Bitcoin (BTC) price seems to have stopped now, while there are important movements in altcoin prices.
So how can prices progress in the coming days? His answer was in technical analysis and price evaluations by Cointelegraph analyst Rakesh Upadhyay:
BTC/USD – Bitcoin teknik analiz
Bitcoin price still continues its upward trend. The price action of the last few days has turned into a symmetrical triangle. As seen from the long tails on the candlesticks, the bulls are buying in declines to the 20-day exponential moving average (EMA) ($ 34,439).
Daily chart of the BTC / USDT pair. Source: TradingView
The upward moving averages (MA) and the relative strength index (RSI) in the positive zone show that the bulls are in control of the market. If the buyers can push the price above the triangle, the next leg of the uptrend could begin.
In case of a bullish first target could be the all-time high of $ 41,959.63. If the bulls can push the price beyond this, the BTC / USD pair will advance to the pricological target of $ 50,000.
Contrary to this assumption, if high levels of buyers are not found, the bears may try to lower the price below the triangle. If successful, the pair could drop to $ 29,688.10 where the 38.2% Fibonacci retracement level is seen.
In such a situation, the price may attract buyers. However, if the bulls fail to quickly push the price above the 20-day exponential moving average, the correction period could deepen to the 50-day simple moving average (SMA) ($ 26,944.66).
LINK / USD – Chainlink price analysis
Chainlink (LINK) climbed above the $ 20,1111 resistance on Jan.15 and continued with another rise on Jan.16, moving it to an all-time high of $ 22.96. However, the long wick at the candlestick on January 16 indicates higher profit gains.
Daily chart of LINK / USDT parity. Source: TradingView
The price has bounced back from the $ 20.1111 breakout level, indicating that the bulls are insufficient to support this level. If the bulls can push the price above $ 23, the LINK / USD pair could rise up to $ 27 and then $ 30.
The rising 20-day exponential moving average (EMA) ($ 16.9304) and the relative strength index (RSI) near the overbought zone show that control is still in the bulls.
Contrary to this assumption, if the price drops below $ 20.1111, the next support will likely be $ 17.7777. This is an important support, as a break below this would mean a change in trend.
UNI / USD – Uniswap technical analysis
Uniswap (UNI) is currently in a clear uptrend, but long wicks for three consecutive days as of January 16 show higher sales. Still, the bulls don’t seem to have given up. They keep purchasing in declines.
Daily chart of the UNI / USDT pair. Source: TradingView
The rising 20-day exponential moving average (EMA) ($ 6.4366) and the relative strength index in the overbought zone show that the bulls have the upper hand. If the UNI / USD pair remains above the 38.2% Fibonacci retracement level ($ 7.7817), the bulls will continue to continue their uptrend.
If the price closes above $ 9,3776, the rally could reach $ 12,4597 and then $ 15.
Contrary to this assumption, the pair could fall into the 20-day exponential moving average if the bears pull the price below $ 7.7817. Usually, such deep corrections indicate a weakening of momentum, followed by several days of range-dependent motion.
XTZ / USD – Tezos price analysis
Tezos (XTZ) has been stuck in the $ 2.85 to $ 1.85 range over the past few weeks. The bulls are currently showing strength to push the price above the range and start a new uptrend.
Daily chart of XTZ / USDT pair. Source: TradingView
The long wick in the candlestick formed on January 16 indicates that the bulls are having trouble keeping the price above the range. Yesterday, both the long wick and the long tail were formed. So the indecision between bulls and bears was clearly visible.
If the bulls can keep the price above $ 2.85 for a while, the probability of starting a new uptrend increases. The rising 20-day exponential moving average (EMA) ($ 2,5383) and the relative strength index (RSI) above 67 explain that upward movement is more likely.
On the upside, the initial target will be $ 3.90 followed by $ 4.4936. This bullish outlook will end if the XTZ / USD pair falls below the 20-day exponential moving average EMA and a downward breakdown comes.
ATOM / USD – Cosmos analysis teknik
Cosmos (ATOM) price climbed above the strong resistance found at $ 8,877 on January 16 and reached an all-time high at $ 9.60. The price hitting an all-time high indicates that the market is currently being commanded by the bulls.
Daily chart of ATOM / USDT parity. Source: TradingView
Still, there is a chance that aggressive bulls could get trapped, as the price has intermittently pulled below $ 8,877. The bullish momentum could weaken if the bears pull the price below $ 7,093, where the 61.8% Fibonacci retracement level is watched.
Conversely, if the bulls can keep the price between the 38.2% retracement level at $ 8.05 and $ 7,572 where the 50% retracement level is calculated, there will be strong demand at lower levels.
If the price moves above this support zone, the bulls will try to maintain the uptrend. Closing above $ 9.60 could push the ATOM / USD pair to $ 12.10 and then to $ 13.974.
The opinions and comments expressed here are only analyst belongs. It may not reflect Cointelegraph’s views. Every investment and trading move involves risk. When making your decision, you should do your own research.