Analyses

What does the current week have in store for the crypto market – BTC, ETH, LTC price analysis, 10 Feb, 2020

On Tuesday, February 4th, Bitcoin SV's «Genesis» hard work took place. Thus, the cryptocurrency's block size has become miner-configurable or unlimited. The «Genesis» hard work makes BSV more scalable and, therefore, more attractive for cryptocurrency users.

On Thursday, February 6th, TRON founder Justin Sun announced in his Twitter account that on January 23rd, he finally had the charity lunch with Berkshire Hathaway CEO and famous cryptocurrency critic Warren Buffett: 

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Source: Twitter

During the lunch Buffett shared his views on Bitcoin, blockchain, Tesla and investments. The billionaire softened his criticism against Bitcoin, saying that there is a great potential in blockchain, but Bitcoin needs to implement additional features to become attractive asset class.

Along with this, Buffet received from Sun his first Bitcoin, 1,930,830 TRON and several other cryptocurrencies. Buffet's cryptocurrency holdings can be tracked by their public addresses: 

• BTC - https://btc.com/3AsXDKX1etLgegepVeJbhj7WeZiypVMgdt 

• TRON - https://tronscan.org/#/address/TFtQ66PeCKB29CKoLGyTYsh3k9oU6tuy7L 

Later, in his Twitter account, Sun jokingly wrote that BTC had increased by 16% since he'd gifted Bitcoin to Buffett: 

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Source: Twitter

On Sunday, February 9th, the price of Bitcoin broke through the key psychological level of $10,000 per one digital coin. The significant price increase intensified the bullish sentiment among the cryptocurrency users. For instance, Anthony Pompliano, co-founder & partner at Morgan Creek Digital and a prominent Bitcoin bull, reiterated that BTC can hit $100,000 at the end of 2021:

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Source: Twitter

And, although last week was quite bullish for the crypto market, the current week starts with a mild dip. At the moment, according to Coin360.com, one Bitcoin costs $9,965.32 (-1.68%), one Ethereum—$223.09 (-2.99%), and one Litecoin—$75.52 (-3.06%):

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Daily crypto market performance. Source: Coin360.com

BTC/USD

On the 6-hour chart (6H), the price of Bitcoin has dropped below the psychological level of $10,000 per one digital coin, but it still remains within the «ascending channel»:  

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We don't expect the market sentiment to change significantly throughout the week. Therefore, the most likely scenario is that BTC continues to fluctuate within the «ascending channel». The level of the lower line of the channel ($9,088.20) can be considered as a support level and the level of the upper line of the channel ($10,558.70)—as a resistance level.

ETH/USD

On the 12-hour chart (12H), last week Ethereum bulls dominated the market: 

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We expect the positive market sentiment to last over the current week. In our view, ETH/USD will try to advance to the level of the starting point of the «ascending channel» or $252.90. The previous local highs can be considered as support levels. Hence, the first support level (S1) is at about $220 and the second one (S2)—at about $190. 

LTC/USD

On the 12-hour chart (12H), the price of Litecoin has been able to surpass the psychological level of $70 per one digital coin: 

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As seen in the chart above, at the moment LTC is trading in the range (between $71 and $80) of local high «H2». 

We don't expect any drastic price changes in the next few days. That's why a consolidation of LTC/USD in the range between $71 and $80 is the most probable scenario.

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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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