BTC/USD
BTC/USD opened the trading session of 13th January at 33,924. Having dropped by 1,491, the pair began edging up and climbed to 35,000 at 08:00 UTC. On its way, the pair crossed both the 20-period and 50-period SMAs on the hourly timeframe but remained capped under both on the 4-hour timeframe.
Until 18:00 UTC, the pair was trading sideways between 34,500 and 35,000, according to the exchange rate on CEX.IO. Starting from 18:00 UTC, the pair attempted another upswing and rose to 36,000 at around 20:00 UTC. In the second spike of the day BTC/USD rose above the 20-period SMA on the 4-hour timeframe but remained well below the 50-period one.
The local recovery that took place in BTC/USD on 13th January shows a concentration of buying volumes at around 34,000. This handle can remain a level of support for a couple of days but may get broken under the selling pressure of corrective price action until the end of the week of 11th January. The level of 36,470 presently remains a local resistance level which can act as a driver the bearish price action toward 31,000.
ETH/USD
ETH/USD opened the trading session of 13th January at 1,045.2 to 988.8, according to the exchange rate on CEX.IO. From 01:00 to 08:00 UTC, the pair was in an upside phase and rose to 1,076. In the upswing, the pair rose above the 20-period and the 50-period SMAs on the hourly timeframe.
From 08:00 to 18:00 UTC, ETH/USD was going sideways, mainly staying within the corridor of 1,050 and 1,075. At 18:00 UTC, the pair started rising and finished the local upside move at around 1,110 between 20:00 and 21:00 UTC. At 20:00 UTC, the pair also closed the 4-hour candlestick above the 20-period SMA.
The local ETH/USD price range reduced on 12th and 13th January along with the volatility. This may be a sign of a near price breakout. A local support level has formed at 1,040, but it may be broken soon, considering the dominance of selling sentiment in the pair. If the level gets broken down, the next support level may be found at 970.
With a less certain market after the sharp drop of 11th January, the ETH/USD price may steady at 970 until the end of the week of 11th January. And more selling volumes may be required to send the price to the 2.618 Fibonacci level at 906.4.
The above content is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice. The trading of commodities, cryptocurrencies and currencies involves significant risk. Prices can fluctuate on any given day. Because of such price fluctuations, you may gain or lose the value of your assets at any given moment. A cryptocurrency/currency may be subject to large swings in value and may even become absolutely worthless. There is always an inherent risk that losses will occur as a result of buying, selling or trading anything on the market. Cryptocurrency trading has specific risks, which are not shared with other official currencies, goods or commodities in a market. Every user has to carefully assess whether his/her financial situation and tolerance for risk is suitable for buying/selling/trading cryptocurrency.
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