Over the last one week, the various cryptos have gone through both an upward and a downward trend. In the first half of the week, the Bulls had a superior momentum which saw previous support levels upped and resistances tested and breached. Bitcoin is yet to hit the $3500 current psychological price level with the other Altcoins struggling to achieve market correction after a protracted Bearish period.
This week’s focus coins performed as follows:
Bitcoin began the week on a Bullish momentum which pushed investor sentiments up in the market. As the week came to a close however, Bitcoin dipped by 1.17%. This is after it started the week trading at $3411 against the current rate of $3370 as at February 6th.
Investor sentiments were at a high of 61 in the RSI (A) before dipping to the ‘undersold’ area (at 29) on February 6. Investors fear that a further dip in Bitcoin’s price will lead to losses on their investments and are looking to sell.
Currently, the 21 day EMA (B) is above the 7 day EMA (C) which shows that the downward trend will continue in the coming days.
Throughout the first week of February, Ethereum has gone through a Bull and a Bearish run. On the upper side, ETH hit $110 and $100 on the lower side. This indicates a strong price consolidation despite February 6’s sharp dip in momentum.
Investor sentiments are back on an upward trend as seen in the RSI (A) after going into the ‘undersold’ area. Yesterday’s dip tested and breached the previous support zone but a Bullish momentum is back on.
The 7 day moving average (C) is upward-facing and seems set to cross over the 21 day EMA (B) which shows that Ethereum is likely to set off on a Bullish Run in the coming days.
As with Bitcoin and Ethereum, Litecoin has had mixed fortunes in the market across February Week 1. The chart however shows a Bullish outlook for LTC with all indicators signaling a Bull Run. LTC has gone through a negligible 1% dip in price across the week, having started off the week at $32 against the current rate of $31.2.
February’s Bull Run has seen LTC cross over into the ‘oversold/overbought’ area twice (above 70) as seen in the RSI (A). This shows positive investor sentiments in Litecoin.
The 21 day EMA (B) has been dominantly below the 7 day EMA (C) across the week. The tables only turned on February 6 but the 7 day EMA is upward facing which shows that an upward trend is coming. Crypto is coming!
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Interested in more crypto content? Check out February Week 1 Cryptocurrency Analysis: Bitcoin, Ethereum and Litecoin and Why Hedging With Bitcoin Makes Sense Even For Non-Believers