According to our last cryptocurrency weekly update :
- Bitcoin reached 10500$, and dropped to 9650$ before week close.
- Last week altcoins recommendations – QSP,ZIL hit 20-30% Profits.
Now Let me present #5 edition of weekly market update.
BTCUSD – Bitcoin Technical Analysis
Bitcoin is currently trading below 9800$, It recorded a 9.3% drop in value last week, Bitcoin price started dropping after finding resistance at the 10400-10600$ range. On a daily time frame, Bitcoin is still trading in an eight-week old uptrend channel Bitcoin has tested channel resistance at 10550$, and currently approaching to retest channel support at 9500-9600$. Last time, Bitcoin managed to bounce from this channel support during previous retest on 25th Jan.
9500-9600$ is a key support level to watch out for now, If Bitcoin lose this support than Bitcoin could retest 8800-9200$ support Range before any significant bounce.
Please not 8550$ and 9250$ are also two lower CME Gaps which are not filled yet.
If Bitcoin manages to stay above channel support at 9600$, then we could a see a clear break above 11000$ in next few days.
ETHUSD – Ethereum Technical Analysis
Ethereum managed to pulled off a very bullish weekly close. Ethereum recorded 21.5% growth last week despite of losing 18.5% value on weekends. Ethereum is clearly leading this bull run against both pairs – BTC, and USD.
240$ is a key support level to watch out for now. Ethereum could try to break above key resistance level at 270$, If ETHUSD fails to break 270$ then price could drop back to 240$. As long 240$ holds as support, Ethereum could bounce back and continue its run to 310$.
But in case of Losing support at 240$, Ethereum price could drop back to 210$ before any significant bounce to the upside.
Top 3 altcoins to trade this week
Altcoins saw an average drop of 15% during Bitcoin sell off on weekends. Before you look into buying altcoin dips. I would suggest you to read out our Bitcoin Dominance Analysis.
Now let’s discuss Top 3 altcoins for this week.
Entries – 0.00000020 – 0.00000025 BTC
Exit: 0.00000030 – 0.00000036 BTC
Stop: 0.00000017 BTC
Entries- 0.00000030 – 0.00000040 BTC
Exit- 0.00000050 – 0.0000006 BTC
Stop- 0.00000025 BTC
Entries- 0.00000012 BTC – 0.00000017 BTC
Exit- 0.00000021 – 0.00000025 BTC
Stop- 0.00000010 BTC
Also, Check out Top 5 altcoins to buy in February.
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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