total Cryptographic market capitalization Eliminated $ 300 billion from the value of the last 7 days And now standing at $1.95 trillion.. The Top 10 All coins were red for the same period as Terra (LUNA) and Solana (LUNA).Sol) The worst performance, with 22% and 20.4% of losses, respectively. Bitcoin (BTC) Is currently trading at $ 41,500, but ether (ETH) Is $ 3,105.
BTC / USD
Bitcoin closed its trading day at $ 47,273 on Sunday, January 2nd, after not breaking above the 200-day moving average in the 5th consecutive daily time frame.
Trading volumes continued to decline and the Relative Strength Index (RSI) remained in the oversold territory.
The largest cryptocurrency ended 7 days with a loss of 7%.
On Monday, sales continued and the BTC / USDT pair fell further to $ 46,413, breaking into a temporarily newly established $ 45,500 to $ 46,000 short-term support area. However, the general rule of technical analysis is that the support line is weakened with each retest. Still, current price behavior has some similarities to the September 2020 and $ 10,000 mark battles.
BTC bulls have begun to appear willing to wait for the outcome of the next Federal Open Market Committee (FOMC) meeting to be held at the end of January before acting.
Tuesday’s session was no exception, with Bitcoin dropping to $ 45,835. It’s worth noting that buyers pushed daytime prices up to $ 47,500, but the move went all the way back in the evening part of the deal.
On the third business day of the week, a flash crash occurred as BTC moved under the aforementioned horizontal support and ended the day at $ 43,500.
The market was trying to absorb the FOMC minutes of the Federal Reserve Board from December. There, many participants shared the same view that interest rates would need to be raised further in 2022 to tackle inflation. Bitcoin formed a small red candle on Thursday, January 6th, but was relatively stable above $ 43,000.
However, it continued to move south on Friday, dropping 4% to stop at $ 41,500 at the daily candle closing price, but not before it reached $ 40,700 during the day.
The weekend from January 8th to 9th began with a Saturday flat session. The largest cryptocurrency was able to find support at the September 2021 lows.
On Sunday, it tried to reverse upwards, but the momentum was not yet on the side of the bull.
BTC is currently trading lower at $ 41,500.
ETH / USD
Ethereum Project Token ETH closed its trading session on Sunday, January 2nd for $ 3,828. For the first time since October 2021, coins were trading below the $ 3,900 support line per week. On the other hand, it was still in a bull flag-like pattern formation in a larger time frame.
On Monday, Ether fell to $ 3,764 with a full retrace of movement from the previous session.
Then on Tuesday, it first jumped to $ 3,900 in the morning and then returned to the zone of approximately $ 3,700 in the evening after being rejected by the 21-day EMA. Trading volumes continued to decline on average, with major altcoins flagging bears again under the previous horizontal support already mentioned. Dropping and retesting the lower bound of the downtrend channel again can break it and open the door to revisit areas under $ 3,500.
This was exactly what happened during the mid-week session on Wednesday when ETH fell 6.6% to $ 3,540, below the downtrend corridor.
Selling continued on Thursday, January 6th, falling below the 200-day EMA and dropping to $ 3,410, confirming a reversal to the decline.
Then on Friday, Ether recorded a deficit for the third straight day, falling below the previously stable S / R level by about $ 3,300. This resulted in a loss of 6%.
On the first day of the weekend, ETH lost the $ 3k level for the first time since September 30th, so it hit another low of $ 2,997.
Then on Sunday, it began to rise, reaching $ 3,151 on the first Green Day since January 4th.
Coins are currently trading for $ 3,100.
First-class major
LINK was once one of the major altcoin projects, providing data oracle integration for the newly born DeFi ecosystem. It may be natural that the coin’s performance declined during the 2021 Bull Run, as it was even considered a safe haven during times of harsh corrections. Currently, the coin seems to be moving again when the rest of the market is bleeding, adding 26% to the valuation over the last 7 days and 47% from the beginning of December.
The coin has surpassed the 21-period EMA on the weekly chart and is rising rapidly towards major horizontal resistance around $ 34.
The LINK token has risen to 16th place on CoinGecko’s Top 100 list, with a market capitalization of approximately $ 12.5 billion. Resistance is expected to be around $ 27 to $ 28 in the current zone. $ 25 Support – There are VPVR management points.
This week’s Altcoin
This week’s Altcoin is an internet computer (ICP). The former top 10 coin, ICP, has recently bottomed out at around $ 25 after losing 72% of its value since its highs in September. Since then, it has risen by more than 60%.
The ICP / USDT pair has risen 32% on a weekly basis and is still below the weekly highs, but is close to previous support in the daily time frame in the $ 38-40 zone. This is also the next level to beat along the way. Potential support for $ 30.
The price increase may be due to recent news about the launch of the cross-chain bridge Terrabethia, which allows ERC-20 tokens to be compatible with ICP blockchains.
Internet computer coins are currently ranked 27th and have a market capitalization of approximately $ 6.8 billion.
It is currently trading at $ 34.6.
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