February 3 Crypto Market Price Analysis: Is It A Move Higher or A Correction From BTC, ETH, XRP, BCH, BSV, And LTCFebruary 4, 2020
Most large-capitalization assets grew by double digits or even more, making it an incredible week for the entire crypto-asset markets. In fact, leading crypto by market cap Bitcoin (BTC) is currently hovering close to the $9,500 level and grew by 10%. As for the Ethereum (ETH) and Ripple (XRP) grew 10% and 15% respectively.
Both Gold and Bitcoin performed strongly in the first month of 2020. These assets are known to be safe-haven assets performing well during the time of macro uncertainty across the globe. Besides, the anticipated BTC block reward halving also drove the crypto market rally this week.
With today’s crypto price analysis, you’ll discover whether a certain crypto asset’s current levels move higher or indicate a correction.
BTC Continues to Play Safe
Many folks in the crypto space have noticed that the BTC bulls and bears continue to play safe. What’s more, it seems like they are preventing any large directional bets. That’s because the leading crypto has been trading within the range of $9,200 to $9,600 over the previous days. In the case that the BTC bears sink that price level, then it will drop to $8,897 20-day EMA.
ETH Reaches $197.75 Overhead Resistance
After reaching near the 197.75 overhead resistance level, the bears are expected to protect that resistance. On the other side, once the bulls successfully defended the current levels, then ETH could break the $197,75 level. Above that level, the next target would be $223.999.
XRP’s Inverted Head and Shoulders (H&S) Pattern Targets $0.28132
For two consecutive days, Ripple (XRP) rest above $0.2326 but broke above $0.25401 on the next trading day. So, its inverted H&S pattern is now set to smash $0.28132. In the case that buyers work harder to push the price level of XRP above the $0.28132, then a rally to $0.31503 is available.
BCH Is Eyeing for $440 Upside
Over the previous days, Bitcoin Cash (BCH) has been in the consolidation stage between the range of $360 to $400. This shows that the traders aren’t in a hurry. Meanwhile, in the case that the bulls break the price above the $403.88 level, then the BCH/USD pair will likely resume a move up and the next objective will be $440 or even higher.
BSV Shows Lack of Demand at Higher Levels
Despite the bounce off in the symmetrical triangle’s support line, the bulls failed to establish a rebound. This implies that Bitcoin SV (BSV) is lacking a demand at higher levels. However, if the bulls are able to push the current price above the $337.80 overhead resistance and the triangle, then the BSV/USD pair can possibly retest the $458.74-lifetime highs.
LTC’s Move Up to $80.2731 Overhead Resistance
After breaking out the $66.1468 level, Litecoin (LTC) isn’t successful in picking up the momentum. In the case that the LTC/USD pair successfully break under $66.1486, then it calls for a 20-day EMA drop. If not, the crypto can extend the rally to $96.439.