18th February: BTC/USD Declines below 52,000, ETH/USD Comes Closer to 2,000

BTC/USD

The pair was declining until the afternoon. Between 12:00 and 13:00 UTC, the pair continued trending down and reached 50,900, based on the CEX.IO exchange rate, but bounced off the intraday 51,200 support level formed on 17th February and closed the hour above the open. This let BTC/USD retrace the losses in the next two hours.

BTC/USD had travelled back to 52,300 by 15:00 UTC but was unable to try and test the 52,400 level of resistance and turned straight down once again between 15:00 and 16:00 UTC. The trading pair closed the hour at 51,444 as per the CEX.IO pricing and, bouncing to 52,000 between 16:00 and 17:00 UTC, continued trending sideways under 52,000 for the most part until the end of the trading day. BTC/USD came under some selling pressure in the last two hours and came down from 52,110 to 51,635 at the day’s end.

The lack of sufficient buying sentiment and buying trading volumes was the reason why BTC/USD could not attempt to continue its ascent past 52,400. The sideways price action shows that traders are still expecting the uptrend to continue, while market makers might be using this flat channel to make new liquidity to make a breakthrough past 52,400. The positive news factor could be a quick resolution to this stagnation around 52,000. Therefore, some positive news regarding the Bitcoin market may be enough for BTC/USD to get at 52,400 and make a breakthrough.

Considering the overall bullish sentiment dominating BTC/USD, we believe this sideways price action to be another milestone in keeping BTC/USD on the rising course. Thus, we expect the near BTC/USD target to be at around 54,300.

ETH/USD

ETH/USD opened the trading session 18th February at 1,849 and made substantial upside progress in the first two hours, having broken above 1,900 by 02:00 UTC. In the next two hours, the BTC/USD trading pair came down below 1,900. From 04:00 UTC, BTC/USD continued trending sideways within a very limited price range, staying for the most part between 1,880 and 1,900.

With some upside slippage at the open of the 10:00 hourly candlestick, BTC/USD had risen above 1,920 by 11:00 UTC. Between 11:00 and 12:00 UTC, the trading pair made a downside retracement, trading below 1,900 for several minutes but, having closed the hour at 1,900, continued climbing higher until the end of the day, setting multiple historical highs along the way.

The trading pair reached the day’s maximum between 21:00 and 22:00 UTC, having risen to 1,950, but came all the way down to 1,920 before the day’s close. Still, ETH/USD was able to close the day near the new all-time high with some very considerable upside progress at 1,936.3 as per the CEX.IO exchange rate.

ETH/USD added some 4.83% to its price on 18th February, which is all the more impressive against the backdrop of a negative price day in BTC/USD, which showed -0.94% on the day. Ethereum is apparently largely enjoying the DeFi market growth as most of its protocols use Ethereum smart contracts.

Alongside, CME Ethereum futures trading volumes and open interest are growing consistently, showing the rising demand for Etherum from professional investors. The open interest for CME Ether futures had grown more than twofold from 20 million on 9th February to $62 million on 17th February, according to Glassnode.

This makes $2,000 a very close target for ETH/USD. And we see 2,342 to be the next target for ETH/USD for the second quarter of 2021.

Konstantin Anissimov, Executive Director at CEX.IO

The Crypto Daily – Movers and Shakers – February 19th, 2021

Bitcoin, BTC to USD, fell by 1.04% on Thursday. Partially reversing a 5.97% rally from Wednesday, Bitcoin ended the day at $51,566.0.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $52,539.0 before hitting reverse.

Bitcoin fell short of Wednesday’s new swing hi $52,577.0 and the first major resistance level at $53,462.

The reversal saw Bitcoin fall to a mid-day intraday low $50,863.0 before finding support.

Steering clear of the first major support level at $49,885, Bitcoin revisited $52,300 levels before falling back into the red.

The near-term bullish trend remained intact, supported by the Wednesday’s new swing hi $52,577.0. For the bears, Bitcoin would need to slide through the 62% FIB of $22,556 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Thursday.

Litecoin (-4.58%), Polkadot (-1.72%), and Ripple’s XRP (-0.54%) joined Bitcoin in the red.

It was a bullish day for the rest of the majors, however.

Binance Coin  and Crypto.com Coin surged by 18.22% and by 18.66% to lead the way.

Bitcoin Cash SV (+4.94%) and Ethereum (+4.74%) also found strong support.

Cardano’s ADA (+2.44%) and Chainlink (+0.56%) and trailed the front runners.

In the current week, the crypto total market cap fell to a Monday low $1,350.01bn before rising to a Thursday high $1,602.83bn. At the time of writing, the total market cap stood at $1,573.61bn.

Bitcoin’s dominance fell to a Monday low 60.67% before rising to a Wednesday high 63.41%. At the time of writing, Bitcoin’s dominance stood at 61.42%.

This Morning

At the time of writing, Bitcoin was up by 0.54% to $51,847.0. A mixed start to the day saw Bitcoin fall to an early morning low $51,505.0 before rising to a high $51,913.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Polkadot was down by 0.55% to buck the trend early on.

It was a bullish start for the rest of the majors, however.

At the time of writing, Binance Coin was up by 5.72% to lead the way.

BTCUSD 190221 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $51,656 to bring the first major resistance level at $52,449 into play.

Support from the broader market would be needed for Bitcoin to break back through to $52,000 levels.

Barring an extended crypto rally, the first major resistance level and Wednesday’s swing hi $52,577.0 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $55,000 before any pullback. The second major resistance level sits at $53,332.

Failure to avoid a fall through the $51,656 pivot would bring the first major support level at $50,773 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer clear of sub-$50,000 levels. The second major support level sits at $49,980.

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – February 19th, 2021

Ethereum

Ethereum rallied by 4.74% on Thursday. Following on from a 3.92% gain on Wednesday, Ethereum ended the day at $1,939.64.

A mixed start to the day saw Ethereum slip to an early morning intraday low $1,851.47 before finding support.

Steering well clear of the first major support level at $1,771, Ethereum rallied to a late intraday high and a new swing hi $1,950.3.

Ethereum broke through the first major resistance level at $1,895 and the second major resistance level at $1,938.

A choppy end to the day saw Ethereum briefly fall back through the second major resistance level to $1,916 levels before ending the day at $1,939 levels.

At the time of writing, Ethereum was up by 0.07% to $1,940.93. A mixed start to the day saw Ethereum rise to an early morning high $1,947.37 before falling to a low $1,939.50.

Ethereum left the major support and resistance levels untested early on.

ETHUSD 190221 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall through the pivot level at $1,914 to support a run at the first major resistance level at $1,976.

Support from the broader market would be needed, however, for Ethereum to break out from Thursday’s new swing hi $1,950.30.

Barring an extended crypto rally, the first major resistance level resistance at $2,000 would likely cap any upside.

In the event of an extended crypto rally, Ethereum could test resistance at $2,100 before any pullback. The second major resistance level sits at $2,013.

Failure to avoid a fall through the $1,914 pivot would bring the first major support level at $1,877 into play.

Barring an extended sell-off, however, Ethereum should continue to steer clear of sub-$1,800 levels. The second major support level at $1,815 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $1,877

Pivot Level: $1,914

First Major Resistance Level: $1,976

23.6% FIB Retracement Level: $1,509

38.2% FIB Retracement Level: $1,236

62% FIB Retracement Level: $795

Litecoin

Litecoin slid by 4.58% on Thursday. Partially reversing a 13.02% rally from Wednesday, Litecoin ended the day at $226.65.

A bullish start to the day saw Litecoin rise to an early morning intraday high and a new swing hi $239.11.

Falling short of the first major resistance level at $248.91, however, Litecoin slid to a mid-day intraday low $220.70.

Steering clear of the first major support level at $214.84, Litecoin revisited $231 levels before falling back into the deep red.

At the time of writing, Litecoin was up by 0.39% to $227.54. A bullish start to the day saw Litecoin rise from an early morning low $226.69 to a high $228.55.

Litecoin left the major support and resistance levels untested early on.

LTCUSD 190221 Hourly Chart

For the day ahead

Litecoin would need to move through the $228.82 pivot level to support a run at the first major resistance level at $236.94.

Support from the broader market would be needed, however, for Litecoin to break out from $235 levels.

Barring an extended crypto rally, the first major resistance level and Thursday’s new swing hi $239.11 would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $250 before any pullback. The second major resistance level sits at $247.23.

Failure to move through the $228.82 pivot level would bring the first major support level at $218.53 into play.

Barring an extended sell-off, Litecoin should steer clear of the second major support level at $210.41.

Looking at the Technical Indicators

First Major Support Level: $218.53

Pivot Level: $228.82

First Major Resistance Level: $236.94

23.6% FIB Retracement Level: $189

38.2% FIB Retracement Level: $157

62% FIB Retracement Level: $107

Ripple’s XRP

Ripple’s XRP fell by 0.54% on Thursday. Following a 2.60% gain from Wednesday, Ripple’s XRP ended the day at $0.53199.

A bullish start to the day saw Ripple’s XRP rise to a mid-morning intraday high $0.55990 before hitting reverse.

Falling short of the first major resistance level at $0.5627, Ripple’s XRP slid to a mid-day intraday low $0.51955.

While steering clear of the first majors support level at $0.4993, Ripple’s XRP fell through the 23.6% FIB of $0.5320.

Finding late support, Ripple’s XRP broke back through the 23.6% FIB of $0.5320 to revisit $0.54 levels. A bearish end to the day, however, saw Ripple’s XRP fall back to sub-$0.5320 levels and into the red

At the time of writing, Ripple’s XRP was down by 0.13% to $0.53131. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.53587 before falling to a low $0.5300.

While leaving the major support and resistance levels untested early on, Ripple’s XRP briefly broke through the 23.6% FIB of $0.5320.

XRPUSD 190221 Hourly Chart

For the day ahead

Ripple’s XRP will need to move back through the 23.6% FIB and the $0.5371 pivot level to bring the first major resistance level at $0.5547 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.55 levels.

Barring an extended crypto rally, the first major resistance level and Thursday’s high $0.55990 would likely cap any upside.

In the event of an extended rally, Ripple’s XRP could test resistance at $0.60 before any pullback. The second major resistance level sits at $0.0.5775.

Failure to move back through the 23.6% FIB of $0.5320 and the $0.5371 pivot would bring the first major support level at $0.5144 into play.

Barring an extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.50 levels. The second major support level sits at $0.0.4968.

Looking at the Technical Indicators

First Major Support Level: $0.5144

Pivot Level: $0.5371

First Major Resistance Level: $0.5547

23.6% FIB Retracement Level: $0.5320

38.2% FIB Retracement Level: $0.4632

62% FIB Retracement Level: $0.3521

Please let us know what you think in the comments below.

Thanks, Bob

Is Ethereum About to Embark on a Large Correction Back to Around $1300?

Using the Elliott Wave Principle (EWP), I count the 2017 high in ETH as a (blue) Primary-I/A, the 2018 low as Primary-II/B, and the current rally Primary-III/C. See figure 1 below. Although I prefer the five-wave impulse count because ETH has always had impulse patterns to the upside, I must admit that at this stage, I do not know if ETH will only do three large waves up (blue A, B, C) or five (blue I, II, III, IV, V). The market will eventually tell us. Regardless, either pattern is still looking higher (think $3000+) after a pending more extensive correction: (black) major-4.

Figure 1. ETH Weekly chart with technical indicators and horizontal support/resistance levels.

The Elliott Wave Principle points to the next more extensive correction.

ETH experienced a rough first two weeks in 2021, as the instrument went through the (red) intermediate-iv correction. It bottomed right in the ideal target zone (red square), which outlines a typical 23.60-38.20% retrace of the prior entire intermediate-iii wave. That $912 low on January 11 was a ~32% correction. Classic! Since then, it has moved impulsively higher, i.e., in a five-waves-up-three-waves-down fashion, and should now complete intermediate-v, as per the anticipated red path. All of this I had already outlined to my Crypto Trading Members in December. Hence, no surprises so far.

Now I anticipate the black path to unfold, also because negative divergences (red dotted arrows) are setting up on several technical indicators (RSI5 and MFI14), which often foretell a correction. The smaller wave-count, not shown here but available to my Premium Members, suggests ETH should soon top around $2000+/-100 and then embark on a move down to about $1300 before moving back up to ~$3000.

A correction of the major-wave degree to $1300 would be a 35% correction and fit with the prior intermediate wave-degree. As shown in Figure 1, the major-4 correction during the 2017 rally retraced almost 70%, which would translate to around $600 (!) for current conditions. However, the recent rally is more Bullish than the 2017 rally, and in Bull markets, the downside often disappoints and upside surprises. I do not expect such a deep retrace, and for now, I focus on $1300+/-100. A weekly close below it would target $900 once again and be a sizable 55% correction.

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – February 18th, 2021

Ethereum

Ethereum rallied by 3.92% on Wednesday. Following a 0.08% gain on Tuesday, Ethereum ended the day at $1.852.00.

A bearish start to the day saw Ethereum slide to an early morning intraday low $1,733.87 before finding support.

Steering clear of the first major support level at $1,730 Ethereum rallied to a late intraday high $1,857.61 before easing back.

Ethereum broke through the first major resistance level at $1,830 to end the day at $1,850 levels.

At the time of writing, Ethereum was up by 0.32% to $1,858.00. A bullish start to the day saw Ethereum rise from an early morning low $1,851.47 to a high $1,864.00.

Ethereum left the major support and resistance levels untested early on.

ETHUSD 180221 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall through the pivot level at $1,815 to support a run at the first major resistance level at $1,895.

Support from the broader market would be needed, however, for Ethereum to break out from last week’s swing hi $1,877.88.

Barring an extended crypto rally, the first major resistance level resistance at $1,900 would likely cap any upside.

In the event of an extended crypto rally, Ethereum could test resistance at the second major resistance level at $1,938.

Failure to avoid a fall through the $1,815 pivot would bring the first major support level at $1,771 into play.

Barring an extended sell-off, however, Ethereum should continue to steer clear of sub-$1,700 levels. The second major support level sits at $1,691.

Looking at the Technical Indicators

First Major Support Level: $1,771

Pivot Level: $1,815

First Major Resistance Level: $1,895

23.6% FIB Retracement Level: $1,454

38.2% FIB Retracement Level: $1,191

62% FIB Retracement Level: $767

Litecoin

Litecoin rallied by 13.02% on Wednesday. Following a 0.99% gain on Tuesday, Litecoin ended the day at $237.54.

A mixed start to the day saw Litecoin fall to an early morning low $203.52 before making a move.

Steering clear of the first major support level at $199.58, Litecoin rallied to a late intraday high and a new swing hi $237.59.

Litecoin broke through the first major resistance level at $221.35 and the second major resistance level at $232.54 to end the day at $237 levels.

At the time of writing, Litecoin was down by 1.11% to $234.90. A mixed start to the day saw Litecoin rise to early morning high $239.11 before falling to a low $233.73.

Litecoin left the major support and resistance levels untested early on.

LTCUSD 180221 Hourly Chart

For the day ahead

Litecoin would need to avoid a fall through the $226.22 pivot level to support a run at the first major resistance level at $248.91.

Support from the broader market would be needed, however, for Litecoin to break out from Wednesday’s new swing hi $237.59.

Barring an extended crypto rally, the first major resistance level and resistance at $250 would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $270 before any pullback. The second major resistance level sits at $260.29.

Failure to avoid a fall through the $226.22 pivot level would bring the first major support level at $214.84 into play.

Barring an extended sell-off, Litecoin should steer clear of sub-$200 and the second major support level at $192.15.

Looking at the Technical Indicators

First Major Support Level: $214.84

Pivot Level: $226.22

First Major Resistance Level: $248.91

23.6% FIB Retracement Level: $187

38.2% FIB Retracement Level: $156

62% FIB Retracement Level: $106

Ripple’s XRP

Ripple’s XRP rose by 2.60% on Wednesday. Partially reversing a 5.35% slide from Tuesday, Ripple’s XRP ended the day at $0.53367.

Tracking the broader market, Ripple’s XRP fell through the 23.6% FIB of $0.5320 to an early morning intraday low $0.49394 before making a move.

Steering clear of the first major support level at $0.4745, Ripple’s XRP rose to a late afternoon intraday high $0.55741.

Falling short of the first major resistance level at $0.5726, Ripple’s XRP eased back to end the day at $0.53 levels.

The 23.6% FIB of $0.5320 delivered support late in the day.

At the time of writing, Ripple’s XRP was up by 2.47% to $0.54673. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.53489 to a high $0.54775.

Ripple’s XRP left the major support and resistance levels untested early on.

XRPUSD 180221 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid a fall through the 23.6% FIB of $0.5320 and the $0.5283 pivot level to bring the first major resistance level at $0.5627 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Wednesday’s high $0.55741.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of an extended rally, Ripple’s XRP could test resistance at $0.60 before any pullback. The second major resistance level sits at $0.5918.

Failure to avoid a fall through the 23.6% FIB and the $0.5283 pivot would bring and the first major support level at $0.4993 into play.

Barring an extended sell-off, however, Ripple’s XRP should steer clear of the second major support level at $0.4649.

Looking at the Technical Indicators

First Major Support Level: $0.4993

Pivot Level: $0.5283

First Major Resistance Level: $0.5627

23.6% FIB Retracement Level: $0.5320

38.2% FIB Retracement Level: $0.4632

62% FIB Retracement Level: $0.3521

Please let us know what you think in the comments below.

Thanks, Bob

The Crypto Daily – Movers and Shakers – February 17th, 2021

Bitcoin, BTC to USD, rose by 2.65% on Tuesday. Reversing a 1.42% loss from Monday, Bitcoin ended the day at $49,203.0.

A mixed start to the day saw Bitcoin slide to an early morning intraday low $47,0460 before making a move.

Steering clear of the first major support level at $46,105, Bitcoin rallied to a mid-day intraday high and a new swing hi $50,490.0.

Bitcoin broke through the first major resistance level at $49,333 to visit $50,000 levels for the first time.

Coming up short of the second major resistance level at $50,760, Bitcoin fell back to sub-$48,000 levels and into the red.

Finding late support, however, Bitcoin moved back through to $49,000 levels to deliver the upside on the day.

The first major resistance level at $49,333 pinned Bitcoin back late on.

The near-term bullish trend remained intact, supported by the Tuesday’s new swing hi $50,490.0. For the bears, Bitcoin would need to slide through the 62% FIB of $21,759 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Tuesday.

Bitcoin Cash SV (-3.75%), Chainlink (-1.62%), Crypto.com Coin (-1.38%), and Ripple’s XRP (-5.35%) saw red.

It was a bullish day for the rest of the majors, however.

Polkadot rallied by 5.49% to lead the way.

Binance Coin (+0.03%), Cardano’s ADA (+1.13%), Ethereum (+0.08%), and Litecoin (+0.99%) also joined Bitcoin in positive territory.

In the current week, the crypto total market cap fell to a Monday low $1,350.01bn before rising to a Tuesday high $1,537.78bn. At the time of writing, the total market cap stood at $1,476.39bn.

Bitcoin’s dominance jumped to a Monday high 63.36% before falling to a Monday low 60.67%. At the time of writing, Bitcoin’s dominance stood at 62.44%.

This Morning

At the time of writing, Bitcoin was up by 0.75% to $49,572.5. A bullish start to the day saw Bitcoin rise from an early morning low $49,182.0 to a high $49,584.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Binance Coin (+0.07%), Litecoin (+0.85%), and Ripple’s XRP (+1.76%) joined Bitcoin in the green.

It was a bearish start for the rest of the majors, however.

At the time of writing, Chainlink was down by 1.17% to lead the way down.

BTCUSD 170221 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $48,913 to bring the first major resistance level at $50,780 into play.

Support from the broader market would be needed for Bitcoin to break out from Tuesday’s new swing hi $50,490.0.

Barring an extended crypto rally, the first major resistance level and Tuesday’s new swing hi would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $55,000 before any pullback. The second major resistance level sits at $52,357.

Failure to avoid a fall through the $48,913 pivot would bring the first major support level at $47,336 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer clear of sub-$46,000 levels. The second major support level sits at $45,469.

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – February 17th, 2021

Ethereum

Ethereum rose by 0.08% on Tuesday. Partially reversing a 1.31% loss from Monday, Ethereum ended the day at $1.781.97.

A bearish start to the day saw Ethereum tumble to an early morning intraday low $1,725.0 before finding support.

Steering clear of the first major support level at $1,681, Ethereum struck an early morning intraday high $1,825.00 before hitting reverse.

Falling short of the first major resistance level at $1,857, Ethereum fell back to $1,725 levels and into the red.

A late move back through to $1,780 levels delivered the upside on the day.

At the time of writing, Ethereum was down by 0.18% to $1,778.70. A mixed start to the day saw Ethereum rise to an early morning high $1,786.18 before falling to a low $1,778.62.

Ethereum left the major support and resistance levels untested early on.

ETHUSD 170221 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall through the pivot level at $1,777 to support a run at the first major resistance level at $1,830.

Support from the broader market would be needed, however, for Ethereum to break out from Tuesday’s high $1,825.00.

Barring an extended crypto rally, the first major resistance level and Tuesday’s high would likely cap any upside.

In the event of an extended crypto rally, Ethereum could test resistance at Saturday’s swing hi $1,877.88 and the second major resistance level at $1,877.

Failure to avoid a fall through the $1,777 pivot would bring the first major support level at $1,730 into play.

Barring an extended sell-off, however, Ethereum should steer clear of the second major support level at $1,677.

Looking at the Technical Indicators

First Major Support Level: $1,730

Pivot Level: $1,777

First Major Resistance Level: $1,830

23.6% FIB Retracement Level: $1,454

38.2% FIB Retracement Level: $1,191

62% FIB Retracement Level: $767

Litecoin

Litecoin rose by 0.99% on Tuesday. Partially reversing a 2.81% decline from Monday, Litecoin ended the day at $210.17.

A mixed start to the day saw Litecoin fall to an early morning low $201.00 before making a move.

Steering clear of the major support levels, Litecoin struck a mid-day intraday high $221.95 before a 2nd reversal.

Falling short of the first major resistance level at $223.07, Litecoin slid to a late afternoon intraday low $200.18.

Steering clear of the first major support level at $189.65, Litecoin wrapped up the day at $210 levels.

At the time of writing, Litecoin was up by 0.70% to $211.65. A bullish start to the day saw Litecoin rise from an early morning low $210.17 to a high $212.00.

Litecoin left the major support and resistance levels untested early on.

LTCUSD 170221 Hourly Chart

For the day ahead

Litecoin would need to avoid a fall through the $210.77 pivot level to support a run at the first major resistance level at $221.35.

Support from the broader market would be needed, however, for Litecoin to break back through to $220 levels.

Barring an extended crypto rally, the first major resistance level and Tuesday’s high $221.95 would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at the swing hi $230.81 and the second major resistance level at $232.54.

Failure to avoid a fall through the $210.77 pivot level would bring the first major support level at $199.58 into play.

Barring an extended sell-off, Litecoin should steer clear of sub-$190 and the second major support level at $189.00.

Looking at the Technical Indicators

First Major Support Level: $199.58

Pivot Level: $210.77

First Major Resistance Level: $221.35

23.6% FIB Retracement Level: $182

38.2% FIB Retracement Level: $152

62% FIB Retracement Level: $104

Ripple’s XRP

Ripple’s XRP fell by 5.35% on Tuesday. Following on from a 7.42% slide on Monday, Ripple’s XRP ended the day at $0.51985.

A mixed start to the day saw Ripple’s XRP rise to an early morning intraday high $0.58012 before hitting reverse.

Falling short of the first major resistance level at $0.5987, Ripple’s XRP tumbled to a late intraday low $0.48201.

Ripple’s XRP fell through the first major support level at $0.5054 to visit sub-$0.50 levels for the first time since Thursday.

The sell-off also saw Ripple’s XRP fall through the 23.6% FIB of $0.5320.

Finding late support, however, Ripple’s XRP broke back through the first major support level to end the day at $0.519 levels.

At the time of writing, Ripple’s XRP was up by 1.38% to $0.52700. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.52017 to a high $0.52700.

Ripple’s XRP left the major support and resistance levels untested early on.

XRPUSD 170221 Hourly Chart

For the day ahead

Ripple’s XRP will need to move through the $0.5273 pivot level to bring the 23.6% FIB of $0.5320 and the first major resistance level at $0.5726 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from $0.55 levels.

Barring another extended crypto rally, the first major resistance level and Tuesday’s high $0.58012 would likely cap any upside.

In the event of an extended rally, Ripple’s XRP could test resistance at $0.65 before any pullback. The second major resistance level sits at $0.6254.

Failure to move through the $0.5273 pivot would bring and the first major support level at $0.4745 into play.

Barring an extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.45 levels and the second major support level at $0.4292. The 38.2% FIB of $0.4632 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.4745

Pivot Level: $0.5273

First Major Resistance Level: $0.5726

23.6% FIB Retracement Level: $0.5320

38.2% FIB Retracement Level: $0.4632

62% FIB Retracement Level: $0.3521

Please let us know what you think in the comments below.

Thanks, Bob

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – February 16th, 2021

Ethereum

Ethereum fell by 1.31% on Monday. Following on from a 0.77% decline on Sunday, Ethereum ended the day at $1,780.59.

A mixed start to the day saw Ethereum rise to an early morning high $1,814.74 before hitting reverse.

Coming up short of the first major resistance level at $1,843, Ethereum tumbled to an early morning intraday low $1,659.93.

The sell-off saw Ethereum fall through the major support levels before finding support.

Steering clear of the 23.6% FIB of $1,454, Ethereum broke back through the major support levels to strike a late intraday high $1,836.00.

Continuing to fall short of the major resistance levels, however, Ethereum slid back to end the day at sub-$1,800 levels.

At the time of writing, Ethereum was down by 0.37% to $1,773.02. A mixed start to the day saw Ethereum rise to an early morning high $1,783.80 before falling to a low $1,768.92.

Ethereum left the major support and resistance levels untested early on.

ETHUSD 160221 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall through the pivot level at $1,759 to support a run at the first major resistance level at $1,857.

Support from the broader market would be needed, however, for Ethereum to break out from Monday’s high $1,836.00.

Barring an extended crypto rally, the first major resistance level and resistance at Saturday’s swing hi $1,877.88 would likely cap any upside.

In the event of an extended crypto rally, Ethereum could test resistance at $1,900 before any pullback. The second major resistance level sits at $1,935.

Failure to avoid a fall through the $1,759 pivot would bring the first major support level at $1,681 into play.

Barring an extended sell-off, however, Ethereum should continue to steer clear of sub-$1,600 levels. The second major support level sits at $1,583.

Looking at the Technical Indicators

First Major Support Level: $1,681

Pivot Level: $1,759

First Major Resistance Level: $1,681

23.6% FIB Retracement Level: $1,447

38.2% FIB Retracement Level: $1,186

62% FIB Retracement Level: $764

Litecoin

Litecoin fell by 2.81% on Monday. Following on from a 5.54% slide on Sunday, Litecoin ended the day at $207.90.

A mixed start to the day saw Litecoin rise to an early morning high $215.83 before hitting reverse.

Falling short of the first major resistance level at $226.97, Litecoin slid to an early morning intraday low $186.58.

Litecoin fell through the first major support level at $204.73 and the second major support level at $195.53.

Steering clear of the 23.6% FIB of $182, Litecoin bounced back to strike a late intraday high $220.00.

Continuing to fall short of the major resistance levels, Litecoin slid back to end the day at sub-$210 levels.

At the time of writing, Litecoin was down by 0.41% to $207.05. A mixed start to the day saw Litecoin rise to an early morning high $209.00 before falling to a low $206.65.

Litecoin left the major support and resistance levels untested early on.

LTCUSD 160221 Hourly Chart

For the day ahead

Litecoin would need to avoid a fall through the $204.83 pivot level to support a run at the first major resistance level at $223.07.

Support from the broader market would be needed, however, for Litecoin to breakout from Monday’s high $220.00.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at the swing hi $230.81 and the second major resistance level at $238.25.

Failure to avoid a fall through the $204.83 pivot level would bring the first major support level at $189.65 into play.

Barring an extended sell-off, Litecoin should steer clear of sub-$180 and the second major support level at $171.41. The 23.6% FIB of $182 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $189.65

Pivot Level: $204.83

First Major Resistance Level: $223.07

23.6% FIB Retracement Level: $182

38.2% FIB Retracement Level: $152

62% FIB Retracement Level: $104

Ripple’s XRP

Ripple’s XRP slid by 7.42% on Monday. Following a 6.74% fall on Sunday, Ripple’s XRP ended the day at $0.54911.

A mixed start to the day saw Ripple’s XRP rise to an early morning intraday high $0.60449 before hitting reverse.

Falling short of the first major resistance level at $0.6346, Ripple’s XRP tumbled to an early morning intraday low $.51117.

Ripple’s XRP fell through the first major support level at $0.5564 and the second major support level at $0.5202.

More importantly, Ripple’s XRP fell through the 23.6% FIB of $0.5320 before finding support.

Ripple’s XRP broke back through the 23.6% FIB and the major support levels to revisit $0.58 levels.

A bearish end to the day, however, saw Ripple’s XRP fall back through the first major support level to end the day at sub-$0.55 levels.

At the time of writing, Ripple’s XRP was down by 1.37% to $0.54159. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.55000 before falling to al ow $0.54076.

Ripple’s XRP left the major support and resistance levels untested early on.

XRPUSD 160221 Hourly Chart

For the day ahead

Ripple’s XRP will need to move through the $0.5549 pivot level to bring the first major resistance level at $0.5987 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from $0.55 levels.

Barring another extended crypto rally, the first major resistance level and Monday’s high $0.60449 would likely cap any upside.

In the event of an extended rally, Ripple’s XRP could test resistance at $0.65 before any pullback. The second major resistance level sits at $0.6482.

Failure to move through the $0.5549 pivot would bring the 23.6% FIB of $0.5320 and the first major support level at $0.5054 into play.

Barring an extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.50 levels and the 38.2% FIB of $0.4632. The second major support level sits at $0.4616.

Looking at the Technical Indicators

First Major Support Level: $0.5054

Pivot Level: $0.5549

First Major Resistance Level: $0.5987

23.6% FIB Retracement Level: $0.5320

38.2% FIB Retracement Level: $0.4632

62% FIB Retracement Level: $0.3521

Please let us know what you think in the comments below.

Thanks, Bob

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – February 15th, 2021

Ethereum

Ethereum fell by 0.77% on Sunday. Following a 1.45% fall from Saturday, Ethereum ended the week up by 11.65% to $1,803.75.

A bullish start to the day saw Ethereum rise to a mid-morning intraday high $1,852.47 before hitting reverse.

Coming up short of the first major resistance level at $1,875, Ethereum fell to a mid-afternoon intraday low $1,785.07.

Steering clear of the first major support level at $1,764, Ethereum revisited $1,830 levels before easing back.

At the time of writing, Ethereum was up by 0.32% to $1,809.50. A bullish start to the day saw Ethereum rise from an early morning low $1,803.25 to a high $1,814.00.

Ethereum left the major support and resistance levels untested early on.

ETHUSD 150221 Hourly Chart

For the day ahead

Ethereum would need to move through the pivot level at $1,814 to support a run at the first major resistance level at $1,843.

Support from the broader market would be needed, however, for Ethereum to break back through to $1,840 levels.

Barring an extended crypto rally, the first major resistance level and resistance at Saturday’s swing hi $1,877.88 would likely cap any upside.

In the event of an extended crypto rally, Ethereum could test resistance at $1,900 before any pullback. The second major resistance level sits at $1,881.

Failure to move through the $1,814 pivot would bring the first major support level at $1,775 into play.

Barring an extended sell-off, however, Ethereum should continue to steer clear of sub-$1,700 levels. The second major support level at $1,746 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $1,775

Pivot Level: $1,814

First Major Resistance Level: 1,843

23.6% FIB Retracement Level: $1,447

38.2% FIB Retracement Level: $1,186

62% FIB Retracement Level: $764

Litecoin

Litecoin slid by 5.54% on Sunday. Partially reversing a 14.92% jump from Saturday, Litecoin ended the week up by 41.05% to $213.93.

A mixed start to the day saw Litecoin slip to a mid-morning low $213.57 before making a move.

Finding mid-morning support, Litecoin struck a late morning intraday high and a new swing hi $230.81 before hitting reverse.

Falling well short of the first major resistance level at $240.09, Litecoin fell to a mid-afternoon intraday low $208.57.

Steering clear of the first major support level at $202.57, Litecoin revisited $220 levels before falling back into the deep red.

At the time of writing, Litecoin was down by 0.08% to $213.75. A mixed start to the day saw Litecoin rise to an early morning high $215.83 before falling to a low $213.15.

Litecoin left the major support and resistance levels untested early on.

LTCUSD 150221 Hourly Chart

For the day ahead

Litecoin would need to move through the $217.77 pivot level to support a run at the first major resistance level at $226.97.

Support from the broader market would be needed, however, for Litecoin to breakout from $225 levels.

Barring an extended crypto rally, the first major resistance level and Sunday’s new swing hi $230.81 would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $240 before any pullback. The second major resistance level sits at $240.01.

Failure to move through the $217.77 pivot level would bring the first major support level at $204.73 into play.

Barring an extended sell-off, Litecoin should steer clear of sub-$200 levels. The second major support level sits at $195.53.

Looking at the Technical Indicators

First Major Support Level: $204.73

Pivot Level: $217.77

First Major Resistance Level: $226.97

23.6% FIB Retracement Level: $182

38.2% FIB Retracement Level: $152

62% FIB Retracement Level: $104

Ripple’s XRP

Ripple’s XRP slid by 6.74% on Sunday. Reversing a 3.91% gain from Saturday, Ripple’s XRP ended the week up by 41.34% to $0.59259.

A bullish start to the day saw Ripple’s XRP rise to an early morning intraday high $0.64031 before hitting reverse.

Falling short of the first major resistance level at $0.6706, Ripple’s XRP slid to an early afternoon intraday low $0.56213.

Ripple’s XRP fell through the first major support level at $0.5710 before briefly revisiting $0.61 levels.

A bearish end to the day, however, saw Ripple’s XRP fall back to end the day at sub-$0.60 levels.

At the time of writing, Ripple’s XRP was up by 1.36% to $0.60067. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.59312 to a high $0.60304.

Ripple’s XRP left the major support and resistance levels untested early on.

XRPUSD 150221 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid a fall back through the $0.5983 pivot level to bring the first major resistance level at $0.6346 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.63 levels.

Barring another extended crypto rally, the first major resistance level and Sunday’s high $0.64031 would likely cap any upside.

In the event of an extended rally, Ripple’s XRP could test the second major resistance level at $0.6765.

Failure to avoid a fall back through the $0.5983 pivot would bring the first major support level at $0.5564 and the 23.6% FIB of $0.5320 into play.

Barring an extended sell-off, however, Ripple’s XRP should steer clear of the second major support level at $0.5202.

Looking at the Technical Indicators

First Major Support Level: $0.5564

Pivot Level: $0.5983

First Major Resistance Level: $0.6346

23.6% FIB Retracement Level: $0.5320

38.2% FIB Retracement Level: $0.4632

62% FIB Retracement Level: $0.3521

Please let us know what you think in the comments below.

Thanks, Bob

The Crypto Daily – Movers and Shakers – February 15th, 2021

Bitcoin, BTC to USD, rose by 2.98% on Sunday. Reversing a 0.40% decline Saturday, Bitcoin ended the week up by 25.08% to $48,584.0.

A mixed start to the day saw Bitcoin slip to an early morning intraday low $47,030.0 before making a move.

Steering clear of the first major support level at $46,218, Bitcoin rallied to a mid-day intraday high and a new swing hi $49,659.0.

Bitcoin broke through the first major resistance level at $48,172 and the second major resistance level at $49,168.

A bearish end to the day, however, saw Bitcoin fall back through the second major resistance level to end the day at sub-$49,000.

The near-term bullish trend remained intact, supported by the Sunday’s new swing hi $49,659.0. For the bears, Bitcoin would need to slide through the 62% FIB of $21,442 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Sunday.

Binance Coin (+1.96%), Bitcoin Cash SV (+2.94%), and Crypto.com Coin (+0.33%) bucked the trend to join Bitcoin in the green.

It was a bearish day for the rest of the majors, however.

Cardano’s ADA (-7.61%), Polkadot (-X%), and Ripple’s XRP (-6.74%) led the way down.

Chainlink (-3.07%), and Litecoin (-5.54%) also struggled.

Ethereum saw relatively modest 0.77% loss, however.

For the week, it was a bullish week for the crypto majors, however.

Binance Coin surged by 98.52% to lead the way.

Bitcoin Cash SV (+43.58%), Cardano’s ADA (+27.43%), Chainlink (+34.02%), Crypto.com Coin (+40.20%), Litecoin (+41.05%), Ripple’s XRP (+41.34%) also found strong support.

Ethereum (+11.65%) and Polkadot (+8.63%) trailed the front runners, however.

In the week, the crypto total market cap fell to a Monday low $1,145.36bn before surging to a Sunday high $1,539.20bn. At the time of writing, the total market cap stood at $1,453.99bn.

Bitcoin’s dominance jumped to a Tuesday high 64.76% before sliding to a Saturday low 59.67%. At the time of writing, Bitcoin’s dominance stood at 60.42%.

 

This Morning

At the time of writing, Bitcoin was up by 0.23% to $47,694.0. A bullish start to the day saw Bitcoin rise from an early morning low $48,592.0 to a high $48,727.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day. Crypto.com Coin was down by 1.27% early on to buck the trend.

It was a bullish start for the rest of the majors, however.

At the time of writing, Bitcoin Cash SV was up by 2.94% to lead the way.

BTCUSD 150221 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $48,424 to bring the first major resistance level at $49,819 into play.

Support from the broader market would be needed for Bitcoin to break out from Sunday’s swing hi $49,659.0.

Barring an extended crypto rally, the first major resistance level and resistance at $50,000 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $55,000 before any pullback. The second major resistance level sits at $51,053.

Failure to avoid a fall through the $48,424 pivot would bring the first major support level at $47,190 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer clear of sub-$47,000 levels. The second major support level sits at $45,795.

The Crypto Daily – Movers and Shakers – February 14th, 2021

Bitcoin, BTC to USD, slipped by 0.40% on Saturday. Following on from 1.26% decline on Friday, Bitcoin ended the day at $47,177.0.

A bullish start to the day saw Bitcoin rise to an early morning intraday high $48,209.0 before hitting reverse.

Falling short of the first major resistance level at $48,944, Bitcoin fell to a late morning intraday low $46,255.0.

Steering clear of the first major support level at $45,851, Bitcoin revisited $47,300 levels before falling back into the red.

The near-term bullish trend remained intact, supported by the Friday’s new swing hi $48,945.0. For the bears, Bitcoin would need to slide through the 62% FIB of $21,169 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Saturday.

Bitcoin Cash SV and Litecoin jumped by 12.77% and by 14.92% respectively to lead the way, with Chainlink rallying by 11.50%.

Crypto.com Coin (+5.26%) and Ripple’s XRP (+3.91%) also found support on the day.

It was a bearish day for the rest, however.

Binance Coin (-2.59%), Cardano’s ADA (-1.27%), Ethereum (-1.45%), and Polkadot (-2.04%) joined Bitcoin in the red.

In the current week, the crypto total market cap fell to a Monday low $1,145.36bn before surging to a Friday high $1,510.61bn. At the time of writing, the total market cap stood at $1,453.99bn.

Bitcoin’s dominance jumped to a Tuesday high 64.76% before sliding to a Saturday low 59.76%. At the time of writing, Bitcoin’s dominance stood at 60.42%.

This Morning

At the time of writing, Bitcoin was.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was another mixed start to the day.

Binance Coin (-0.71%), Cardano’s ADA (-0.20%), Chainlink (-0.03%), Ethereum (-0.42%), and Litecoin (-1.01%) joined Bitcoin in the red early on.

It was a bullish start for the rest of the majors, however.

At the time of writing, Crypto.com Coin was up by 2.44% to lead the way.

BTCUSD 140221 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through the pivot level at $47,214 to bring the first major resistance level at $48,172 into play.

Support from the broader market would be needed for Bitcoin to break back through to $48,000 levels.

Barring an extended crypto rally, the first major resistance level and Saturday’s high $48,209.0 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $50,000 before any pullback. The second major resistance level sits at $49,168.

Failure to move back through the $47,214 pivot would bring the first major support level at $46,218 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer clear of the second major support level at $45,260.

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – February 13th, 2021

Ethereum

Ethereum rose by 3.23% on Friday. Following on from a 2.57% gain on Thursday, Ethereum ended the day at $1,845.0.

A bearish start to the day saw Ethereum fall to an early morning intraday low $1,741.29 before making a move.

Steering clear of the first major support level at $1,721, Ethereum rallied to a late intraday high and a new swing hi $1,868.9.

Ethereum broke through the first major resistance level at $1,836 and Wednesday’s swing hi $1,839.0 before falling back to sub-$1,850 levels.

At the time of writing, Ethereum was down by 0.03% to $1,844.47. A mixed start to the day saw Ethereum rise to an early morning high and a new swing hi $1,877.88 before falling to a low $1,827.03.

Ethereum left the major support and resistance levels untested early on.

ETHUSD 130221 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall through the pivot level at $1,818 to support a run at the first major resistance level at $1,896.

Support from the broader market would be needed, however, for Ethereum to break out from this morning’s new swing hi $1,868.9.

Barring an extended crypto rally, the first major resistance level and resistance at $1,900 would likely cap any upside.

In the event of an extended crypto rally, Ethereum could test resistance at $2,000 before any pullback. The second major resistance level sits at $1,946.

Failure to avoid a fall through the $1,818 pivot would bring the first major support level at $1,768 into play.

Barring an extended sell-off, however, Ethereum should continue to steer clear of sub-$1,700 levels. The second major support level sits at $1,691.

Looking at the Technical Indicators

First Major Support Level: $1,768

Pivot Level: $1,818

First Major Resistance Level: 1,896

23.6% FIB Retracement Level: $1,447

38.2% FIB Retracement Level: $1,186

62% FIB Retracement Level: $764

Litecoin

Litecoin rallied by 7.34% on Friday. Following on from a 2.84% gain on Thursday, Litecoin ended the day at $197.20.

It was also a bearish start to the day. Litecoin fell to an early morning intraday low $176.89 before making a move.

Steering clear of the first major support level at $175.18, Litecoin rallied to a late intraday high and a new swing hi $199.99.

Litecoin broke through the first major resistance level at $193.04 and Wednesday’s swing hi $195.15 to end the day at $197 levels.

At the time of writing, Litecoin was up by 3.68% to $204.46. A mixed start to the day saw Litecoin fall to an early morning low $197.18 before striking a new swing hi $209.50.

Litecoin left the major support and resistance levels untested early on.

LTCUSD 130221 Hourly Chart

For the day ahead

Litecoin would need to avoid a fall through the $191.36 pivot level to support another run at the first major resistance level at $205.83.

Support from the broader market would be needed, however, for Litecoin to avoid a fall back to sub-$200 levels.

Barring an extended crypto rally, the first major resistance level and today’s new swing hi $209.50 would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $220 before any pullback. The second major resistance level sits at $214.46.

Failure to avoid a fall through the $191.36 pivot level would bring the first major support level at $182.73 into play.

Barring an extended sell-off, Litecoin should steer clear of sub-$180 levels. The second major support level sits at $168.26.

Looking at the Technical Indicators

First Major Support Level: $182.73

Pivot Level: $191.36

First Major Resistance Level: $205.83

23.6% FIB Retracement Level: $159

38.2% FIB Retracement Level: $133

62% FIB Retracement Level: $92

Ripple’s XRP

Ripple’s XRP jumped by 15.47% on Friday. Following on from a 4.80% gain on Thursday, Ripple’s XRP ended the day at $0.61031.

Tracking the broader market, Ripple’s XRP slipped to an early morning intraday low $0.5193 before making a move.

Steering clear of the first major support level at $0.5069, Ripple’s XRP rallied to a late intraday high $0.6200.

Ripple’s XRP broke through the day’s major resistance levels and the 62% FIB of $0.5522 to end the day at $0.61 levels.

At the time of writing, Ripple’s XRP was up by 2.47% to $0.62541. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.60662 before rising to a high $0.64320.

Ripple’s XRP left the major support and resistance levels untested early on.

XRPUSD 130221 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid a fall through the $0.5832 pivot level to bring the first major resistance level at $0.6471 back into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.64 levels.

Barring another extended crypto rally, the first major resistance level at $0.6471 would likely cap any upside.

In the event of an extended rally, Ripple’s XRP could test the second major resistance level at $0.6839.

Failure to avoid a fall through the $0.5832 pivot would bring 62% FIB of $0.5522 and the first major support level at $0.5464 into play.

Barring an extended sell-off, however, Ripple’s XRP should steer clear of sub $0.60 levels. The second major support level sits at $0.4825.

Avoiding sub-$0.60 levels would affirm a near-term bullish trend following Friday’s breakout from the 62% FIB.

Looking at the Technical Indicators

First Major Support Level: $0.5464

Pivot Level: $0.5832

First Major Resistance Level: $0.6471

23.6% FIB Retracement Level: $0.6274

38.2% FIB Retracement Level: $0.5285

62% FIB Retracement Level: $0.3687

Please let us know what you think in the comments below.

Thanks, Bob

The Crypto Daily – Movers and Shakers – February 13th, 2021

Bitcoin, BTC to USD, fell by 1.26% on Friday. Partially reversing a 7.07% rally from Thursday, Bitcoin ended the day at $47,397.0.

A bullish start to the day saw Bitcoin rise to an early morning intraday high and a new swing hi $48,945.0 before hitting reverse.

Falling short of the first major resistance level at $49,765, Bitcoin fell to an early afternoon intraday low $47,397.0.

Steering clear of the first major support level at $45,084, Bitcoin revisited $48,000 levels before falling back into the red.

The near-term bullish trend remained intact, supported by the Friday’s new swing hi $48,945.0. For the bears, Bitcoin would need to slide through the 62% FIB of $21,169 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Friday.

Cardano’s ADA fell by 0.20% to buck the trend on the day alongside Bitcoin.

It was a bullish day for the rest of the majors, however.

Polkadot and Ripple’s XRP rallied by 16.22% and by 15.33% to lead the way.

Binance Coin (+10.34%), Chainlink (+10.12%) and Litecoin (+7.29%) also found strong support on the day.

Bitcoin Cash SV (+2.62%), Crypto.com Coin (+5.56%), and Ethereum (+3.23%) trailed the front runners, however.

In the current week, the crypto total market cap fell to a Monday low $1,145.36bn before surging to a Friday high $1,510.61bn. At the time of writing, the total market cap stood at $1,461.07bn.

Bitcoin’s dominance jumped to a Tuesday high 64.76% before sliding to a current day low 60.25%. At the time of writing, Bitcoin’s dominance stood at 60.82%.

This Morning

At the time of writing, Bitcoin was down by 0.60% to $47,677.0. A mixed start to the day saw Bitcoin slip to an early morning low $47,263.0 before striking a high $48,209.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Binance Coin (-2.98%), Cardano’s ADA (-1.31%), and Ethereum (-0.09%) joined Bitcoin in the red early on.

It was a bullish start for the rest of the majors, however.

At the time of writing, Crypto.com Coin was up by 6.90% to lead the way.

BTCUSD 130221 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall back through the pivot level at $47,398 to bring the first major resistance level at $48,944 into play.

Support from the broader market would be needed for Bitcoin to break out from $48,500 levels.

Barring an extended crypto rally, the first major resistance level and Friday’s swing hi $48,945.0 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test the second major resistance level at $50,491.

Failure to avoid a fall back through the $47,398 pivot would bring the first major support level at $45,851 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer clear of sub-$45,000 levels. The second major support level sits at $44,305.

The Crypto Daily – Movers and Shakers – February 12th, 2021

Bitcoin, BTC to USD, rallied by 7.07% on Thursday. Reversing a 3.54% slide from Wednesday, Bitcoin ended the day at $48,008.

A bearish start to the day saw Bitcoin fall to an early morning intraday low $43,917.4 before making a move.

Steering clear of the first major support level at $43,284, Bitcoin rallied to a late intraday high and a new swing hi $48,598.0.

Bitcoin broke through the first major resistance level at $46,890 before a slide back to sub-$46,000 levels.

Finding late support, however, Bitcoin moved back through to $48,000 levels to deliver the upside on the day.

The near-term bullish trend remained intact, supported by the Thursday’s new swing hi $48,598.0. For the bears, Bitcoin would need to slide through the 62% FIB of $21,036 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Thursday.

Binance Coin slid by 3.66% to lead the way down.

Cardano’s ADA (-1.44%) and Polkadot (-0.97%) also saw red on the day.

It was a bullish day for the rest of the majors, however.

Crypto.com Coin jumped by 15.5% to lead the way.

Bitcoin Cash SV (+8.08%), Chainlink (+3.89%) and Ripple’s XRP (+4.80%) also found strong support.

Ethereum (+2.57%) and Litecoin (+2.84%) trailed the front runners, however.

In the current week, the crypto total market cap fell to a Monday low $1,145.36bn before surging to a Thursday high $1,481.62bn. At the time of writing, the total market cap stood at $1,442.71bn.

Bitcoin’s dominance jumped to a Tuesday high 64.76% before falling to a Wednesday low 61.13%. At the time of writing, Bitcoin’s dominance stood at 62.79%.

This Morning

At the time of writing, Bitcoin was up by 1.64% to $48,795.0. A mixed start to the day saw Bitcoin slip to an early morning low $47,987.0 before striking a new swing hi $48,945.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Binance Coin (-0.86%), Cardano’s ADA (-0.36%), Chainlink (-1.31%), Polkadot (-1.31%), and Ripple’s XRP (-0.37%) saw red early on.

It was a bullish start for the rest of the majors, however.

At the time of writing, Crypto.com Coin was up by 3.28% to lead the way.

BTCUSD 120221 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $46,841 to bring the first major resistance level at $49,765 into play.

Support from the broader market would be needed for Bitcoin to break out from this morning’s new swing hi $48,945.0.

Barring an extended crypto rally, the first major resistance level and resistance at $50,000 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test the second major resistance level at $51,522.

Failure to avoid a fall through the $46,841 pivot would bring the first major support level at $45,084 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer clear of sub-$45,000 levels. The second major support level sits at $42,161.

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – February 12th, 2021

Ethereum

Ethereum rose by 2.57% on Thursday. Reversing a 1.64% fall from Wednesday, Ethereum ended the day at $1,787.32.

A bearish start to the day saw Ethereum fall to an early morning intraday low $1,704.23 before making a move.

Steering clear of the first major support level at $1,669, Ethereum rallied to an early afternoon intraday high $1,819.0.

Falling short of the first major resistance level at $1,828 and Wednesday’s swing hi $1,839.0, Ethereum fell back to a low $1,760.0.

Finding late support, however, Ethereum moved back through to $1,780 levels to deliver the upside.

At the time of writing, Ethereum was up by 0.30% to $1,792.63. A mixed start to the day saw Ethereum fall to an early morning low $1,781.04 before rising to a high $1,794.00.

Ethereum left the major support and resistance levels untested early on.

ETHUSD 120221 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall through the pivot level at $1,770 to support a run at the first major resistance level at $1,836.

Support from the broader market would be needed, however, for Ethereum to break out from Thursday’s high $1,819.

Barring an extended crypto rally, the first major resistance level and Wednesday’s swing hi $1,839.00 would likely cap any upside.

In the event of an extended crypto rally, Ethereum could test resistance at $1,900 before any pullback. The second major resistance level sits at $1,885.

Failure to avoid a fall through the $1,770 pivot would bring the first major support level at $1,721 into play.

Barring an extended sell-off, however, Ethereum should continue to steer clear of sub-$1,700 levels. The second major support level sits at $1,655.

Looking at the Technical Indicators

First Major Support Level: $1,721

Pivot Level: $1,770

First Major Resistance Level: 1,836

23.6% FIB Retracement Level: $1,424

38.2% FIB Retracement Level: $1,167

62% FIB Retracement Level: $752

Litecoin

Litecoin rose by 2.84% on Thursday. Following a 0.02% decline on Wednesday, Litecoin ended the day at $183.80.

It was also a bearish start to the day. Litecoin fell to an early morning intraday low $175.79 before making a move.

Steering clear of the first major support level at $169.55, Litecoin rallied to an early afternoon intraday high $193.65.

Falling short of the first major resistance level at $194.56 and Wednesday’s swing hi $195.15, Litecoin slid back to sub-$183 levels.

Finding late support, however, a move back through to $187 levels before easing back.

At the time of writing, Litecoin was up by 0.63% to $184.95. A bullish start to the day saw Litecoin rise from an early morning low $183.71 to a high $184.96.

Litecoin left the major support and resistance levels untested early on.

LTCUSD 120221 Hourly Chart

For the day ahead

Litecoin would need to avoid a fall through the $184.41 pivot level to support a run at the first major resistance level at $193.04.

Support from the broader market would be needed, however, for Litecoin to break back through to $190 levels.

Barring an extended crypto rally, the first major resistance level and Wednesday’s swing hi $195.15 would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $200 before any pullback. The second major resistance level sits at $202.27.

Failure to avoid a fall through the $184.41 pivot level would bring the first major support level at $175.18 into play.

Barring an extended sell-off, Litecoin should steer clear of the second major support level at $166.55.

Looking at the Technical Indicators

First Major Support Level: $175.18

Pivot Level: $184.41

First Major Resistance Level: $193.04

23.6% FIB Retracement Level: $155

38.2% FIB Retracement Level: $130

62% FIB Retracement Level: $90

Ripple’s XRP

Ripple’s XRP rose by 4.80% on Thursday. Following on from a 6.00% rally on Wednesday, Ripple’s XRP ended the day at $0.52917.

Tracking the broader market, Ripple’s XRP slipped to an early morning intraday low $0.49895 before making a move.

Steering clear of the first major support level at $0.4568, Ripple’s XRP rallied to a late afternoon intraday high $0.53544.

Falling short of the first major resistance level at $0.5487, Ripple’s XRP fell back to end the day at $0.529 levels.

At the time of writing, Ripple’s XRP was down by 0.35% to $0.52733. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.53051 before falling to a low $0.52725.

Ripple’s XRP left the major support and resistance levels untested early on.

XRPUSD 120221 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid a fall through the $0.5212 pivot level to bring the first major resistance level at $0.5434 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.53 levels.

Barring another extended crypto rally, the first major resistance level and Thursday’s high $0.53544 would likely cap any upside.

In the event of an extended rally, Ripple’s XRP could test the 62% FIB of $0.5522 and the second major resistance level at $5577.

Failure to avoid a fall through the $0.5212 pivot would bring the first major support level at $0.5069 into play.

Barring an extended sell-off, Ripple’s XRP should steer clear of the second major support level at $0.4847.

Looking at the Technical Indicators

First Major Support Level: $0.5069

Pivot Level: $0.5212

First Major Resistance Level: $0.5434

23.6% FIB Retracement Level: $0.6274

38.2% FIB Retracement Level: $0.5285

62% FIB Retracement Level: $0.3687

Please let us know what you think in the comments below.

Thanks, Bob

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – February 11th, 2021

Ethereum

Ethereum fell by 1.64% on Wednesday. Reversing a 1.09% gain from Tuesday, Ethereum ended the day at 1,742.93.

A bullish start to the day saw Ethereum rise to a late morning intraday high and a new swing hi $1,839.00 before hitting reverse.

Coming up against the first major resistance level at $1,828, Ethereum slid to an early afternoon intraday low $1,680.00.

Ethereum fell through the first major support level at $1,713 before revisiting $1,750 levels.

A bearish end to the day, however, left Ethereum at sub-$1,750 for the day.

At the time of writing, Ethereum was down by 0.34% to $1,737.02. A mixed start to the day saw Ethereum rise to an early morning high $1,750 before falling to a low $1,730.18.

Ethereum left the major support and resistance levels untested early on.

ETHUSD 110221 Hourly Chart

For the day ahead

Ethereum would need to move through the pivot level at $1,754 to support a run at the first major resistance level at $1,828.

Support from the broader market would be needed, however, for Ethereum to break back through to $1,800 levels.

Barring an extended crypto rally, the first major resistance level and Wednesday’s high $1,839.00 would likely cap any upside.

In the event of an extended crypto rally, Ethereum could test resistance at $1,900 before any pullback. The second major resistance level sits at $1,913.

Failure to move through the $1,754 pivot would bring the first major support level at $1,669 into play.

Barring an extended sell-off, however, Ethereum should continue to steer clear of sub-$1,600 levels. The second major support level sits at $1,595.

Looking at the Technical Indicators

First Major Support Level: $1,669

Pivot Level: $1,754

First Major Resistance Level: 1,828

23.6% FIB Retracement Level: $1,424

38.2% FIB Retracement Level: $1,167

62% FIB Retracement Level: $752

Litecoin

Litecoin slipped by 0.02% on Wednesday. Following an 8.54% rally on Tuesday, Litecoin ended the day at $181.76.

It was also a bullish start to the day. Litecoin rose to a late morning intraday high and a new swing hi $195.15 before hitting reverse.

The early rally saw Litecoin break through the first major resistance level before sliding to a mid-day intraday low $170.14.

Steering clear of the first major support level, however, Litecoin bounced back to $183 levels before easing back into the red.

At the time of writing, Litecoin was down by 0.14% to $181.50. A mixed start to the day saw Litecoin rise to an early morning high $183.49 before falling to a low $180.43.

Litecoin left the major support and resistance levels untested early on.

LTCUSD 110221 Hourly Chart

For the day ahead

Litecoin would need to move back through the $182.35 pivot level to support a run at the first major resistance level at $194.56.

Support from the broader market would be needed, however, for Litecoin to break back through to $190 levels.

Barring an extended crypto rally, the first major resistance level and Wednesday’s swing hi $195.15 would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $210 before any pullback. The second major resistance level sits at $207.36.

Failure to move back through the $182.35 pivot level would bring the first major support level at $169.55 into play.

Barring an extended sell-off, Litecoin should steer clear of sub-$160 levels. The second major support level sits at $157.34.

Looking at the Technical Indicators

First Major Support Level: $169.55

Pivot Level: $182.35

First Major Resistance Level: $194.56

23.6% FIB Retracement Level: $155

38.2% FIB Retracement Level: $130

62% FIB Retracement Level: $90

Ripple’s XRP

Ripple’s XRP rose by 6.00% on Wednesday. Following on from a 5.54% gain on Tuesday, Ripple’s XRP ended the day at $0.50568.

Tracking the broader market, Ripple’s XRP rallied to a late morning intraday high $0.5429 before hitting reverse.

Ripple’s XRP broke through the first major resistance level at $0.4954 and the second major resistance level at $0.5139.

Coming up short of the 62% FIB of $0.5522 and the third major resistance level at $0.5554, Ripple’s XRP slid to a mid-day intraday low $0.4510.

Finding support at the first major support level at $0.4540, Ripple’s XRP rebounded to end the day at $0.50 levels.

At the time of writing, Ripple’s XRP was down by 0.52% to $0.50307. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.50995 before falling to a low $0.49895.

Ripple’s XRP left the major support and resistance levels untested early on.

XRPUSD 110221 Hourly Chart

For the day ahead

Ripple’s XRP will avoid a fall back through the $0.4999 pivot level to bring the first major resistance level at $0.5487 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Wednesday’s high $0.5429.

Barring another extended crypto rally, the first major resistance level and resistance at the 62% FIB of $0.5522 would likely cap any upside.

In the event of an extended rally, Ripple’s XRP could tests resistance at $0.60 before any pullback. The second major resistance level sits at $0.5918.

Failure to avoid a fall back through the $0.4999 pivot would bring the first major support level at $0.4568 into play.

Barring an extended sell-off, Ripple’s XRP should steer clear of the second major support level at $0.4080.

Looking at the Technical Indicators

First Major Support Level: $0.4568

Pivot Level: $0.4999

First Major Resistance Level: $0.5487

23.6% FIB Retracement Level: $0.6274

38.2% FIB Retracement Level: $0.5285

62% FIB Retracement Level: $0.3687

Please let us know what you think in the comments below.

Thanks, Bob

The Crypto Daily – Movers and Shakers – February 10th, 2021

Bitcoin, BTC to USD, rose by 0.09% on Tuesday. Consolidating Monday’s 19.57% surge, Bitcoin ended the day at $46,488.0.

A bullish start to the day saw Bitcoin rally to a mid-morning intraday high and new swing high $48,277.0.

Falling short of the first major resistance level at $49,424, Bitcoin slid to an early afternoon intraday low $45,060.0.

Steering well clear of the first major support level at $40,705, however, Bitcoin revisited $48,000 levels before easing back.

A late pullback saw Bitcoin revisit negative territory before ending the day at $46,480 levels

The near-term bullish trend remained intact, supported by the Tuesday’s new swing hi $48,277.0. For the bears, Bitcoin would need to slide through the 62% FIB of $20,914 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a bullish day on Tuesday.

Binance Coin surged by 34.54% to lead the way.

Bitcoin Cash SV (+13.22%), Chainlink (+8.61%), and Litecoin (+8.54%) trailed in spite of strong rallies.

Cardano’s ADA (+4.24%), Crypto.com Coin (+2.99%), and Ripple’s XRP (+5.54%) also made solid gains.

Ethereum (+1.09%) and Polkadot (+0.20%) trailed the front runners, however.

At the start of the week, the crypto total market cap fell to a Monday low $1,145.36bn before surging to a Tuesday high $1,431.79bn. At the time of writing, the total market cap stood at $1,378.43bn.

Bitcoin’s dominance fell to a Monday low 61.54% before jumping to aTuesday high 64.83%. At the time of writing, Bitcoin’s dominance stood at 63.11%.

 

This Morning

At the time of writing, Bitcoin was up by 0.52% to $46,731.0. A mixed start to the day saw Bitcoin fall to an early morning low $46,128.0 before striking a high $46,900.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Chainlink and Litecoin were down by 0.54% and by 0.80% to buck the trend early on.

It was a bullish start fo the rest of the majors, however.

At the time of writing, Cardano’s ADA was up by 6.41% to lead the way.

BTCUSD 100221 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall back through the pivot level at $46,608 to bring the first major resistance level at $48,157 into play.

Support from the broader market would be needed for Bitcoin to break back through to $48,000 levels.

Barring an extended crypto rally, the first major resistance level and Tuesday’s new swing hi $48,277.0 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $50,000. The second major resistance level sits at $49,825.

Failure to avoid a fall back through the $46,608 pivot would bring the first major support level at $44,940 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer clear of the second major support level at $43,391.

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – February 10th, 2021

Ethereum

Ethereum rose by 1.09% on Tuesday. Following on from an 8.51% rally on Monday, Ethereum ended the day at $1,772.16.

It was a mixed start to the day. Ethereum fell to an early morning intraday low $1,710.01 before making a move.

Steering clear of the first major support level at $1,619, Ethereum rallied to a late morning intraday high and a new swing hi $1,824.23.

Falling short of the first major resistance level at $1,833, Ethereum fell back to sub-$1,720 levels and into the red.

Late support delivered the upside on the day, however. Ethereum revisited $1,790 levels before easing back to end the day at $1,772 levels.

At the time of writing, Ethereum was down by 0.25% to $1,767.70. A mixed start to the day saw Ethereum rise to an early morning high $1,779.39 before falling to a low $1,766.66.

Ethereum left the major support and resistance levels untested early on.

ETHUSD 100221 Hourly Chart

For the day ahead

Ethereum would need to move back through the pivot level at $1,769 to support a run at the first major resistance level at $1,828.

Support from the broader market would be needed, however, for Ethereum to break out from Tuesday’s high $1,824.23.

Barring an extended crypto rally, the first major resistance level and Tuesday’s high would likely cap any upside.

In the event of an extended crypto rally, Ethereum could test resistance at $1,900 before any pullback. The second major resistance level sits at $1,883.

Failure to move back through the $1,769 pivot would bring the first major support level at $1,713 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$1,600 levels. The second major support level at $1,655 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $1,713

Pivot Level: $1,769

First Major Resistance Level: 1,828

23.6% FIB Retracement Level: $1,413

38.2% FIB Retracement Level: $1,158

62% FIB Retracement Level: $747

Litecoin

Litecoin rallied by 8.54% on Tuesday. Following on from a 10.99% jump on Monday, Litecoin ended the day at $181.92.

It was also a mixed start to the day. Litecoin rose to a mid-morning high $174.45 before hitting reverse.

Falling short of the major resistance levels, Litecoin fell to an early afternoon intraday low $164.23.

Steering well clear of the first major support level at $153.91, Litecoin rallied to a late intraday high $184.71.

Litecoin broke through the first major resistance level at $175.41 and the second major resistance level at $183.20.

A late pullback, however, saw Litecoin fall back through the second major resistance level to end the day at $181 levels.

At the time of writing, Litecoin was down by 0.40% to $181.20. A mixed start to the day saw Litecoin rise to an early morning high $183.96 before falling to a low $180.90.

Litecoin left the major support and resistance levels untested early on.

LTCUSD 100221 Hourly Chart

For the day ahead

Litecoin would need to avoid a fall through the $176.95 pivot level to support a run at the first major resistance level at $189.68.

Support from the broader market would be needed, however, for Litecoin to break out from the 10th January swing hi $186.34.

Barring an extended crypto rally, the first major resistance level and resistance at $190 would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $200 before any pullback. The second major resistance level sits at $197.43.

Failure to avoid a fall through the $176.95 pivot level would bring the first major support level at $169.20 into play.

Barring an extended sell-off, Litecoin should steer clear of sub-$160 levels. The second major support level sits at $156.47.

Looking at the Technical Indicators

First Major Support Level: $169.20

Pivot Level: $176.95

First Major Resistance Level: $189.68

23.6% FIB Retracement Level: $148

38.2% FIB Retracement Level: $125

62% FIB Retracement Level: $87

Ripple’s XRP

Ripple’s XRP rose by 5.54% on Tuesday. Following on from a 7.79% rally on Monday, Ripple’s XRP ended the day at $0.47697.

Tracking the broader market, Ripple’s XRP fell to an early morning intraday low $0.44946 before making a move.

Steering clear of the first major support level at $0.4203, Ripple’s XRP rallied to an early morning intraday high $0.49092.

Ripple’s XRP broke through the first major resistance level at $0.4768 before a pullback to an afternoon low $0.45025.

The visit into negative territory was brief, however. Finding late support, Ripple’s XRP broke back through the first major resistance level at $0.4768 to end the day at $0.4769 levels.

At the time of writing, Ripple’s XRP was down by 0.49% to $0.47463. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.47949 before falling to a low $0.47463.

Ripple’s XRP left the major support and resistance levels untested early on.

XRPUSD 100221 Hourly Chart

For the day ahead

Ripple’s XRP will avoid a fall through the $0.4725 pivot level to bring the first major resistance level at $0.4954 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.49 levels.

Barring another extended crypto rally, the first major resistance level and resistance at $0.50 would likely cap any upside.

In the event of an extended rally, Ripple’s XRP could tests resistance at $0.55 before any pullback. The second major resistance level sits at $0.5139.

Failure to avoid a fall through the $0.4725 pivot would bring the first major support level at $0.4540 into play.

Barring an extended sell-off, Ripple’s XRP should steer clear of the second major support level at $0.4310.

Looking at the Technical Indicators

First Major Support Level: $0.4540

Pivot Level: $0.4725

First Major Resistance Level: $0.4954

23.6% FIB Retracement Level: $0.6274

38.2% FIB Retracement Level: $0.5285

62% FIB Retracement Level: $0.3687

Please let us know what you think in the comments below.

Thanks, Bob

Bitcoin Generates 15.70% in Weekly Returns as Speculation Mounts Around Elon Musk’s Entry Into the Industry

The prominent American business magnate tweeted that “in retrospect, it was inevitable” after changing his Twitter bio to include the word “Bitcoin,” which made speculators go crazy. As a result, the flagship cryptocurrency rose to a high of $38,650 a few hours later, and by the end of Friday’s trading session, it had lost all the gains incurred.

While BTC remained dormant over the weekend, it opened on Monday, February 1st, trading at $33,170, according to CEX.IO’s exchange rate. As speculation continued to mount around Musk’s entry into the cryptocurrency space, prices went into a steady uptrend.

By Thursday, February 4th, at 8:00 UTC, the pioneer cryptocurrency had risen by nearly 17% to hit a high of $38,800.

Given the proximity to the end of the weekly trading session, it seems like some investors took advantage of the rising price action to book profits. The increase in downward pressure pushed Bitcoin’s market value down by 1.14% to close Friday, February 5th, at a low of $38,270.

Investors were able to grasp a weekly return of 15.70% due to the high speculation levels around it.

Ethereum Closes the Week With Over 30% Gains

Like Bitcoin, Ethereum’s price action seems to have been controlled by high expectations around CME’s Ether futures launch. As the world’s largest financial derivatives exchange planned to list the new investment vehicle on Monday, February 8th, market participants bought in anticipation of the event.

Even Grayscale reopened its Ethereum Trust to accredited investors and closed a deal to buy more than $76 million worth of ETH.

The significant spike in buying pressure appears to have had an important impact on Ethereum’s price. The second-largest cryptocurrency by market capitalization opened on Monday, February 1st, at a low of $1,315 and quickly began trending upwards, according to the exchange rate from CEX.IO.

In a parabolic-like move, Ethereum rose by nearly 36% to hit a new all-time high of $1,760 on Friday, February 5th, a few hours before the weekly trading session’s close. As investors began to take some profits off the table in preparation for the weekend, Ether saw its price drop by 2.60% to close at $1,725.

Given the impressive price action that Ethereum enjoyed throughout the week, it yielded a weekly return of 31%.

The Cryptocurrency Market Moves Forward

Elon Musk’s interest in Bitcoin could be the catalyst of a new bull run towards $50,000 or higher. By adding BTC to one of his company’s balance sheets, Musk will be forcing other lower cap companies to reconsider their cash reserves. The move could trigger a ripple effect across the global financial markets, putting the bellwether cryptocurrency into the spotlight as the only decentralized and censorship-resistance store of value asset.

The high levels of correlation in the cryptocurrency market suggest that if Bitcoin heads north, Ethereum will likely follow it. Even though the launch of CME’s Ether future may serve as a “sell the news” event, the downside could be capped by the significant number of investors who purchased ETH at $1,600. For this reason, even if Ethereum retraces, its uptrend will remain intact, targeting $2,000 next.

Konstantin Anissimov, Executive Director at CEX.IO

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – February 9th, 2021

Ethereum

Ethereum rallied by 8.51% on Monday. Reversing a 3.84% slide Sunday, Ethereum ended the day at $1,752.98.

It was a mixed start to the day. Ethereum fell to an early morning intraday low $1,565.98 before making a move.

Steering clear of the first major support level at $1,507, Ethereum rallied to a late afternoon intraday high and a new swing hi $1,780.00.

Ethereum broke through the first major resistance level at $1,709 to come within range of $1,800 before easing back.

The pullback saw Ethereum briefly fall back through the first major resistance level before wrapping up the day at $1,750 levels.

At the time of writing, Ethereum was up by 0.60% to $1,763.46. A mixed start to the day saw Ethereum fall to an early morning low $1,750.47 before rising to a high $1,764.0.

Ethereum left the major support and resistance levels untested early on.

ETHUSD 090221 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall through the pivot level at $1,700 to support a run at the first major resistance level at $1,833.

Support from the broader market would be needed, however, for Ethereum to break through to $1,800 levels.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of an extended crypto rally, Ethereum could test resistance at $1,900 before any pullback. The second major resistance level sits at $1,914.

Failure to avoid a fall through the $1,700 pivot would bring the first major support level at $1,619 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$1,600 levels. The second major support level sits at $1,486.

Looking at the Technical Indicators

First Major Support Level: $1,619

Pivot Level: $1,700

First Major Resistance Level: 1,833

23.6% FIB Retracement Level: $1,367

38.2% FIB Retracement Level: $1,121

62% FIB Retracement Level: $724

Litecoin

Litecoin jumped by 10.99% on Monday. Reversing a 3.22% loss from Sunday, Litecoin ended the day at $167.63.

It was also a mixed start to the day. Litecoin fell to an early morning intraday low $147.98 before making a move.

While steering clear of the first major support level at $145.02, Litecoin found support at the 23.6% FIB of $148.

Finding support in the late morning, Litecoin surged to a final hour intraday high $169.48 before easing back.

Litecoin broke through the first major resistance level at $157.18 and the second major resistance level at $163.42.

In spite of a late pullback, Litecoin avoided a fall back through the second major resistance level.

At the time of writing, Litecoin was up by 0.42% to $168.33. A bullish start to the day saw Litecoin rise from an early morning low $167.48 to a high $168.74.

Litecoin left the major support and resistance levels untested early on.

LTCUSD 090221 Hourly Chart

For the day ahead

Litecoin would need to avoid a fall through the $161.70 pivot level to support a run at the first major resistance level at $175.41.

Support from the broader market would be needed, however, for Litecoin to break out from Monday’s high $169.48.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $190 before any pullback. The second major resistance level sits at $183.20.

Failure to avoid a fall through the $161.70 pivot level would bring the first major support level at $153.91 into play.

Barring an extended sell-off, Litecoin should steer clear of sub-$150 levels and the 23.6% FIB of $148. The second major support level sits at $140.20.

Looking at the Technical Indicators

First Major Support Level: $153.91

Pivot Level: $161.70

First Major Resistance Level: $175.41

23.6% FIB Retracement Level: $148

38.2% FIB Retracement Level: $125

62% FIB Retracement Level: $87

Ripple’s XRP

Ripple’s XRP rallied by 7.79% on Monday. Reversing a 5.48% slide from Sunday, Ripple’s XRP ended the day at $0.45193.

Tracking the broader market, Ripple’s XRP fell to an early morning intraday low $0.41347 before making a move.

Steering clear of the 38.2% FIB of $0.4070 and the first major support level at $0.3908, Ripple’s XRP rallied to an early afternoon intraday high $0.4700.

Ripple’s XRP broke through the first major resistance level at $0.4500 before a pullback to $0.44 levels.

Finding late support, however, Ripple’s XRP broke back through the first major resistance level to end the day at $0.45 levels.

At the time of writing, Ripple’s XRP was up by 0.51% to $0.45423. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.45194 to a high $0.45557.

Ripple’s XRP left the major support and resistance levels untested early on.

XRPUSD 090221 Hourly Chart

For the day ahead

Ripple’s XRP will avoid a fall through the $0.4451 pivot level to bring the first major resistance level at $0.4768 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.47 levels.

Barring another extended crypto rally, the first major resistance level and resistance at $0.48 would likely cap any upside.

In the event of an extended rally, Ripple’s XRP could tests resistance at $0.50 before any pullback. The second major resistance level sits at $0.5017.

Failure to avoid a fall through the $0.4451 pivot would bring the first major support level at $0.4203 into play.

Barring an extended sell-off, Ripple’s XRP should steer clear of the second major support level at $0.3886. The 38.2% FIB of $0.4070 should limit any downside on the day.

Looking at the Technical Indicators

First Major Support Level: $0.4203

Pivot Level: $0.4451

First Major Resistance Level: $0.4768

23.6% FIB Retracement Level: $0.6274

38.2% FIB Retracement Level: $0.5285

62% FIB Retracement Level: $0.3687

Please let us know what you think in the comments below.

Thanks, Bob