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On January 19, Bitcoin Bulls took the price over 200-day SMA at $9,036 but failed to maintain the profits. The price returned to the downside thereby leading to the formation of an outside day candlestick pattern, suggesting strength for the sellers at higher levels.
A decline to the 20-day EMA at $8,247 is now possible, which could become a powerful support. The direction of the 20-day EMA as well as the position of the RSI points at bulls’ control.
A sharp bounce off from the 20-day EMA is going to prompt the buyers to try to take the price over the 200-day SMA. An upsurge to $10,360.89 could ensue if the buyers succeed.
Contrariwise, the ability of the sellers to take the price beneath the 20-day EMA could bring about a decline to $7,856.76. The immediate support is at $7,000.
As for ETH/USD, the price surged over the overhead barrier at $173.841 a few days ago but failed to surge over the 200-day SMA at $182. It reveals the aggressive defense of the sellers at the 200-day SMA.