Bitcoin‘s quotations, with the rise between Saturday and Sunday, touched the dynamic downward trendline in the $9,200 area, while on Sunday, profit-taking prevailed with prices dropping from $9,200 to $8,700-8,600.
The bearish trend continued throughout the day of yesterday when the low was reached around 8,450 points, dragging the entire sector. Even Ethereum, after recovering the highs of the last three months close to $180, saw yesterday’s prices shift towards $166.
As a result, the new week starts with an attempt to recover the trend that has characterized much of the last week, the second consecutive week closing positively with an intensity that had not been recorded since the end of July – beginning of August. Trading volumes were also decidedly strong, with daily volumes that had not been recorded since December.
Taking as a reference the opening on January 1st, more than 90% of the cryptocurrencies are in positive territory. To find the first negative sign among the best known, it is necessary to go down to the 39th position occupied by Synthetix (SNX), which has been losing about 2% since the beginning of 2020.
In any case, the positive signs prevail today, although not with the same performance that characterized much of last week with triple-digit gains, something not seen since 2017 for the main altcoins. Bitcoin SV has even achieved an increase that in recent days has raised prices to new all-time highs ever since the BSV fork was launched in November 2018, with prices reaching $440.
With such intense increases and without underlying logic from a technical point of view, speculation has prevailed with profit-taking that caused prices to plummet to $230 over the weekend, a loss that from the tops of Tuesday, January 14 is over 50%. The bullish explosion from the relative lows of January 12th to the tops of January 14th sees a retracement that pushed over 75% of the Fibonacci retracement.
Bitcoin SV, after the strong volatility of the past few days and a rise that last week brought it in 4th position among the major capitalized for a few hours, continues to attract attention and speculation. BSV climbs the step of the podium today with a 20% increase in these hours and prices again above the threshold of 300 dollars.
Among the best, Dash is back again with an increase of 10%, followed by Ethereum Classic (ETC) and Tezos (XTZ) with increases just under 7%.
The weakness that is characterizing these last 24 hours brings the market cap under 240 billion dollars after the top reached yesterday close to 250 billion dollars that had not been seen since November. The dominance of Bitcoin remains at 66%, a level still very high for BTC, close to the highs of the last two years just over 70%. Ethereum’s dominance remains unchanged at 7.6 while Ripple is at 4.2%.
Bitcoin (BTC) quotations
Bitcoin hit the bearish downward dynamic with the rise between Saturday night and Sunday with highs at 9,179 on Bitfinex, just one step away from the $9,200 which BTC has not recorded since November.
The break of the $8,100 between Monday and Tuesday saw the $9,200 as the second area of a possible target where the downward trendline linking the highs since the beginning of June passed. This is an area of dynamic resistance very important in the long run, this is where coverage has prevailed, pushing prices to lose more than $500 in 10 minutes to then characterize the negative trend of yesterday when prices went to test the static short-term support of $8,450, where in these hours the prices have seen a reaction that now leads them to fluctuate in the 8,600 area.
The trend remains positive for a decidedly strong 2020. Thanks to the increases of the weekend, Bitcoin has reached almost 30% gain since the beginning of the year and +40% since December 2019.
Ethereum has been earning 10% since the beginning of the year, despite the declines of the last few hours. Even on Saturday, Ethereum has seen its prices reach $179, a step away from $180 where the dynamic bearish trendline that unites Ethereum’s highest lows since the beginning of August. ETH also resumed area 180, which hadn’t been recorded since mid-November.
The retracement of these last 24 hours sees Ethereum’s prices stay away from the $155 alert level, support levels can be found between $155 and $160. It is important for the next few days to maintain and confirm the rise that began from the lows of mid-December and that has found confirmation after the strong rebound of the last 10 days.
It is necessary for ETH not to go below the 150-155 dollars area to confirm this trend that is restoring confidence in the first altcoin. A break of $182 would project prices to test the $200 highs that twice in October repelled the bullish attack. It is necessary to keep strong trading volumes.