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BTC, NEAR, ATOM, FTM, FTT

Bitcoin (BTC) has halted its decline and is attempting to recover along with a few other cryptocurrencies. Some traders were concerned about a massive Bitcoin sell-off. Still, Capriole CEO Charles Edwards stated that Bitcoin’s worst crashes occurred “due to miner capitulation (December 2018 and March 2020), when BTC fell below production costs.” However, the current production cost of Bitcoin is $34,000, which is significantly lower than the current price.

Cathie Wood’s Ark Invest purchased 6.93 million shares of the particular acquisition company that will merge with Circle, the principal operator of USD Coin (USDC) and the second-largest stablecoin in terms of market capitalization.

BTC/USDT

For the past few days, the bulls have struggled to push Bitcoin above the 20-day exponential moving average ($44,415). However, a minor positive is that buyers have not given up much ground. It implies that bulls are buying on any slight dip. If buyers push the price above the 20-day EMA and keep it there, it will indicate a possible change in trend. The BTC/USDT pair may then rally to the 50-day simple moving average, where the bears may once again offer stiff resistance. A break and close above this resistance level could allow a rally to $52,088.

In contrast to this assumption, if the price fails to rise above the 20-day EMA, it indicates that sentiment is still negative and traders are selling on rallies.

NEAR/USDT

The NEAR Protocol’s NEAR token is on an upward trend. On January 11, the price surpassed the previous all-time high of $17.95, signaling the resumption of the uptrend. On January 12, the bears dragged the price below $17.95, but the bulls bought the dip and reclaimed the level on January 13.

ATOM/USDT

Cosmos (ATOM) attempts to form an inverse head and shoulders pattern that will culminate in a breakout and close above the overhead resistance at $44.80. The rising moving averages and an overbought RSI indicate that the path of least resistance is to the upside.

Alternatively, if the price breaks through the overhead resistance, the ATOM/USDT pair could fall to the 20-day moving average ($36). The bulls must defend this crucial level. If the price bounces off this level, the bulls will push the pair above the overhead resistance and resume the uptrend.

FTM/USDT

The bears may try to halt the rally at $3.48. However, if bulls push the price above this level, the next leg of the uptrend may begin. The uptrend could first reach $4 before continuing to the pattern target of $5.11.

In contrast to this assumption, if the price falls from the overhead resistance, the bears will try to pull the FTM/USDT pair down to the 20-day EMA ($2.62). If the price rises from this level, sentiment is still positive, and traders are buying the dips.

FTT/USDT

The moving averages are about to cross over to the upside. The RSI has risen above 64 after forming a positive divergence. It indicates that bulls are making a comeback. The FTT/USDT pair could reach $53.50 if the price remains above the downtrend line.

In contrast to this assumption, if the price falls from its current level and breaks below the moving averages, it indicates that the breakout was a bull trap. It could reduce the cost to $33.76. A break and close below this support level could drop to $24.

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