Cryptocurrency Weekly Analysis

Weekly Technical Analysis of Digital Currencies February 2 (February 4)


Technical analysis of the price of Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin, Cardano, Binance Coin, Polkadot, Stellar and China. Read the link for today (February 4) below:

Weekly technical analysis of bitcoin prices

Bitcoin prices have continued to fluctuate near the downtrend over the past three days, but the market cows have not yet been able to guide and stabilize the price above this resistance. With these interpretations, it can be said that sellers are still strongly preventing prices from moving to higher levels.

Weekly Technical Analysis of Digital Currencies February 2 (February 4)
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The 20-day moving average (EMA 20 – blue line in the picture) is horizontal and the Relative Strength Index (RSI) is near its mid-range. Therefore, it can be said that there is a relative balance between supply and demand.

If the bearish price moves below $ 31,900, it is likely to continue to fall to the simple 50-day moving average (SMA 50 – red line in the picture) at $ 30,920 and below $ 28,850. A breakout of the price below this level will also activate the descending triangle pattern, followed by a deeper correction.

Conversely, if buyers manage to raise and stabilize the price above the resistance of $ 35,000, the price growth will be possible up to $ 38,520 and above it up to $ 40,000. The next wave of price uptrend is likely to break the historical price ceiling (ATH) at $ 41,959.63.

  • Resistances: 35,000 – 38,520 – 40,000 – 4,959.63
  • Supports: 31,900 – 30,920 – 28,850

Weekly technical analysis of Ethereum prices

In the Ethereum price, we see the opposite side of the market for breakout outside of one of the two resistances, $ 1,400 and support for the 20-day moving average (EMA 20 – blue line in the picture) at $ 1,258. This indicates a price fluctuation within a collapsible range and is likely to expand over the next few days.

Weekly Technical Analysis of Digital Currencies February 2 (February 4)
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If this range is broken down and the bears push the price below the uptrend line, the selling pressure will increase. This will increase the probability of falling to the simple 50-day moving average (SMA 50 – red line in the picture) at $ 1,005 and then to $ 840.93.

On the other hand, the price will move from the current levels and move above the resistance area to $ 1,400 to $ 1,473,096, which means that the upward trend to the first station will be at $ 1,675.

While the uptrend of moving averages indicates the superiority of buyers, successive negative divergences in the Relative Strength Index (RSI) are in favor of sellers. Since the indicators have issued different signals, it is better to wait for the price breakout outside one of the mentioned levels.

  • Resistance: 1,400 – 1,473,096 – 1,675
  • Support: 1,258 – 1,005 – 840.93

Ripple Price Weekly Technical Analysis

The price of Ripple has risen to the level of $ 0.755 with extraordinary growth yesterday, but as the price can be clearly seen from the long wick of the candle, it can be said that buyers have quickly settled their buying positions at higher levels.

Weekly Technical Analysis of Digital Currencies February 2 (February 4)
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Given that the price has fallen below the support of $ 0.3885 today, there is a possibility of increasing the selling pressure and continuing to fall to $ 0.245, to neutralize all the profits of this uptrend.

A break below $ 0.245 will open the door to $ 0.17351. On the other hand, with buyers defending support at $ 0.37, another attempt may be made to move the price up to $ 0.60.

  • Resistances: 0.385 – 0.60
  • Supports: 0.3885 – 0.245 – 0.17351

Weekly technical analysis of Polkadot prices

The jump in the price of Polkadot on January 28 (February 9) from the 20-day moving average (EMA 20 – blue line in the picture) to the level of $ 17.7522 has stopped. Buyers’ failure to push prices above $ 14.7259 to $ 19.40 indicates a lack of demand at higher levels.

Weekly Technical Analysis of Digital Currencies February 2 (February 4)
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The slope of the 20-day moving average (EMA 20 – blue line in the picture) is horizontal and the relative strength index (RSI) is gradually moving towards its mid-range. This shows the balance between supply and demand. If the price jumps above the support of $ 14.7259, the price consolidation phase will be extended for a few more days.

On the other hand, any price break below the $ 14.7259 mark will be the first sign of weakening price movements. This will be able to deepen the correction to the level of 61.8% Fibonacci at $ 11.8383.

This downtrend will be eliminated with the price moving above the range at $ 19.40 and promises the possibility of continuing the uptrend.

  • Resistances: 19.40 – 24 – 30
  • Supports: 16.7951 – 14.51

Weekly Technical Analysis of Cardano Price

Cardano’s price went above its downtrend on January 30, however, buyers were not able to push it above the $ 0.38 resistance. This indicates a lack of demand at higher price levels.

Weekly Technical Analysis of Digital Currencies February 2 (February 4)
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The promising point here is buyers’ defense of the uptrend channel floor support. The group is currently trying to support the 20-day moving average (EMA 20 – blue line in the picture) at $ 0.33. Strong price jumps from current levels will be able to move the price to the upside resistance at $ 0.38. If buyers manage to push the price above this level, it will be possible to continue the uptrend with a target of $ 0.48.

On the other hand, if the sellers lower the price below the channel support, the price can fall to $ 0.28 and below that to the simple 50-day moving average (SMA 50 – red line in the picture) at $ 0.25.

  • Resistances: 0.38 – 0.48
  • Supports: 0.33 – 0.28 – 0.25

Weekly Technical Analysis of Chainlink Price

The price of Chainlink has not been able to stabilize above the level of $ 24 in the last few days. These factors indicate that traders are leaving their buying positions (Long) in upward price movements.

Weekly Technical Analysis of Digital Currencies February 2 (February 4)
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The Relative Strength Index (RSI) is a bullish triangle pattern that will be activated as the index moves above the 53 level. Sometimes drawing patterns on a series of indicators predict future price-oriented movements.

If sellers manage to lower the price below the 20-day moving average (EMA 20 – blue line in the picture) at $ 21.18, the selling pressure and the possibility of breaking the support of $ 20.1111 may increase in the price. Below this level, the next price targets will be $ 17.7777 and the simple 50-day moving average (SMA 50 – red line in the picture) at $ 16.63, respectively.

This downtrend will be eliminated by a jump in the 20-day moving average (EMA 20 – blue line in the picture) at $ 21.18 or support at $ 20.1111 and stabilization above the downtrend line. Such a move would increase the prospect of a resumption of the uptrend.

  • Resistance: 24
  • Supports: 21.18 – 20.1111 – 17.7777 – 16.63

Weekly technical analysis of LightQueen prices

The price of Litecoin has been involved in the dynamic resistance of the downtrend line for the past three days. The long wick of price candles also shows the sales flow in the recovery waves.

Weekly Technical Analysis of Digital Currencies February 2 (February 4)
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If buyers do not manage to push the price above the uptrend line in the next few days, the probability of failure below $ 120 support will increase. With these moves, the head and shoulder pattern will be activated with a target price of $ 55.

However, this drop is unlikely to be sudden and buyers will stop at $ 100 and $ 70 stations.

This downtrend will be eliminated by guiding and stabilizing the price above the downtrend line. Such a move indicates a possible end to the selling pressure. On the way up, the breakout price above $ 150 will also mean buyers returning to the market.

  • Resistances: 150
  • Supports: 120-100-70-55

Weekly technical analysis of bitcoin cache price

Bitcoin Cash price recovery wave with its key resistance in the form of a 20-day moving average (EMA 20 – blue line in the picture) at $ 429. This shows the sellers’ efforts to defend this level. If the price turns and goes below the support area of ​​$ 353 to $ 370, there is a possibility that the price will fall to the support of $ 275.

Weekly Technical Analysis of Digital Currencies February 2 (February 4)
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The bearish slope of the 20-day moving average and the relative strength index (RSI) below the middle area indicate the relative superiority of sellers.

On the other hand, if buyers push the price above the downtrend line, the price is likely to rise to $ 465 and above it to $ 539. If the price moves above this resistance, there will be a possibility of price fluctuations in the consolidation phase for a few more days.

  • Resistances: 429 – 465 – 539
  • Supports: 370-353-275

Weekly technical analysis of Binance coin price

Bainance Quinn moved above its previous high of $ 47.2187 and hit a new high of $ 50.60 yesterday. The movement of the price of an asset above the historical price ceiling indicates the superiority of its buyers.

Weekly Technical Analysis of Digital Currencies February 2 (February 4)
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However, the long wick of the price candle yesterday shows the flow of trading profit near the $ 50 psychological resistance. If the price fails to move above this level, there is a possibility of cross-fluctuations within a tight range for several days.

With breakout and price stabilization above the level of 50, there is a possibility that the next wave will start to rise to the level of $ 60. On the other hand, if sellers push the price below $ 46 support, there is a possibility that the price will fall to the bottom of the uptrend pattern. Price failure below this support will mean a deeper correction.

  • Resistances: 50-60
  • Supports: 46

Weekly technical analysis of Stellar price

Buyers and sellers have been fighting for the past three days to prove their superiority in the range of $ 0.325 to $ 0.35 at the price of Stellar. Although buyers have raised the price above the $ 0.35 resistance, they have not been able to stabilize it at higher levels. This indicates the flow of stocks trading in price recovery waves.

Weekly Technical Analysis of Digital Currencies February 2 (February 4)
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However, buyers did not allow the price to fall below the 20-day moving average (EMA 20 – blue line in the picture) at $ 0.28. This indicates the accumulation flow at lower price levels. In the current situation, buyers are trying to guide and stabilize the price above the upper resistance area.

If successful, the Stellar price could rise to $ 0.409. Breakout and price stabilization above this resistance will also pave the way up to $ 0.50. The upward slope of the moving averages and the placement of the relative strength index (RSI) above the level of 61 will indicate the superiority of the cows.

This uptrend will be eliminated by moving the price below the 20-day moving average. Such a move would be able to lower the price to a simple 50-day moving average (SMA 50 – red line in the picture) at $ 0.228.

  • Resistances: 0.35 – 0.409 – 0.50
  • Supports: 0.325 – 0.228

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