Bitcoin Going All Time High π²? : Here's your Weekly Market Analysis (9th January) π
PLUS : Market News
Good Morning/Afternoon/Night, wherever you are in the world!
You are reading the CryptoCult Newsletter, where we keep you updated with everything crypto. π
A lot is happening this week in the crypto space amidst the ETF approval hype β truly exciting times!
Letβs see whatβs in news for BTC and ETH
First up, Bitcoin has crossed a major resistance at 43,500 - 44,500 like a rocket π and hit the 47,000 mark for the first time in a year. All Bitcoin ETF applicants have submitted final amendments to the SEC by the January 8, 8:00 am EST deadline. Crucial moment as we await the SEC statement, so itβs important to mark the levels on your charts; there might be some nukes on both sides. π£
Ethereumβs on-chain analytics indicate recent significant accumulation in the largest non-exchange Ethereum wallets. The key metric is the "supply held by top non-exchange addresses," monitoring the total Ethereum in the combined balance of the 150 largest self-custodial wallets. Also after the BTC hype there is a huge possibility of eth hype being followed.
Now, letβs draw the Lines!
πͺ BTC
Support: 44,444 & 41-42.2k
Resistance: 46.8k
On a breakout, BTC is expected to touch 55.5k with the next target at 66.6k.
π·ETH
Support: 2137-2175
Resistance: 2.3-2.4k
Eth is accumulating in the range on the 1D time frame.
BCH
Support: 230-225
Resistance: 255.5
BCH is forming a daily ascending triangle. After the ETF hype, halving hype is expected, making BCH a favorable pick.
LDO
Key Level: 3.053-3.170 (Daily)
LDO shows a gigantic ascending triangle in the weekly chart, with further capacity to go till 6.
Total 2 (Altcoin Market Cap)
Broke out of giga box.
Successfully retested in the weekly timeframe.
Anticipated move towards the levels of 900 billion.
Happy Trading :)
Cult Signing of until next time π«‘