Bitcoin price trimmed all gains and dived below $88,000. BTC is now recovering losses from the $86,700 support but faces many hurdles.
- Bitcoin started a recovery wave above the $88,000 zone.
- The price is trading above $88,000 and the 100 hourly Simple moving average.
- There was a break above a declining channel with resistance at $87,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair might continue to move up if it stays above the $87,500 zone.
Bitcoin Price Remains Bid Near Support
Bitcoin price attempted a fresh increase above $88,500 but failed. BTC trimmed all gains and dived below $88,000. However, the bulls were active near the $86,700 zone.
A low was formed at $86,700, and the price recently started a fresh increase. There was a clear move above the $88,000 resistance, and the 50% Fib retracement level of the downward move from the $90,298 swing high to the $86,700 low.
Besides, there was a break above a declining channel with resistance at $87,300 on the hourly chart of the BTC/USD pair. Bitcoin is now trading above $88,000 and the 100 hourly Simple moving average.
If the price remains stable above $87,500, it could attempt a fresh recovery wave. Immediate resistance is near the $88,500 level. The first key resistance is near the $88,900 level or the 61.8% Fib retracement level of the downward move from the $90,298 swing high to the $86,700 low.
The next resistance could be $89,500. A close above the $89,500 resistance might send the price further higher. In the stated case, the price could rise and test the $90,200 resistance. Any more gains might send the price toward the $90,500 level. The next barrier for the bulls could be $91,200 and $91,500.
Another Decline In BTC?
If Bitcoin fails to rise above the $89,000 resistance zone, it could start another decline. Immediate support is near the $87,850 level. The first major support is near the $87,500 level.
The next support is now near the $86,700 zone. Any more losses might send the price toward the $85,500 support in the near term. The main support sits at $85,000, below which BTC might accelerate lower in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $87,500, followed by $86,700.
Major Resistance Levels – $88,500 and $89,000.
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Bitcoin price is struggling to clear the $17,000 resistance zone. BTC must stay above $16,000 to avoid more losses in the near term.
- Bitcoin is still consolidating above the $16,350 and $16,000 support levels.
- The price is trading just above $16,500 and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $16,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a recovery wave if it clears the $17,000 resistance zone.
Bitcoin Price Faces Resistance
Bitcoin price made an attempt to gain strength above the $17,000 resistance zone. However, BTC struggled to remain stable above the $17,000 level.
The price traded as high as $17,098 and recently started a slow decline. There was a move below the $16,800 and $16,650 levels. The price declined below the 23.6% Fib retracement level of the upward move from the $15,833 swing low to $17,098 high.
The price even spiked below the $16,500 level. However, the bulls were active near the 50% Fib retracement level of the upward move from the $15,833 swing low to $17,098 high.
Bitcoin price is now trading just above $16,500 and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $16,750 level. There is also a major bearish trend line forming with resistance near $16,750 on the hourly chart of the BTC/USD pair.
The first major resistance is near the $17,000 zone. A clear move above the $17,000 resistance could set the pace for a decent recovery wave.
Source: BTCUSD on TradingView.com
The next major resistance is near $17,500, above which the price could rise towards the $18,000 zone. Any more gains might send the price towards the $18,500 resistance zone.
Fresh Decline in BTC?
If bitcoin fails to gain pace above the $17,000 resistance zone, it could continue to move down. An immediate support on the downside is near the $16,600 level and the 100 hourly SMA.
The next major support is near the $16,350 zone. The main support is near the $16,000 zone. A clear move below the $16,000 support might spark another major decline in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $16,350, followed by $16,000.
Major Resistance Levels – $16,750, $17,000 and $17,500.
Cardano (ADA) has been following the general sentiment in the market. The fifth cryptocurrency in terms of market capitalization has been trending to the downside but at a slower pace than larger cryptocurrencies.
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At the time of writing, Cardano (ADA) trades at $0.48 with a 6% and 14% loss in the 24-hour and 7-day chart, respectively. The second crypto by market cap Ethereum (ETH) records a 30% loss over the same period, Binance Coin (BNB) a 24%, Solana (SOL) a 24% loss, and XRP an 18% loss in the past 7-days.
Cardano’s developer Input Output Global (IOG) recently announced two products that could contribute to ADA’s price short-term strength. The company revealed a new wallet called Lace, and the deployment of a new Ethereum Virtual Machine (EVM).
Lace is aimed at being Cardano’s new light wallet and to help it gain more adoption. The wallet will provide users with “enhanced capability and ease of use”. IOG said:
IOG is developing Lace ‒ a ‘one-stop-shop’ for all blockchain operations. This new platform will be feature-packed, yet lightweight, streamlining online finance. Acting as a portal to Web3.0, Lace will encompass elements of true decentralization.
On the other hand, the EVM was deployed on one of Cardano’s testnet. This tool will enable developers to build or migrate their solidity-based applications. Sebastian Guillemot, CTO at infrastructure builder dcSpark, believes the EVM on Cardano will allow the ecosystem to become a Cosmos or Polkadot-like blockchain.
This could enable products to launch independently from the Cardano mainnet and develop their own dynamics. In the future, this could promote growth across this ecosystem.
Cardano (ADA) With Increase Selling Pressure, Here Is The Critical Support
The promise of growth in the Cardano ecosystem has been one of its key fundamentals. The blockchain recently deployed its smart contracts capabilities but has yet to see it come to full fruition.
Data from Material Indicators (MI) records an increase in selling pressure from investors with asks orders above $10,000 (in red on the chart below). In the meantime, whales (purple and brown on the chart below) have remained neutral, at least, for a short timeframe.
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Below its current levels, there are over $1,5 million in bids orders, as MI shows. These orders should operate as critical support in case of further downside.
Friday 28 January 2022 in the Town Hall in a single ceremony, delivery of the veil and the keys to the city.
Masks with masks … as a joke it’s not that great, but it sums up this 2022 edition of the Carve Vercelli. “We wanted to celebrate Carnival at any cost even in this situation. Because we didn’t want to skip the tradition, the Carnival of Vercelli is historic and very important”, with these words the mayor Andrea Corsaro welcomed the Bela Majin 2022 Maddalena Cardano and the Bicciolano Enrico Rampazzo in the council chamber of the town hall. for the double coronation ceremony, that is the delivery of the veil which usually took place on January 5th in the Acacias party, and the delivery of the keys to the city.
Greetings from Valeria Viesti
Before the actual ceremonial part, the “Bela Majin” of 2020-2021, Valeria Viesti, had intervened, who thanked everyone for the wonderful experience and wished the new queen of Carvè.
Magdalene’s speech
Maddalena Cardano gave a very passionate speech, with an oratory ability that is not often seen on these occasions. In the video, his speech lasted about three minutes.
Bicciolano’s intervention
For his part, Bicciolano underlined: “I join the emotion of the Bela Majin, I thank the municipal administration, which made possible this ceremony that we missed last year. In this way the friendship between us and the city and I hope it is the beginning of a journey towards normality, thanks to the outgoing Majin, with whom I shared the debut and I thank her family who was close to me. Thanks Valeria for the two years together, one in the middle. I just have to welcome Maddalena, a simple person but with great determination, as I said right away, welcome to the family, we will start the year together, perhaps the elderly and children will not be able to have our hugs but it will still be a year of emotions ” .
Masks and authorities
In the room some of the city masks were present, the president of the Vercellesi Events Committee Stefano Roncaglia, a part of the council with the councilors Ketty Politi and Domenico Sabatino and the deputy mayor Massimo Simion with the vice president of the Municipal Council Gianni Marino and a Giulio Pretti returned to splendid shape after the months of covid and convalescence.
At the end, after the delivery of the keys, ritual exchange of gifts, the Mayor paid homage to the “kings of the Carvè” of the prestigious catalog of the exhibition “Prodigies of beauty” with the sculptures of Francesco Messina.
5 photos
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