Bitcoin price shows dual nature as it undergoes another sell-off albeit a relatively smaller one compared to the ones seen on December 4, 2021, and January 4. Ironically, the downswing presents a bullish opportunity as it sets the perfect stage for a move higher. From a long-term perspective, however, there is still room for the big crypto to slide lower.
Bitcoin price has developed one of the most obvious head-and-shoulders patterns on its daily chart, generating many new short positions before confirmation of the pattern is complete. Likewise, Ethereum price has seen many new short positions generated after dropping below its bull flag. XRP price action is playing catchup with BTC and ETH as buyers begin to trickle in.
Cardano price is glued to a crucial support level touched many times in the past, most recently on January 5. This barrier is significant and will determine the next course of action for ADA.