The cryptocurrency markets have seen a Green Tsunami over the past week, with a lively increase over the past 48 hours alone! Since the start of the year of 2020, the cryptocurrency market has increased by a total of $50 billion from $190 billion to the current total at $240 billion. It does certainly feel that there is a great year ahead for cryptocurrencies this year!

Bitcoin

BTC/USD - MEDIUM TERM - DAILY CHART

What Has Been Going On?

Over the past 30 days, Bitcoin has increased by a total of 26% as it started the year just beneath the $7,000 level and has gone on to increase toward $8,700. The real movement started on January 7th when Bitcoin managed to break above $7,700 and make a fresh high above the December 2019 highs, creating a bullish market. 

Bitcoin then struggled for a few days at the 200-days EMA but went on to climb higher above this resistance in yesterday’s trading session which saw BTC increase by a total of 9% to reach the resistance at $8,860 (provided by a 1.414 Fibonacci Extension level). We can see that Bitcoin has stalled slightly at this resistance and has started to pullback which is entirely normal.

Where Can We Go From Here?

We can expect a small pullback after such an extended move in one day, however, the market has certainly turned bullish and we should expect Bitcoin to continue rising throughout the rest of the month. Bitcoin is currently supported at the $8,687 level, however, if the market does break beneath here we can expect immediate support at $8,400, $8,278, and $8,200 (200-days EMA).

If the sellers continue to push Bitcoin beneath the 200-days EMA, and beneath $8,000, additional support is located at $7,981 (.382 Fib Retracement and 100-days EMA), $7,709 (.5 Fib Retracement), and $7,500.

Alternatively, if the bulls can continue to climb higher from the support at $8,687 and break above the resistance at $8,861, we can expect the next level of resistance to be located at the $9,000 region. Above this, higher resistance is found at $9,193 (1.618 Fib Extension), $9,270 (bearish .786 Fibonacci Retracement), and $9,400. Above $9,400, resistance is located at $9,615, $9,800, and $10,000.

Ethereum

ETH/USD - MEDIUM TERM - DAILY CHART

What Has Been Going On?

Ethereum has seen a significant price increase which totals 15.7% over the past week of trading with a further 24% price surge over the past month. The cryptocurrency kicked 2020 off by rebounding at the $127 level as it started to climb higher. 

It met some resistance at around $145 for a few days but eventually overcame this resistance in yesterday’s trading session which saw ETH surge by a total of 15% as it made its way above the 100-days EMA into resistance at $170. This level had provided strong support for the market during August and September 2019 and is expected to provide an equal level of resistance moving forward. 

Ethereum is now certainly bullish after breaking above the December 2019 highs at $153. For Ethereum to turn bearish, we must see it fall beneath the $145 support level.

Where Can We Go From Here?

If the bulls continue to dominate the market and bring ETH above the resistance at $170, immediate higher resistance is expected at $174 (200-days EMA), $178 (1.272 Fib Extension), and $183 (1.618 Fib Extension). Above this, higher resistance lies at $196 which is provided by a long term bearish .382 Fibonacci Retracement level. 

If the buyers can continue to push ETH above $200, higher resistance lies at $210 and $219 (bearish .5 Fibonacci Retracement level).

On the other hand, if the sellers push ETH lower, we can expect immediate support at $156 (100-days EMA). Beneath this, additional support is located at $151 (.382 Fib Retracement), $145, and $140.

Ripple

XRP/USD - MEDIUM TERM - DAILY CHART

What Has Been Going On?

XRP started the year by rebounding from $0.18 and moving on to break above $0.20 again. Relative to other cryptocurrencies, XRP has had a rather muted price rise this week which totals only an 11% increase, however, the market still looks pretty promising.

In the price surge yesterday, XRP went on to rise from $0.22 and continued higher into the $0.24 level. More specifically, it met resistance at the 100-days EMA at around $0.233 where it is currently struggling to overcome. This level had provided support for XRP during September 2019 and is providing strong resistance moving forward. 

Although XRP may seem bullish in the short term, it still must rise higher and break above $0.30 to confirm a longer bullish trend that can be sustained throughout the rest of the year. To turn bearish, XRP must drop and fall beneath the support at $0.182.

Where Can We Go From Here?

If the sellers push XRp lower, we can expect immediate support at the $0.22 level. Beneath this, additional support is found at $0.20, $0.1950, and $0.182 (December 2019 lows). 

On the other hand, if the buyers continue to push XRP above the resistance at $0.24, we can expect immediate higher resistance to be located at $0.2560 and $0.2650 (200-days EMA). If they can break above the 200-days EMA, additional resistance lies at $0.28, $0.30, and $0.3133 (November highs).

DASH

DASH/USD - MEDIUM TERM - DAILY CHART

What Has Been Going On?

Dash has seen an EXTRAORDINARY 45% price surge over the past 24 hours of trading, bringing the price for the cryptocurrency up to the $123 level. This price increase extends to an epic 147% price explosion over the past month, making it the strongest performing top 20 projects in the industry (disregarding Bitcoin SV).

Dash started the year as low as $43 but went on to slowly rise during the first week of 2020. The cryptocurrency passed resistance at the 100-days EMA on the 11th of January and continued to rise higher to reach the resistance at $70 on the 13th of January. 

However, in yesterday’s trading session, Dash surged past the $70 level and climbed above the 200-days EMA at $78 to reach the $88 level. Today is when Dash truly exploded as it broke above $100 and continued to climb much further higher into resistance at the $125 level. This resistance is provided by a long term bearish .618 Fibonacci Retracement level which is measured from the June 2019 high to the December 2019 low.

Dash is most certainly in a bullish trend and must break beneath the support at $80 before it would turn bearish.

Where Can We Go From Here?

If the buyers can continue to cause Dash to climb above the resistance at $125, immediate higher resistance lies at $138, $142, and $148 (bearish .786 Fibonacci Retracement level). Above this, additional resistance lies at $150, $155, and $162 (bearish .886 Fibonacci Retracement level).

On the other hand, if the sellers regroup and start to push Dash lower, initial support is expected at $120, $110, and $100. Beneath $100, support lies at $88.50 (short term .382 Fib Retracement), $79 (200-days EMA), and $69 (short term .618 Fib Retracement).

Here Is What To Expect Next

In conclusion, the market has increased exponentially in the past 24 hours and we should wait for a small retracement before we start to invest again - especially with the ongoing Kleiman-Wright lawsuit which could cause panic in the market if they prove access to their Tulip Trust which contains 1.1 million BTC. 

Anybody that is late to this party might be suffering some slight losses during this retracement. However, this IS cryptocurrency, so technically, ANYTHING can happen and we might even just see this green wave continue throughout the month with a minimal correction!