Price Analysis: Sentiment Remains Bearish

Coins News

Highlights:

Technical analysis of BTC, BCH, ETH and ETC for January 24.

It’s not regrettable if you miss next round of uptrend as the sentiment remains bearish.

BTC/USD

Resistance: $11,280 & $11,430, support: $10,000 & $9,200.

Data feed from AICoin.

Comments:
Limited by the descending trendline and MA 7, price failed again to earn more gains last night. Extra attention should be paid to how BTC breaks upwards as the market has been digesting the bearish news in the past 2 sessions. Still, after breaking below the major support at $10,000, price will find a minor support at $9,200.

Suggestions:
Pay attention to the price move around resistance level and within the triangle area as drawn. You can try going short if the strength around resistance turns out weak. Besides, stop loses when price breaks upwards and wait for another round of correction before making your choice.

BCH/USD

Resistance: $1,700, support: $1,510 & $1,420.

Data feed from AICoin.

Comments:
Support falls to a lower level as BCH remains volatile. Attention should be paid to how price moves within the correction triangle area as marked. We expect that next wave of breakout in BCH price will come after the breakout in BTC.

Suggestions:
Hold on to your bullets or implement your operations along with how BTC moves.

ETH/USD

Resistance: $1,000 & $1,025, support: $920 & $800.

Data feed from AICoin.

Comments:
ETH tests the bottom at $920 after a continuous and slow decline. As MA 7 turns flat on daily chart, ETH holds a great chance to break upwards after BTC becomes stable in price move. But close attention should be paid to BTC and the resistance range on the upside if price oscillates within a correction range.

Suggestions:
Going short is not recommended here, if BTC hovers around the bottom, however, you can try going long from a bottom price between $800 – $900.

ETC/USD

Resistance: $30, support: $27.

Data feed from AICoin

Comments:
Except for sharing a similar move pattern with ETH, ETC also shows signs of trend reversal and will find the major resistance near MA 7.

Suggestions:
Operations on ETC can refer to that on ETH.

Original by Jerry Cheung from Hashpai, translated by AICoin Jami.

Disclaimer: The information contained herein is not guaranteed, and is strictly for information purposes only. It does not constitute any trading proposal and will not be liable for any loss based on the information herein.

The post Price Analysis: Sentiment Remains Bearish appeared first on NewsBTC.