Crypto Market Update Jan.1: New Year, New Hope? An Extended 2019 Market Overview & Forecast

Bitcoin

The price is being supported around 200MA while seems to be a double top formation (a bearish pattern) marked on the following chart. The significant resistance lies at $3900 for the short term, and support lies around $3600 (can also reach down to $3566). If $ 3600 breaks down, Bitcoin is likely to retest 2018 lows around $3100.

Ethereum

Against the dollar, ETH is trading around $134, while building support at $110. ETH follows Bitcoin and also creates a double top formation. Resistance in this range is approximately $ 150. Regardless, ETH has a long way to get back to 2018 high levels.

Against Bitcoin, the situation looks a bit more positive. Traded around 0.036 BTC, where resistance is. The next resistance is at 0.038 BTC while support lies around 0.032 BTC.

Bitcoin Cash

ABC

Against the dollar, traded around $157 resistance is at $ 170 while support is about $140. The volume increase is something to pay attention to, but the hype has decreased slightly since the coin is far from the recent top at $ 230.

Against Bitcoin, after BCH was testing support for the third time at 0.04BTC, will support hold for the fourth time? Traded very close around 0.042 BTC, resistance lies at 0.046 BTC.

BSV

Against the dollar, traded around $ 89 after forming a double bottom around $82, which could turn out to be a bullish sign. Resistance lies at $100 in this range.

Against Bitcoin, traded around 0.024 BTC with an attempt to break up 0.026 BTC that has been rejected several times this past week. Support lies around 0.022 BTC.

Zcash

Against the Dollar, looking on the weekly chart, it seems that a head and shoulders pattern (a bullish formation) is evolving. As been said about all other altcoins, a lot depends on Bitcoin’s behavior. Traded around $ 55, resistance lies at $ 77. Breaking it up might send ZEC up to the $100 resistance level. Support holds around $ 50, only 10% below.

Against Bitcoin, looking on the weekly chart, ZEC is trading near the long-term low areas around 0.015 BTC with minor leaks to 0.014 BTC. Resistance lies at 0.017 BTC with an attempt to return to 0.020 BTC.

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(Excerpt) Read more Here | 2019-01-01 17:09:00
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