According to our last cryptocurrency weekly update :
- Bitcoin reached 10000$.
- Ethereum reached 200$.
- Last week altcoins recommendations – WAN,TRX & XTZ hit 20-30% Profits.
Now Let me present #4 edition of weekly market update.
Bitcoin Technical Analysis – BTCUSD
Bitcoin price managed to break above 10,000$ yesterday during morning trading hours. Bitcoin also closed the last week’s candle above 10,000$ mark – which is one the most bullish weekly close in the last 4 months.
Looking at the Daily Chart, we can clearly spot that Bitcoin is still trading inside an uptrend channel. Channel Resistance is at 10300-10500$, which is not tested yet. Bitcoin found a quick rejection today around 10200$ when the price dropped by 500$ within few seconds. Last week CME GAP was also filled during that drop to 9700$.
Bitcoin may test channel resistance soon, and we expect a strong rejection from the resistance area which is at around 10300-10500$. Technicals suggest Bitcoin should drop back to 9200-9500$ this week.
ETHEREUM Technical Analysis – ETHUSD
Ethereum is also following the bitcoin lead, and ETHUSD price broke above 200$ last week and managed to close last week’s candle above 220$.
On the Daily timeframe, ETHUSD is moving in an uptrend channel and broke above 0.382 FIBONACCI Level last week. 0.382 FIB Level at 208$ should act as support now for bullish continuation. The next major resistance for ETHUSD to break is at 0.5 FIB LEVEL around 240$.
Ethereum may test 240$ resistance, but higher chances are there for rejection than a clear break out from that level. We expect Ethereum to drop below 205$ this week.
Top 3 altcoins to trade this week
EOS/BTC broke out from an ascending triangle last week, and the price tested 0.0005 BTC resistance before dropping back to 0.00049 BTC. Block.one – The company behind EOS will release its most anticipated product – Voice Beta on 14th February. Both Technicals and upcoming catalysts suggest EOS can rise around 20% against bitcoin this week.
Entries: 0.00046 – 0.00048 BTC
Exit: 0.00055 – 0.00058 BTC
STOP: 0.00044 BTC
QSPBTC broke out from 50,100 and 200MA last week, and Price tested range high of the Six months-long accumulation Range. QSPBTC managed to find support above 200MA after the rejection from Range high at 0.00000165 BTC, QSP should try another attempt to break out from this accumulation range this week.
Entries: 0.00000120 – 0.00000140 BTC
Exit: 0.00000180 – 0.00000210 BTC
STOP: 0.00000100 BTC
ZILBTC is another great looking setup which is trading in a Six-month long accumulation range. ZIL tested range high of the channel last week and should attempt again to break out from this range this week.
Entries: 0.00000065 – 0.00000075 BTC
Exit: 0.00000095 – 0.00000105 BTC
STOP: 0.00000055 BTC
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If you like this post then please share this article in your network, and also don’t forget to check out of top 5 list of altcoins for this month.
Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.
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