Risky assets across the world are witnessing a complete bloodbath and crypto markets have been the worst affected. Bitcoin and several major altcoins have dropped more than 50% from their respective all-time highs, indicating that panic has gripped traders. The total crypto market capitalisation dropped below $1.5 trillion on January 24, a 50% fall from its lofty highs of near $3 trillion in early November of last year.

However, CNBC host Jim Cramer had a different view based on the chart's analysis by popular technician Tom DeMark. Cramer said that “Bitcoin and Ethereum could be looking at downside trend exhaustion bottoms this week.” He also added that it “might be too late to sell and you need to consider buying. I know I am, especially if we get a final leg down,” CNBC reported.

Bitcoin attempted a recovery on January 20 but could not rally above the overhead resistance at £32,382.23. This may have attracted selling from traders which pulled the price below the critical support of £29,000 on January 21.

The sharp fall of the past few days sent the relative strength index (RSI) near to 20 levels indicating that the selling had been overdone in the short term. Usually, deeply oversold levels are followed by a minor relief rally or consolidation. The BTC/GBP pair could rise to the breakdown level at £29,000 where the bears may again mount a strong resistance.

If the price turns down from this level, it will suggest that sentiment remains negative and traders are selling near overhead resistance levels. The bears will then make one more attempt to resume the downtrend. A break and close below £24,450 could open the doors for a possible drop to £21,462.10. Conversely, if bulls drive and sustain the price above £29,000, it will suggest that the markets have rejected the lower levels. The pair could then attempt a rally to the 50-day simple moving average (SMA).

The pair could soon bottom out but we would wait for the price to sustain above £29,000 before recommending fresh long positions.  

Lastly please check out the advancement’s happening in the cryptocurrency world.

Enjoy the issue!

– Solidus
– Onino
– Meld
– Mine Network

– Digital Arms
– World Mobile Token
– Hubble Protocol



Bitcoin attempted a recovery on January 20 but could not rally above the overhead resistance at £32,382.23. This may have attracted selling from traders which pulled the price below the critical support of £29,000 on January 21.

The sharp fall of the past few days sent the relative strength index (RSI) near to 20 levels indicating that the selling had been overdone in the short term. Usually, deeply oversold levels are followed by a minor relief rally or consolidation. Read more


Ether plunged below the £2,165 to £2,000 support zone on January 21, indicating the resumption of the downtrend. The ETH/GBP pair dropped to £1,603 on January 24 where buying emerged as seen from the long tail on the day’s candlestick.

The buyers will now attempt to start a recovery which could reach the downtrend line. This level could again act as a strong resistance.  Read more


XRP turned down and broke below the strong support of £0.51 and the December 4 intraday low of £0.46 on January 21. This indicated the resumption of the downtrend.

The bulls have been defending the £0.40 support for the past few days but have not been able to achieve a strong rebound off it. This suggests a lack of aggressive buying at higher levels. Read more


Cardano turned down from £1.20 on January 18 and plunged below the 50-day SMA on January 19. The bulls tried to push the price back above the 50-day SMA on January 20 but failed.

This may have attracted aggressive selling by the bears and profit-booking by short-term bulls. The ADA/GBP pair continued its downward move and declined to £0.68 on January 22.  Read more


Binance Coin broke and closed below the 200-day SMA on January 20. That was followed by another sharp fall on January 21 which pulled the price below the psychological support at £300.

The BNB/GBP pair dropped close to the strong support at £247 on January 22 and the bulls have held the level since then. The bulls will have to push and sustain the price above £289 to signal the start of a sustained recovery.   Read more

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Robinhood Launches Crypto Wallet Beta for Bitcoin, Ethereum and Dogecoin Transfers

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