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Highlights:
Price analysis of BTC, BCH, ETH, ETC and LTC for January 23, keep your bullets ready, the very moment is coming soon.
BTC/USD
Resistance: $11,000, support: $10,000
Data feed from AICoin
Comments:
BTC slumped by over $1,700 last night and stopped falling further after reaching to the strong support at $10,000. The strength seems weak, which is believed to be caused by the rumored policy about banning C2C trading in China. If price moves up and forms a double bottom pattern after breaking the resistance at $11,000, BTC will keep climbing. Otherwise, BTC is very likely to move down to the previous low at $9,231 after breaking below the support at $10,000.
Suggestions:
The moment when price dipped to the support around $10,000 in the morning is the best entry point for short-term trading, since price is higher than $10,000 now, it’s better to wait to see with your bullets ready.
BCH/USD
Resistance: $1,685, support: $1,500
Data feed from AICoin
Comments:
Even though BCH is following the broad market in price move, it shows weaker strength than that of BTC while it bounces. BCH is expected to find resistance at $1,685, whether price can break above the resistance at $1,685 or not will decide the possibility for a continuous uptrend.
Suggestions:
Though price is very likely to move up from a technical perspective, except when price is near the support level, going long is not recommended considering the potential bearish effects in policy. Otherwise, you can keep your bullets till the very moment comes.
ETH/USD
Resistance: $1,000, support: $870.
Data feed from AICoin
Comments:
The odds are high for ETH to attempt to break above the resistance as we’ve seen no ending signals for current uptrend.
Suggestions:
It’s better not to rush for the possible gains when price moves up before the rumored policy about banning C2C trading in China is released and you can book your profits at high levels.
ETC/USD
Resistance: $31, support: $29 & $22.
Data feed from AICoin
Comments:
ETC is coming to the end of its oscillating mode and will find resistance and major support at $31 and $27. The rumored policy will possibly determine the direction of ETC price in the next few days.
Suggestions:
It seems bears are dominating the market now, making it workable to go short at high levels, for cautious investors, you can book your profits now.
LTC/USD
Resistance: $190, support: $169.
Data feed from AICoin
Comments:
LTC has also come to the last stage of its swing pattern and remains in the oscillating triangle after bouncing from the last wave of slump. Direction will be decided in the next few days.
Suggestions:
Booking your profits can be considered at current level, you can also try to go short near the resistance level if price fails to break above it as we’ve seen no ending signs of the bounce.
Original by Eric Chou from Hashpai, translated by AICoin Jami.
Disclaimer: The information contained herein is not guaranteed, and is strictly for information purposes only. It does not constitute any trading proposal and will not be liable for any loss based on the information herein.
