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BTC, ETH and XRP Price Analysis for January 20

Price Predictions
Wed, 01/20/2021 - 15:13
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Denys Serhiichuk
Which coin out of the top three can recover faster than the others?
BTC, ETH and XRP Price Analysis for January 20
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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Contents

The market has begun a new correction wave that has affected all of the top 10 coins; all of them are in the red zone.

Top 10 coins by CoinMarketCap
Top 10 coins by CoinMarketCap

The key information for Bitcoin (BTC), Ethereum (ETH) and XRP today:

Name

Ticker

Market Cap

Price 

Volume (24h)

Change (24h)

Bitcoin 

BTC

$643,455,243,203 $34,512.02 $62,834,526,756 -7.34%

Ethereum

ETH

$146,302,370,328 $1,281.25 $46,130,149,496 -9.71%

XRP

XRP

$13,075,697,841 $0.2882 $4,726,578,884 -4.49%

BTC/USD

The hourly EMA55 served as a support level yesterday morning for buyers as they tried to break through the orange resistance of $37,300. The daily maximum was set around $37.875, but the recovery failed.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

Over the past night, the pair rolled back slightly below the level of average prices and tried to hold in the area of $36,000. But bears have already managed to push through this support level, and today the decline will continue to the area of $33,000, where the point of control (POC) indicator line passes.

Related
Bitcoin (BTC) Price Analysis for January 19

One believes that the decline may slow down in this zone.

Bitcoin is trading at $35,098 at press time.

ETH/USD

Yesterday morning, a slight decline in the pair stalled around the $1,300 mark, after which the bulls were able to continue the run and renewed their January high to $1,440. By evening, the volume of purchases decreased, so the price of Ethereum (ETH) rolled back to the zone of the recent monthly maximum, set at $1,353 on Jan. 10.

ETH/USD chart by TradingView
ETH/USD chart by TradingView

Today the pullback may continue to the area of the hourly moving average EMA55. If sellers push through the middle level, then Ethereum (ETH) may fall to the support at $1,200.

Ethereum is trading at $1,301 at press time.

XRP/USD

Yesterday morning, trading on XRP started with very small volumes, but then buyers managed to form a bullish momentum, piercing the upper border of the sideways range ($0.310) and setting a daily high at $0.330.

XRP/USD chart by TradingView
XRP/USD chart by TradingView

During the day, the pair went sideways, and today the retest of the lower boundary of the sideways channel ($0.260) is possible. It should be noted that, due to some extinction of investor interest in XRP, trading is very sluggish. The asset has long shifted from third place in terms of capitalization on CoinMarketCap to fifth place, allowing Polkadot (DOT) to surge ahead.

XRP is trading at $0.2894 at press time.

 
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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.