BTC, ETH, DOT, XRP, ADA, LINK, LTC, BCH, BNB, XLM By Cointelegraph

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

Continue Reading on Coin Telegraph

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.