On January 12th, BTC (BTC) rose above $19000, the highest level since Nov. 8. While the big bull market may not be in a hurry, Glassnode data suggest that the premise of BTC's macroeconomic bottom may be timely. The real-time analytics firm posted on Twitter on Jan. 12 that "13% of goods in circulation" returned to profit when BTC rose to $18200. This shows that there is a relatively large accumulation in the range of US $16500 to US $18200.
Like BTC, there are signs of accumulation in Ether. According to Santiment, the total number of etheric great white sharks with 1 to 10000 etheric squares has increased by 3000 since Nov. 22.
Sometimes, traders often miss the bottom because they deny it all the time. If a trader needs to capture trends early, he should pay close attention to market prices, as a series of higher and higher bottoms are likely to indicate an upward mentality.
Are BTC and alternative currencies showing signs of a new upward trend? Let's take a look at the data charts of the top ten digital currencies to find out.
BTC is on the road to recovery. Strong double-headed stock buying pushed the price of gold above $18388 on January 12th. It is also the first sign that bears are likely to be out of control.
The sharp rebound in the past few days has sent the relative strength index (RSI) into overbought areas, meaning that there may be recent adjustments or sideways consolidation.
If the gold price cannot fall below the innovative level of $18388, it will indicate a change in hot sectors, from selling when going up to buying when it goes down. Subsequently, BTC/USDT may continue to pick up to the next key pressure level of $21500.
If the short seller needs to ease the proactive trend, he will be forced to pull the price below $18388 immediately. Subsequently, the pair is likely to fall to the 20-day index moving average ($17378).
Medical ether soared above the head friction resistance of $1352 on Jan. 11, and then raised the downward trend line on Jan. 12. This means that Shuangtou has started all over again.
Bears will try to delay the rebound and pull gold below the innovative level of $1352. If that happens, ETH/USDT rates are likely to fall to the 20-day moving average ($1292). A strong rebound from this level will show that traders have bought and cut prices. This could improve the prospect of a rise in oil prices to $1700. This level is likely to become a strong hindrance again.
If gold prices turn around and fall below the moving average, a proactive position may not be effective. Such behaviour is likely to suggest that recent innovation could be a big bull market trap.
On January 10th, BNB rebounded from 50-day SMA ($268) and set foot north again. The price of gold is close to $300, and bears are likely to create strong friction at this price.
The uplink's 20-day moving average ($266) and RSI close to the overbought area show that customers are good. If the price of gold falls from $300, support may be found at the 20-day moving average ($266). A strong rebound from this level could push the BNB/USDT pair up to a friction resistance area of $318 to $338.
Contrary to this assumption, if the price turns down and falls below the moving average, the currency pair is likely to retest the support zone of $250 to $236.
XRP (XRP) fell below its 50-day moving average ($0.37) on June 12, but the double head succeeded in maintaining the innovative level of symmetrical triangles.
The slowly upward 20-day moving average ($0.35) and the RSI located in the right area suggest that the two heads have the upper hand. Customers will try to push the price above $0.38 and expand the increase to $0.42.
Conversely, if the price cannot stay above 50-day SMA ($0.37), the bears will again try to pull the XRP/USDT pair back to the triangle. If he does so, the currency pair may fall to the support of the triangle.
On January 11th, bears tried to bring Cardano (ADA) back into shape, but the fan tail in the candlestick showed a low level of tough buying.
ADA/USDT currency pairs rose again, pushing RSI into overbought areas. This shows that the recent gains are likely to be overheated, and the currency pair is likely to be adjusted or adjusted sideways in the short term.
If the price of gold falls from the current level, but the 20-day moving average ($0.29) rebounds, it will indicate that the requirement is more moderate. The customer will then try again to remove the barrier located at $0.35 and bounce back to $0.38 and then to $0.44. Bears will have to pull prices below the moving average to gain the upper hand.
On January 11th and 12th, the bears tried to pull the Dogecoin (Doge) below the 20-day moving average ($0.07), but the duo held their ground. Customers are trying to push prices above 50-day SMA ($0. 08) on Jan. 13.
If he succeeds and achieves the extreme, the Doge/USDT pair may continue to move forward and gradually bounce back to $0.11. This level may be a testament to the strong selling of bears. If the price of gold falls sharply as a result, the pair is likely to fluctuate between $0.07 and $0.11 for some time.
Another possibility is that the price of gold turns down from its 50-day moving average and falls below its 20-day moving average. This will imply negative sentiment and may keep the pair hovering between the 50-day moving average and $0.07 for a longer period of time.
The fan tail in the candlestick table of Longhu (Ma Jiqi) on January 12 shows that traders have bought a fall in the moving average. Customers will try to push the price up to $0.97, which may be a hindrance.
The 20-day moving average ($0.84) is now starting to pick up, with RSI close to 67, indicating that the way to minimize friction is to rise. If the duo does not fall sharply at $0.97, the Marjic / dollar pair may rise again and touch $1.05.
Because the currency has been stuck in a wide range of $0.69 to $1.05 in the past few days, bears are likely to sell heavily around the pressure level. The harmful side is that if you fall below the moving average, the advantages are likely to skew to the merchants in the short term.
After months of friction of $85, Litecoin (LTC) soared above that level on January 12th. But the double head has slowly maintained a higher level.
If the price falls and closes below $85, it will imply that the bears have not given up. The merchant will then try to lower the price to the 20-day moving average ($77).
This is a major level that deserves a great deal of attention, so a strong rebound from this level will show that hot plates are proactive and traders have adjusted to buy. Then, the duo will try again to push the LTC/USDT pair above the head pressure level and fix the trend towards $100.
If the bears pull the price below the 50-day moving average ($74), he will have the upper hand. This may open the door for falling to $61.
On January 9th and 10th, the bears tried to block the recovery of Polkadot (DOT) on the 50-day SMA ($4.92), but the duo did not surrender. On January 11, they flattened the resistance with excavators.
The DOT/USDT pair will try to touch the downward trend line. The merchant has stopped trying to recover around the decline line three times before, so they will try to repeat his main performance.
If the price falls from this pressure level, but warms up by moving the moving average, it will show that the hot plate has changed, from selling high to buying bargain. The duo will then try again to push the currency pair above the downward trend line.
If the price of gold falls and falls below the moving average, such a positive view will be denied.
Uniswap (UNI) touched the periphery of the resistance line of the symmetrical triangle on January 12, but the two heads could not get over the obstacle. This may deeply attract short-term traders to make a profit.
The 20-day moving average ($5.62) is now starting to pick up, and RSI is in the right area, indicating a slight advantage for customers. If the price bounces back from the 20-day moving average, the duo will again try to promote the UNI/USDT pair to lift the triangle. If he passes, it will represent the gradual rise of a new round, which is likely to reach $7.80.
Conversely, if the price falls below the moving average, it will indicate that the currency pair may also be trapped in the triangle for a few days.
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