Japanese ETF And Constantinople Boost Cryptos – Levels

The first full week of 2019 is in full swing and markets are on the move. The US Securities and Exchanges Commission (SEC) may take its time with approving a Bitcoin ETF and is stuck due to the government shutdown. However, Japanese regulators are contemplating an Exchange Traded Fund for the grandaddy of cryptocurrencies: Bitcoin.

Satoshi Nakamoto’s coin (may it be a Japanese individual or a group of developers outside Japan) is celebrating its 10th birthday, and an ETF would be a nice gift. Our charts show it has room to move one step up.

Another positive factor is Ethereum’s Constantinople upgrade. The consensual hard-fork is due for January 16th, and the current King of Altcoins holds onto its gains. Can it push higher? It may need to unshackle itself from a tough area of resistance.

What about Ripple? The third cryptocurrency in market capitalization is surrounded by technical barriers, but the path of least resistance is to the upside.

(Click on image to enlarge)

BTC/USD has a clear upside target

Bitcoin has an initial resistance line at $4,074 which is the convergence of the Simple Moving Average 5-15m, the Pivot Point one-day Resistance 2, the Bollinger Band 15m-Upper, the PP 1w-R2, and the Fibonacci 161.8% one-day.

The upside target is around $4,265 which is the meeting point of last month’s high, the PP 1w-R3, and the PP 1m-R1.

Looking down, BTC/USD has immediate support at $4,010 where we see the Fibonacci 23.6% one-day, the SMA 50-15m, the Fibonacci 38.2% one-day, the BB 1h-Middle, the SMA 10-1h, the SMA 5-4h, and the SMA 100-15m.

Significant support awaits at $3,840 where we see the confluence of the SMA 50-4h, the SMA 200-1h, the Fibonacci 61.8% one-month, the SMA 10-1d, and the BB 1d-Middle.

ETH/USD needs to escape the $153 magnet

Ethereum is stuck around $153 which is a magnet for Vitalik Buterin’s brainchild. It is a dense cluster of lines including the Fibonacci 38.2% one-day, the previous 4h high, the SMA 10-15m, the SMA 100-1h, the Fibonacci 23.6% one-week, and the Bollinger Band 4h-Middle.

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