Key highlights:

  • Bitcoin dropped by over 11% today as it fell from $34,800 to reach as low as $28,000. It has since bounced back above $30,000.
  • Ethereum is up by 15.3% over the past 24 hours as it trades at $950.
  • Litecoin’s strong 70% surge in December allowed it to overtake XRP and now sits in 4th place.

Bitcoin set another ATH yesterday as $34,800 before it rolled over and retraced today. It dropped by around 11% to reach the current support near $30,000. This type of retracement is quite healthy for Bitcoin as it has continued to surge over the past 3-months with little pullbacks along the way.

At the same time, Ethereum surged yesterday to break the $1000 threshold and climb as high as $1150. It has since dropped lower and is trading at $950.

Finally, Litecoin managed to surge by 70% in December, which, when combined with XRP’s recent price plummet, it took over XRP in the market cap rankings.

Let us look at the top 3 coins (excluding Tether) and provide some strong support and resistance areas moving forward.

Bitcoin Price Analysis

What has been going on?

Bitcoin saw a sharp 11% price fall today as the coin drops into the $30,000 level. This is the largest retracement seen for Bitcoin in over 3-months as it has been surging since October and continued to set new ATH prices with little-to-no retracements along the way. 

Yesterday, BTC climbed further higher from $32,000 to set another new ATH at $34,800 (1.414 Fib Extension). Unfortunately, by the end of the day, BTC had dropped lower and closed around the $33,000 level. Today, BTC went on to roll over from this resistance as it saw a sharp 16% price decline in total. This caused BTC to spike beneath the $28,000 level briefly.

It has since recovered slightly and is trading above $30,000, finding support at the .382 Fibonacci Retracement level.

BTC price short term prediction: Bullish

BTC remains bullish at this moment in time. It would need to drop beneath $24,000 before turning neutral again. BTC would have to fall beneath the previous ATH at $19,893 and drop beneath the $18,000 level to turn bearish.

If the sellers push lower, the first level of support lies at $30,000. This is followed by support at $28,527 (.5 Fib), $28,000, $27,000 (.618 Fib), and $26,000. Added support is found at $24,848 (.786 Fib), $24,000, and $23,500 (.886 Fib).

Where is the resistance toward the upside?

On the other side, the first level of resistance lies at $32,000. This is followed by $33,000, $34,000, and $34,800 (1.414 Fib Extension). Additional resistance is found at $37,292, $28,000, $29,426, and $40,000.

Ethereum Price Analysis

What has been going on?

ETH is up by around 15% over the past 24 hours as it trades at around $950 right now. Yesterday, ETH penetrated beyond the $800 level and continued higher above $900 to close the day at about $975. Before closing, ETH managed to spike above the $1000 level for the first time since 2018.

Today, ETH continued even higher as it surged beyond $1000 to reach as high as $1150. Unfortunately, the BTC price drop also caused ETH to head lower as it fell beneath the $1000 level to get as low as $862 (.236 Fib Retracement). It has since rebounded from here and is trading around $950.

ETH price short term prediction: Bullish

ETH is also bullish right now. The coin would need to drop beneath $629 to turn neutral again and would have to continue further beneath $450 (200-day EMA) to be in danger of turning bearish.

If the sellers push lower, the first level of support lies at $900. This is followed by support at $862 (.236 Fib), $850, $800, and $735 (.5 Fib). Added support is found at $700, $678 (.618 Fib), and $630 (July 2018 Highs).

Where is the resistance toward the upside?

On the other side, the first level of resistance lies at $975 (long term 1.272 Fib extension – purple). This is followed by resistance at $1000, $1040 (long term 1.414 Fib Extension), $1100, and $1133 (bearish .786 Fib Retracement). Added resistance is found at $1166, $1200, and $1266 (bearish .886 Fib Retracement).

Litecoin Price Analysis

What has been going on?

Litecoin surged by a powerful 70% over the past month, allowing it to take over XRP in the market cap rankings. The two have been switching positions a few times over the past 24 hours as they both hold a market cap value of around $9.9 billion – so we can expect them to flip a little more over the coming days.

LTC surprised everybody in December and continued to surprise people in January when it climbed from $125 to $165 yesterday. Today, LTC continued higher as it hit resistance at $174 (1.414 Fib Extension level).

It has since dropped from here to trade at $150.

LTC price short term prediction: Bullish

LTC is also considered bullish right now. The coin would need to drop beneath $100 to turn neutral again and would have to continue further beneath $70 to be in danger of turning bearish.

If the sellers push lower, the first level of support lies at $147 (2019 highs). This is followed by support at $140, $133.85 (.382 Fib), $121.70 (.5 Fib), and $110 (.618 Fib).

Where is the resistance toward the upside?

On the other side, the first level of resistance lies at $155 (bearish .382 Fib). This is followed by resistance at $165, $174 (1.414 Fib Extension), $185 (May 2018 High), $190 (1.618 Fib Extension), $196 (bearish .5 Fib Retracement), and $200.



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