Analyses

Crypto bulls are still here despite mixed sentiment last week – BTC, ETH, LTC price analysis, 3 Feb, 2020

Last week, John McAfee, a prominent cryptocurrency enthusiast and a US presidential candidate, who previously claimed that Bitcoin will hit $1 million by the end of 2020, changed radically his attitude towards the digital coin. In a recent bizarre tweet posted on January 29, he criticized Bitcoin, calling it 'old', 'clunky', 'no security', etc.:

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Source: Twitter

However, other famous cryptocurrency enthusiasts didn't share McAfee's view on Bitcoin. For instance, billionaire Mike Novogratz, CEO of Galaxy Investment Partners, during an interview on «Bloomberg Markets» reiterated once again that gold and Bitcoin («digital gold») are among the most reliable stores of value for long-term investors.

And, although the sentiment in the crypto world was mixed last week, the crypto bull market continued. For example, the price of Bitcoin was able to surpass the key psychological level of $9,000. As at the time of writing, according to Coin360.com, one Bitcoin costs $9,377.40 (+0.16%), one Ethereum—$191.29 (+2.86%), and one Litecoin—$70.94 (+0.46%):

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Daily crypto market performance. Source: Coin360.com

BTC/USD

On the 6-hour chart (6H), the price of Bitcoin has reached the upper line of the resistance zone, as we predicted in our previous analysis:

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We expect the major part of Bitcoin's price chart to remain in the range of the last local high and within the «ascending channel» during the current week. Thus, the lower line of the range ($9,088.20) can be considered as a support level and the upper line of the range ($9,670.70)—as a resistance level.

ETH/USD

On the 12-hour chart (12H), the bulls overpowered the bears and ETH/USD broke through the upper line (resistance line) of the «descending channel»:

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As seen in the chart above, at the moment the price of Ethereum is testing the range of the previous local high (H1).

If the bulls continue to dominate the market (bullish scenario), then ETH/USD may go up to the level of the next local high (H2) or $224.79.

Conversely, if the bears regain control over the market (bearish scenario), then ETH/USD may drop to the upper line of the «descending channel» or to a level of about $165.

However, we think the most likely scenario is a price consolidation (neutral scenario) within the range of the last local high (H1) or between $180 and $200 per one digital coin.

LTC/USD

On the 12-hour chart (12H), last week the price of Litecoin went through the range of the last local high (H1) and is now testing the lower part of the range of the next local high (H2):

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In our opinion, this week LTC/USD will attempt to get into the range of the next local high (H2). Therefore, we may witness price levels between $71 and $80 per one digital coin.

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The analysis is purely informational and does not constitute investment, financial, trading, or any other sort of advice and you should not treat any of Bitvalex's content as such. Bitvalex does not recommend that any cryptocurrency should be bought, sold, or held by you. You are solely responsible to conduct your own due diligence and consult an advisor before making any investment decisions.


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