20 Jan 1-20 Price Analysis – Do not sell on dips and buy on surges
Price analysis for BTC, BCH, ETH, LTC and ETC for January 20
Resistance: $12,400, support: $8,900
Overall, BTC remains bearish though price breaks above the 50% retracement level of the last major decline from $14,356 to $9,231.1, if price keeps moving up, however, it may reach to $12,40, close to the 61.8% retracement level at $12.398.30. Since BTC has been attempting to break upwards but all fails, price will continue dipping if price fails to break upwards again (Data feed from AICoin).
You can try to open some new positions and go short around MA 30 on 4-hour chart as indicated by the red arrow. Loses must be stopped when price breaks the 50% retracement level and continues increasing, if price bounces back to around $12,400, you can try going short again and stop loses as stated before.
Resistance: $1,890, support: $1,680 & $1,135.
Strength during last wave of rally seems weaker when compared with BTC as BCH fails to contact with the 38.2% retracement level of last decline from $2,884 to $1,343 (Data feed from AICoin).
Booking your profits is recommended here, further operations can refer to that of BTC, you can also attempt to go short if BTC is too weak to break upwards.
Resistance: $1,080 & $1,145, support: $960 & $763.
ETH also bounces back to around 50% retracement level of last decline from $1,424.3 to $770 just like BTC does. Price will find a major resistance around $1,080. The support level will be moved up to $1,150 when price breaks above the major resistance. However, when price moves further, a reversal on trend will be possible (Data feed from AICoin).
In terms of volatility, ETH outperforms BTC, making it suitable for braver future traders. Currently, operations on ETH can refer to that of BTC as mentioned above. You can try going short if price is pulled up further as current level is not the suitable entry point.
Resistance: $196 & $217, support: $183 & $138.
LTC remains the same as before in price move, extra attention should be paid to when price can break the resistance level at $196 and $217 or not (Data feed from AICoin).
Booking your profits can be considered here though price remains in the uptrend. Going short from the resistance level if price fails to break upwards.
Resistance: $34, support: $29 & $22.
ETC price is only half of its all-time high and experienced the greatest loses in market cap when compared with other major coins, making it possible for ETC to start a considerable rally. Since price has moved to the resistance formed by MA 30 around $32, the key for that considerable rally depends on whether price can break above the resistance at MA 60 around $34 effectively or not, when it does, however, the door to further gains will be opened (Data feed from AICoin).
Bears should not waste your bullets until price shows signs of weakness in breakout or upward move, loses should be stopped when price breaks below the resistance level.
Original by Eric Chau 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.
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