Cryptocurrency Market Weekly Update #3

According to last week’s cryptocurrency market outlook- Bitcoin price hit 9400$ last week and recorded 9.40% growth, Also from our last week’s altcoins recommendation – RLCBTC and HCBTC hit 20% Profit.

Let’s talk about how the cryptocurrency market is looking for this week.

BTCUSD

Bitcoin is still moving inside an uptrend channel, Channel resistance is sitting at above 10,000$. Two major levels to watch out are – 8500$, 9100$.

50MA will cross over 100MA on the daily timeframe and will form Bullish pattern – Golden cross. Last time, the similar golden cross formation was spotted in March, Bitcoin rallied over 280% and hit 14000$ later in May last year.

We are expecting bitcoin to find support around 8800-9100$ area, and break above 9700$ by end of this week.

Bitcoin can hit 75000$ in 2021.

ETHUSD

Ethereum had a positive month last week, recorded a 15% price growth. ETHUSD also broke above 200MA on a daily timeframe last week. After last week’s close, Ethereum also broke above 50MA on the weekly timeframe.

ETHUSD can continue the rally with Bitcoin this week, and we can expect Ethereum to break above 200$ by end of this week.

Ethereum can hit 1000$ in 2020.

Top 3 altcoins to trade this week

1. TRXBTC

TRXBTC is trading inside an ascending triangle- which is a bullish pattern and can produce a 20-30% breakout rally.

Trade Signal

Entries: 0.00000195-205 BTC

Exit: 0.00000235-255 BTC

STOP: 0.00000175 BTC

2. WANBTC

WANBTC broke out above 200MA on a daily timeframe last week, and now looking strong for a brief rally to the upside. We can expect WAN to retest range high by this weekend.

Trade Signal

Entries: 0.000025-27 BTC

Exit: 0.000033-36 BTC

STOP: 0.000021 BTC

3. XTZBTC

XTZBTC bounced from 50MA support on the daily timeframe and now looking for another run to the upside. XTZBTC may attempt a New all-time high on Binance exchange.

Trade Signal

Entries: 0.00018-20 BTC

Exit: 0.00024-26 BTC

STOP: 0.00016 BTC

Also, check out-

Top 5 altcoins to trade in February