Bitcoin, Cosmos, Aave Price Analysis: January 04

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While the market-leading crypto failed to break its immediate resistance near the $ 47,000 mark, its OBV has risen over the past week. This move indicated a potential blockage of the massive sell-off. Meanwhile, the Aave bulls struggled to break through the 61.8% Fibonacci resistance.

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

Bitcoin (BTC)

TradingView, BTC / USD

Since hitting its ATH on November 10, BTC has consistently marked lower peaks. As the sense of fear continued to mount, the largest crypto witnessed several sales that hampered its recovery phase. Since BTC came out of the bearish flag, it has found reliable support at the 61.8% Fibonacci gold level for the past month.

Now, as the recent ascending (yellow) channel has broken away from the $ 52,000 mark, the King’s coin has marked lower peaks while securing the $ 45,700 level. This trajectory indicated growing selling power. Meanwhile, as the Fear and Greed Index dipped below the 25 mark, BTC fell below its 20-50-200 SMA.

At the time of going to press, BTC was trading at $ 46,666. Although the RSI saw higher resistance, it continued to find resistance near the half line. However, as the price marked lower peaks since December 28, OBV rallied. This reading suggests a possible turnaround. In addition, the ADX has shown a weak directional trend for the crypto.

Cosmos (ATOM)

TradingView, ATOM / USDT

On its 4 hour chart, ATOM has formed an inverted head and shoulders pattern over the past six weeks. So after rising nearly 63% (from the Dec 29 low), the alt experienced an expected break from the uptrend and traded near its two-month high at the time of the break. publication. This slope pushed ATOM above its 24 week (red) checkpoint at $ 36.

After retesting the $ 32.5 support for more than seven weeks, the bulls have finally started a sustained breakthrough over the past four days. However, the volume oscillator marked lower highs, instead of higher highs. Now, as the bulls face a hurdle at $ 40.7, immediate test support was near $ 37.

At time of printing, ATOM was trading at $ 40.33. The RSI has undeniably worked in favor of buyers in the overbought region. Further, DMI confirmed RSI’s finding. With the threat of overbought RSI in mind, a near term reversal should come as no surprise to investors / traders.

AAVE

TradingView, AAVE / USD

The alt reversed its descent from crucial $ 170 support on December 20. It recorded a staggering 76.79% return on investment (from December 20 low) until it hit its six-week high on December 28.

Since then, bears have secured 61.8% Fibonacci resistance as price action has fallen after marking a symmetrical triangle on its 4-hour chart. Over the past two days, the patterned breakout has stopped at 61.8% resistance.

At time of printing, AAVE was trading at $ 264.68 after posting a 5.6% 24-hour loss. The RSI wobbled near the half line and flashed neutrality. While the DMI showed a bearish edge, the ADX showed a weak directional trend for the alt.

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