The year 2020 was perhaps the best for Bitcoin ever,not only because of the price action but also for the massive increase in institutional interest. Currently, Bitcoin market capitalization is $382 billion after the digital asset hit $20,700 for the first time ever.
Cardano had a significant rally towards $0.355 at the beginning of 2021. After a notable dip to $0.228, bulls bought it and managed to push Cardano price to $0.33 again before a small rejection.
Ethereum bulls bought the dip on January 11, pushing the digital asset from a low of $915 towards $1,256. The smart-contracts giant has been outperforming Bitcoin in the past 24 hours despite the negativity seen on social media.
XLM price trades at $0.291 at the time of writing after a healthy consolidation after hitting a 2021-top at $0.411. There is a high chance that XLM is about to see a massive breakout or breakdown within the next 24 hours.
Bitcoin had a wild run this week, dropping from a high of $41,350 to a low of 30,420 in less than 48 hours. The panic sell-off was stopped on its tracks at the 26-EMA on the daily chart as bulls quickly bought the dip and created a V-Shape recovery pushing BTC towards $40,100 again.
- Bitcoin Cash fails to break above the resistance at $540 as overhead pressure increases.
- As shown by the confluence indicator, little to no support suggests that correction to $400 is likely.
Bitcoin Cash appears to be struggling to hold at $500 in the wake of rejection from highs around $540. A glance at the 4-hour chart highlights increasing overhead pressure. If BCH closes the day under $500, significant downward pressure will come into the picture.
Bitcoin Cash uptrend sabotaged
BCH has in the past few days recovered from Monday’s drop to $400. The momentum was built within a rising wedge pattern. The correction from the weekly high at $540 is testing the lower trendline of the pattern. A break below the lower trendline could call for more sell orders as Bitcoin Cash dives toward $400.
Notably, breakdowns usually occur before the trendlines converge.
Special Yearly Forecast
Describing 2020 remains a daunting task for many people across the globe. From the worldwide COVID-19 pandemic, black lives matter riots/protests in the US, the dramatic US presidential elections, Brexit in the UK and the cryptocurrency market crash...
Ethereum is one of the world's largest cryptocurrency platforms, second only to Bitcoin both in terms of market capitalization and popularity among the industry players. Launched in 2015, the project has evolved into a fundamental pillar and a citadel...
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The cryptocurrencies prices are highly volatile compared with the traditional currency pairs and assets in the foreign exchange market due to fluctuations in the interest of the public. This factor is associated with the user and we must add the absence of current regulation and its constant pressure from governments. These factors make the volatility of the digital currencies constant, modifying the Cryptocurrencies Market Prices and affecting values of such cryptocurrencies as Bitcoin, Ethereum, Ripple or Litecoin, among others.
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