Bitcoin, Ethereum and Gold Analysis – BTC, ETH and XAU Price Monday 16 January 2023

Now two questions arise over the coming days/weeks. Will the BTC and ETH bear markets be neutralized? Then the reassembled The price of the yellow metal continues towards $2000 for the third time in its history? Still, these three assets have benefited recently from the weakening of the dollar against major currencies and the stability of bond yields. But at the same time, inflation in the United States may also fall Expectations of a more accommodative Fed monetary policy.

In a market environment where many investors would rather watch the good news than the bad for now, let’s take a look at them in order Latest Bitcoin, Ethereum and Gold price analysis in weekly units.

Bitcoin in weekly units – Will prices confirm above $20,000 soon?

The bullish momentum since last Thursday has given way Bitcoin will currently rise above $20,000 (or the 2017 ATH) and the 30-week moving average (weekly MM30). So much so that it practically erased the losses from the bankruptcy of FTX. Nevertheless, it will take at least a week or two to seriously discuss bear market neutralization since the last ATH in November 2021 before buyers are off the hook.

If we look at the latest signals sent by the bullish candle last week, we see the beginnings. First of all, Weinstein’s Phase 4 would be rushed with the idea of ​​moving to Phase 1. Because precisely, the weekly MM30 is consolidating around the 2017 ATH in addition to prices above the moving average. And on the other hand, technical indicators would be close to crossing their respective fold lines with the prospect of confirming bullish divergences. Although this is partly the case for RSI.

If BTC prices move away positively from $20,000 and are supported by the MACD above the zero line, the crossing of not only the descending line will again be taken as a positive signal. But better, buyers can bid $26,000 for temporary low pressure reliefhe himself was angry in 2022.

On the contrary, False breakout above $20,000 will lead to a relapse below the weekly MM30 and a reversal of indicators below the relevant fold lines. Which would backfire convincingly Bitcoin, where it started to come back, that is, in the direction of $16,000.

Ethereum in weekly units – towards the fourth attempt around $1700

Ethereum topped $1,400 again this week at $1,700, a resistance that broke its teeth in the second half of last year. This would allow the second major digital currency to almost return to the pre-bankruptcy level of FTX.

Weekly Ethereum Price Analysis - January 16, 2023

At the same time, prices are also rising above the weekly 30-MA, which itself hovers around $1,400. Which would mean The beginning of Weinstein’s transition from stage 4 to stage 1. On the side of technical indicators, we observe the same as what happened in Bitcoin. Especially since the MACD will be closer to rising above the zero line.

Assuming this week is of the same caliber as the previous one, ETH prices will challenge the $1,700 resistance. And when it exceeds the latter, late sellers, may give up for good. So that we would confirm a hard formed double bottom that would push prices to $2,300.

On the contrary, New waiver under $1700 unfortunately, it will keep the sellers alive. In this case, Ethereum will be back on track If $1400 does not act as support, then towards $1200.

Gold in weekly units – Four weeks in a row

Last month we thought gold would fall below $1,800, at least temporarily. But in the end, this is the most explosive comeback we’ve ever seen. And for good reason, Multiple resistances such as $1,800 and $1,870 were broken thanks to a four-week bullish streak.

Weekly Gold Price Analysis - January 16, 2023

In parallel, MACD and RSI stand well outside the zero line and the neutral zone at 50. On the other hand, the weekly MM30 is about to trigger bullish momentum on the assumption that prices are clearly above the last descending line. and the last resistance is broken. After this, XAU prices are at 61.8% of last Fibonacci retracement reassembled Towards the final ATH in March 2022.

Many investors will be wondering if the bullishness in the yellow metal will be too much in the short term. But that’s what we can’t take for granted until proven otherwise bullish momentum is strong, prices are initially well above the warning thresholds, which will be weekly MM30 and eventual support at $1,620.

Assuming nothing stops the buying impulses, buyers will focus on $1,995, not far from the iconic $2,000 bar. This would correspond graphically to the 78.6% Fibonacci retracement from the recent all-time high. Subject to exemption from $1,930.

However, if we want to quietly continue the uptrend, consolidation would be useful to avoid overbought signals and realize higher highs and lows than before. in which case this will undergo confirmation of favorable polarity reversals around $1870 or $1800. This means that if a relapse occurs, the price of gold must definitely rise to one of its previous resistances.

BTC, ETH and XAU – Gold is still at the forefront and cryptocurrencies are finally waking up

Once upon a time, gold and cryptocurrencies make an infernal tandem in early 2023. With a special mention for Barbarian Relic, which has seriously cooled sellers since coming back from $1,620. It would only take Bitcoin and Ethereum to do the same, decisively breaking through their respective resistances to trigger a dynamic that would significantly unsettle sellers.

Despite this, the upward movement of the three assets in question should be largely attributed to expectations of an accommodative Fed’s monetary policy. This explains the current consolidation of the dollar and bond yields, which is allowing all risky asset classes to breathe a sigh of relief as we speak.

In this regard, we will not have a guarantee that the American central bank will go in the direction of the financial markets. with The risk of fighting the Fed could strike again. He may argue that inflation will be more structural than expected. In addition, the economic environment may not resemble what we have known before.

Only the Russia-Ukraine conflict and Covid have been factors of global change. But they may be precursors to less globalization or even globalization. in which case a multipolar world would favor the beginning of an inflationary period.

In this new paradigm that may be formed in the coming years, the investment habits of recent decades could have been wildly overturned. Therefore, investors should prefer assets where supply will see limited growth relative to demand.

And among them, gold would be foolish. But let’s assume that central banks will partially question their credibility. Bitcoin (and to a lesser extent Ethereum) will potentially stand out and its adoption will grow at an incredible rate. Thus, an upward merger of the yellow metal and Satoshi Nakomoto’s digital currency in the future is not excluded.

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