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Weekly trading signals for major cryptos - JANUARY 8TH

Jan 8 2019, 02:08 PM (CST) |

Bitcoin (BTC), Ethereum (ETH), Monero (XMR), Ripple (XRP), Cardano (ADA), Stellar (XLM), EOS, Bitcoin SV (BCHSV), Tron (TRX), Litecoin (LTC)



Dominant trend: Ranging

Supply zone: $6000, $7000, $8000
Demand zone: $2000, $1500, $1000


BTC/USD continues in a range-bound market in the long-term outlook. The new year rally was shortlived as the bears stage a return as the price drops below the 10EMA. BTC/USD dropped to $3850 in the demand area on 4th January closing a bullish spinning top and an indication of bulls gradual return.


The new trading week started on a bullish note with an engulfing candle as BTC/USD rose to $4218 in the supply area on 6th January. With the stochastic oscillator signal pointing up at 51% and price above the 10-EMA, the bulls may sustain the momentum within the rage in days ahead.


BTC/USD is in consolidation and trading between $4370 in the upper supply area and at $3470 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower area may occur hence patience is required to allow this to happen before a position is taken.



Dominant trend: Bullish

Supply zones: $250, $300, $350
Demand zones: $50, $30, $10


The bullish exhaustion denoted by wicks on the candle at the $165.00 are signals that the bears are in for a minor retracement despite a bullish overall outlook.


The bullish spinning top that opens the trading week on 5th January after pushing ETH/USD to $165.86 in the supply area failed to sustain the bullish momentum as the bears took over the market.


The bearish momentum may increase leading to a further drop in the price of the cryptocurrency within the two EMAs before in the coming days, but the bulls will stage a comeback to attain the bulls target at $174.00 in the supply area.



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