The general cryptocurrency market has been basking in significant profits since the start of the new decade. All major coins, including Litecoin (LTC), Bitcoin Cash (BCH), Bitcoin Satoshi’s Vision (BSV) Monero (XMR), and Binance coin (BNB) are trading in the bull markets.
Both BSV and BCH are having an excellent performance this week, as the coins are presumed to be out of the bear market.
LTC/USD Major Trend: Bullish
Presently, Litecoin (LTC) is in a bull market. The coin is in an upward move, attempting to break the resistance at $60. The bulls have earlier successfully broken the resistance line of the horizontal channel. The price also closed above it confirming the uptrend. In retrospect, Litecoin has earlier reversed from the bear market after breaking the downtrend line.
LTC faced another selling pressure which catapulted it to fall to the low of $44 since November 23. Nonetheless, the cryptocurrency has been at the bottom of the chart, fluctuating between $40 and $50. Today, the bulls have broken the horizontal channel as they struggle to break the resistance at $60. On the upside, LTC may reach a high of $70 or $80, if the resistance at $60 is breached. On the other hand, LTC may decide to be in a sideways trend if the resistance remains intact.
BCH/USD Major Trend: Bullish
Bitcoin Cash (BCH) is recording major gains. According to the Fibonacci tool, BCH has been reversed at the 1.272 extension level or the equivalent of $197. Bitcoin Cash has been in a bullish run as the coin reached a high of $360. After the resistance at $360, BCH will be out of the downtrend zone, once the current resistance is breached.
Meanwhile, the bulls have made frantic efforts to break the resistance at $360 since January 14. The upward move is likely if the bulls pick up momentum and break the resistance level. A successful breakout will push the coin to reach a high of $400 and $440. In the meantime, if the bulls fail to break the resistance, the coin will resume a sideways move below the resistance.
BSV/USD Major Trend: Bullish
Despite many criticisms surrounding Bitcoin SV, the cryptocurrency is currently in a bull market. On January 14, the coin was in a price rally as it reached a high of $440 and began to retrace to the low above $280. Previously, the coin was in a bear market and the selling pressure exhausted at the low of $80 in September. At $80 low, the BSV was in consolidation before making an upward correction to the high of $140. The selling pressure resumed as the coin fell to a low of $80.
This is the highest price of BSV value when compared with 2019. Meanwhile, the Relative Strength index Period 14 level 69 indicates that the coin is the bullish trend zone. The coin has already fallen when it reached the overbought region. The support at $280 may hold.
XMR/USD Major Trend: Bullish
Monero (XMR) is in a bull trend as the bulls break the downtrend line and the price closes above it. This indicates that the bear market has been terminated. XMR has already resumed an upward move. Buyers have taken price to the previous higher of $70 but it is facing resistance. The coin is trading in the overbought region of the daily stochastic where buying has been overdone. Sellers may come in to resume selling pressure. On the upside, if the bulls are in control, the current resistance will be broken as price reaches the high of $80 or $90.
BNB/USD Major Trend: Bullish
The bulls break the downtrend line and price closes above it. It is presumed that the bear market has been terminated. Binance coin (BNB) is in an upward move to a high of $17. The cryptocurrency is currently facing resistance at the current price level. On the upside, if the bulls break the current resistance, BNB will reach a high of $20. The Relative Strength Index period 14 level68 indicates that the coin is in the bullish trend zone and approaching the overbought region.