During the past seven days, we saw an extended correction in Bitcoin’s price which failed to recover to its previous all-time highs. However, while BTC is down, a lot of altcoins started popping and gaining some serious value. For this week’s analysis, we’ve decided to take a closer look at Bitcoin, Ethereum, Ripple, Polkadot, and Chainlink.BitcoinBitcoin is down by a further 18% this week, dropping by a steep ,900 to reach a low at ,900. The cryptocurrency was trading at the upper border of a symmetrical triangle at the start of the week as it started to head lower.Yesterday, it fell beneath this symmetrical triangle as it plummeted into the ,000 region. It has now formed a new descending triangle pattern with the base of the triangle at ,000. It did spike lower today,
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Yaz Sheikh considers the following as important: Bitcoin (BTC) Price, BTCEUR, BTCGBP, btcusd, btcusdt, Chainlink (LINK) Price, DOTBTC, DOTUSD, DOTUSDT, ETH Analysis, ETHBTC, Ethereum (ETH) Price, ethusd, LINKBTC, LINKUSD, Market Updates, Polkadot (DOT) Price, Price Analysis, Ripple (XRP) Price, XRP Analysis, xrpbtc, xrpusd
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During the past seven days, we saw an extended correction in Bitcoin’s price which failed to recover to its previous all-time highs. However, while BTC is down, a lot of altcoins started popping and gaining some serious value. For this week’s analysis, we’ve decided to take a closer look at Bitcoin, Ethereum, Ripple, Polkadot, and Chainlink.
Bitcoin
Bitcoin is down by a further 18% this week, dropping by a steep $10,900 to reach a low at $28,900. The cryptocurrency was trading at the upper border of a symmetrical triangle at the start of the week as it started to head lower.
Yesterday, it fell beneath this symmetrical triangle as it plummeted into the $30,000 region. It has now formed a new descending triangle pattern with the base of the triangle at $30,000. It did spike lower today, reaching $28,900 but has since bounced higher and is trading around $32,500.
Looking ahead, the first level of resistance lies at $34,000. This is followed by resistance at $36,000 (upper border of triangle), $37,151 (1.618 Fib Extension), $38,000, and $40,000. Additional resistance lies at $42,000 (ATH price).
On the other side, the first level of support lies at $30,000 (lower boundary of the triangle). Beneath this, support lies at $29,630 (.5 Fib), $27,867 (downside 1.272 Fib Extension), and $26,757 (.618 Fib Extension).
Additional support beneath $26,000 lies at $25,000, $24,000, and $22,665.
Ethereum
During the week, ETH pushed higher to break resistance at $1276 to reach as high as the previous ATH price, around $1425. It even created a new ATH around $1439.
From there, it headed lower and broke beneath a rising price channel during the BTC price drop yesterday. Luckily, it found support at $1100 yesterday (.382 Fib) and has started to rebound from there,
Looking ahead, the first level of resistance lies at $1276 (bearish .886 Fib). This is followed by $1300, $1350, $1392, and $1425 (ATH). Beyond the previous ATH, additional resistance lies at $1472, $1530, and $1582.
On the other side, the first level of support lies at $1,100 (.382 Fib). This is followed by support at a rising trend line around $1050, $995 (.5 Fib), and $890 (.618 Fib).
Against Bitcoin, Ethereum is up by 20% from the 0.031 BTC (Dec 2020 Highs) it was trading at last week to reach 0.0381 BTC today. The cryptocurrency started the week by breaking above a symmetrical triangle pattern as it started to surge higher.
Yesterday, it dropped from resistance at 0.0389 BTC and crashed into the March 2019 highs at 0.0361 BTC. It spiked further lower today to meet the support at 0.0353 BTC (.382 Fib) but has since rebounded to hit 0.0381 BTC.
Looking ahead, if the bulls continue above 0.0392 BTC, the first level of resistance lies at 0.039 BTC. This is followed by 0.0396 BTC (Feb 2019 Highs), 0.0405 BTC (2020 highs), and 0.0416 BTC (2019 Highs).
On the other side, the first level of support lies at 0.0376 BTC, this is followed by 0.0367 BTC (.236 Fib), 0.0361 BTC (March 2019 Highs), and 0.0335 BTC (.382 Fib). Added support lies at 0.0337 BTC (Nov 2020 Highs), 0.033 BTC, and 0.0318 BTC (Dec 2020 Highs).
Ripple
XRP continues to trade within the symmetrical triangle established in January 2021. It spiked beneath this triangle today but managed to find support at $0.23 to push back into the triangle.
The coin will need to close a daily candle above or below this triangle to dictate the market’s next direction.
Moving forward, if the bulls push higher, the first level of resistance lies at the upper border of the triangle around $0.3. This is followed by $0.32 (200-day EMA), $0.35 (Feb 2020 High), $0.358 (bearish .382 Fib Retracement), and $0.4
On the other side, the first level of support lies at $0.263 (.618 Fib & triangle’s lower border). This is followed by $0.25, $0.23 (.786 Fib), $0.22 (Nov 2020 Lows), and $0.2.
Against Bitcoin, XRP is also continuing to trade sideways in the January 2021 range between 670 SAT and 900 SAT. The coin climbed higher over the past four days as it tries to break the range’s upper border.
Above 900 SAT, resistance lies at 1000 SAT. This is followed by 1120 SAT (Dec 2017 lows), 1425 SAT, and 1500 SAT (Nov 2020 Lows).
On the other side, support lies at 800 SAT. This is followed by 670 SAT, 600 SAT, 590 SAT, and 520 SAT.
Polkadot
Polkadot is up 40% this week as it currently trades at $17.20. The cryptocurrency started the week by pushing above the $17 level to reach as high as $20. However, over the course of the week, it struggled to close a daily candle above the $18 level and dropped into support at $16.
It rebounded from there today and is heading back to re-attempt a closing candle above $18 today.
If the bulls can break $18, the first level of resistance lies at $18.65 (1.414 Fib Extension). This is followed by $20, $20.42 (1.618 Fib Extension), $22.38 (1.414 Fib extension – blue) and $24.60 (1.618 Fib Extension – blue).
On the other side, the first level of support lies at $16. This is followed by $15.36 (.236 Fib), $13.63 (.382 Fib), and $12.25 (.5 Fib).
Against Bitcoin, DOT surged higher from 0.00035 BTC at the start of the week to reach as high as 0.00055 today. The cryptocurrency initially found resistance at 0.00052 BTC (bearish .886 Fib Retracement), which saw the coin dropping into 0.00045 BTC during the middle of the week.
From there, it rebounded and started to push higher to break resistance at 0.000526 BTC and hit 0.00055 BTC.
Looking ahead, the first level of resistance lies at 0.00055 BTC. This is followed by 0.000585 BTC (1.414 Fib Extension), 0.000596 BTC (ATH price), and 0.00064 BTC (1.414 Fib Extension).
On the other side, the first level of support lies at 0.0005 BTC. This is followed by 0.000473 BTC (.236 Fib), 0.00045 BTC, and 0.000422 BTC (.382 Fib).
Chainlink
Chainlink saw a strong 22% price hike this week as it trades at $22. The coin had surged higher through the week to set a new ATH price at $22.70 (1.272 Fib Extension). From there, it started to head lower during the BTC price drop.
It managed to find support at $18 and rebonded higher from there today after spiking lower into $16.65 (downside 1.272 Fib Extension).
Looking ahead, the first level of resistance lies at $22.82. This is followed by resistance at $24, $24.70 (1.272 Fib Extension), $26, and $26.78 (1.414 Fib Extension). Additional resistance lies at $28, $29.80, and $30.
On the other side, the first level of support lies at $20.77 (previous ATH). This is followed by $20, $19.19 (.382 Fib), $18, ad $17.52 (.5 Fib).
Against Bitcoin, Chainlink surged higher from 0.00045 BTC at the start of the week to reach the 0.000673 BTC level today. The coin initially struggled to break resistance at 0.00065 BTC, which dropped into the 0.00056 BTC support.
From there, it rebounded higher to create a fresh high for 2021 today.
Looking ahead, the first level of resistance lies at 0.000679 (bearish .5 Fib). This is followed by resistance at 0.0007 BTC, 0.000718 BTC, and 0.000758 BTC (bearish .618 Fib). Added resistance lies at 0.0008 BTC, 0.000821 BTC, and 0.00087 BTC.
On the other side, support lies at 0.00065 BTC, 0.00060 BTC (.236 Fib), 0.000548 BTC (.382 Fib), and 0.000526 BTC (April 2020 Highs).
