Price analysis 1/22: BTC, ETH, DOT, XRP, ADA, LTC, LINK, BCH, BNB, XLM

Aggressive profit-booking sent Bitcoin (BTC) spiraling beneath $29,000 on Jan. 21 but was this a sign that institutional investors dumped their positions? This is one of the master questions bothering traders because large institutional inflows primarily led the run-up to $42,000.

Cointelegraph correspondent Marcel Pechman analyzed derivatives information from various exchanges, which showed professional person traders might take purchased at lower levels. The autumn seems to take particularly hurt the excessively leveraged traders, resulting in $460 one thousand thousand worth of liquidations at derivatives exchanges.

*Daily cryptocurrency market place functioning. Source:* *Coin360*

Data from CryptoQuant shows that Bitcoin's biggest mining pool, F2Pool, witnessed daily outflows of 10,000 Bitcoin for three days in a row, starting Jan. 17.

Although the outflows practise non mean the miner has dumped the entire quantity, it shows a possible intent to reduce a portion of the inventory. This could have attracted selling from traders, fearing a sharp fall if the miners flooded the open market place with BTC.

Currently, Bitcoin is rallying back toward $34,000 just is the current rebound a dead cat bounce or a resumption of the uptrend?

Let's written report the charts of the top-10 cryptocurrencies to find out.

BTC/USD

Bitcoin held the twenty-day exponential moving average ($34,146) on Jan. 20, simply the bulls could not push the price back into the symmetrical triangle, which shows a lack of need at higher levels. The bears renewed their selling on Jan. 21 and broke the 20-solar day EMA back up decisively. This is the first indication that the bullish momentum has weakened.

The BTC/USD pair has bounced off the 50-solar day uncomplicated moving average ($28,103) today, but the rise could face resistance at the twenty-day EMA. If the pair turns down from the xx-twenty-four hours EMA, it will suggest the sentiment has changed from purchase on dips to sell on rallies.

If the next dip breaks below the 50-day SMA, the correction could deepen to the 61.8% Fibonacci retracement level at $22,106.73. Such a motion may delay the resumption of the uptrend.

Contrary to this assumption, if the bulls can propel the price higher up the xx-twenty-four hours EMA, the pair could ascension to the downtrend line. A breakout of this resistance could issue in a retest of the all-time high at $41,959.63.

ETH/USD

Ether (ETH) plummeted below the $ane,300 support and the 20-solar day EMA ($i,142) on January. 21, only the bulls defended the uptrend line today. The buyers are currently attempting to drive the price above the $i,300 resistance.

If they succeed, the ETH/USD pair could retest the all-time high at $1,438. A breakout and shut above this resistance volition suggest the uptrend has resumed. The next target objective on the upside is $i,675.

Even so, if the price turns down from the overhead resistance, the pair could consolidate in a range for a few days before starting the next trending motion. The bears will exist back in the game if the pair turns downward and breaks below the uptrend line.

DOT/USD

Polkadot (DOT) is currently consolidating in an uptrend. The bulls have not allowed the price to dip beneath the 38.2% Fibonacci retracement level at $14.7259, suggesting that the traders are not rushing to the exit every bit they wait the uptrend to resume.

The upsloping moving averages and the relative strength index (RSI) nearly the overbought zone suggest the bulls are in command. If the buyers tin thrust the toll in a higher place the $xviii to $19.twoscore overhead resistance zone, the uptrend could resume. The next level to watch on the upside is $24 and so $30.

If the cost turns down from the overhead resistance, the DOT/USD pair may remain range-bound for a few more days. The pair could plough negative if the bears sink and sustain the price below the 20-24-hour interval EMA ($thirteen.25).

XRP/USD

XRP slipped below the $0.25 support today, but the bears could not sustain the lower levels. The bulls purchased the dip and are currently attempting to push button the cost in a higher place the 20-day EMA ($0.29).

If they manage to do that, the XRP/USD pair may ascension to the downtrend line, which has acted as a stiff resistance on two previous occasions. If the price once again turns downwards from this resistance, the bears will try to sink the pair below $0.25 and complete the descending triangle design. If that happens, the pair could drop to $0.169.

On the other hand, if the bulls can push the toll in a higher place the downtrend line, the pair may rise to $0.385. A breakout of this resistance could kickoff a new uptrend, simply if the price turns down from this level, the pair may proceed to consolidate betwixt $0.25 and $0.385 for a few more days.

ADA/USD

Cardano (ADA) broke below the $0.34 support on Jan. 21 and the 20-solar day EMA ($0.thirty) today, but the bulls purchased at the support line of the ascending channel, which shows need at lower levels.

The buyers are currently attempting to sustain the price above the $0.34 overhead resistance. If they succeed, a retest of $0.3971995 is likely. The upsloping moving averages and the RSI in the positive zone suggest bulls have the upper hand.

A breakout and shut above $0.xl could resume the uptrend with the next target objective at $0.50. This bullish view will invalidate the price turns down and breaks below the channel. The adjacent support on the downside is the 50-solar day SMA at $0.22.

LTC/USD

Litecoin (LTC) has formed a head and shoulders pattern that will complete on a breakup and shut below $120. The strong rebound off the l-twenty-four hours SMA ($122.80) today suggests the bulls are defending the $120 support.

The electric current bounce could face up selling at the downtrend line. If the price turns downwards from this resistance, the bears will once again attempt to break the neckline at $120 and consummate the caput and shoulder blueprint. If they succeed, the LTC/USD pair could drop to $100 and then to $70.

This negative view volition invalidate if the bulls push the cost higher up the downtrend line. The momentum could choice up above $160 and upshot in a retest of $185.5821. A breakout of this resistance may resume the uptrend.

LINK/USD

Chainlink (LINK) rebounded sharply from just beneath the 20-solar day EMA ($18.xviii) today, which shows the bulls are actively buying on dips. The upsloping 20-day EMA and the RSI in the positive territory suggest bulls are in command.

If the bulls can sustain the price above $22, the LINK/USD pair could retest the all-time loftier at $23.767. A breakout and close above this resistance may resume the uptrend, with the next target at $27 and and so $30.

Contrary to this assumption, if the price turns downwards from the overhead resistance, a few days of consolidation is possible. The trend will plow in favor of the bears if they can sink the pair below $17.

BCH/USD

Bitcoin Cash (BCH) bankrupt below the uptrend line on Jan. 21, and the altcoin dropped close to the 50-day SMA ($375) today. The 20-mean solar day EMA ($459) has flattened out, and the RSI near the midpoint suggests a few days of range-bound action.

If the bulls push the price dorsum above the xx-mean solar day EMA, the BCH/USD pair could rise to $539. The bears are likely to mountain a strong defence force at this level. If the price turns down from this resistance, the pair may remain stuck between $539 and $370 for a few days.

On the reverse, if the electric current bounce turns down from the 20-24-hour interval EMA, the bears will over again attempt to sink the price below the $370 support. If they succeed, the pair may correct to $275.

BNB/USD

The bulls defended the 20-24-hour interval EMA ($40.82) on Jan. xx merely renewed selling on Jan. 21 sent Binance Coin (BNB) tumbling to the support line of the ascending broadening wedge pattern.

The bears tried to sink the price beneath the pattern today but potent ownership by the bulls has pushed the price to the 20-solar day EMA. If the bulls can propel the price above the twenty-day EMA, information technology volition betoken accumulation at lower levels. This could issue in a rally to $44 and then to $47.2187.

Opposite to this assumption, if the price turns down from the electric current levels and breaks below the back up line, it will suggest traders are selling at the xx-day EMA, which indicates a bearish sentiment. If the 50-solar day SMA ($35.95) cracks, the BNB/USD pair could correct to $thirty and then to $26.7273.

XLM/USD

Stellar (XLM) plunged below the $0.26 to $0.325 range on Jan. 21, indicating the balance had shifted in favor of the bears. The sellers tried to sink the toll to the l-day SMA ($0.205) today, but the buyers arrested the turn down at $0.228112.

The bulls are currently attempting to push button the price back within the range. If they succeed in sustaining the price above the 20-solar day EMA ($0.264), it will suggest the intermission below the range was a deport trap.

If the bulls can sustain their buying and push the toll to a higher place $0.325, the XLM/USD pair could resume the uptrend and rally to $0.twoscore

On the other hand, if the pair once again turns downward and breaks below $0.26, it volition suggest the sentiment has turned negative, and traders are selling on small-scale rallies. This could pull the toll downward to the 50-day SMA.

The views and opinions expressed here are solely those of the writer and practice not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should deport your ain research when making a decision.

Market data is provided by HitBTC exchange.