How far will the consolidation of Bitcoin’s price continue? This question is currently on the lips of all those who follow the market. Down more than 10% over the last seven days and trading around €26,000 ($31,000) on January 27th, the asset has been correcting since the beginning of the month. Before shouting down the bear market, one must realize that the current correction is only proportional to the strong rise that we have been observing since October 2020, when the price rose by nearly 300% in 3 months. It is normal that a market breathes and pauses. The underlying trend remains bullish and we will see in the detailed technical analysis that attractive price levels have been identified to buyback.
On the Altcoins side, last week’s impressive rises have calmed down a little. The interesting thing to note is that performances are starting to vary seriously depending on the nature of the projects. We see winners and losers emerging. Projects like XRP or EOS are losing about 8% this week. Undermined by bad news, they suffer a lot from corrections and benefit little from market increases. On the other hand, the projects of the Ethereum ecosystem and DeFi offer the best performances and gain places in the capitalization ranking. This is particularly the case this week for Uniswap and Aave, which gained 48% and 38% respectively, and are now in the top 20. This proves once again the importance of selecting the right cryptocurrencies for one’s portfolio.
Accoding to CoinGecko, market capitalization is down slightly to $970 billion from $1008 billion last week.
Bitcoin’s dominance fell from 64 to 62% market share in one week.
The best performance of the top 50 is to be attributed to Uniswap (UNI) with +56% over one week.
We invite you to discover our analysis in video (in french and dated January 26th) :
Bitcoin (BTC)
Coinhouse’s recommendation : Buy on support
The consolidation phase continues on the Bitcoin price, which is around €26,300 ($32,000) and lost 13% over the week. The analysis of the price movements becomes more complex. For medium and long term investors, it is important to keep in mind only those price zones that are of strong interest. To buy or to strengthen buying positions, the first identified zone is between €22,000 and €24,400 ($26,900 and $29,800). The second is between €17,900 and €20,000 ($21,800 and $24,300) if the correction is deeper.
In the event of a bullish recovery in the coming days, a daily close above €30,800 ($38,000) will signal a clear recover of the trend. We will then switch back to a price discovery asset strategy, with holding and slight profit taking at symbolic price levels such as $45,000 or $50,000.
Ethereum (ETH)
Coinhouse’s recommendation : Hold
Ethereum (ETH) has been stronger than Bitcoin for two weeks. It has appreciated by 6% to €1124 ($1360). However, the course still fails to finish a day above the historical high of €1180 ($1430). Fluctuations in the price show that we are in a zone of uncertainty. We are holding for the moment and will only intervene in two cases:
First case: if the price finishes a day above €1180 ($1430), it will be a buy signal on a breakout, to play the bullish chase and target a profit-taking zone between$1710 and $1900. However, if a larger correction occurs, we will wait for the price to return to the now €740-€820 ($900-$1000) area of interest before making new purchases.
Polkadot (DOT)
Coinhouse’s recommendation : Buy on support
Polkadot (DOT) remains well established in an uptrend since the beginning of the year. The asset is trading at €14 ($17), up modestly by 1.4% over the week. As for Ethereum, we will only intervene on well identified price zones. If the price ends one day higher than its previous high of €15.90 ($19.30), it will be possible to buy this break and play a continuation of the trend. However, if the correction continues, we will wait for the area between €9.75 and €10.90 ($11.85 and $13.30) to buy or strengthen.
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