Cryptocurrencies track global exchanges and go into realization after gains in January. Today we had US producer inflation data as well as retail sales, both leading to a perspective of inflationary deceleration, which is positive for both markets.
Table of Contents
Thaysa Paiva
On the Ethereum monthly chart we can see an uptrend, as we had the formation of an ascending bottom, that is, a bottom higher than the previous bottom, and at the moment we are looking for an ascending top. However, I see this structure of building the uptrend as a fragile structure, because the ascending bottom that was formed was very close to the previous bottom, that is, the bears managed to carry the price close to the previous bottom and I see it as a probable resistance to EMAS 12 and 26. Well, we know that the chart needs a rising top. On the weekly we can see an uptrend as well, in the same way as the previous chart. Bulls are trying to take the price higher, as the chart calls for an ascending top, and even after winning the EMAS, I see an apparent resistance region at the height of the penultimate top as an obstacle. For the time being we are on an uptrend. In the diary we can see an uptrend, very similar to the BTC movement, guys!! Price was carried by the bulls on a run well away from the previous high and the previous low, but in the last few days we see signs of the exhaustion of the bullish strength. Then there is the need to find the rising top, in order to later form a rising bottom. So in my view I see that at any moment the bears will take control of the price to at least form an ascending bottom. So, we can say that ETH continues to be correlated to BTC, with very similar movements. And that the DAILY charts of both are in need of correction to continue with the healthy uptrend. (See full review).
IG Crypto
BTC daily chart continues to hold top at $21460.0. I believe that we can accumulate in that area that I marked in the box where the price is. The price is again below the box, we will have confirmation of further declines for BTC, and we may have the possibilities and come to look for the fibonacci retraction regions that are at 0.5 and 0.61. But if the price stays above this resistance of US$ 21460.0, we will have the possibility of picking up boxes from US$ 22k to US$ 25k. We are still above the 20, 40 and 80 period averages, which still bring buying pressure, but as it is far away from the averages, there may be a retreat to be close to the averages again. RSI indicator remains in the overbought region, in this region it is very risky to want to take long positions, as the market may have a pullback to seek the pivot zone which is at US$ 17k to US$ 18k. (See more about Bitcoin).
Mrscot
BTC broke the downtrend line that it had been respecting since August 2022 and since its last bottom at 15476, it has delivered more than 30% upside. Another significant point is that we haven’t seen BTC above the 12th and 26th emus since March 2022. Many Altcoins followed BTC’s movement and some surpassed the 100% high! Investors who stayed out of the movement and conservative bulls are waiting for corrections in the market looking for price base. We’ll be watching BTC’s next steps closely, with an eye on upcoming resistances and moves. (See Cryptocurrency Ideas).
Leandro Sander
On 01/09/23 AVAX entered our radar, after having tested a very relevant area of the weekly, after which it left indications that it could make a strong movement. Now that the move has occurred, what can we look forward to? In my reading, we can wait for a test at the EMA 200 and then the beginning of a correction. The zones where I will keep an eye on the price reaction is at $13.00 POC zone of the consolidation and gap filling of the last push bar. (See PivotChart).
Disclaimer: The reviews presented here are studies only. They are not investment, buy or sell recommendations, nor do they reflect the opinion of the media vehicle in which they are being published. These studies are aimed at people with knowledge and experience in the financial market. Our Authors: Thaysa Paiva, IG Cripto, MRscot and Leandro Sander. Read also: Digital Euro: Central Bank of Spain approves European CBDC pilot Read also: Cryptocurrency fintech raises BRL 80 million; B3 and Framework invest resources Read also: In Davos, authorities call for global regulation of cryptocurrencies
