Cryptocurrency Market Analysis as of 20.01.2023


The market cap of the cryptocurrency market is approaching $1 trillion and totals $965 billion after Bitcoin, along with altcoins, soared at the end of last week.

Over the past seven days, Bitcoin has increased by more than 13%, while Ripple has gained over 4% and Ethereum has grown by nearly 9%. In the meantime, Litecoin has dropped 2.5%.

Technical Analysis


As a result of a two-week rally, Bitcoin rose above $20,000 but was stopped by the resistance level at $21,500 per coin.

Today’s technical trading range for the key cryptocurrency remains between the 20.443 support levels and the 21.511 resistance. Should there be further impulse and exit from it upwards, 22.557 will be the next target for BTC/USD growth.

At the same time, there is still a risk of support at 20.443 getting broken out, which will open the way for quotes to drop to the mirror level at 18.567.



Ripple started consolidating in the 0.3735 - 0.3956 sideways range. When leaving the range upwards, the growth target will be the intermediate resistance at 0.4169 marked with a green dotted line. As soon as it is overcome, the level at 0.4397 will be the next target.

If the market enters the correction following the rally, XRP/USD has the technical potential to decline to the levels at 0.3532 and 0.3339.



In the course of growth, Ethereum consolidated above the support level at 1484.77. Once the consolidation is complete, the price can either continue to grow towards the nearest resistance, or a correction may happen if the main cryptocurrency drops.

The mirror support level at 1422.27 marked with the green dotted line is the next target to the south for ETH/USD. And if it is overcome, 1309.69 shall act as a target.



Litecoin has consolidated in the 82.90 - 91.12 sideways range whose support is now being tested. If it holds its ground, and the market keeps growing, there is a chance for recovery.

If LTC/USD consolidates below the 82.90 horizontal line, the next target to the south will be the support at 79.70 marked with a green dotted line, and the level at 73.43.


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