Price analysis 1/29: BTC, ETH, DOT, XRP, ADA, LINK, LTC, BCH, BNB, XLM
Sentiment plays a major role in the short-term price action of an asset. This truth was demonstrated today when Elon Musk, the world’s richest man, simply wrote ‘Bitcoin’ in his Twitter bio. Crypto traders and Musk followers immediately noticed and price conveniently shot up a few minutes after the tweet.
When BTC price makes a sharp directional move, traders buy into the breakout and short-sellers are squeezed out of their positions. That is what seems to have happened with Bitcoin (BTC) as the sentiment swiftly turned bullish.
Daily cryptocurrency market performance. Source: Coin360 daily chart. Source: TradingViewETH/USDT daily chart. Source: TradingViewDOT/USDT daily chart. Source: TradingViewXRP/USDT daily chart. Source: TradingViewADA/USDT daily chart. Source: TradingViewLINK/USDT daily chart. Source: TradingViewLTC/USDT daily chart. Source: TradingView daily chart. Source: TradingViewBNB/USDT daily chart. Source: TradingViewXLM/USDT daily chart. Source: TradingView
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