BTC, ETH And XRP Price Action For January 17, 2022
Technical indicators indicate a bullish outlook for BTC, even if it would be a gradual bullish move. Hence, altcoins would also do likewise. Most altcoins have been bullish over the last seven days, with Ethereum leading the pack. However, XRP continues to struggle.
BTC Price Pushing For A Breakout
After a high of $44.43K four days ago, BTC established a new lower low. However, it soon established another higher low to maintain its uptrend. Traders can expect the leading digital asset to retest the $47.6K high of the past week after bouncing off a 4-hour demand region (between $41.84K and $42.71). The $47.8K range, which coincides with the price of the 200-day SMA, is BTC’s next crucial resistance.
BTC/USD 4-hour chart. Source: TradingView
If the BTC price cannot break out of the $41.84K and $42.71K levels, it is an indication that the bears are about to gain control. The $41.76K level will act as BTC’s next crucial support if the bears should gain control. Thus, the bullish theory becomes invalid once BTC 4-hour candlestick closes below the $41.76k level. Further selling pressure could push BTC down to the $39.88k level.
ETH Price Finds Stable Support
ETH behaved similarly to BTC by establishing a higher low, but it failed to establish a higher high. ETH will remain on an uptrend, so long BTC is also bullish. Hence, traders can expect ETH to test the $3.48K level. A breakout from this level will allow ETH to test the $3.85k crucial resistance (which corresponds to the daily supply zone). However, ETH might struggle to break out from the $3.85K level as that level coincides with the upper boundary of the 50-day SMA.
ETH/USD 4-hour chart. Source: TradingView
Nevertheless, ETH price can only set an uptrend once it’s stable above the $3.06K support levels. A decline below this level might lead to panic selling among investors. Also, the bullish analysis becomes invalid once ETH 4-hour candlestick closes below the $2.93K level (a price corresponding to the lower boundary of the demand zone).
XRP Price Is Slightly Bullish
XRP price has been slightly bullish around the daily demand zone after the December 4 crash. Nevertheless, XRP price will likely test the $0.845 of the 50-day SMA as it seeks a bullish move like the leading cryptocurrency. However, traders would need to be patient with this asset as a short-term bearish action might weaken the demand zone further. Once XRP overcomes this short-term selling pressure, its next crucial resistance would be the $0.955 level of the 200-day SMA.
XRP/USD 4-hour chart. Source: TradingView
Conversely, if XRP’s 24-hour candlestick closes below the $0.694 level, the bullish analysis would become invalid as it would have established a lower low. Thus, a further decline might happen with XRP hitting the $0.603 support level. A recent report by a leading crypto exchange (Huobi) revealed that BTC and ETH rank among the top popular digital assets among American crypto investors. Institutional investors continue to invest in the top two cryptos.
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