Bitcoin [BTC] Rejects 2nd Attempt at $9000 – Here are the R&S for Top 3 Crypto

Nivesh Rustgi Bitcoin News PublishedJanuary 16, 2020 | ModifiedJanuary 16, 2020

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Bitcoin [BTC] Rejects 2nd Attempt at $9000 – Here are the R&S for Top 3 Crypto

The uptrend in the crypto markets cooled off after a $25 billion rise in a short while. The sellers seems to have rejected another attempt earlier today as BTC price logged high at $8865. However, it soon followed with a $200 correction.

The price of Bitcoin [BTC] at 2: 45 hours UTC on 16th January 2020 is $8660.

The bull run in crypto market began with BTC’s break above $8000. Some of the altcoins logged higher gains than Bitcoin with BSV leading the hysteria.

Nevertheless, the overall dominance of Bitcoin reduced from 68% to 66% after the recent bull run.  It is trading 1.3% lower on a daily scale. Moreover, altcoins lost value w.r.t BTC as well, dropping even lower.

Here are the Support and Resistance for Top 3

Bitcoin

Bitcoin [BTC] price is in strong bullish trend on the shorter time-frames.

Nevertheless, the price seems to be facing resistance above $8,800. It attempted another bullish attempt towards $9000. The current support levels for invalidation of the bull run are $8450-$8500 and $8200.

The 200-Day Moving Average is at $9073 at the moment.

btcusd 4-hour chart
BTC/USD 4-Hour Chart on Bitstamp (TradingView)

Ethereum

Ethereum [ETH] rose more than 25% since the beginning of the year at $130. The price is currently facing resistance around $160 with support at $146-$152 and $136.

According to derivatives and crypto trader, TraderCZ, there is a strong upside around $275 above current levels.

tradercz
Ethereum Price Resistance and Support Levels (Source: Twitter)

XRP

The support for XRP are at 0.22 and 0.2, while the bullish resistance is at $0.265. Moreover, the alts are currently due forming higher lows in the charts. This is characteristic of a bull run in any asset.

xrpusd
XRP/USD 4-Hour Chart on Bitstamp (TradingView)

As for rankings w.r.t. total market-cap, the flipping between Bitcoin Cash and Bitcoin SV has been restored. However, Tether has dropped 2 places, below BCH and BSV.

As the weekly close comes near, with CME closing tomorrow, the volatility in the market is expected to remain high. Escobar, a crypto derivatives trader, tweeted,

Pullback or sell off mode. Next 48 hours are huge for Crypto markets big picture

Do you think Bitcoin will break above $9000 soon or the bulls are weak? Please share your views with us. 

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Nivesh Rustgi 1181 Articles
Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com
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