The Analysis of BTC/USD and ETH/USD
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The Analysis of BTC/USD and ETH/USD

January 9, 2020      Cryptoknowmics

On January 7, the price of BTC was able to surge past the overhead hurdle at $7,856. The move to the upside was able to complete a double bottom pattern, minimally targeting $9,278. Over this level, it may continue towards $10,360.

Nevertheless, it is not likely that the sellers will allow the bulls to take over without a struggle. The usual thing is that each breakout from a long consolidation moves back to the breakout level. A successful revisit of the breakout level ($7,856) will ascertain the presence of a bottom and could initiate a fresh uptrend.

Contrariwise, the failure of the buyers to take a stand at $7,856 support will point to weakness. The price could decline to $7,000 if it stays under $7,856.

As for ETH/USD, the price was able to surge over the 50-day simple moving average on January 6. However, it is encountering a decline pressure near the hurdle area between $151.82 and $157.50. This signals aggressive defense of this area by the bears.

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A successful bounce off the 20-day EMA could make the buyers to try to break out through the overhead hurdle area. If the breakout works, the price could surge to $173.84.

On the other hand, the sinking of the price under the 20-day EMA may lead to a decline to $131.484.

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