Bitcoin, Cosmos, Aave Price Analysis: 04 January

Bitcoin, Cosmos, Aave Price Analysis: 04 January


While the market-leading crypto stopped working to snap its instant resistance near the $47,000 mark, its OBV upturned over the previous week. This motion suggested a possible stalling of the sell-off. Meanwhile, Aave bulls aimed to cross the 61.8% Fibonacci resistance.

Cosmos, on the other hand, formed an inverted head and shoulder and reached an overbought position.

Bitcoin (BTC)

TradingView, BTC/USD

Since striking its ATH on 10 November, BTC regularly marked lower peaks. As the worry belief kept rising, the biggest crypto experienced numerous sell-offs that impeded its healing stage. Ever given that BTC broke out of the bearish flag, it discovered reputable assistance at the golden 61.8% Fibonacci level for the previous month.

Now, as the current up-channel (yellow) saw a breakdown from the $52,000-mark, the king coin marked lower peaks while guaranteeing the $45,700-level. This trajectory suggested an increasing selling power. Meanwhile, as the worry and greed index plunged listed below the 25 mark, BTC fell listed below its 20-50-200 SMA

At press time, BTC traded at $46,666. Although the RSI saw greater toughs, it continued to discover resistance near the half-line. However, while the cost marked lower peaks given that 28 December, the OBV was upturned. This reading meant a possible turnaround. Besides, the ADX showed a weak directional pattern for the crypto.

Cosmos (ATOM)

TradingView, ATOM/USDT

On its 4-hour chart, ATOM formed an inverted head and shoulder pattern over the previous 6 weeks. Thus, after an almost 63% rally (from 29 December low), the alt saw an anticipated breakout from the bullish pattern and traded near its two-month high at press time. This slope pressed ATOM above its 24-week Point of Control (red) at the $36-mark.

After retesting the $32.5-support for over 7 weeks, the bulls lastly started a continual breakout for the previous 4 days. However, the Volume oscillator marked lower peaks, rather of greater highs. Now, As the bulls deal with an obstacle at the $40.7-mark, the instant screening assistance stood near $37.

At press time, ATOM traded at $40.33. The RSI unquestionably manipulated in favor of the purchasers in the overbought area. Also, the DMI verified RSI’s conclusion. Keeping the overbought RSI hazard in mind, a near-term turnaround ought to not amaze the investors/traders.


TradingView, AAVE/USD

The alt reversed its descent from the vital $170-support on 20December It saw an incredible 76.79% ROI (from 20 December low) till it poked its six-week high up on 28 December.

Since then, the bears have actually made sure the 61.8% Fibonacci resistance as the cost action fell after marking a balanced triangle on its 4-hour chart. Over the previous 2 days, the patterned breakout halted at the 61.8% resistance.

At press time, AAVE traded at $264.68 after keeping in mind a 5.6% 24-hour loss. The RSI fluctuated near the half-line and flashed neutrality. While the DMI showed a bearish edge, the ADX showed a weak directional pattern for the alt.


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