The presentation of the price of bitcoin is disappointing, but traders hope that the jump in support of $ 42,000 will complement the model of bullish technical analysis and increase the price of bitcoins and altcoins.
Despite the poor performance of Bitcoin (BTC), the source of data analysis at Ecoinometrics believes that whales are accumulating and the price is more attractive in the long run.
But pessimistically, digital currency market analyst Willie Wu believes $ 33,000 is the lowest level for bitcoin. An active Twitter trader, Credible Crypto, also quoted PlanC data as saying that the chances of bitcoin falling below $ 30,000 are unlikely.
Chris Kuiper, head of research at research firm Fidelity Digital Asset Management, also believes that the price of bitcoin can be very low compared to other digital assets, but if bitcoin can be used as a substitute for gold, then its price is increases significantly.
In view of all these cases and in order to have a clearer idea of the continuation of the price trend of bitcoins and a few selected coins, in the continuation of this article we will consider the possible trends.
The price of bitcoin bounced back from its high resistance at $ 45,456 and could not cross the barrier. The only good thing was that the cows maintained the 20-day moving average (EMA-20, blue line in the photo) at $ 41,383, which did not allow the price to fall below that level.
If the price returns to the current level, the cows will try to push the Bitcoin / Tetra (BTC / USDT) pair above the $ 45,456 level. Closing the price above this level completes the uptrend.
The pair could then rise to $ 52,088, where bears are likely to be a big challenge for traders. If the bulls raise the price above this level, the pair may begin to move up to the target of the model, formed at the level of $ 56,904.
But if the price falls below $ 39,600, this positive opinion will be rejected. Such a move could open the door to a possible drop in the price of bitcoin to $ 36,250.
The Bitcoin / Tetra pair fell below the $ 45,456 level and broke below the moving average. Currently, the cows are trying to defend the support level of $ 41,688.88, but are facing strong resistance in the range of the moving average.
If the price falls below the current level and falls below $ 41,688.88, the pair may fall below the level of $ 39,600. If the price returns from this level, then the Bitcoin / Tetra currency pair may remain in the range of $ 39,600 to $ 45,456 for the next few days.
On the other hand, the break and closing of the high price of moving averages may be the first sign of the re-dominance of cows in the bitcoin market, after which the price will move to the levels of $ 43,920 and $ 45,456.
The price of Ripple (XRP) broke above the moving average on February 7, which may be a sign that the end of the downtrend is over. Meanwhile, the bears tried to push the price below the $ 0.75 break, but the cows failed.
The price of Ripple returned to the level of $ 0.75 and the cows are trying to push the pair Ripple / Tetra (XRP / USDT) to the resistance of the peaks at 1 dollar. Breaking the price above this resistance may open the door for a possible rise to the level of $ 1.41.
Moving averages are on the verge of an uptrend, and the relative strength index (RSI) is in the positive zone, indicating that buyers have an advantage. This positive opinion will be annulled if the price breaks and closes below the level of $ 0.75. This shows that bears continue to be sold at rallies.
Ripple’s 4-hour price chart shows cows and bears fighting close to the $ 0.82 mark. In this battle, the cows raised the price above that level, but the bears stopped the rally at $ 0.85 and brought the Ripple / Tetra pair below the $ 0.82 level.
A small positive point is that cows buy in the range of a simple 50-day moving average (SMA-50, red line in the photo). If the price comes back from this support, the cows will try to push the pair above $ 0.85 and will provoke resistance at $ 0.91. Conversely, a break below the 50-day moving average could push the pair up to $ 0.75. The failure of the price below this level of support may mean the beginning of a deeper adjustment.
The price of the cryptocurrency closed above the usual 50-day moving average at $ 0.47 on February 7, which may be a sign that the price adjustment phase is likely to end. Meanwhile, the price of the cryptocurrency on February 10 (February 21) was moving towards the level of $ 0.54, which was met with strong resistance from bears.
Moving averages on the verge of an uptrend and a relative strength index (RSI) are also in the positive range, showing a slight superiority for buyers. If the current return to moving averages persists, this indicates that cows are buying downwards. They will then try to push the price above $ 0.54 and resume the uptrend.
Now, if they do, the crypto / tetra (CRO / USDT) pair could rise to $ 0.60 and then to $ 0.68. Contrary to this hypothesis, if the price falls below the 20-day moving average, the pair could fall to the level of $ 0.39.
The 4-hour cryptocurrency chart shows that the pair is rising within a bullish channel pattern. The cows tried to raise the price above the range of the canal, but the bears did not allow it and returned the price of the canal.
Buyers are trying to protect the 50-day moving average (SMA-50, red line in the photo). If the price stays above the 20-day moving average (EMA-20, blue line in the photo), the cows will try to push the pair again above the resistance line of the channel. Now, if the price falls and falls below the channel’s support line, this positive opinion will be annulled.
The price of the FTF is currently fluctuating within the channel, due to the inability of cows to raise prices above resistance levels and be traded by bears in price rallies.
However, cows buy at low price levels and in the range between the 20-day moving average (EMA-20, blue line in the photo) at $ 43.85 and the 50-day simple moving average (SMA-50, red line at Image) are at $ 41 , 50. Now, if the price returns to the current level, buyers will again try to cross the overhead barrier.
Now, if they succeed, the FTT / USDT pair may start a new uptrend. The pair could then rise to $ 53.50; Where the bears may be a big challenge again, but if that resistance subsides, the rally could rise to $ 65.
But if the price falls and falls below the usual 50-day moving average (SMA-50, red line in the photo), this uptrend will be canceled. This shows that the currency pair may remain in the model of expansion in the coming days.
The inability of cows to raise the price to the level of resistance from $ 48 to $ 50 may be due to the saving of profits by traders in the short term. The pair is currently broken below the two moving averages and could fall to 38.2% Fibonacci levels at $ 41.99.
Now, if the price rises from the current level or $ 41.99, it shows that buyers are accumulating tokens. Cows are also trying to push the price above the usual 50-day moving average. If they succeed, the couple may provoke resistance overhead.
On the other hand, a break below $ 41.99 could be the start of a deeper correction at $ 39.95 at a 50% Fibonacci correction level.
The price of the theta token samples and closed above the downtrend line on February 10, which may be a sign of the end of the theta downtrend. Usually, any price rally formed above the resistance tends to return to the previous level of failure.
Now, if the cows manage to turn the current level of failure into support, this shows a change in the mood of the theta trading market, from selling rallies to buying at the bottom of prices. The 20-day moving average was $ 3.49, and the Relative Strength Index (RSI) was in the positive range, indicating buyer superiority.
Now, if the price returns from the down line, then the cows will try to start a new uptrend. A break above $ 4.39 could attract more buyers and THETA / USDT could rise to $ 6.
But if the price falls below the current level and falls below the downward trend line, this upward trend will be canceled. Such a move shows that the break above the downward trend line could be a bull trap.
The price of the THETA / USDT pair is rising within the bullish channel model. The cows tried to push the price above the resistance line of the canal, but the bears did not give up. This may be due to the tendency of short-term retailers to save their profits, which pushes the price towards the channel’s support line.
The price of theta has jumped in three stages from the canal support line and the cows are still defending this level. Now, if the price returns from this level and goes above the downward line, it will be a sign of resumption of the upward trend.
Otherwise, in case of failure and closing of the price below the support line of the channel, there is a possibility for further price adjustment up to the level of $ 3.20.
The publication Breaking the downtrend in the theta and ending the crypto correction (CRO); Five digital currencies that traders should monitor this week first appeared in Digital Currency.