Price analysis 2/1: BTC, ETH, XRP, DOT, ADA, LINK, LTC, BCH, BNB, XLM

Tesla CEO Elon Musk recently voiced his support for Bitcoin (BTC) during a chat with Clubhouse. Musk said that his friends tried to onboard him to the Bitcoin bandwagon equally early as 2013, but the world's richest man did non accept the terminal footstep. Musk admitted that he was "late to the party."

Musk as well said that Bitcoin could be "on the verge of getting broad acceptance by conventional finance." While these comments by the SpaceX founder are positive, they did non move the markets since he did not commit to buying Bitcoin as a personal investment or for the treasury reserves for his companies.

*Daily cryptocurrency market place functioning. Source:* *Coin360*

However, institutional investors have connected their purchases without waiting for a deeper correction. CoinCorner CEO Danny Scott noted that recently a unmarried entity had withdrawn $500 one thousand thousand worth of Bitcoin, an indication of institutional buying.

While Bitcoin buyers seem to exist planning to hold their positions, the same cannot be said near the pump and dump schemes that are being promoted in select altcoins. Kickoff, it was Dogecoin (DOGE) and today it is XRP'southward l% fall from $0.75 that may have left several novice traders with huge losses.

These fierce corrections should be a lesson to traders and remind them to follow a well thought out trading strategy instead of getting carried away by emotions and greed.

Let'due south study the charts of the top-10 cryptocurrencies to determine the tendency and the path of to the lowest degree resistance.

BTC/USD

Bitcoin has been hugging the downtrend line for the past iii days, but the bulls take not been able to push button and sustain the price above it. This shows that the bears are aggressively defending the college levels.

The xx-day exponential moving average ($33,412) has flattened out and the relative strength alphabetize (RSI) is most the midpoint, suggesting a balance between supply and demand.

If the bears sink the toll beneath the $31,900 back up, the BTC/USD pair could drop to the l-day uncomplicated moving average ($thirty,920) and so to the critical support at $28,850. A pause beneath this level will complete a bearish descending triangle pattern that could start a deeper correction.

Conversely, if the bulls can push button and sustain the toll in a higher place $35,000 the pair may rally to $38,520 and then to $twoscore,000. The adjacent leg of the up-move could showtime subsequently the bulls drive the cost above the best high at $41,959.63.

ETH/USD

The bears are defending the $i,400 overhead resistance while the bulls are buying the dips to the 20-day EMA ($ane,258). This suggests that Ether (ETH) is stuck in a tightening trading range, which is likely to expand within the next few days.

If the resolution happens to the downside and the bears sink the toll below the uptrend line, the selling could intensify. This may result in a possible drop to the 50-day SMA ($1,005) and then to the critical back up at $840.93.

On the contrary, if the ETH/USD pair turns up from the current level and breaks above the $ane,400 to $1,473.096 resistance zone, it volition indicate the resumption of the uptrend. The pair could then rally to $1,675.

While the upsloping moving averages propose an advantage to the bulls, the negative divergence on the RSI favors the bears. As the indicators are sending mixed signals, it is better to wait for the price to complete a breakout before taking a directional bet.

XRP/USD

XRP skyrocketed to an intraday high at $0.755 today, but the long wick on the mean solar day'south candlestick shows that traders used the college levels to aggressively close their long positions.

The XRP/USD pair has plunged to the $0.3885 support. If the bears sink the toll below this level, the selling could intensify and the pair could drop to the moving averages and and so to $0.245, giving back all of the recent gains.

A break beneath $0.245 could result in a fall to $0.17351. On the other hand, if the bulls can defend the $0.3885 support, the pair may once again attempt to rally to $0.60.

DOT/USD

Polkadot'southward (DOT) rebound on Jan. 28 fizzled out at $17.7522 on Jan. 29. The failure of the bulls to push the price to the top of the $14.7259 to $19.40 range suggests demand dries upwards at higher levels.

The 20-24-hour interval EMA ($xv.41) has started to flatten out and the RSI is gradually dropping towards the eye, which points to a remainder between supply and demand. If the price rebounds off the $14.7259 back up, the consolidation may extend for a few more than days.

Opposite to this assumption, a interruption beneath the $fourteen.7259 support will be the get-go sign of weakness. That could pull the DOT/USD pair downwards to the 61.8% Fibonacci retracement level at $xi.8383.

This negative view will invalidate if the bulls tin can push the price above the $xix.forty range. Such a movement volition signal the resumption of the uptrend.

ADA/USD

Cardano (ADA) broke higher up the downtrend line on January. xxx, merely the bulls could non button the price above the $0.38 resistance, which shows that need dries up at college levels.

All the same, the positive sign is that the bulls have not allowed the price to dip below the support line of the ascending channel. The buyers are currently attempting to defend the 20-24-hour interval EMA ($0.33).

A stiff rebound off the current levels could reach the $0.38 overhead resistance. If the bulls tin push the price to a higher place this level, the ADA/USD pair could resume the uptrend, with the next target objective at $0.48.

Conversely, if the bears pull the toll below the support line of the channel, the pair could drib to $0.28 and so to the 50-twenty-four hour period SMA ($0.25).

LINK/USD

Chainlink (LINK) has not been able to sustain above the $24 level for the by few days, which suggests traders are closing their long positions on rallies.

The RSI has formed a descending triangle pattern, which volition complete on a interruption and close below 53. Sometimes, the patterns on the indicators project the upcoming directional move in the price.

If the bears can sink the price below the twenty-24-hour interval EMA ($21.18), the selling could intensify and suspension the $20.1111 back up. If that happens, the LINK/USD pair could driblet to $17.7777 and so to the 50-twenty-four hour period SMA ($16.63).

This negative view will invalidate if the pair rebounds off the 20-day EMA or the $twenty.1111 back up and sustains above the downtrend line. Such a movement will enhance the prospects of the resumption of the uptrend.

LTC/USD

Litecoin (LTC) has been facing strong resistance at the downtrend line for the by few days. The long wick on the day'southward candlestick suggests every relief rally is being sold into.

If the bulls fail to push the price above the downtrend line within the next few days, the possibility of a interruption below the $120 support increases. If that happens, the LTC/USD pair volition complete a bearish head and shoulders pattern, which has a target objective of $55.

All the same, it may non exist a direct fall considering the bulls will try to stall the decline at $100 and then again at $70.

This negative view volition be negated if the bulls can button and sustain the price to a higher place the downtrend line. Such a motion volition advise that the selling pressure may have ended. On the upside, a interruption to a higher place $150 volition advise the bulls are making a comeback.

BCH/USD

The relief rally in Bitcoin Cash (BCH) is facing stiff resistance at the 20-day EMA ($429), which suggests the bears are attempting to defend this level. If the price turns downwardly and breaks below the $370 to $353 support zone, the altcoin could drop to $275.

The downsloping xx-day EMA and the RSI simply below the midpoint suggest the bears have a marginal edge.

Reverse to this assumption, if the bulls tin push the price to a higher place the downtrend line, the BCH/USD pair may rally to $465 and and so to $539. If the price turns down from this resistance, the pair could extend its consolidation for a few more days.

BNB/USD

Binance Money (BNB) soared above the previous all-fourth dimension loftier at $47.2187 and hit a new high at $50.threescore today. Whenever the toll of an asset class makes a new all-time loftier, it shows that the bulls are in command.

However, the long wick on today's candlestick suggests profit-booking about the psychological resistance at $50. If the cost fails to rise and sustain to a higher place $l, the BNB/USD pair could consolidate in a tight range for a few days.

A breakout and close above $50 could start the adjacent leg of the upwards-move that may accomplish $sixty. Conversely, if the bears sink the price beneath $46, the pair could drib to the support line of the ascending broadening wedge pattern. A break beneath this back up could signal the beginning of a deeper correction.

XLM/USD

The bulls and the bears are locked in a battle for supremacy in the $0.325 to $0.35 zone for the past three days. Although the bulls pushed Stellar (XLM) above $0.35 on Jan. 28, 30, and today, they could not sustain the higher levels, which shows traders are booking profits on rallies.

Nevertheless, the bulls have not allowed the toll to sink below the 20-day EMA ($0.28), indicating aggregating at lower levels. The bulls are currently trying to push button and sustain the cost above the overhead resistance zone.

If they succeed, the XLM/USD pair could ascent to $0.409. A breakout and close higher up this resistance may start the journey towards $0.50. The rising moving averages and the RSI above 61 suggest the bulls accept the upper hand.

This positive view will invalidate if the bears sink the price below the 20-day EMA. Such a move could pull the price down to the 50-24-hour interval SMA ($0.228).

The views and opinions expressed here are solely those of the author and exercise not necessarily reflect the views of Cointelegraph. Every investment and trading move involves take a chance. You should conduct your ain research when making a decision.

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