Will the BOC bring a challenge to the CAD traders?
The Bank of Canada (BOC) will release its rate statement alongside the monetary policy report during its meeting on January 22 at 17:00 MT time.
Weekly Cryptonews
- Cryptotraders await when the BTC will choose its direction. On Monday bulls confirmed their strength with the strong rise above the 50-day simple moving average and the 50% Fibo level. After that, the consolidation has begun. Bitcoin has been trading in a narrow range between $11,560 (50% Fibo) and $12,030 (61.8% Fibo) levels. If the upper border of the range at $12,030 is broken, the oldest cryptocurrency will rise towards the $12,360 level. The next resistance will lie at $12,770. In case of the alternative scenario, the $11,560 level will be broken and the $10,770 level (50-day SMA) will be in focus.
- After the successfully conducted halving in the Litecoin network on Monday, the digital silver tested the 100-day SMA, but could not stick near that level and started to move down. On Friday, it has tested the support at $84.77. In case of a breakout of this level, the price of Litecoin will try to fall to the levels below the 200-day SMA, where it may find the support at $76.78. If the price of the digital currency reverses, the first resistance will lie at $92.19. The next one will be placed at $98.86.
- The price of Ethereum has been weakening, too. The digital asset has been trading within a month-long range between the $202.04 and $233 levels. After the test of the upper border of this range on Monday, the digital currency has been moving down. If the lower border of the range at $202.04 is broken, the next support will be placed at $192 (50-day SMA). From the upside, the next key resistance will lie at $250.
- The situation has not changed for DASH since the last week. The breakout on Monday appeared to be the fake one and the cryptocurrency returned to the 100.64-106.9 range. From the upside, the next level lies at $113.78. In case of the downward pressure, the key level will be placed at $97.3.
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