BTC/USD

The cryptocurrency was trading in the range of $3,480 to $3,765 last week. The market strengthened gradually and there were suppositions for further growth of BTC to $3,900. At the beginning of the week, the price rebounded twice from the local support level of $3,540 (January, 16th and 17th, the H1 chart). In addition, on January, 19th (+3 UTC) at 13:00 there was an impulsive uptrend to the maximum value of the week — $3765. However, on the 20th of January, Sunday, at 14:00 (+3 UTC) Bitcoin decreased in price on $200 and showed that the upward movements were not justified.

The resistance levels for this week are determined as follows:

R1: $ 3725

R2: $ 3666

R3: $ 3500

We recommend to open sell positions from the above values this week. Apparently, the price will continue to fall following a downward trend. It is also worth refraining from opening long-term deals, giving preference to the scalping strategy instead.

This week we suggest to use M15 and M5. Overall, all of the factors mentioned above suggest a continuation of the “bearish” trend. A lot of people are still waiting for local minimum below $3,000 to be updated, and for now everything goes exactly to that. For the medium-term trend change there are no fundamental factors. Due to this fact, “the bears” will continue to dominate.

ETH/USD

Last week the Ethereum price tried to overcome the value of $130 but the downward trend formed earlier demonstrates a steady decline in the cost of ETH. In general, the market was ragged because of the news regarding the Constantinople Update execution. Due to the cancellation of the network update, the price dropped to a minimum value of $116 last week.

The resistance levels for this week are determined as follows:

R1: $ 130

R2: $ 124

EOS/USD

Last week, the cryptocurrency reached a maximum value of $2.5.

However, it is still early to talk about rapid growth since this level indicates both — resistance and a downward trend.

The current week we recommend to expect the formation of a support level above $2.2.

S1: $ 2.2

S2: $ 2.4