13th January 2024: Weekly Crypto Trends
Bitcoin rallied into April 2022 resistance at 48000, but then reversed sharply to close below recent resistance at 45000. Ethereum, by contrast, rallied very sharply (having recently made new short term ratio lows against Bitcoin). It closed up 11.3%, testing medium term April 2022 resistance at 2750.
It was a volatile week in the Secondary coins, with most coins closing down on the week. Solana, Theta and Thorchain were the worst performers with falls of 8.2%, 9.1% and 12.7% respectively.
The trend scores of Secondary coins are now more mixed, with Solana and Thorchain in medium term uptrends, while The Sandbox, Decentraland, Polygon, Cosmos and BNB are all still in medium term downtrends.
Crypto related equities had a very poor week, with losses of over 20% in Marathon, Microstrategy and Riot. Coinbase fell 15%, breaking support at 150. Microstrategy remains in medium term uptrend and tests short term support at 478.
ETFS finally arrived but Crypto assets generally fell sharply as the news was already priced in to asset prices.
Major Coin Summary
| Name | Close | Daily Ch % | Wk Ch | Wk Ch % | RSI | ST Score | LT Score | Overall |
|---|---|---|---|---|---|---|---|---|
| Bitcoin | 42,853.17 | -7.6% | -1309.52 | -3% | 48 | 42 | 47 | 46 |
| Ethereum | 2,524.46 | -3.6% | 255.81 | 11.3% | 59 | 17 | 7 | 9 |
Bitcoin rallied into April 2022 resistance at 48000, but then reversed sharply to close below recent resistance at 45000. Ethereum, by contrast, rallied very sharply (having recently made new short term ratio lows against Bitcoin). It closed up 11.3%, testing medium term April 2022 resistance at 2750.
Ratio Chart
The Bitcoin/Ethereum ratio falls sharply from recent new short term highs.
Secondary Coin Summary
Weekly change – highest to lowest
| Name | Close | Wk Ch % | RSI | ST Score | LT Score | Overall |
|---|---|---|---|---|---|---|
| Polygon (Smart Contract Coin) | 0.86 | 1.4% | 52 | 8 | -88 | -64 |
| Cardano (Smart Contract Coin) | 0.55 | 1.1% | 57 | 75 | -41 | -12 |
| Polkadot (Cross Chain Coin) | 7.57 | 1.7% | 57 | 75 | -45 | -15 |
| ChainLink (Cross Chain Coin) | 14.13 | 0.5% | 47 | 42 | 0 | 10 |
| Stellar (Privacy Coin) | 0.12 | -0% | 46 | 8 | -45 | -32 |
| Decentraland (Gaming Coin) | 0.46 | 0.2% | 49 | 8 | -88 | -64 |
| Avalanche (Smart Contract Coin) | 35.87 | -1.5% | 58 | 75 | 0 | 18 |
| XRP (Smart Contract Coin) | 0.57 | -1.1% | 40 | -42 | 7 | -5 |
| The Sandbox (Gaming Coin) | 0.50 | -1.7% | 55 | 42 | -88 | -56 |
| Near (Smart Contract Coin) | 3.45 | -2.7% | 61 | 75 | -41 | -12 |
| Monero (Privacy Coin) | 151.80 | -2.6% | 40 | -42 | -41 | -41 |
| Cosmos (Smart Contract Coin) | 9.96 | -3.4% | 51 | 8 | -88 | -64 |
| DogeCoin (Memecoin) | 0.08 | -3.3% | 39 | 0 | -41 | -31 |
| BNB Chain Native Token (Smart Contract Coin) | 296.63 | -6.6% | 67 | 42 | -88 | -56 |
| Fantom (Smart Contract Coin) | 0.39 | -7.5% | 54 | 75 | -41 | -12 |
| Solana (Smart Contract Coin) | 91.72 | -8.3% | 60 | 75 | 88 | 85 |
| Theta Token (Gaming Coin) | 1.05 | -9.1% | 50 | 75 | -41 | -12 |
| THORChain (Smart Contract Coin) | 4.56 | -12.7% | 35 | 42 | 47 | 46 |
It was a volatile week in the Secondary coins, with most coins closing down on the week. Solana, Theta and Thorchain were the worst performers with falls of 8.2%, 9.1% and 12.7% respectively.
Trend score – best to worst
| Name | Close | Wk Ch % | RSI | ST Score | LT Score | Overall |
|---|---|---|---|---|---|---|
| Solana (Smart Contract Coin) | 91.72 | -8.3% | 60 | 75 | 88 | 85 |
| THORChain (Smart Contract Coin) | 4.56 | -12.7% | 35 | 42 | 47 | 46 |
| Avalanche (Smart Contract Coin) | 35.87 | -1.5% | 58 | 75 | 0 | 18 |
| ChainLink (Cross Chain Coin) | 14.13 | 0.5% | 47 | 42 | 0 | 10 |
| XRP (Smart Contract Coin) | 0.57 | -1.1% | 40 | -42 | 7 | -5 |
| Near (Smart Contract Coin) | 3.45 | -2.7% | 61 | 75 | -41 | -12 |
| Fantom (Smart Contract Coin) | 0.39 | -7.5% | 54 | 75 | -41 | -12 |
| Cardano (Smart Contract Coin) | 0.55 | 1.1% | 57 | 75 | -41 | -12 |
| Theta Token (Gaming Coin) | 1.05 | -9.1% | 50 | 75 | -41 | -12 |
| Polkadot (Cross Chain Coin) | 7.57 | 1.7% | 57 | 75 | -45 | -15 |
| DogeCoin (Memecoin) | 0.08 | -3.3% | 39 | 0 | -41 | -31 |
| Stellar (Privacy Coin) | 0.12 | -0% | 46 | 8 | -45 | -32 |
| Monero (Privacy Coin) | 151.80 | -2.6% | 40 | -42 | -41 | -41 |
| BNB Chain Native Token (Smart Contract Coin) | 296.63 | -6.6% | 67 | 42 | -88 | -56 |
| The Sandbox (Gaming Coin) | 0.50 | -1.7% | 55 | 42 | -88 | -56 |
| Cosmos (Smart Contract Coin) | 9.96 | -3.4% | 51 | 8 | -88 | -64 |
| Polygon (Smart Contract Coin) | 0.86 | 1.4% | 52 | 8 | -88 | -64 |
| Decentraland (Gaming Coin) | 0.46 | 0.2% | 49 | 8 | -88 | -64 |
The trend scores of Secondary coins are now more mixed, with Solana and Thorchain in medium term uptrends, while The Sandbox, Decentraland, Polygon, Cosmos and BNB are all still in medium term downtrends.
| Name | Close | Daily Ch % | Wk Ch % | RSI | ST Score | LT Score | Overall |
|---|---|---|---|---|---|---|---|
| Ark Innovation ETF | 47.38 | -1.7% | -3.1% | 47 | 8 | -45 | -32 |
| Block Inc | 66.48 | -2% | -0.7% | 52 | 8 | -92 | -67 |
| Coinbase Global Inc Cl A | 130.78 | -7.4% | -15.1% | 47 | 75 | -4 | 15 |
| Hive Blockchain Technologies Ltd | 3.62 | -10.8% | -12.8% | 49 | 42 | 47 | 46 |
| Marathon Digital Hldgs Inc | 18.98 | -15.3% | -21.3% | 55 | 75 | 0 | 18 |
| Microstrategy Cl A | 485.53 | -9.4% | -23.1% | 44 | 33 | 88 | 74 |
| Riot Blockchain Inc | 11.73 | -10.4% | -20.9% | 42 | 8 | -41 | -29 |
| Robinhood Markets Inc Cl A | 11.02 | -5.9% | -7.3% | 58 | 8 | -45 | -32 |
| Tesla Inc | 218.89 | -3.7% | -7.8% | 43 | -42 | -92 | -80 |
Crypto related equities had a very poor week, with losses of over 20% in Marathon, Microstrategy and Riot. Coinbase fell 15%, breaking support at 150. Microstrategy remains in medium term uptrend and tests short term support at 478.