Daily Crypto Analysis - 12th Feb - Technical Analysis
Bitcoin
(Bitstamp:BTCUSD 1h)
Bitcoin has decided it wants to continue trying to push higher rather than moving to retest lows, and is currently gliding along the lower boundary of its ascending channel. Volume remains extremely low on this rise, so it remains very weak. If it continues upwards, it will likely form a double top around the $9097 resistance level or make fake-out with strong bearish divergence.
Ethereum
(Bitstamp:ETHBTC 4h)
Ethereum remains indecisive on the ratio after, once again, breaking the 0.0994 support. If it can make a sharp rejection of the 0.0960 or 0.0940 supports, this could form a large consolidation zone, but for the moment we appear to just be waiting for Bitcoin's next move.
Bitcoin Cash
(Poloniex:BCHBTC 1h)
Bitcoin Cash is seeing a low volume dip to retest the 50% support level and remains within its consolidation zone. The slow and low volume nature of this move suggests that it will likely bottom out around the 50% retracement, but a stop loss is still recommended in case of an unexpected break downwards.
NEO
(Binance:NEOBTC 1h)
After its strong bounce, Neo now appears to be moving to form a consolidation zone around the 50% support. We'll have to wait and see whether this dip will move to retest the 61.8% support but, if volume drops off, this will form a good level ready for a continuation of the major bull run.
Cardano
(Bittrex:ADABTC 1h)
Cardano is seeing quite a strong dip to retest the 76.8% support level. Volume has been picking up in the last few hours, suggesting a level of fear in this movement. We will have to see if this can find good support at the 76.8% level. If not, we will move towards a retest the 3700 support.
Monero
(Poloniex:XMRBTC 4h)
Monero has followed BTCUSD closely in its recent drops, with especially strong drops on the 2nd and 6th of Feb. However, it now appears to have formed a strong double bottom at these levels, with sharp retracements after each dip. This was followed by a strong bounce over the last few days.
We now appear to be forming a consolidation around the 61.8% support of the most recent leg up. Volume has been declining throughout the length of this pullback, making this a good candidate for a bull flag. We will continue to watch this over the next few days, as this could prove to be a very attractive buying opportunity if it decouples from Bitcoin.
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.
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