Bitcoin and Altcoins In Consolidation Mode
|Bitcoin (+0.02%) and the leading cryptocurrencies are moving in a range and trying to consolidate the past gains. Bitcoin SV(-16.76%) is suffering from profit-taking in the last two days, retracing more than 50% of the gains. Also, DogeCoin(-10.43%), ATOM(-5.76%), and XRP(-3.13%) with above-average drops, whereas DASH(+3.23%) and Ethereum Classic (+6%) keep their bullish impulse. In the Ethereum token section, SNX (+8.54%) and LINK (-4.16%) are retracing the most among the top tokens, whereas REP(+48%), KNC (+20.6%), and RLC(+14.1%) shine.
The market capitalization of the sector dropped to $237.431 billion (+2.41%), the traded volume in the last 24 hours was $51.47 billion (-33.6%), and, finally, Bitcoin dominance move slightly upwards, to 66.35%.
Hot News
On Jan 14, Bitwise has temporarily withdrawn its Bitcoin ETF proposal from the SEC. " The Registrant believes that this withdrawal request is consistent with the public interest and protection of investors as required by Rule 477(a)" (source: SEC).
New Hampshire Legislators dropped the bill proposal that would allow citizens to pay taxes using cryptocurrencies.
German-based Software AG has announced it will integrate MIOTA into its portfolio. Software AG president Christoph F. Strnadl stated that "Strategically we are looking to integrate all IOTA technology into our portfolio. "Total" here means deliberately including Miota token, Qubic, MAM and other (future) layer 2 protocols powered by Tangle. " (source: Crypto-news-flash.com).
Financial regulators are forcing restrictions on crypto margin trading. The Japanese Financial Services Agency (FSA) is going to introduce a rule to limit to 2X the allowed margin on crypto trading.
Technical Analysis: Bitcoin
Bitcoin has been firmly rejected early morning from the $8.860 resistance level. That was the second failed attempt to cross this level. The price seems poised to test the $8,500-$8445 area. BTC's price still moves in the upper side of the Bollinger Bands, and above its 20 and 50 period SMA, therefore we still keep our bullish bias on this asset, but we think it will move sideways today.
| Support | Pivot Point | Resistance |
| 8,600 | 8,745 | 8,860 |
| 8,445 | 9,050 | |
| 8,300 | 9,250 |
Ripple
Ripple had a sharp bearish candle that moved its price from above its +1SD line to touch the mid-Bollinger line. The price now is reaching its 0.225 support. Its MACD has made a bearish transition. Therefore it raised a warning sign that more drops could happen. If the $0.225 level does not hold, it may drop to touch its 50-period SMA line as did on the last two occasions.
| Support | Pivot Point | Resistance |
| 0.2250 | 0.2340 | 0.2400 |
| 0.2170 | 0.2500 | |
| 0.2080 | 0.2600 |
Ethereum
Ethereum seems to make a sideways figure after the sharp candle made early morning. The price is currently held by the $159 support, but it is likely the movement continue being choppy today, as it seems to be a shift in the sentiment of traders on a fading volume. Although the MACD has made a bearish crossover, the Bollinger Bands are moving up, and the price is moving in the upper side of the bands, so we think the bullish trend is still in place.
| Support | Pivot Piont | Resistance |
| 159.00 | 167.00 | 172.00 |
| 155.00 | 177.00 | |
| 148.00 | 185.00 |
Litecoin
Litecoin is moving sideways after its attempt to cross the $60 level. Currently, the price has bounced slightly from its $55 support and is approaching the mid-Bollinger line, while the MACD transitioned to a bearish phase. The Bollinger bands are still pointing up, so we think this is just a consolidation phase. The level to hold is $55, although the price could go down to $51 if the selling pressure accelerates in the sector.
| Support | Pivot Point | Resistance |
| 55.00 | 58.00 | 60.00 |
| 53.00 | 62.50 | |
| 51.50 | 64.60 |
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