Crypto Market Analytics February 3rd | Dex-Trade
BTC’s “Slow Rally”, ETH “the Day Before” $1,700 and Breakthrough DOT: Results of the Trading Week and Expert Forecasts
The outgoing week seems to have dampened the Bitcoin bulls’ fervor, as it is already very hard for them to create the buying pressure needed to rise and secure the flagship above $24,000. Therefore, Bitcoin corrects profits below this zone and quite successfully holds support at $23,250 to try to rise again in the near future. But crypto-silver is moving much more impressively, trading near the decisive resistance in the range of $1,630 – $1,650. The intention of the ETH bulls is to overcome the 1,700 position and consolidate above this mark for further movement. And this is reflected in the market cap of the coin, which recently topped $200 billion again. It is noteworthy that the passivity of BTC bulls and trading in a narrowing price range seems to have significantly affected the altcoin market. Many coins are now at critical levels. In fact, bullish breakout opportunities are constantly “flickering” at the moment, which could trigger new short-term rallies for a number of assets. Experts believe that as soon as the daily close is fixed above the trend line, a significant increase in the altcoin market may begin, which will likely lead to an increase in coin capitalization by 7-17%. But for now, it is important to take into account the key movements of the main "players," so we will talk about them below.
BTC’s Technical Correction and Strong Support at $23,300
During the week, Bitcoin made an attempt to break above the $24,000 resistance zone and even jumped above the $24,250 level, forming a local but very significant maximum at $24,282, after which there was a movement below the 50% Fibonacci retracement level of the upward wave from the swing low at $22 752 to the maximum for $24,282. However, the bulls appear to be active above the $23,250 support zone. BTC is still trading above it and the 100 hourly simple moving average. On the hourly chart of the BTC/USD pair, a major bullish trend line is also forming near the 61.8% Fibonacci retracement level with support near $23,300.
Now the immediate resistance is near the $23,950 level, and the next serious resistance is within the $24,250 zone. A clear move above $24,250 can trigger an active growth of the coin to the $25,000 level and above. However, the MACD is gaining momentum in the bearish zone, and the RSI is now below 50, so if BTC fails to overcome the resistance around $23,950, the price may continue to move south. In this case, the main support will be the $23,250 level or the 100-hour simple moving average. A break below could push the price towards the $22,650 level.
Where Is ETH Headed?
Crypto Silver is still actively traded and has enough support for further gains above the $1,650 level. During the week, ETH even broke the $1,680 mark and rose above $1,700, making a high at $1,714 before a downward correction occurred. However, even if ETH on the current “fuel” breaks the $1,800 mark, it most likely will not have the strength to stay above this mark, so a rather sharp drop in price to the $1,100 level may occur. However, analysts believe that this may be the optimal time to invest in an asset.
On the weekly chart, candles are forming in the upper Bollinger Bands, but ETH has made a higher high, which suggests bullishness after four green candles. However, what is interesting is that the last two weekly candles are very “indecisive,” which is an indicator of bearish pressure. Market analysts suggest that a massive correction may occur in the next two months, so the accumulation of ETH can only be justified in the long term. If the coin makes a higher high again, this could be a long-term bullish indicator.
DOT Breakout Above $6.80 Could Trigger New Rally
Having formed a base above the $6.00 zone at the end of January, DOT bulls are gradually preparing for a new breakout. The asset has overcome the levels of $6.05 and $6.10 and is actively storming the $6.80 zone above the 100-day simple moving average. Additionally, the 4-hours DOT/USD broke above the key bearish trendline with resistance near $6.20 yesterday. A high is formed around $6.90 and after profits are consolidated, DOT breaks through massive resistance again around $6.80. The main resistance is located near the levels of $6.95 and $7.00.
A successful break above $6.80 and a close of the trading week above $7.00 could trigger a strong rally. In this case, the price may rise to $7.60 or $7.80 next week. Otherwise, the price of the coin may turn south to the first key supports at $6.45 and $6.48. However, at the moment, on the 4-hour chart, the MACD is gaining momentum in the bullish zone, and the RSI is well above 50. Therefore, the coin has every chance to continue rising after the weekend.
