Price analysis 2/7: BTC, ETH, BNB, ADA, SOL, XRP, LUNA, DOGE, DOT, AVAX
Bitcoin’s (BTC) price inched higher over the weekend as bulls try to enforce a trend change while bears attempt to stall the relief rally. On-chain monitoring resource Whalemap highlighted that $38,000 is the critical zone for the whales during any correction as whales had accumulated in this zone last week.
On the upside, trader Pentoshi believes that Bitcoin could face stiff resistance near the 2022 yearly opening price of about $46,000. However, if Bitcoin remains strong, Pentoshi expects altcoins to start performing, especially since several of them have corrected sharply in the past few months.
Meanwhile, traders are likely to look toward the US equity markets for clues as Bitcoin has shown a strong correlation with the Nasdaq in the past few days.
Does the sharp rebound in Bitcoin’s price indicate a trend change? Could the improving sentiment pull altcoins higher? Let’s study the charts of the top-10 cryptocurrencies to find out.
Bitcoin gradually continued to move up and has reached the 50-day simple moving average ($42,809). The bears could try to defend this level because if they fail to do so, a trend change will be signaled.
The rising 20-day exponential moving average ($40,008) and the relative strength index (RSI) in the positive zone indicate that bulls have a slight edge. Above the 50-day SMA, the BTC/USDT pair could rally to $45,456. If bulls clear this hurdle, the pair could retest the 200-day SMA ($49,175).
Alternatively, if the price turns down from the current level of $45,456, the bears will attempt to pull the price back below $39,600. This is an important level to watch out for because if bulls flip this into support, it will suggest that a bottom is in place.
On the other hand, a break and close below
Read more on cointelegraph.com
