Crypto Frontline

Weekly Crypto Analysis February 3-9, 2020

Weekly Crypto Analysis February 3-9, 2020
February 02
13:40 2020

BTCUSD Coinbase

BTC technical analysis
Source: tradingview.com

Bitcoin had continued to break higher this week and managed to exceed the previous January high. After breaking above $9,195, we can easily see the price action consolidating in a narrow range. Since the reaction from the sellers had been so weak + the broken resistance had been treated as support, we suspect Bitcoin has more room to go up.

The next target sits around $10,000 area, a key psychological zone. Above it, we should watch how the price will react around $10,500. On the downside, sellers need to break back below the January low and only then we could see further weakness towards $8,900.

That’s not the case right now and our bias remains tilted towards the buy-side. The good news is that the turmoil from financial markets generated by the Chinese coronavirus does not seem to have any impact on Bitcoin so far.

ETHUSD Kraken

ETH technical analysis
Source: tradingview.com

Ether continued to move impulsively on the upside and managed to break above our bearish channel formation a few days ago. Since then, the price had retested the broken structure and continued to move higher, currently sitting around $190. The breakout above the channel is great news for the buyers, given that it could a signal for more buying in the mid-term.

We think some resistance should be encountered around $197 and $224, two previous key highs from 2019. Selling had emerged around those points and the same could happen again if the price will reach either of them.

Sellers will only regain control if they manage to drive the price action back inside the channel and at the present time, that looks like a very challenging task. The momentum is tilted to the buy-side and there’s no sign of weakening so far.

BCHSVUSDC Poloniex

BCHSV technical analysis
Source: tradingview.com

Another year another pump-and-dump scheme for Bitcoin SV, the centralized coin highly vulnerable to price manipulation. However, nothing can go up indefinitely and the same had happened in this case again. Although we rarely include this coin in our analysis, valuations are high the price had been consolidating in a triangle type formation for the past two weeks.

As soon as weakness should start to show in other altcoins, we expect Bitcoin SV to resume impulsively on the downside, with the first target around $180. Based on the price action developments we’ve seen so far, the market can sustain these high valuations, so the most natural move would be on the downside.

We don’t advise to get long, even if the price action will break on the upside of the channel. Don’t forget that the entire move up had been based on unconfirmed rumors and that’s not something to rely on.

Briefings about ICOs

FieldCoin is an ICO based in the UK, aiming to enable people to own and manage farmland from distance. When holding Fieldcoin tokens, people will be able to buy/sell and manage real land properties in the form of non-fungible tokens.

WazirX is an IEO that will be featured on Binance’s Launchpad, taking place on February 3rd, 2020. It represents a cryptocurrency exchange with an advanced trading interface and features to buy/sell and trade crypto.

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