On February 4, Bitcoin overcame $40,000 psychological resistance, then successfully maintained the level over the weekend. This increased the total capitalization of the crypto market to about $2 trillion on February 6. New financial information from Senator Ted Cruz shows that he bought the last drop of Bitcoin on January 25 through River Brokerage. Bitcoin traded from about $35,700 to $37,600 that day. If the Texas senator makes the purchase, it is already in profit.
Although the sharp recovery in the price of Bitcoin may ease the bulls; The data analyst issued a warning that significant retailers whose ticket size is over $100,000 are selling the stock. Can Bitcoin Maintain or Prolong Profits? If that happens, can the Altcoins join the party?
Bitcoin rose on February 4 to close above the 20-day exponential moving average. This indicates that the bulls are trying to return strongly. The Small Range Day on February 5 shows that traders who may buy at a lower level are not in a hurry to book a profit yet. RSI jumped to positive territory, indicating that the impulse favors the bulls. However, it is unlikely that the BTC/USDT pair will be the correct dash. The bears are likely to strengthen the strong resistance in the zone between $42,860 and $44,500.
If the price falls below the overhead zone and does not fall below $39,600, the level has been turned to support. Then the bulls will again try to climb above the pairing zone. If they succeed, the next stop could be $49,115. A break above this range indicates a resumption of the uptrend. The pair could then climb up to $44,500; Where the rally might hit a barrier. Conversely, if the price drops and falls below $40,800, the pair could drop to $39,320.
LEO completed the ascending triangle pattern; When it broke and closed above $3.92 on February 1. The bears tried to bring the price back below the breakout level, but the bulls did not give up. Purchases resumed on February 4, and prices rose to a new all-time high of $5.44. Usually, corrections in the upward trend are short-lived. The long tail on today’s candle indicates an aggressive buy at a low level. The bulls will now push the LEO/USD pair above $5.44. If they succeed, the pair can reach the target of $5.81; Up to $6 later.
Alternatively, if the bears lower the price below $4.50, the pair can change the 20-day EMA. The 4-hour chart shows that the pair is correcting in an upward trend. The bulls have successfully defended the 20-EMA and are trying to psychologically raise the team above $5. If they do, the couple can re-experience the all-time maximum of $5.44. Conversely, if the price falls below the current level, the price may drop to $4.20.
Ether climbed above $2,839 on February 4 and reached the downtrend channel resistance line. This level previously acted as a strong resistance; So the bears could still try to protect him with all their might. The ETH/USDT pair could fall as low as $2,652. If the price drops below this zone, it indicates a change in sentiment. The bulls will then make another attempt to pair above the site. If this happens, the trend can change.
Alternatively, a break below $2,652 indicates that the pair may continue trading inside the channel for a few more days. The 4-hour chart shows the price rising inside the channel’s upward pattern. 20-EMA and 50-SMA appeared, RSI is in positive territory; this indicates that bulls have an advantage.
If bulls push the price above the channel, the momentum may increase further. The pair could rise to $3,400; Where strong resistance from bears is expected. Conversely, if the price falls below the 20-EMA, the team may fall below the channel support line.
MANA broke the 20-day EMA on January 31; however, the 50-day SMA was rejected on February 1. The bears tried to advance the price down the 20-day EMA but failed. This indicates that the 20-day EMA may be supported. The upward movement resumed, and the bulls raised the price above the 50-day SMA. If the bulls keep the price above the 50-day SMA, the MANA/USDT pair could rise to $4 before the overhead resistance.
Conversely, if the price decreases and moves below the average, this indicates that the bears are aggressively selling at a high level. In this case, the pair can re-experience strong support at $2.03. According to the 4-hour chart, bulls have an advantage. Any drop from the current level is likely to support the moving average. In parallel, buyers may face stiff resistance at $3.40; later on, $4. This optimistic view will be reversed if the price falls below the current level and falls below the moving average. Then the pair could drop to $2.40.
The NEAR protocol overcame the 20-day EMA hurdle on February 4. The bears tried to push the price below the 20-day EMA on February 5. The growth has resumed, and the bulls are trying to raise the price to $14. If they succeed, the NEAR/USDT pair could rise 50% to the correction level; First up to $15.05, then up to $16.36. The bears are likely to establish strong defenses in this area.
Conversely, if the price falls below the current level, the bears will try to bring the pair below the 20-day EMA. If they manage to do that, it means the bears will continue to sell shares. The team could once again drop to $10.
Currently, recovery is facing strong resistance at the 200-SMA. If the price lags behind the 20-EMA, it suggests that bulls are accumulating on the downside. This could improve break prospects of more than 200 SMA. This positive outlook will be dashed in the short term; If the price falls below the 20-EMA. In such a case, the pair can re-test the breakout level.