- The secondary actors of the crypto-sphere awaken and rally hard.
- Leading coins battle with greater resistance at the gates of a full bullish market.
- The only risk is an over-shoot, but that sentiment remains neutral.
The market is determined to end the week as it began – on a high note. Spurred on by the sharp upward movements of secondary assets, the three market leaders are moving upwards and approaching the resistance lines that separate the long bearish winter from the expected bullish season – including a visit to the Moon.
Market sentiment indicators faithfully reflect the moment and continue to be neutral according to the alternative.me site. Today, January 17 marks 54 on a scale of 1-100.
Ethereum Classic is the star of the day, with rises above 25% that have taken it above $10 per token. The ETH/USD breaks above the June highs and proposes a new bullish wave, targeting above the historic high of $46.9.
ETC/BTC also breaks the relative maximum level and hits all-time highs, as indicated by the DMI indicator, with the bulls at all-time highs.
The behavior of the second line Cryptoassets already occurred last summer, announcing the subsequent rise of the sector leaders, taking Bitcoin above $14,000.
Among the top three digital coins, the battle to escape the bearish figures is at its height, with XRP on the front lines, Bitcoin closing in tightly and Ethereum lagging slightly behind waiting for its time.
Bitcoin is losing momentum against the other cryptocurrencies, as shown in the Bitcoin Dominance chart where it trades at the 67.3 level, below the historical high of 73. Trend line projections and Fibonacci retracement levels indicate that a decline to the 65 levels is feasible in the coming days.
ETH/BTC Weekly Chart
ETH/BTC is currently trading at 0.01919 and is continuing its upward climb after breaking the long term downward trend line. The price has two strong resistances above the 0.020 level, and a breakout could lead to significant gains.
Above the current price, the first resistance level is at 0.020, then the second at 0.0217 and the third one at 0.0225.
Below the current price, the first support level is at 0.0187, then the second at 0.018 and the third one at 0.017.
The MACD on the daily chart is in the midst of a bullish cross. Statistically, it is not likely that a clean crossing will occur, but looking at the ranges of the current rise, it may not happen.
The DMI on the daily chart shows how the bulls, which were already moving freely above the ADX line, are picking up momentum again and heading towards new relative highs. The bears are still down and seem to be giving up the battle.
BTC/USD Weekly Chart
BTC/USD is currently trading at $8,969 and is struggling to access support at $9,000. The proximity of the long term downward trend line puts stress on Bitcoin and attracts many people’s attention. The expected uncompromising bullish signal for BTC/USD is at $9,150, so close and yet so far.
Above the current price, the first resistance level is at $9,100, then the second at $9,150 and the third one at $9,660.
Below the current price, the first support level is at $8,800, then the second at $8,400 and the third one at $8,200.
The MACD on the daily chart is rising and increasing the slope but not the opening between the moving lines. The setup indicates that the uptrend can continue without a hitch, and only an excess of upward force can cause an over-regulated pullback.
The DMI on the daily chart shows that the bulls continue to dominate the market, although they risk the position by dropping to seek support above the ADX line. The bears continue to fall and show no intention of fighting for the lead.
ETH/USD Weekly Chart
ETH/USD is currently trading at the $172 price level and is approaching the long term downward trend line that separates Ethereum from a clean bullish scenario.
Above the current price, the first resistance level is at $180, then the second at $190 and the third one at $195.
Below the current price, the first support level is at $160, then the second at $155 and the third one at $150.
The DMI on the daily chart shows the bulls’ testing support at the ADX line, a level to watch because it will give us plenty of ideas for the next few days.
XRP/USD Weekly Chart
XRP/USD is currently trading at $0.2363 and is in the midst of a fight to break out of the long term downward trend line. We must wait for the session to change so that the closing can send the definite bullish signal.
Above the current price, the first resistance level is at $0.238, then the second at $0.243 and the third one at $0.25.
Below the current price, the first support level is at $0.217, then the second at $0.20 and the third one at $0.19.
The MACD on the daily chart shows a sharp cross to the upside of the indicator. The MACD on the daily chart shows a sharp cross to the upside of the indicator. The bullish potential remains intact.
The DMI on the daily chart shows that the bullish move is taking place without the absolute control of the bulls. The optimistic interpretation is that if it rises like this without being in full bullish mode, the potential is enormous. The pessimistic one is that there will be no upward cross and we will see falls again.