Crypto Frontline

Weekly Crypto Analysis February 10-16, 2020

Weekly Crypto Analysis February 10-16, 2020
February 09
10:34 2020

BTCUSD Coinbase

BTCUSD technical analysis
Source: tradingview.com

Bitcoin continued to march higher during the past week after our key $9,200 support held successfully. The price action recently broke above the $10,000 psychological area, very good news for buyers. Since a breakout above the October 28th high is now a fact, the prospects for further gains on the upside are positive.

However, a pullback is not excluded, given the impulsiveness of the move. If the price starts to retrace, near-term support could be seen around $10,000. A dip below that zone will mean $9,600 is the next area to watch for buying interest.

Since the upside is more favored now, we believe Bitcoin should be able to reach the October 25th high, located around $10,550 on the Coinbase exchange. We could begin to see increased selling interest between $10,500 – $11,000, given that we have a series of previous swing points around there.

ETHUSD Kraken

ETHUSD technical analysis
Source: tradingview.com

Ether seems poised to end the fifth consecutive day in the positive territory, confirming the breakout above the channel had been a strong reversal signal. The price action broke above the $200 key psychological area and now looks set to retest the $235 level, where we can notice some swing points back in July 2019.

Even though we will certainly see some setbacks along the way, the impulsiveness of the move suggests there may be a lot more room to go on the way up. Taking a look at the broader, we might witness a long-term double bottom formation. If that’s true, Ether should be headed towards the $350 key resistance area in the next few months.

Only if the bears will manage to erase all the 2020 gains could we see more pain in Ether, but that’s the less likely scenario at the present time.

XRPUSD Kraken

XRPUSD technical analysis
Source: tradingview.com

In line with the market’s performance, XRP had managed to rebound above our key support area located between 20.5 cents – 22.8 cents. At the time of writing, the price action looks to have reached a critical area, since it’s located right at the upper line of a bearish channel formation. We expect to see how things will progress in the next few days since a breakout above will suggest XRP might be poised for a retest of the 32 cents or 34 cents resistance level.

If the bullish momentum won’t be enough to generate a breakout, a consolidation or a deeper retracement lower could be spotted. In that case, the 4h chart 200 moving average might be the place where buyers should look to get long again.

So far, the move had been consistent and strong, suggesting the buying interest had been decently strong. We think there is a slightly strong probability XRP will manage to break outside the channel, given the overall bullish market sentiment.

Briefings about ICOs

Karuschain is an IEO that will run on Latoken for another 5 days, until February 14th. It provides a platform that is designed to track and trace precious metals, enabling upstream producers to track their precious metals from the point of extraction.

MyTVchain is another IEO featured by Latoken, that will start on February 15th. It represents a web TV platform dedicated to sports clubs and athletes powered by the blockchain technology, allowing the creation of animated communities, among other features.

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