Bitcoin’s strong bounce at its key near-term support level at $7,700 has provided relief to the aggregated crypto market from yesterday’s immense selling pressure, allowing multiple major altcoins to push up against or break above their key near-term resistance levels.
In the near-term, it does appear that many altcoins could be poised to start rallying, with the ideal market conditions stemming from Bitcoin finding firm footing within the $8,000 region.
Bitcoin Leads Crypto Markets Up as Sellers Grow Weary
Bitcoin has been caught within a firm and unwavering uptrend since early-January, which was around the time it bounced at $6,800 and begin the upswing that would ultimately lead it as high as $8,400.
Although the resistance the crypto found at $8,400 was enough to stop the cryptocurrency’s uptrend, bulls were able to defend its key near-term support at $7,700, which has allowed it to once again climb back into the $8,000 region.
If BTC is able to establish a solid footing around this price level, it is highly probable that the aggregated crypto markets will begin to establish some momentum of their own, as most major altcoins have been underperforming Bitcoin over the past couple of weeks.
Today, Bitcoin Cash (BCH) and BitcoinSV (BSV) – two prominent and controversial BTC hard forks – have both incurred significant momentum, with BCH surging over 10% while BSV was able to post a massive 30% surge.
Other altcoins have been able to post slightly more tempered gains today, with Litecoin climbing 7% while EOS jumped 5%.
This Analysts Thinks Altcoins May Soon Rally as They Begin Breaching Key Resistance Levels
The rallies incurred by many of the aforementioned cryptocurrencies has led some of them to break above key multi-month resistance levels.
Scott Melker – a prominent crypto analyst and trader who goes by the pseudonym “The Wolf of All Streets” – explained in a tweet from yesterday that a rally amongst major cryptos would require BTC to break upwards.
“Large Cap USD Pairs: Many large-cap coins are hitting key resistance on their USD pairs. $BTC, $ETH, and $LTC are all shown here. Considering they are generally underperforming on $BTC pairs, it would take a major Bitcoin move up to break out here. Not particularly encouraging,” he noted.
Large Cap USD Pairs
Many large-cap coins are hitting key resistance on their USD pairs. $BTC, $ETH, and $LTC are all shown here. Considering they are generally underperforming on $BTC pairs, it would take a major Bitcoin move up to break out here. Not particularly encouraging. pic.twitter.com/Ogh0eMj4pU
— The Wolf Of All Streets (@scottmelker) January 9, 2020
Although at the time Melker did not believe a BTC upswing was likely, the fact that it has since reclaimed its position within the $8,000 region may mean that the long awaited “altseason” is close to kicking off.
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Bitcoin’s bulls have continued to hold Bitcoin’s price above its key near-term support level at $7,000 and defended this level from some heightened selling pressure yesterday that came about just prior to BTC’s weekly close.
Ethereum has been closely tracking Bitcoin’s price action in recent times, which has proven to be largely bearish. Both BTC and ETH are now trading at key support levels, and any further near-term downside could spark a massive capitulatory sell off that sends the cryptos reeling lower.
Much to the chagrin of Bitcoin’s bulls, the cryptocurrency has remained in a firm downtrend over the past several weeks, which has now resulted in BTC pushing up against its key near-term support level, with a break below this price opening the gates to significantly further losses.
Bitcoin (BTC) has continued to consolidate around its key near-term support at $8,000 and both its bulls and bears have remained deadlocked as it fails to gain any decisive momentum in the time since its recent drop down to its current price levels.
Bitcoin (BTC) has continued slowly grinding lower as bears gain the upper hand over bulls, and sellers have now led the cryptocurrency down to a key support level that must be defended or else it will open the gates for significantly further losses in the near-term.
Bitcoin’s bears roared last night after the cryptocurrency plunged below its key near-term support level at $8,700, although this BTC dip was met with decent buying pressure that allowed it to once again reclaim this support level.
Bitcoin has once again found itself caught within a bout of consolidation as it ranges sideways above its key near-term support level at $8,700. Despite BTC’s recent sell-off that sent it reeling below $9,000, the cryptocurrency’s bulls have been able to defend this support level, which may be a bullish sign.
Bitcoin (BTC) has continued inching lower following its recent bearish break below $9,000, which points to the possibility that bears are building strength as bulls fail to propel the crypto while it trades just a hair above its key near-term support level.
Bitcoin’s price has been able to stabilize after incurring a significant influx of selling pressure yesterday that sent it plummeting below its previous range lows at $9,000, and it appears that bulls have formed $8,800 as a level of support that could bolster BTC’s price in the near-term.
Bitcoin has prolonged its bout of sideways around its key near-term support level at $8,200 and has continued showing some signs of underlying bearishness as BTC’s bulls fail to push it higher in the near-term.
Bitcoin has further extended its bout of consolidation as it continues trading sideways around the $8,200 level, which appears to be a key support level that BTC’s bulls need to defend in order for the crypto to move higher in the near-term.
Bitcoin (BTC) has surrendered the majority of the upwards momentum that it incurred earlier this week and is now sitting at a key support level that bulls must hold if they want to propel the crypto any further in the near-term.
After losing its foothold within the lower-$170 region, Ethereum’s recently incurred upwards momentum appears to have faltered, as ETH has now dropped below the $170 level as Bitcoin revisits its key near-term support level at $8,000.
Bitcoin’s bull have been able to hold the cryptocurrency above its key near-term support level of $10,000, and it now appears that BTC is likely consolidating before it reaches the apex of the large descending triangle it is currently within, which will likely spark a big movement in the coming 24-48 hours.
After incurring a sudden influx of buying pressure that sent Bitcoin’s price surging to highs of nearly $10,500, BTC has been unable to maintain its upwards momentum and has now retraced back towards its key support level at $10,000.
After posting a strong recovery from its recent lows of $9,500, Bitcoin (BTC) has been able to further extend its upwards momentum and is now nearing the next key price hurdle that could determine which direction it trends in the near-term.
Ripple price recovered recently above $0. 3100, but struggled to break $0. 3140 against the US dollar. The price is currently declining and it might even break the $0. 3050 support area in the near term.
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Throughout the past month, the price of Ethereum (ETH) increased from $126 to $140, by more than 11 percent against the U. S. dollar. Similar to how several strategists expect the bitcoin price to increase substantially if it breaks the $4,200 resistance level in the near-term, traders foresee Ethereum rising to as high as $200 if it rebounds over crucial levels.
The Bitcoin bull and bear market cycles are a pattern that produces significant developments — when the market is cold, people tend to focus on building the next wave of groundbreaking technology.
Since January, for over two months, Bitcoin has remained in a relatively tight price range from $3,200 to $4,000, unable to break out of key resistance levels above $4,200. Similarly, from September to November, in an identical time frame, Bitcoin maintained low volatility in the $6,100 to $6,700 range.
Near-term Price Analysis An interesting analysis from bitcoinerx. com sees a continuation of price sliding for EOS. EOS is testing a key area of interest that appears to be holding as resistance on the daily time frame.
Tron Price Key Highlights Tron recently broke past a descending trend line on the 4-hour chart to signal a reversal from the downtrend. Price hit resistance at 0. 0435 and is in the middle of a correction from the rally.
Bitcoin Price Key Highlights Bitcoin price appears to be keeping its head above the near-term area of interest at the channel support. If a bounce back to the resistance happens, an inverse head and shoulders pattern could also be completed.
Bitcoin Price Key Highlights Bitcoin price has broken below that near-term area of interest and is setting its sights on the next support zone. Price could fall to the very bottom of its range visible on longer-term charts, where buyers may be waiting.
Bitcoin Price Key Highlights Bitcoin price is still inside its short-term ascending channel but is on its way to test support. If the near-term floor holds, the Fibonacci extension tool on this pullback shows the potential upside targets.
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