Ichimoku Kinko Hyo CNH/JPY: The CNH/JPY pair is trading above the Kumo…
Massive Cryptocurrency Technical Outlook
Information is not investment advice
The time for cryptocurrency has come! Bitcoin is once again looking interesting enough to analyze it. But digital gold is not the only one to watch after. In this article, we would like to give you some interesting crypto ideas for mid-term trades.
That’s right, Bitcoin's weird moves are over! The price skyrocketed through the main resistance line, and we have gained enough momentum to continue the uptrend. The resistance at the RSI has been cleared as well. Now we expect the price to retest $49 000 and to soar higher. In the long-term, we believe the main crypto will renew its all-time highs.
BTC/USD daily chart
Resistance: 55 000; 61 000; 65 000
Support: 49 000; 45 000; 40 000
Bitcoin to gold chart is also interesting. Due to the inverse correlation of gold and USD, you may consider buying BTC/XAU pair when the dollar is especially strong.
BTC/USD H4 chart
Resistance: 31.5; 33.5
Support: 30.5; 29.0
After bitcoin finishes its strong uptrend movement and gives the market some rest, the Bitcoin domination will surely fall, like it does every time. This event is called “altseason” because other cryptocurrencies start to grow apart from BTC. This is a perfect opportunity to invest in other fundamentally strong projects. Ethereum is one of them.
ETH/BTC H4 chart
Resistance: 0.0665; 0.0676; 0.0698; 0.0715
But if you are more into classic cryptocurrency trading (against the greenback), then ETH is still a thing for you to notice. Ethereum has formed a symmetrical triangle, and after some consolidation we expect it to soar. Mid-term targets are $5200 and $7400.
ETH/USD daily chart
Resistance: 4000; 4350; 4820; 5200
Support: 3300; 2750; 1700
LTC has a divergence on the RSI, so while Bitcoin is making its moves, this coin may correct a little bit. Litecoin gets more and more use cases (it has started with PayPal, which accepted LTC as a payment method). In the short term $230 and $360 are the main targets.
LTC/USD H4 chart
Resistance: 195; 210; 230
Support: 172; 160; 140
On Thursday, the 2nd of February, the Bank of England will publish its report concerning interest rates and inflation data for the Eurozone. Professionals and investors anticipate that Andrew Bailey’s lead team of policy makers will likely raise interest rates to 4%; the highest in over a decade, for the tenth time in a row.
The first FOMC meeting comes after a buildup of anticipation from traders and investors alike, as the markets await what posture the Fed will take regarding the interest rates; would there be a hike or a cut in interest rates? Recall that the Federal Open Market Committee had previously ended the year 2022 with a 50bps hike, and an indication from Powell, the committee chairman, that the Fed could consider raising interest rates by 75bps in the course of the year 2023.
Western countries are trying to find other options for oil and gas supplies after a 10th package of sanctions, which will put more pressure on Russian oil and decrease global oil supply. Italy, for example, is in talks with Libya.