Daily Crypto Analysis - 7th Feb - Technical AnalysissteemCreated with Sketch.

Bitcoin

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

Bitcoin is continuing its bounce, so far reaching as high as $8650, which comes just under the 76.8% resistance. The previous bounce reached between the 61.8% and 76.8% retracements before continuing down, so this lines up nicely.
We are starting to see some bearish divergence on the MACD, and volume is certainly dropping off during the rise, suggesting weakness. The first resistance level to keep an eye on is the 76.8%, which we failed to break previously. Past that, a break above the peak of the last bounce, at $9490, could signal a new bullish trend. Although I would be more confident in that trend if it retraced to form a double bottom first.


Ethereum

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

ETHUSD is following the same pattern as Bitcoin, with the same bearish divergence on the MACD. So we shall focus on the ratio again.
We appear to be finding a bit of a consolidation zone after the bounce from support. While we've only been in this trading range for about a day so far, it comes within some historical support and resistance levels and volume seems to be dropping off nicely.
We'll have to wait and see if it holds during Bitcoin's next swing, but its a possibility to keep an eye on.


Bitcoin Cash

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

Bitcoin Cash continued to follow the descending wedge that was noted yesterday and, after a small bounce, has now confirmed bullish divergence on both the RSI and MACD.
While bullish divergence doesn't always mean there will be an immediate bullish swing, combined with the descending wedge and the generally dropping volume during the move, this doesn't look like a poor proposition.
As I said before, this is still considered fairly high risk, so size positions appropriately and keep tight stop losses.


NEO

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

NEOBTC is continuing to follow BTCUSD closely, and is seeing strong bearish divergence on the MACD and a bit on the RSI.
This is looking ready to drop if/when Bitcoin starts a new leg down. I would recommend staying on the sidelines here until it has decoupled from Bitcoin's price movement.


Cardano

Bittrex:ADABTC 1h
(Bittrex:ADABTC 1h)

Cardano remains within its consolidation zone on the ratio with a few tests of the 4730 resistance level. Volume remains fairly high, but that is likely due to the higher volatility. If we can stay within this region for another day or two, then this will make a good bullish formation.


Litecoin

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

Litecoin has moved up and is sitting just above the consolidation zone. Volume has dropped off a bit, which means we could see a secondary consolidation around these highs. Either way, it looks to be getting ready for another move in the near future. Unless there is an unexpected break of support, this is looking quite bullish.


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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Coins mentioned in post:

CoinPrice (USD)📈 24h📉 7d
ADACardano0.357$7.52%-30.13%
BTCBitcoin8279.090$14.71%-18.28%
ETHEthereum834.642$14.84%-24.8%
LTCLitecoin151.572$14.79%-6.5%
NEONEO115.092$24.02%-19.89%

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