Bitcoin, Litecoin, Ethereum Classic Tehcnical Analysis 1/22/18

After sharp corrections in the Cryptocurrency market bulls are leaping at the chance to buy aggressively. Although this does not mean we're out of the deep end yet. Over the next couple days I expect the market to follow Bitcoin's price direction.

BTC/USD

Temporary support is being held at $11,100 levels, if this support breaks a fall to the $9,600 levels is likely, and if the currency should fall further a decline below $8,000 is expected. For an ascension upwards the currency will face stiff resistance at the $13,100 levels, since this is a broken support turned resistance and therefore a stronger indication. (https://www.investopedia.com/articles/trading/06/supportresistancereversal.asp). Should Bitcoin break $13,100 it should then safely trade within the $13,000 - $14,400 area.

LTC/USD

There is an extremely close correlation between Litecoin and Bitcoin, therefore it is expected that Litecoin's price movement will mimic Bitcoin's. Short term support lies at $180.00 levels. Should this support break a decline back to $140.00 levels is anticipated. Should Litecoin rise above $212.50 levels a jump to the $240.00 area can't be ruled out.

ETC/BTC

Ethereum Classic is currently looking for a chance to break out, however should the currency drop below 260k Satoshi a plunge down to 240k levels is expected. Should the currency break above 290k a jump to 350k cannot be ruled out.

Thanks for reading, please post thoughts comments and concerns below.