Technichal analysis of Bitcoin, Ethereum and Monero

  • The 4-hour Bitcoin chart continues to show a conservative scenario, where losses could extend to $8,000.
  • Ethereum shows no signs of recovery in the short term. Other altcoins, such as Monero, are showing a buying interest and could capture the attention of more investors.
  • The market urges caution in trading, as indicators are generally stable.


Source: Tradingview

Bitcoin is now receding at the start of this new year, having reached its new high of $9,200.

Indicators are showing that the Bitcoin price could fall even further, extending losses to the $8,000 level.

The 200-period EMA could be the first major rebound point ($8,100). In addition, the volume profile shows significant buying interest in that range.

The 20-period Exponential Moving Average is performing a bearish cross over the 100-period EMA.

The RSI is in a downtrend, staying in the bearish control range, and with a sign to be oversold.

It seems logical that the price would fall to the circled area ($8,100 – $8,000), at which point the EMA 200 and the high buying volume should be an important point for the bulls to show up again.

On the other hand, one should also be on the lookout if the price manages to break above $8,750, as this could imply a further change in trend.


Source: Tradingview

Ethereum continues to show signs of buying weakness, which could lead to a further fall in price.

After completing the shoulder-head-shoulder figure, ETH’s sales have skyrocketed, as we can see from the volume profile.

The 100-period Exponential Moving Average is acting as a price support point, keeping it above $155.

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The RSI is in a downward trend, increasing the selling interest below 40 points.

If the price breaks below $155, the drop could continue to the $151 – $148 range, and further to the 61.8% Fibonacci retracement ($140).

To be optimistic for Ethereumagain, the price should break through a new high this year, above $180, although that doesn’t look like the short term scenario.


Source: Tradingview

Monero is another cryptocurrency that has had a good start to the year, as the graph shows in the 4-hour time frame.

The price seems to be correcting, having reached a high of $72.

Traders managed to pull the price down to the 50% Fibonacci retracement, leaving the wick in the candle’s closing, which shows support at that price ($58).

The RSI seems to show new buying interest, breaking the downward trend formed in the last few days.

The Exponential Moving Averages of 20, 50 and 100 are very close, a new momentum, either buyer or seller, will imply crosses and set the trend of its price.

The first major resistance, we place it at $65, if it manages to break that barrier, the price should look for a new high.

On the other hand, a break below the 61.8% Fibonacci retracement ($54) would break the most optimistic forecasts and the price could reverse its trend.

About Author

Javier is a professional who is engaged in business labor advice and trading in financial markets. He met Bitcoin in 2015 and got excited, since then he has been involved to the world of cryptocurrencies and blockchain technology, sharing technical market analysis and covering news of interest. He thinks blockchain will be the next technological revolution.

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