Daily Crypto Analysis - 10th Feb - Technical AnalysissteemCreated with Sketch.

Bitcoin

Bitstamp:BTCUSD 1h
(Bitstamp:BTCUSD 1h)

After the suspected double top on the 8th, Bitcoin failed to break the $7625 resistance level, leaving us in an ascending channel. Since the start of the bounce volume has been dropping as we draw higher, and there is some bearish divergence on the MACD as the bounce makes new highs, suggesting weakness in the market.
If the bounce continues, then the main resistance levels to watch come at $9097, $9222 and $9490. A break above $9490 seems unlikely, but isn't impossible. I would be wary of any break upwards turning into a fake-out, so I would recommend waiting for it to find firm support above $9490 before jumping on any new bull runs.
However, for the moment, the bearish outlooks seems more probable, we will most likely make a retest of the support of the macro ascending channel around $7000 and, if this doesn't hold, the $5920 support.


Ethereum

Bitstamp:ETHUSD 1h
(Bitstamp:ETHUSD 1h)

Ethereum is following the exact same pattern as Bitcoin, with the same ascending channel, drop off in trading volume and bearish divergence on the MACD. Bitcoin's next drop will bring Ethereum down with it. Since Bitcoin remains the driving force during corrections, it is hard to say where Eth will drop to.

Bitstamp:ETHBTC 1h
(Bitstamp:ETHBTC 1h)

On the ratio, Ethereum appears to be settling into a bit of a consolidation channel above the 0.0994 support. However, this is during the period of quiet within Bitcoin's ascending channel, meaning it holds little significance until tested. If this support level can hold during a Bitcoin drop then it will be worth considering. Until then, ETHBTC is expected to follow BTCUSD very closely in its drops.


Bitcoin Cash

Poloniex:BCHBTC 1h
(Poloniex:BCHBTC 1h)

As expected, Bitcoin Cash is consolidating nicely on the ratio, after its spike on the 8th. It is currently holding around the 0.1451 support and just above the 50% retracement. This is a common level for consolidation, so makes a good support to watch. It may push a bit lower to test the 61.8% retracement, so I would recommend waiting for a rejected retest of a support level before entering positions. Volume has also been dropping during this pullback, supporting the bullish consolidation argument.


NEO

Binance:NEOBTC 1h
(Binance:NEOBTC 1h)

Neo has been pulling back from its recent bounce off the macro 38.2% support. So far it has dropped to the 50% retracement of the movement. We will have to see whether or not this level holds, as it could easily move to test the 61.8% support.
Over the last few days, NEOBTC has also been moving downwards despite Bitcoin's ascending channel. This is counter-trend movement could be a signal of consolidation for Neo, so we may see a decoupling during Bitcoin's next drop.
Volume has remained very high during the last few days, which goes against the expectations of a consolidation period. We would expect a significant drop off in volume and a tighter trading range to complete the consolidation before Neo is ready for a new leg higher.


Litecoin

Poloniex:LTCBTC 1h
(Poloniex:LTCBTC 1h)

Litecoin remains around its consolidation zone and just below the 0.01895 resistance level. Volume has been consolidating well throughout the period and we've rejected tests of the 0.0174 support. Unless there is an unexpected drop, we appear to just be waiting for the next stage of the bullish movement to takeoff.


Disclaimer

I will do my best to give unbiased, objective analysis, but I can make no promises about my accuracy.
All posts are based on my personal opinions and ideas and do not constitute professional financial investment advice.

Sort:  

Interesting article!

Checkout @cryptobroye for more bitcoin info and analysis. Im sure there's a lot we can learn from each other!

Coins mentioned in post:

CoinPrice (USD)📉 24h📉 7d
BTCBitcoin8457.530$-1.64%-8.16%
ETHEthereum847.132$-2.16%-12.26%
LTCLitecoin153.565$-2.16%1.66%
NEONEO107.025$-7.21%-12.99%

Thanks for the analysis! Very useful vision on corridors!

Coin Marketplace

STEEM 0.17
TRX 0.16
JST 0.029
BTC 60754.63
ETH 2349.52
USDT 1.00
SBD 2.53