FXTM information and reviews
FXTM
93%
OctaFX information and reviews
OctaFX
92%
XM information and reviews
XM
91%
FXCC information and reviews
FXCC
90%
Libertex information and reviews
Libertex
89%
FxPro information and reviews
FxPro
88%

Bitcoin's move beyond $40-45K will determine further trend


20 January 2022 Written by Alex Kuptsikevich  FxPro Senior Market Analyst Alex Kuptsikevich

The Crypto Fear and Greed Index remains at 24 for the third day, matching the extreme fear assessment. However, such a low index reading this time does little to describe the dynamics of a market whose total capitalisation has been moving between $1.95 trillion and $2.00 trillion since Tuesday. Bitcoin has gained 0.4% in the past 24 hours to $41.9K, mainly ignoring the decline in US stock indices following Wednesday's results.

Buying on declines below $41K is not yet a cause for optimism, as a downtrend with lower highs has been underway for more than a week. According to technical analysis, this is often followed by a pullback. But reversal patterns are not excluded when the bulls break through the downside resistance. In our case, the signal of an upside reversal would be stabilisation above $45K.

Local positive dynamics in bitcoin and ether were offset by a pullback in Cardano and a further dip in Solana within the weekly trend. While buying sentiment is strong among market participants on the stock market decline, bulls in cryptocurrencies are also not giving up psychologically significant support levels, now at $40K for Bitcoin and $3K for Ether. A consolidation below them could be a harbinger of an acceleration in fall.

The outcome of this confrontation today could be determined by the dynamics of the stock markets, where the key indices - the Nasdaq 100 and Dow Jones 30 - have corrected to their 200-day moving averages.

Share:


Related

UST-LUNA Wipeout Crashes Crypto
UST-LUNA Wipeout Crashes Crypto

The Terra stablecoin UST’s depegging issue caused a widespread dump in all crypto assets as the debacle starts to deteriorate. On Monday, huge volumes of redemptions for the UST...

17 May 2022

Bitcoin’s short-term upward channel
Bitcoin’s short-term upward channel

On Monday, Bitcoin was down 3.6%, ending the day around $29.9, but is trading back above $30K on Tuesday morning. Ethereum has little changed over the past 24 hours...

17 May 2022

Has Bitcoin reached the bottom?
Has Bitcoin reached the bottom?

Bitcoin is down 9.4% over the past week, ending at around $31,000. Ethereum lost 16.1%, while other leading altcoins in the top 10 fell from 13.9% (Binance Coin) to 25.4% (Solana)...

16 May 2022

Has the crypto market hit bottom?
Has the crypto market hit bottom?

Bitcoin added 0.6% on Thursday, ending the day around $28,600, a modest gain but a significant intraday win. Bitcoin managed to find support near $25K on Thursday morning...

13 May 2022

Bitcoin remains under $30000
Bitcoin remains under $30000

Cryptocurrency giant Bitcoin is in free fall, as pressure on cryptocurrency regulations grows as does fear and risk aversion, after US Treasury Secretary Janet Yellen called...

13 May 2022

Bitcoin's Price Plunges Below $34,000
Bitcoin's Price Plunges Below $34,000

The price of bitcoin slid last week after a wider stock sell-off in the U.S. sent the cryptocurrency market into a frenzy, prompting the digital asset to plummet towards $36,000 by late Friday trading...

11 May 2022


HFM information and reviews
HFM
87%
IronFX information and reviews
IronFX
86%
FXCM information and reviews
FXCM
85%
LegacyFX information and reviews
LegacyFX
83%
NordFX information and reviews
NordFX
82%
FP Markets information and reviews
FP Markets
81%

© 2006-2022 Forex-Ratings.com

The usage of this website constitutes acceptance of the following legal information.
Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website (reviews, brokers' news, comments, analysis, quotes, forecasts or other information materials provided by Forex Ratings, as well as information provided by the partners), including graphical information about the forex companies, brokers and dealing desks, is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Forex Ratings shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about the forex companies. The entire responsibility for the contents rests with the commentators. Reprint of the materials is available only with the permission of the editorial staff.
We use cookies to improve your experience and to make your stay with us more comfortable. By using Forex-Ratings.com website you agree to the cookies policy.