Technical Analysis of Crypto Majors – January 30th, 2020

Technical Analysis of Crypto Majors – January 30th, 2020

BTC/USD

Currently, the total market cap of crypto is 257.5 billion USD with a 24h Volume of 109.2 billion and BTC Dominance of 66.2% according to coinmarketcap.com.

Bitcoin has a market cap of 170 billion USD and trades around 9,346 USD on Coinbase after another upswing during the past days led towards a previous resistance area around 9060-9400 USD being tested.

The overall trend is still bearish as a significant higher high is yet to be made, however, the previous break above the several month descending resistance trend line serves as a strong indication for an upcoming major trend reversal. For now, however, best it to stay neutral and wait for further price action development, preferably in the form of a retracement that sets a higher low.

BTC/USD Daily:

BTCUSD Daily Technical Analysis 30 Jan 2020

ETH/USD

Ethereum currently has a market cap of 19.35 billion and trades at 175.64 USD on Coinbase as it has retested 180 USD resistance as well as 200 day moving average once again after briefly retracing and finding support around 156 USD.

The overall trend continues being bearish as no significant higher high has been made above 200 USD, however, the current upswing could potentially indicate a major trend reversal.

A short position can be taken once further signs of rejection are seen in the expectation that the price will continue moving lower and reach at least previous low around 116 USD, meaning a downside fo around 33.88% from the current price.

For now, best is to stay neutral and wait for further price action development as further upside could still be possible.

ETH/USD Daily:

ETHUSD Daily Technical Analysis 30 Jan 2020

XRP/USD

Ripple currently has a market cap of 10.37 billion and is trading around 0.237 USD on Binance as it continues trading around the previous major support around 0.233-0.243 USD, as well as 100 day, moving average blue line after a slight retracement was seen last week.

Currently, the price looks to set a local lower high, therefore, once further bearish indications are seen, a short position can be taken in the expectation that the previous low of 0.1748 USD will be reached and likely broken, meaning a return of at least 25-26% in the upcoming weeks.

XRP/USD Daily:

XRPUSD Daily Technical Analysis 30 Jan 2020

LTC/USD

Litecoin has a market cap of 4.06 billion USD and currently trades around 63.76 USD on Coinbase after slightly retracing towards 49-52 USD support area as well as 100 day moving average blue line and reversing back to the upside with quite a bullish momentum during the past days.

Therefore, we could look for a break above the previous major swing high around 66.5 USD in the upcoming days, which would be a very strong first indication of potential trend reversal back to the upside. For optimal entry, however, a strong retracement that sets a higher low is needed afterward and, for now, the best option is to wait for further price action development.

LTC/USD Daily:

LTCUSD Daily Technical Analysis 30 Jan 2020

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