🎯 In recent weeks, Bitcoin (BTC) has been accumulating while trading in a range between $16.4K and $18.4K. The market has been relatively stable and derivatives traders have been more active than spot traders. It is unclear when or in which direction the price will move next, as the large-time frame chart setups are inconclusive. Traders are watching for potential breaks in the chart pattern to open positions, while investors are looking to take advantage of the bear market conditions and invest for the long term.
🎯 Ethereum (ETH) has followed a similar pattern to Bitcoin, remaining above the $1,164 support level after falling from a recent high of $1,350. Currently, it appears to be aiming for the 200 moving average on the 4-hour chart, despite low price volatility recently. The market appears to be in a state of accumulation, with little price action. The main question is how long this trend will continue.
🎯 Litecoin (LTC) has exhibited a bullish setup in recent weeks. In late November 2022, it broke past the 200 moving average on the daily chart and then formed a distribution pattern while maintaining resistance at the $80 level. It then corrected to $61 and formed a bullish double bottom pattern. The $61 level proved to be a higher low on the daily chart, and on Monday, January 2, 2023, Litecoin increased by more than 10%, reaching as high as $78 per coin from the $70 level. The cryptocurrency is currently above the 200 daily moving average and appears to have strong potential in the medium to long term based on its current market structure.
🎯 Bitcoin Cash (BCH) has continued to accumulate in the market, recently dropping to test the $95 support level before recovering to the $100 level on Monday, January 2, 2023. It is attempting to reverse the downward trend that began at $120 on November 23, 2022. The weekly candle close last week was the lowest in recent times, and should the end of this week result in an engulfing candle or a close above $100, it could signal a possible reversal on the larger time frames. Investors and traders will be carefully watching the behaviour of this well-known fork of Bitcoin in the coming days, in order to determine their next steps.
Stay tuned for #weekly updates on the #cryptonews and performance of major tokens and coins.