description:
LINK/USDT is currently trading in a range between $14 and $17. The pair has shifted into range during the day. However, there are signs that the pair is ready to make a move with possible retest of support.
On the upside, LINK/USDT is facing resistance at $15. This level has been tested today and if the price holds above on the daily close it will be confirmed as support. A break above $15 would signal a bullish breakout and could send the pair higher to $16.
On the downside, LINK/USDT is facing support at $14. This level is a previous swing low and has been tested multiple times in recent weeks as big resistance. A break below $14 would signal a bearish breakdown and could send the pair lower to $13 or even $13.
LINK chart TW link: https://www.tradingview.com/x/PACWtNW8/
SOL:
INTRO: SOL fighting with 100$ resistance.
Here is a technical analysis of the SOL/USDT chart:
Key Levels:
• Resistance: $107, $120
• Support: $90, 100$
Strategy:
• Long: Buy at $100 with a stop loss below $90 and a target price of $120.
• Short: Sell at $107 with a stop loss above $120 and a target price of $100.
Range Description:
SOL/USDT is currently trading in a range between 100$ and 126$. However, there are signs that the pair is ready to make a move to push strong resistance at 120$.
On the upside, SOL/USDT is facing resistance at $107. This level has been tested today and if the price holds above on the daily close it will be confirmed as support. A break above $107 would signal a bullish breakout and could send the pair higher to $126.
On the downside, SOL/USDT is facing support at $100. This level is a previous swing low and has been tested multiple times in recent weeks as big support. A break below $100 would signal a bearish breakdown and could send the pair lower to $90 or even $80.
SOL chart TW link: https://www.tradingview.com/x/cOlPiZFt/
CRYPTO NEWS:
Bitcoin Dips Under $42,000 as Market Sentiment Turns Neutral Post-ETF
Bitcoin briefly dropped below $42,000 Monday morning, as the Crypto Fear & Greed Index turned neutral for the first time since November 2023.
Bitcoin dipped below $42,000 early Monday morning, as the crypto market took a bearish turn after multiple spot Bitcoin ETFs began trading in the U.S. last week.
Per data from CoinGecko, Bitcoin briefly dropped to a low of $41, 753.68 early Monday morning, before recovering to trade at its current level of $42,600, down around 0.6% on the day and 3.5% in the past week.
The cryptocurrency’s price surged to almost $49,000 as the first spot Bitcoin ETFs began trading in the U.S. last week, but momentum was short-lived, with traders appearing to sell the news of the much-anticipated event.
The wider crypto market also saw a pullback over the weekend, dropping from just under $1.9 trillion on January 11 as the ETFs began trading, to $1.7 trillion today, per data from CoinGecko.
Bitcoin dominance likewise dropped from 49.32% on January 11 to 47.6% today, while data from CoinGlass showed Bitcoin open interest slipping from $20.05 billion to $18.37 billion over the same timeframe.
Crypto Fear & Greed Index turns neutral
Market sentiment has also taken a hit as prices plunged following the start of Bitcoin ETF trading in the United States.
The Crypto Fear & Greed Index slipped to “neutral” for the first time since November 2023, tumbling to a level of 52 after hitting a high of 76 in the run-up to the approval of spot Bitcoin ETFs.
The index tracks sentiment across the crypto market, using metrics including volatility, market momentum and volume, social media, Google Trends data, and market dominance.
FAST NEWS:
Venezuela Ends Petro Cryptocurrency: Venezuela has shuttered its controversial Petro cryptocurrency project. The Petro was initially launched in 2018 as a means to support Venezuela’s national currency, the bolívar, during an economic crisis.
Blackrock CEO’s Support for Bitcoin: Larry Fink, CEO of Blackrock, expressed strong support for Bitcoin, referring to it as “digital gold” and noting its potential to surpass government influence. This highlights the increasing interest of major financial institutions in cryptocurrencies.
US Legislator’s View on Cryptocurrency: U.S. Representative Tom Emmer speculated that if Donald Trump is re-elected as President, he might show greater support for cryptocurrency, based on Trump’s previous involvement with non-fungible token (NFT) collections.
Blackrock’s Bitcoin ETF: Blackrock’s spot bitcoin ETF, Ishares Bitcoin Trust, has accumulated a significant amount of Bitcoin, indicating strong market participation in this new investment vehicle.
SEC’s Stance on Bitcoin ETFs: The U.S. Securities and Exchange Commission (SEC) recently approved several spot bitcoin ETFs, but SEC Commissioner Hester Peirce criticized the agency for its delayed approach in this matter. SEC Chair Gary Gensler clarified that the approval does not imply the commission’s endorsement of Bitcoin.
Final words:
There is still a danger of the market to continue dip please be careful with new longs.
GROW BOT UPDATE:
Copy trade GROW 0.1->10k$ since 18.03 we got +214.0% PROFIT!
GROW CURRENTLY:
TRADING COIN: BTC/USDT
SETUP: SHORT
TAKE PROFIT: /
SAFETY ORDERS: /
Liquidation: /
Not Financial Advice!
Good luck with trades,
JAKE
