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

The Crypto Daily – Movers and Shakers – February 8th, 2021

Bitcoin, BTC to USD, fell by X% on Saturday. Partially reversing a 2.54% gain from Saturday, Bitcoin ended the week up by 17.27% to $38,837.0.

A mixed start to the day saw Bitcoin fall to a mid-morning low $38,032.0 before making a move.

Steering clear of the first major support level at $37,993, Bitcoin rallied to a late morning intraday high $39,725.7.

Falling short of the first major resistance level at $40,688, Bitcoin slid back to $37,500 levels before finding late support.

Late in the day, Bitcoin moved back through to $39,000 levels before easing back.

The near-term bullish trend remained intact, supported by the latest revisit to $40,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $18,504 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.

Cardano’s ADA rallied by 4.30% to buck the trend on the day.

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

Binance Coin  and Crypto.com Coin slid by 6.15% and by 7.66% to lead the way down.

Ethereum (-3.84%), and Litecoin (-3.22%), Polkadot (-2.16%), and Ripple’s XRP (-5.48%) also saw relatively heavy losses.

Bitcoin Cash SV (-0.51%) and Chainlink (-1.02%) saw relatively modest losses on the day.

For the week, it was also a mixed bag for the majors.

Ripple’s XRP slid by 15.35% to buck the trend in the week.

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

Cardano’s ADA surged by 92.04% to lead the way, with Binance Coin rallying by 54.34%.

Ethereum (+22.94%) and Litecoin (+16.46%) also found strong support

Bitcoin Cash (+5.30%), Chainlink (+9.63%), Crypto.com Coin (+4.05%), and Polkadot (+4.38%) trailed the front runners in the week.

In the week, the crypto total market cap fell to a Monday low $938.94bn before rising to a Saturday high $1,256.34bn. At the time of writing, the total market cap stood at $1,167.89bn.

Bitcoin’s dominance rose to a Monday high 64.11% before sliding to a Friday low 60.27%. At the time of writing, Bitcoin’s dominance stood at 61.92%.

This Morning

At the time of writing, Bitcoin was down by 0.06% to $38,813.0. A mixed start to the day saw Bitcoin fall to an early morning low $38,744.0 before striking a high $39,150.0.

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

Elsewhere, it was a mixed start to the day.

Chainlink (-0.51%), Ethereum (-0.15%), and Polkadot (-0.32%) saw 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 1.93% to lead the way.

BTCUSD 080221 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through the pivot level at $38,865 to bring the first major resistance level at $39,698 into play.

Support from the broader market would be needed for Bitcoin to break out from Sunday’s high $39,725.7.

Barring an extended crypto rally, the first major resistance level and resistance at $40,000 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at the swing high $41,969. The second major resistance level sits at $40,559.

Failure to move back through the $38,865 pivot would bring the first major support level at $38,004 into play.

Barring an extended crypto sell-off, Bitcoin should steer clear of the second major support level at $37,171.

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – February 8th, 2021

Ethereum

Ethereum slid by 3.84% on Sunday. Following on from a 2.40% decline on Saturday, Ethereum ended the week up by 22.94% to $1,615.32.

It was a mixed start to the day. Ethereum rose to an early morning intraday high $1,695.38 before hitting reverse.

Falling short of the first major resistance level at $1,735, Ethereum slid to a late afternoon intraday low $1,493.28.

Ethereum fell through the first major support level at $1,636 and the second major support level at $1,592.

Finding support at the third major support level at $1,494, Ethereum broke back through to $1,600 levels.

The first major support level at $1,636 pinned Ethereum back late in the day.

At the time of writing, Ethereum was up by 0.75% to $1,627.46. A mixed start to the day saw Ethereum fall to an early morning low $1,601.14 before rising to a high $1,627.46.

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

ETHUSD 080221 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall through the pivot level at $1,601 to support a run at the first major resistance level at $1,709.

Support from the broader market would be needed, however, for Ethereum to break back through to $1,700 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $1,750 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 $1,803.

Failure to avoid a fall through the $1,601 pivot would bring the first major support level at $1,507 into play.

Barring an extended sell-off, however, Ethereum should steer clear of the second major support level at $1,399.

Looking at the Technical Indicators

First Major Support Level: $1,507

Pivot Level: $1,601

First Major Resistance Level: 1,709

23.6% FIB Retracement Level: $1,367

38.2% FIB Retracement Level: $1,121

62% FIB Retracement Level: $724

Litecoin

Litecoin fell by 3.22% on Sunday. Reversing a 0.38% gain from Saturday, Litecoin ended the week up by 16.46% to $150.95.

It was also a mixed start to the day. Litecoin rose to an early morning intraday high $157.49 before hitting reverse.

Falling short of the first major resistance level at $163.33, Litecoin slid to a late afternoon intraday low $145.33.

Litecoin fell through the first major support level at $149.10 and the 23.6% FIB of $148 before finding support.

Late in the day, Litecoin moved back through the 23.6% FIB and the first major support level to end the day at $150 levels.

At the time of writing, Litecoin was up by 0.52% to $151.74. A mixed start to the day saw Litecoin fall to an early morning low $150.18 before rising to a high $151.82.

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

LTCUSD 080221 Hourly Chart

For the day ahead

Litecoin would need to avoid a fall back through the $151.26 pivot level to support a run at the first major resistance level at $157.18.

Support from the broader market would be needed, however, for Litecoin to break back through to $157 levels.

Barring an extended crypto rally, the first major resistance level and Sunday’s high $157.49 would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $165 before any pullback. The second major resistance level sits at $163.42.

Failure to avoid a fall back through the $151.26 pivot level would bring the 23.6% FIB of $148 and the first major support level at $145.02 into play.

Barring an extended sell-off, Litecoin should steer clear of sub-$140 levels. The second major support level sits at $139.10.

Looking at the Technical Indicators

First Major Support Level: $145.02

Pivot Level: $151.26

First Major Resistance Level: $157.18

23.6% FIB Retracement Level: $148

38.2% FIB Retracement Level: $125

62% FIB Retracement Level: $87

Ripple’s XRP

Ripple’s XRP slid by 5.48% on Sunday. Following a 1.84% decline on Saturday, Ripple’s XRP ended the week down by 15.35% to $0.41967.

A bullish start to the day saw Ripple’s XRP rise to an early morning intraday high $0.45144 before hitting reverse.

Falling short of the first major resistance level at $0.4585, Ripple’s XRP slid to an early afternoon intraday low $0.39219.

Ripple’s XRP fell through the first major support level at $0.4281 and the second major support level at $0.4120.

More significantly, Ripple’s XRP also fell through the 38.2% FIB of $0.4070 before briefly revisiting $0.4260 levels.

Ripple’s XRP broke back through the 38.2% FIB and the second major support level at $0.4120 to end the day at $0.419 levels.

At the time of writing, Ripple’s XRP was up by 0.77% to $0.42290. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.41686 before rising to a high $0.42302.

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

XRPUSD 080221 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid a fall back through the $0.4211 pivot level to bring the first major resistance level at $0.4500 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.45 levels.

Barring another extended crypto rally, the first major resistance level and Sunday’s high $0.45144 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 $0.4804.

Failure to avoid a fall back through the $0.4211 pivot would bring the 38.2% FIB of $0.4070 and the first major support level at $0.3908 into play.

Barring an extended sell-off, Ripple’s XRP should steer clear of sub-$0.39 levels. The second major support level sits at $0.3619.

Looking at the Technical Indicators

First Major Support Level: $0.3908

Pivot Level: $0.4211

First Major Resistance Level: $0.4500

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 7th, 2021

Bitcoin, BTC to USD, rose by 2.54% on Saturday. Following on from a 3.56% gain on Friday, Bitcoin ended the day at $39,234.0.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $38,205.0 before making a move.

Steering clear of the first major support level at $37,099, Bitcoin rallied to a late afternoon intraday high $40,985.0.

Bitcoin broke through the first major resistance level at $38,894 and the second major resistance level at $39,527.

Falling short of the third major resistance level at $41,321 and the swing hi $41,969 Bitcoin fell back to end the day at sub-$40,000.

The near-term bullish trend remained intact, supported by the latest revisit to $40,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $18,504 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.

Cardano’s ADA surged by 18.32% to lead the way.

Binance Coin  (+7.82%), Bitcoin Cash SV (+0.99%), Crypto.com Coin (+3.87%), and Litecoin (+0.38%) also found support

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

Chainlink and Polkadot slid by 4.93% and by 4.49% respectively to lead the way down.

Ethereum and Ripple’s XRP saw relatively modest losses of 2.40% and 1.84% respectively.

In the current week, the crypto total market cap fell to a Monday low $938.94bn before rising to a Saturday high $1,256.34bn. At the time of writing, the total market cap stood at $1,158.73bn.

Bitcoin’s dominance rose to a Monday high 64.11% before sliding to a Friday low 60.27%. At the time of writing, Bitcoin’s dominance stood at 62.19%.

This Morning

At the time of writing, Bitcoin was down by 1.45% to $38,665.0. A mixed start to the day saw Bitcoin rise to an early morning high $39,627.0 before falling to a low $38,397.0.

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

Elsewhere, it was a bearish start to the day.

At the time of writing, Crypto.com Coin was down by 6.17% to lead the way down.

BTCUSD 070221 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through the pivot level at $39,446 to bring the first major resistance level at $40,688 into play.

Support from the broader market would be needed for Bitcoin to break back through to $40,000 levels.

Barring an extended crypto rally, the first major resistance level and Saturday’s high $40,900 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at the swing high $41,969 and the second major resistance level at $42,141.

Failure to move back through the $39,446 pivot would bring the first major support level at $37,993 into play.

Barring an extended crypto sell-off, Bitcoin should steer clear of sub-$37,000 levels. The second major support level sits at $36,751.

The Crypto Daily – Movers and Shakers – February 6th, 2021

Bitcoin, BTC to USD, rose by 3.56% on Friday. Reversing a 1.90% decline from Thursday, Bitcoin ended the day at $38,260.0.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $36,571,6 before making a move.

Steering clear of the first major support level at $35,866, Bitcoin rallied to an early afternoon intraday high $38,366.0.

Bitcoin broke through the first major resistance level at $38,394 before a pullback to $37,200 levels.

Finding late support, Bitcoin broke back through to $38,200 levels to deliver the upside on the day.

The near-term bullish trend remained intact, in spite of the recent pullback to sub-$40,000. For the bears, Bitcoin would need to slide through the 62% FIB of $18,504 to form a near-term bearish trend.

The Rest of the Pack

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

Binance Coin and Cardano’s ADA surged by 20.75% and by 22.15% respectively to lead the way.

Bitcoin Cash SV (+6.84%), Chainlink (+7.30%), Ethereum (+7.75%), and Litecoin (+6.82%) also found strong support.

Crypto.com Coin (+5.09%), Polkadot (+2.18%), Ripple’s XRP (+1.49%) trailed the front runners, however.

In the current week, the crypto total market cap fell to a Monday low $938.94bn before rising to a Friday high $1,185.22bn. At the time of writing, the total market cap stood at $1,118.40bn.

Bitcoin’s dominance rose to a Monday high 64.11% before sliding to a Friday low 60.27%. At the time of writing, Bitcoin’s dominance stood at 61.94%.

This Morning

At the time of writing, Bitcoin was up by 0.93% to $38,617.0. A mixed start to the day saw Bitcoin fall to an early morning low $38,205.0 before rising to a high $38,801.0.

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

Elsewhere, it was a mixed start to the day.

Binance Coin (-4.71%), Bitcoin Cash SV (-1.00%), and Ripple’s XRP (-0.93%) 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 3.20% to lead the way.

BTCUSD 060221 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $37,700 to bring the first major resistance level at $38,828 back into play.

Support from the broader market would be needed for Bitcoin to break out from the morning high $38,801.0.

Barring an extended crypto rally, the first major resistance level and resistance at $39,000 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test the second major resistance level at $39,494 and resistance at $40,000.

Failure to avoid a fall through the $37,700 pivot would bring the first major support level at $37,034 into play.

Barring an extended crypto sell-off, Bitcoin should steer clear of sub-$36,000 levels. The second major support level sits at $35,906.

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – February 6th, 2021

Ethereum

Ethereum rallied by 7.75% on Friday. Reversing a 4.26% slide from Thursday, Ethereum ended the day at $1,721.06.

It was a mixed start to the day. Ethereum fell to an early morning intraday low $1,589.17 before making a move.

Steering clear of the first major support level at $1,536, Ethereum rallied to a late afternoon intraday high and a new swing hi $1,763.93.

Ethereum broke through the first major resistance level at $1,679 and the second major resistance level at $1,761.

A late pullback saw Ethereum fall back through the second major resistance level to $1,680 levels before wrapping up the day at $1,721 levels.

At the time of writing, Ethereum was up by 0.53% to $1,730.23.  A mixed start to the day saw Ethereum fall to an early morning low $1,720.01 before rising to a high $1,739.60.

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

ETHUSD 060221 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall through the pivot level at $1,691 to support a run at the first major resistance level at $1,794.

Support from the broader market would be needed, however, for Ethereum to break out from Friday’s swing high $1,763.93.

Barring an extended crypto rally, the first major resistance level and resistance at $1,800 would likely cap any upside.

In the event of an extended crypto rally, Ethereum could test resistance at $1,950 before any pullback. The second major resistance level sits at $1,866.

Failure to avoid a fall through the $1,691 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 $1,517.

Looking at the Technical Indicators

First Major Support Level: $1,619

Pivot Level: $1,691

First Major Resistance Level: $1,794

23.6% FIB Retracement Level: $1,367

38.2% FIB Retracement Level: $1,121

62% FIB Retracement Level: $724

Litecoin

Litecoin rallied by 6.82% on Friday. Partially reversing a 7.06% slide from Thursday, Litecoin ended the day at $155.15.

It was also a mixed start to the day. Litecoin fell to an early morning intraday low $143.63 before making a move.

Steering clear of the first major support level at $137.96, Litecoin rallied to an early afternoon intraday high $156.99.

Litecoin broke through the 23.6% FIB of $148 and the first major resistance level at $155.79 before hitting reverse.

The reversal saw Litecoin fall back to sub-$150 levels before closing out the day at $155 levels.

While failing to break back through the first major resistance level, the 23.6% FIB limited the downside late on.

At the time of writing, Litecoin was up by 0.29% to $155.60. A mixed start to the day saw Litecoin fall to an early morning low $154.91 before striking a high $156.00.

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

LTCUSD 060221 Hourly Chart

For the day ahead

Litecoin would need to avoid a fall through the $151.92 pivot level to support a run at the first major resistance level at $160.22.

Support from the broader market would be needed, however, for Litecoin to break out from Friday’s high $156.99.

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 $170 before any pullback. The second major resistance level sits at $165.28.

Failure to avoid a fall through the $151.92 pivot level would bring the 23.6% FIB of $148 and the first major support level at $146.86 into play.

Barring an extended sell-off, Litecoin should steer clear of sub-$140 levels. The second major support level sits at $138.56.

Looking at the Technical Indicators

First Major Support Level: $146.86

Pivot Level: $151.92

First Major Resistance Level: $160.22

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 1.49% on Friday. Following a 12.12% jump on Thursday, Ripple’s XRP ended the day at $0.45276.

A bullish start to the day saw Ripple’s XRP rise to an early morning intraday high $0.47230 before hitting reverse.

Falling short of the first major resistance level at $0.4917, Ripple’s XRP slid to a late morning intraday low $0.42657.

Steering well clear of the 38.2% FIB of $0.4070 and the first major support level at $0.3905, Ripple’s XRP revisited $0.46 levels before easing back.

At the time of writing, Ripple’s XRP was down by 0.01% to $0.45273. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.45688 before falling to a low $0.44863.

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

XRPUSD 060221 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid a fall back through the $0.4505 pivot level to bring the first major resistance level at $0.4745 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 Friday’s high $0.4723 would likely cap any upside.

In the event of an extended rally, Ripple’s XRP could the second major resistance level at $0.4963 and resistance at $0.50.

Failure to avoid a fall back through the $0.4505 pivot would bring the first major resistance level at $0.4288 into play.

Barring an extended sell-off, Ripple’s XRP should steer clear of sub-$0.40 levels. The 38.2% FIB of $0.4070 and the second major support level at $0.4048 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.4288

Pivot Level: $0.4505

First Major Resistance Level: $0.4745

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 5th, 2021

Bitcoin, BTC to USD, fell by 1.90% on Thursday. Partially reversing a 5.88% rally from Wednesday, Bitcoin ended the day at $36,951.5.

A mixed start to the day saw Bitcoin rise to a late morning intraday high $38,750.0 before hitting reverse.

Bitcoin broke through the first major resistance level at $38,406 before sliding to a mid-afternoon intraday low $36,222.0.

Finding support at the first major support level at $36,200, Bitcoin revisited $37,800 levels before sliding back into the red.

The near-term bullish trend remained intact, in spite of the recent pullback to sub-$40,000. For the bears, Bitcoin would need to slide through the 62% FIB of $18,504 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.

Ripple’s XRP jumped by 12.12% to lead the way, with Binance Coin rallying by 7.32%.

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

Litecoin slid by 7.06% to lead the way down.

Bitcoin Cash SV (-3.80%), Chainlink (-2.26%), Crypto.com Coin (-4.77%) Ethereum (-4.26%), and Polkadot (-3.83%) also struggled.

Cardano’s ADA saw a relatively modest 0.67% loss on the day.

In the current week, the crypto total market cap fell to a Monday low $938.94bn before rising to a Thursday high $1,175.84bn. At the time of writing, the total market cap stood at $1,118.40bn.

Bitcoin’s dominance rose to a Monday high 64.11% before sliding to a Thursday low 61.36%. At the time of writing, Bitcoin’s dominance stood at 61.94%.

This Morning

At the time of writing, Bitcoin was up by 0.54% to $37,150.0. A mixed start to the day saw Bitcoin fall to an early morning low $36,791.0 before rising to a high $37,234.0.

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

Elsewhere, it was a bullish start to the day for the majors.

At the time of writing, Cardano’s ADA was up by 3.45% to lead the way.

BTCUSD 050221 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the pivot level at $37,308 to bring the first major resistance level at $38,394 into play.

Support from the broader market would be needed for Bitcoin to break back through to $38,000 levels.

Barring an extended crypto rally, the first major resistance level and Thursday’s high $38,750.0 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test he second major resistance level at $39,836 and a Thursday resistance at $40,000.

Failure to move through the $37,308 pivot would bring the first major support level at $35,866 into play.

Barring an extended crypto sell-off, Bitcoin should steer clear of sub-$35,000 levels. The second major support level sits at $34,780.

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – February 5th, 2021

Ethereum

Ethereum fell by 4.26% on Thursday. Partially reversing a 10.23% rally from Wednesday, Ethereum ended the day at $1,597.55.

It was a bullish start to the day. Ethereum rose to an early morning intraday high and a new swing hi $1,699.00 before hitting reverse.

Falling short of the first major resistance level at $1,724, Ethereum slid to a mid-afternoon intraday low $1,556.0.

Finding support at the first major support level at $1,561, Ethereum briefly revisited $1,600 levels before easing back.

At the time of writing, Ethereum was up by 0.01% to $1,597.75. A mixed start to the day saw Ethereum rise to an early morning high $1,610.84 before falling to a low $1,592.63.

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

ETHUSD 050221 Hourly Chart

For the day ahead

Ethereum would need to move through the pivot level at $1,618 to support a run at the first major resistance level at $1,679.

Support from the broader market would be needed, however, for Ethereum to break out from $1,650 levels.

Barring an extended crypto rally, the first major resistance level and Thursday’s high $1,699.00 would likely cap any upside.

In the event of an extended crypto rally, Ethereum could test resistance at $1,800 before any pullback. The second major resistance level sits at $1,761.

Failure to move through the $1,618 pivot would bring the first major support level at $1,536 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$1,500 levels. The second major support level sits at $1,475.

Looking at the Technical Indicators

First Major Support Level: $1,536

Pivot Level: $1,618

First Major Resistance Level: $1,679

23.6% FIB Retracement Level: $1,317

38.2% FIB Retracement Level: $1,081

62% FIB Retracement Level: $699

Litecoin

Litecoin slid by 7.06% on Thursday. Partially reversing Wednesday’s 9.91% rally, Litecoin ended the day at $145.27.

It was a bullish day. Litecoin rose to an early morning intraday high $158.99 before hitting reverse.

Falling short of the first major resistance level at $161.33, Litecoin slid to a mid-afternoon intraday low $141.16.

The sell-off saw Litecoin fall through the 23.6% FIB of $148 and the first major support level at $146.59.

Steering clear of sub-$140, Litecoin revisited $148 levels before easing back. The 23.6% FIB of $148 pinned Litecoin back late in the day.

At the time of writing, Litecoin was down by 0.70% to $144.25. A mixed start to the day saw Litecoin rise to an early morning high $145.97 before falling to a low $143.63.

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

LTCUSD 050221 Hourly Chart

For the day ahead

Litecoin would need to move through the 23.6% FIB of $148 and the $148.47 pivot level to support a run at the first major resistance level at $155.79.

Support from the broader market would be needed, however, for Litecoin to break through to $155 levels.

Barring an extended crypto rally, the first major resistance level and Thursday’s high $158.99 would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $170 before any pullback. The second major resistance level sits at $166.30.

Failure to move through the 23.6% FIB and the $148.47 pivot level would bring the first major support level at $137.96 into play.

Barring another extended sell-off, Litecoin should steer clear of sub-$135 levels. The second major support level sits at $130.64.

Looking at the Technical Indicators

First Major Support Level: $137.96

Pivot Level: $148.47

First Major Resistance Level: $155.79

23.6% FIB Retracement Level: $148

38.2% FIB Retracement Level: $125

62% FIB Retracement Level: $87

Ripple’s XRP

Ripple’s XRP jumped by 12.12% on Thursday. Following on from a 6.58% rally on Wednesday, Ripple’s XRP ended the day at $0.44619.

A mixed start to the day saw Ripple’s XRP fall to an early morning intraday low $0.38024 before making a move.

Steering clear of the first major support level at $0.3746, Ripple’s XRP rallied to a late intraday high $0.48151.

Ripple’s XRP broke through the first major resistance level at $0.4202 and the second major resistance level at $0.4424.

More significantly, Ripple’s XRP broke back through the 38.2% FIB of $0.4070.

Falling short of the third major resistance level at $0.4880, Ripple’s XRP slid back to end the day at sub-$0.45 levels.

The second major resistance level at $0.4424 provided support late in the day.

At the time of writing, Ripple’s XRP was up by 0.57% to $0.44873. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.44611 to a high $0.45697.

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

XRPUSD 050221 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid a fall through the $0.4360 pivot level to bring the first major resistance level at $0.4917 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Thursday’s high $0.48151.

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 the second major resistance level at $0.5373 and resistance at the 62% FIB of $0.5522.

Failure to avoid a fall through the $0.4369 pivot would bring the 38.2% FIB of $0.4070 and the first major support level at $0.3905 into play.

Barring an extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.35 levels. The second major support level sits at $0.3347.

Looking at the Technical Indicators

First Major Support Level: $0.3905

Pivot Level: $0.4360

First Major Resistance Level: $0.4917

23.6% FIB Retracement Level: $0.6274

38.2% FIB Retracement Level: $0.5285

62% FIB Retracement Level: $0.3687

Bitcoin Yields 14.30% Gains in January as Demand Skyrockets

Indeed, BTC’s price opened on January 1st at a low of $28,997, and seven days later, it had risen by nearly 45% to hit a new all-time high of $42,000, according to CEX.IO’s exchange rate.

Despite the significant gains incurred within such a short period, Bitcoin experienced one of the largest one-day corrections since March 2020’s Black Thursday, shortly after reaching record highs. Its price plunged by more than 28%, to hit a low of $30,333.

Some whales took advantage of the downswing to add more tokens at a discount to their portfolios. As prices plummeted, the number of addresses holding 1,000 to 10,000 BTC surged by nearly 2%. Approximately 43 new whales joined the network at the time, helping Bitcoin rebound to $40,100 by January 14th.

Although investors seemed hopeful about another leg up that could see BTC rise above $50,000, one on-chain metric forecasted that a local top had been reached.

The Entity-Adjusted Spent Output Profit Ratio (aSOPR) indicator anticipated that Bitcoin was bound for further losses. This fundamental metric represents the profit ratio of BTC tokens moved on-chain, measured through the variation between the purchase price and sale price.

Each time this on-chain index rose to near a value equal to or higher than 1.20 over the past eight years, it served as a sell signal leading to a steep correction. On January 14th, the aSOPR was hovering at a value of 1.24, suggesting that BTC would likely enter a considerable corrective period before its uptrend resumed.

What came next was a 28% retracement that saw Bitcoin dip below the $29,000. But prices did not last long around this level as Grayscale seems to have bought the dip to meet institutional demand. The firm reportedly added more than 41,500 BTC to its holdings, worth roughly $1.3 billion.

The significant spike in upward pressure helped BTC recover towards the end of the month to close at $33,172. Bitcoin holders were able to grasp a monthly gain of 14.30% throughout January.

Ethereum Generates Over 78% Monthly Gains While Tokens Flee Exchanges

Ethereum was able to catch up with Bitcoin’s impressive bull run throughout January despite investors’ skepticism. The launch of the ETH 2.0 deposit contract in December 2020 was expected to quickly generate a supply shock, pushing prices to new all-time highs. But as Ether went into a consolidation phase first, market participants became concerned about its future price action.

Even though it took some time for the Beacon Chain news to be priced in, the first ten days of January demonstrated that Ethereum was poised to surprise even the most skeptics.

The second-largest cryptocurrency by market capitalization opened the monthly trading session at a low of $738.13 and quickly began trending upwards. By January 10th, Ether had climbed by more than 80% to reach a high of $1,347.55.

Long-term investors that had been underwater since Ethereum last traded around these price levels appear to have booked in profits en masse. The sudden spike in selling pressure was followed by a 32.70% downswing, pushing ETH’s market value to $900, according to the exchange rate from CEX.IO.

Regardless of the massive losses incurred during this correction, market participants rushed to cryptocurrency exchanges to buy Ethereum at a discount. As buy orders were getting triggered while overleveraged traders were getting liquidated, ETH was able to rebound and hit a new all-time high of $1,440 on January 19th.

From that moment on, Ethereum price began to make a series of higher lows while the $1,440 resistance continued to reject it from advancing further. Such market behavior formed a massive ascending triangle on Ether’s 1-day chart. A horizontal trendline developed along with the swing highs, while a rising trendline developed along with the swing lows.

Although Ethereum closed in January at $1,315, providing investors a whopping monthly gain of more than 78%, the ascending triangle pattern forecasts that prices are bound for higher highs. By measuring the distance of the triangle’s widest range and adding its x-axis, it projects that Ether is prime to rise another 37% towards $2,000.

FOMO is About to Kick In

Regardless of the massive gains that Bitcoin and Ethereum generated in January, both of these cryptocurrencies seem primed for higher highs.

From a technical perspective, the formation of a descending triangle on BTC’s 1-day chart forecasts a target of $45,000. Meanwhile, the ascending triangle that formed on ETH’s 1-day chart could see it rise to $2,000.

When looking at the Stablecoin Supply Ratio (SSR) indicator, the bullish thesis holds. This on-chain metric has been steadily declining since the beginning of the year as more stablecoins are minted to meet the market’s demand. A low SSR is indicative of mounting buying power ready to flow into the cryptocurrency market.

As more stablecoins get deposited into exchanges, it signals that investors are positioning themselves to re-enter the market. A potential breakout of the technical patterns previously mentioned may ignite FOMO among market participants who will want to get a piece of Bitcoin and Ethereum. Under such circumstances, these cryptocurrencies could easily break new record highs.

Konstantin Anissimov, Executive Director at CEX.IO

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – February 4th, 2021

Ethereum

Ethereum jumped by 10.23% on Wednesday. Following on from a 10.12% rally Tuesday, Ethereum ended the day at $1,668.72.

A mixed start to the day saw Ethereum slip to an early morning intraday low $1,509.48 before making a move.

Steering well clear of the first major support level at $1,400, Ethereum rallied to a late intraday high and a new swing high $1,672.20.

Ethereum broke through the first major resistance level at $1,588 and the second major resistance level at $1,663 to end the day at $1,668 levels.

At the time of writing, Ethereum was up 0.29% to $1,673.63. A mixed start to the day saw Ethereum fall to an early morning low $1,664.08 before rising to a new swing hi $1,680.00.

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

ETHUSD 040221 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall through the pivot level at $1,617 to support a run at the first major resistance level at $1,724.

Support from the broader market would be needed, however, for Ethereum to break through to $1,700 levels.

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

In the event of another extended crypto rally, Ethereum could test resistance at $1,800 before any pullback. The second major resistance level sits at $1,780.

Failure to avoid a fall through the $1,617 pivot would bring the first major support level at $1,561 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$1,500 levels. The second major support level sits at $1,454.

Looking at the Technical Indicators

First Major Support Level: $1,561

Pivot Level: $1,617

First Major Resistance Level: $1,724

23.6% FIB Retracement Level: $1,297

38.2% FIB Retracement Level: $1,064

62% FIB Retracement Level: $689

Litecoin

Litecoin rallied by 9.91% on Wednesday. Following on from a 7.65% gain on Tuesday, Litecoin ended the day at $156.20.

It was a bullish day. Litecoin rallied from a start of the day intraday low $142.12 to a final hour intraday high $156.86.

Litecoin broke through the first major resistance level at $148.05 and the second major resistance level at $154.06.

More significantly, Litecoin also broke through the 23.6% FIB of $148 to wrap up the day at $156 levels.

At the time of writing, Litecoin was up by 1.11% to $157.93. A mixed start to the day saw Litecoin slip to an early low $156.05 before striking a high $158.49.

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

LTCUSD 040221 Hourly Chart

For the day ahead

Litecoin would need to avoid a fall through the $151.73 pivot level to support a run at the first major resistance level at $161.33.

Support from the broader market would be needed, however, for Litecoin to break through to $160 levels.

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 $170 before any pullback. The second major resistance level sits at $166.47.

Failure to avoid a fall through the $151.73 pivot level would bring the 23.6% FIB of $148 and the first major support level at $146.59 into play.

Barring another extended sell-off, Litecoin should steer clear of sub-$145 levels. The second major support level sits at $136.99.

Looking at the Technical Indicators

First Major Support Level: $146.59

Pivot Level: $151.73

First Major Resistance Level: $161.33

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 6.58% on Wednesday. Following on from a 0.34% gain on Tuesday, Ripple’s XRP ended the day at $0.39797.

It was also bullish day for Ripple’s XRP, which avoided a fall into the red.

Ripple’s XRP rose from a start of the day intraday low $0.3734 to a late afternoon intraday high $0.4190 before easing back.

The rally saw Ripple’s XRP break through the 38.2% FIB of $0.4070 and the first major resistance level at $0.4095.

A pullback to $0.383 levels saw Ripple’s XRP fall back through the 38.2% FIB and first major resistance level, however.

Finding late support, Ripple’s XRP moved back through to $0.39 levels to deliver the upside on the day.

At the time of writing, Ripple’s XRP was down by 0.56% to $0.39574. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.3990 before falling to a low $0.39500.

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

XRPUSD 040221 Hourly Chart

For the day ahead

Ripple’s XRP will need to move back through the $0.3967 pivot level to bring the 38.2% FIB of $0.4070 and the first major resistance level at $0.4202 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Wednesday’s high $0.4190.

Barring another 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 $0.45 before any pullback. The second major resistance level sits at $0.4424.

Failure to move back through the $0.3967 pivot would bring the first major support level at $0.3746 into play.

Barring an extended crypto sell-off, Ripple’s XRP should steer clear of the 23.6% FIB of $0.3172. The second major support level at $0.3512 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.3746

Pivot Level: $0.3968

First Major Resistance Level: $0.4202

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