Near major cryptocurrencies have started the new year's day on a positive note. Yet, in the past 24 hours, the crypto markets are witnessing a sea of scarlet. This shows that the rally has striking a roadblock, which could result in a small correction or consolidation for the next few days.

Such a move will be salubrious for the crypto markets because it will milkshake out the weaker hands. The side by side dip will also give an idea about the cryptocurrencies that accept bottomed out and have started a new uptrend.

Acclaimed veteran trader Peter Brandt believes that Bitcoin has bottomed out and is unlikely to drop to $half-dozen,000. In a market word with Cointelegraph, Brandt said that the fall in Bitcoin's price has driven the weak hands out of the market and the stiff easily accept accumulated at the contempo lows. Brandt also advised crypto traders non to aim for short-term gains but position themselves for long-term gains in Bitcoin.

Crypto market data weekly view. Source: Coin360

Crypto market data weekly view. Source: Coin360

With China moving closer to launching a digital yuan, the US Securities and Commutation commissioner Hester Peirce said that a lot of innovations are happening in China equally the government there recognizes the potential of the applied science. She chosen upon the US to learn from information technology.

While cryptocurrencies have generated huge wealth for traders, they tin also exist used to give back to society. Over the past few weeks Australia has experienced some of the worst wildfires in history which are estimated to have caused irreparable damage to the environment. To help in the rebuilding process, Cointelegraph has partnered with the ecological preservation organization Oxygen Seven to raise money for the Australian Wildfire Fund. Donations tin be made here.

BSV/USD

The news catamenia about the ongoing legal battle between Craig Wright, who may or may not be Satoshi Nakamoto, and the estate of his former business partner Dave Kleiman has again helped Bitcoin SV (BSV) become the top performer of the past vii days.

In the early part of the week, the toll of Bitcoin SV surged to a new lifetime high on the speculation that Wright had received a list of public keys for $eight.9 billion worth of Bitcoin held with the Tulip Trust.

Even so, later on in the week, it came to light that Wright had not submitted whatever information regarding individual keys. That led to a crash in the cost of Bitcoin SV. After the hugely volatile calendar week, what is the way forrard? Let's analyze its chart to find out.

BSV USD daily chart. Source: Tradingview​​​​​​​

BSV USD daily nautical chart. Source: Tradingview

The price of the BSV/USD pair shot up from a weekly low of $158.69 to a loftier of $458.74, which is an increase of 189%. Such vertical rallies are rarely sustainable. The bulls could non hold on to the higher levels and the pair has corrected over 45% from its lifetime highs.

A new lifetime loftier is a positive sign but the failure to hold on to the highs indicates profit booking by the bulls. The long wick on the weekly candlestick shows that traders quickly booked profits at higher levels.

The drib from the highs is finding back up close to the previous highs at $255.62, which is but beneath $267.972, the 50% Fibonacci retracement level of the recent rally from $77.203 to $458.74.

If the price sustains below $255.62, a drop to $222.95 is possible. Though a relief rally is possible, we anticipate the pair to consolidate for the next few weeks before making its next move.

DASH/USD

Dash (DASH) made the list of acme performers for the second successive week with a rally of about 50% in the by seven days. It gained sharply in the early on role of the week so gave dorsum some of its gains in the latter part of the week. There was no specific news that could be attributed to the rally. After a volatile calendar week, what can the traders expect in the next few weeks? Let's study its chart.

DASH USD weekly chart. Source: Tradingview

DASH USD weekly chart. Source: Tradingview

The Dash/USD pair rallied from a low of $63.7104 to a loftier of $142.3419 in the week, which is a gain of 123.42%. The pair picked up momentum later crossing above the overhead resistance at $77.7262, every bit suggested in our previous assay.

Later on the sharp rally, the bulls are attempting to defend the zone between $102.581 and $90.2989, which is 38.2% and l% Fibonacci retracement level of the recent rally from $38.2558 to $142.3419. If this zone holds, it will signal that the bulls are using the dips to buy.

We anticipate the pair to consolidate for a few weeks, after which the up motion is likely to resume. On a break above $142.3419, a motion to $180 is possible. Our bullish view will be invalidated if the bears sink the price below $77.7262. Afterwards the recent rally, we advise traders wait for a few days, for a new buy setup to course earlier jumping in to buy again.

ETC/USD

Ethereum Archetype (ETC) was the tertiary-best performer of the past seven days with a rally of well-nigh 45%. When the sentiment turns positive, the market participants purchase on every bit of favorable news. ETC picked up momentum on the announcement that leading cryptocurrency substitution Binance would launch ETC futures trading from Jan. 16. After the recent run-up, can it build upon its gains or will information technology succumb to a correction? Let'due south analyze its chart to encounter what does its technicals project for the adjacent few days.

ETC USD daily chart. Source: Tradingview​​​​​​​

ETC USD daily nautical chart. Source: Tradingview

The rally in the ETC/USD pair carried information technology above the overhead resistance at $ten, yet, the bulls could not hold on to the gains. This shows profit booking at higher levels.

Currently, the price has again dipped back into the $iii.40 to $10 range. Nosotros anticipate the pair to consolidate in the top one-half of the range for the next few weeks, similar to how it had washed in June of last year.

Thereafter, if the bulls tin scale and sustain the price above $ten, we wait the pair to beginning a new uptrend that has a target objective of $16.60. However, if the bulls fail to push the price back to a higher place $ten, the pair might extend its stay inside the range for a few more weeks.

The traders can wait for the consolidation to end and the price to resume its uptrend before buying once more.

IOTA/USD

IOTA (MIOTA) has been among the height performers after a long gap. Research company Fundstrat released a bullish report on IOTA on Jan. 16. While fundamental reports are a good read, they should not exist the sole reason to take a merchandise. Let's study the technicals of the chart to run into if we spot a bottom and a buying opportunity.

IOTA USD daily chart. Source: Tradingview​​​​​​​

IOTA USD daily chart. Source: Tradingview

With the recent rally, the IOTA/USD pair has re-entered the $0.207622 to $0.5410 range. This is a positive sign every bit it shows that the marketplace has rejected the breakdown from the range.

The bulls might face resistance at $0.244553 but if the next dip finds support at $0.207622, it volition signal a probable lesser. Both moving averages have flattened out and the RSI has risen to but below the fifty level, which points to a range-bound action for a few days.

Our view will be invalidated if the bears sink the toll below $0.207622. If this level breaks downward, a retest of $0.151096 will be on the cards. The traders can watch the next dip and initiate long positions later the cost breaks out and sustains above $0.244553.

BCH/USD

Bitcoin Cash (BCH) made it to the list of top performers with a rally of about 23% in the past seven days. This is the fourth successive calendar week that BCH has been amid the acme performers. During the week, it was overtaken by Bitcoin SV equally the fourth largest coin in terms of market capitalization but it quickly reclaimed back its position. Subsequently its stellar run in the past few days, can it extend its up movement further or is fourth dimension for a correction? Let's analyze its chart.

BCH USD daily chart. Source: Tradingview​​​​​​​

BCH USD daily nautical chart. Source: Tradingview

The BCH/USD pair broke out of the overhead resistance at $360 and made a high of $403.88 during the week. However, the bulls could not sustain the toll above $360, which shows profit booking past short-term traders.

Though the price has dipped back below $360, the bulls are attempting to keep the cost higher up $306.78, which is merely below the 38.2% Fibonacci retracement level of the recent rally from $169.62 to $403.88. If successful, the pair is probable to consolidate between $306.78 and $360 for a few days.

Opposite to our assumption, if the bears sink the price below $306.78, the decline can extend to $270.15. The traders can wait for the correction to play out before initiating long positions once again.

The views and opinions expressed here are solely those of the author and do non necessarily reflect the views of Cointelegraph. Every investment and trading motion involves take a chance, yous should conduct your own inquiry when making a decision.

The market place information is provided by the HitBTC commutation.