BTC, ETH and XRP Price Analysis for January 22

Date:

The sell-off has continued on the cryptocurrency market as the coins have followed the sharp drop of Bitcoin (BTC).

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

Bitcoin (BTC) has lost the least compared to other coins from the list. It has dropped by 7.23% since yesterday.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the daliy chart, Bitcoin (BTC) has fixed below the support of $39,573, having confirmed the bears’ dominance over bulls. At the moment, the price is located in the channel with the new support at the area around $30,000.

If sellers keep the drop, there are chances to expect short-term growth from the support level; however, the trend remains bearish.

Bitcoin is trading at $35,665 at press time.

ETH/USD

Ethereum (ETH) is the biggest loser today with a fall of almost 12% over the last 24 hours.

ETH/USD chart by TradingView
ETH/USD chart by TradingView

Ethereum (ETH) has confirmed the support level at $2,410, having successfully bounced back from it. At the moment, one needs to pay close attention to where the daily candle closes. If bulls can hold the crucial level at $2,500, there is a possibility to see the correction to the mirror level at $2,900 next week.

Ethereum is trading at $2,468 at press time.

XRP/USD

XRP is not an exception to the rule, going down by 11%.

XRP/USD chart by TradingView
XRP/USD chart by TradingView

From the technical point of view, XRP is trading similarly to Bitcoin (BTC) as it is also located between the resistance of $0.6959 and the support of $0.50. The selling trading volume has increased, which means that traders may have begun fixing their short positions.

In this case, the ongoing fall might be stopped soon, followed by a bounceback.

XRP is trading at $0.6028 at press time.

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