Price Analysis of BTC/USD and ETH/USD

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William D. Baltzell
Posts: 368
Joined: Thu Nov 07, 2019 8:19 am

Tue Jan 28, 2020 10:37 am

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For BTC against the USD, buyers were able to defend the 20-day EMA support at $8,371 and it is positive for the cryptocurrency. Bitcoin will try to return to the upside and surge over the overhead barrier at $9,198.61. If the surge succeeds, the price could attain $10,360.89.

A look at the chart of BTC against the USD shows that the moving averages are steadily sloping up and the RSI is in positive zone, suggesting that buyers are in control.

The bullish forecast will not hold following the sinking and sustenance of the price beneath the 20-day EMA. The price may decline to the crucial support at $7,856.76 if it moves beneath the 20-day EMA. Below the critical support is the 50-day SMA at $7,752. Therefore, we look forward to the bulls defending this area in an aggressive manner.

Things will become negative for the pair if the price breaks down the 50-day simple moving average.
As for ETH against the USD, the pair was able to rebound off the 20-day EMA. There is a likelihood that it will attain the overhead barrier at $173.841, which may act as a rigid barrier. Nevertheless, the buyers are favored since the 20-day EMA is sloping up and the RSI in the positive area.

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