Bitcoin price has been as high as $41,950 on Binance on January 8, 2021, before a massive correction down to $30,420 on January 11. The flagship cryptocurrency pulled down the entire market which saw its market capitalization drop from an all-time high of $1.11 trillion to $850 billion in just 48 hours.
Bitcoin price defended crucial support level
On the daily chart, BTC price touched $30,420 which is just located where the 26-EMA was established. Additionally, although Bitcoin did drop below the 12-EMA as well at $35,000, bulls managed to buy the dip and close above both the 12-EMA and the 26-EMA.
BTC/USD daily chart – TradingView
BTC price is currently trying to stay above the 12-EMA after another dip-buy from the bulls in the past 24 hours. Bitcoin needs to stabilize in the next week before resuming its uptrend above the all-time high of $41,950. As long as the 26-EMA level is defended, the bull rally will remain intact.
XRP Price bounded inside a critical range
It seems that XRP price has been trading inside a tightening range on the 12-hour chart with its first high established at $0.385 and the second at $0.37. The low remains at around $0.20 while the current price is right in the middle of the range.
XRP/USD 12-hour chart – TradingView
A breakout above $0.37 can quickly push XRP price above the last high of $0.385 and up to $0.6 as there is very little resistance to the upside. Similarly, a breakdown below the crucial support level at $0.2 can send XRP towards $0.15 and perhaps even lower. Despite the SEC suing Ripple, XRP holders have remained strong and bought several dips.
Ethereum price could be on the verge of a massive breakout
Ethereum price also plummeted with the market from a high of $1,348 to a low of $915. It’s important to note that ETH hasn’t yet hit a new all-time high like Bitcoin.
ETH/USD 4-hour chart – TradingView
It seems that Ethereum has established an equilibrium pattern on the 1-hour chart with a double top at $1,150 and a low at $915 followed by a higher low at $1,006. These two levels are the most critical points in the short-term.
A breakout above $1,150 can easily send Ethereum price up to $1,348 and potentially to a new all-time high above $1,440. Similarly, losing the crucial $1,006 support level can quickly drive ETH down to $900.
