Weekly Technical Analysis of Cryptocurrency February 16
Weekly Technical Analysis of Cryptocurrencies February 16: Technical Analysis of Bitcoin, Ethereum, Ripple, Bitcoin Cash, Light Coin, Cardano, Binance Coin, Polkadot and China Link prices for today:
technical analysis of bitcoin prices
The price of Bitcoin on February 14 has recorded an upward movement to the level of $ 49,689 and is very close to the psychological resistance of $ 50,000. Although buyers have tried to start price correction, the price candle wick of yesterday indicates that buyers still do not intend to abandon this trend.
The shallow price correction, which did not even see the breakout level of 41,959.63 again, shows the strength of the trend. The upward slope of the moving averages and the placement of the Relative Strength Index (RSI) in the buy saturation zone also indicate the superiority of buyers in this contrast.
If buyers manage to stabilize the buying pressure and push the price above the level of $ 50,000, a sudden jump may throw it up to $ 60,974.43. On the other hand, if the price is pushed down from $ 50,000, it can be said that the bear market is strongly defending this resistance.
This will ultimately lead to short-term traders saving profits, and the probability of falling to $ 44,000 support and the 20-day moving average (EMA 20 – blue line in the picture) will increase to 41,975. The jump in prices from this support also indicates that the bullish sentiment of the market has not been touched.
But if the price falls below this average, it is likely to fall to the simple 50-day moving average (SMA 50 – red line in the picture) at $ 36,502. Any failure below this level will also indicate a possible change in the price trend.
Resistances: 50,000 – 60,974.43
Supports: 44,000 – 41,975 – 36,502
Weekly technical analysis of Ethereum prices
The price of Ethereum has entered the consolidation phase in the last few days in the range of $ 1,680,173 to $ 1,835,554. Buyers have been pushing the price above this range for the past three days, but have not been able to stabilize above it. This indicates a lack of demand at higher price levels.
While buyers have not been successful in breaking prices above this range, the opposite side, sellers, have tried to start price correction. The price has moved below $ 1,680,173, which has led to an influx of buyers and a rapid jump in prices. This is evident in the long wick of the price candle yesterday.
If buyers push the price above the resistance area of $ 1,835,554 to $ 1,869,473, the price is likely to move up to the uptrend channel at $ 2,000. This level of psychological resistance is key to the price, so bears are likely to strongly defend this level.
The upward slope of the moving averages and the placement of the Relative Strength Index (RSI) near the buy saturation zone indicate the superiority of buyers. This uptrend will be eliminated as the price moves from the upside resistance and falls below the 20-day moving average (EMA 20 – blue line in the picture) at $ 1,631.
Resistance: 1,835,554 – 1,869,473 – 2,000
Support: 1,680,173 – 1,631
Weekly Technical Analysis of Cardano Price
Cardano traded lower yesterday at the 20-day moving average (EMA 20 – blue line in the picture) at $ 0.66, but buyers entered the market as the price fell. This shows that market sentiment remains positive. In the current situation, the group will try to push the price above the resistance of $ 0.9817712.
Under such circumstances, there is a possibility of continuing the uptrend with the target of $ 1.25 and above it up to $ 1.50. On the other hand, if the price moves above the resistance, the price will enter the consolidation phase in the range of $ 0.687 to $ 0.981. This uptrend will be eliminated by the fall and stabilization of the price below the 20-day moving average (EMA 20 – blue line in the picture). Such a move warns of oversupply of supply over demand and the possibility of a change in trend.
Resistances: 0.9817712 – 1.25 – 1.50
Supports: 0.687 – 0.66
Ripple Price Weekly Technical Analysis
The price of Ripple fell below its $ 0.65 resistance on February 14 and moved down to the broken level (breakout) at $ 0.50. This level has been seen successfully and the price has jumped strongly. This move is evident in the long wick of the price candle yesterday.
If buyers manage to push the price above the level of $ 0.65, the price is likely to rise to $ 0.78068. Market bears are likely to strongly defend this level, but if buyers prove their dominance, prices could rise as high as a dollar.
On the other hand, if the price moves down from $ 0.65 again, there is a possibility that the price will fall to $ 0.50 and then the price will fluctuate between these two limits for a few more days. A break below the 20-day moving average (EMA 20 – blue line in the picture) at $ 0.47 will be the first sign of a deeper price correction to $ 0.3855.
Resistances: 0.65 – 0.78068
Supports: 0.50 – 0.47 – 0.3855
Weekly technical analysis of Polkadot prices
The price of Polkadot has moved downwards after hitting the ceiling of the bullish channel on February 13 and has moved below the 20-day moving average (EMA 20 – blue line in the picture) at $ 22.37. However, a strong jump in prices from this average indicates a heavy flow of demand at lower levels.
The price in the current situation will be able to move up to the resistance of the uptrend channel. By moving up the channel, there is a possibility of a momentum increase (acceleration) of the price and its growth up to $ 41.
However, if sellers defend the resistance of the uptrend channel, there is a possibility of gradual and slow price growth. The price trend will rotate in favor of sellers by moving and stabilizing under the floor of this channel.
Resistance: 41
Supports: 22.37
Weekly Technical Analysis of Binance Coin Price
The price of Binance Coin has been hovering between $ 117,7289 and $ 141.32 over the past few days. The entry of the price into the consolidation phase after a strong uptrend will be a positive sign, because it indicates that traders are not in a hurry to close their positions.
If buyers manage to push the price above the resistance area from $ 141.32 to $ 148.40, there is a possibility that the uptrend will continue until the $ 200 resistance.
On the other hand, if sellers pushed the price below the support of $ 117.7289, it could continue to fall to the level of 38.2% Fibonacci correction at $ 105.78886. In case of violation of this support, the fall may be extended to the 20-day moving average (EMA 20 – blue line in the picture) at $ 92.
Resistances: 141.32 – 148.40
Supports: 22.37
Weekly technical analysis of LightCoin prices
The price of Light Coin on February 12 (February 24) has risen above the resistance of $ 185.5831 and has stabilized. This has continued the upward trend and buyers have easily pushed the price above the $ 200 psychological barrier on the next trading day.
On February 14, the price of Light Coin fell below the resistance level of $ 230.5305 and moved down to the broken level (breakout) of $ 185.5821. The high wick of the price candle indicates that the broken-out surface has been successfully seen again.
If buyers manage to push the price above $ 230.5305, it will be possible to continue the uptrend with the target of $ 256 and above it up to $ 272.
On the other hand, if the price moves down from the current levels or the upper resistance, it will be possible to fall to $ 185.5821 and enter the consolidation phase for a few days. The first sign of a breakout will be below the 20-day moving average (EMA 20 – blue line in the picture) at $ 174.
Resistances: 230.5305 – 256-272
Supports: 185.5821 – 174
Weekly technical analysis of bitcoin cache price
The price of Bitcoin Cash broke its resistance of $ 631.71 on February 13 and moved up to the level of $ 750 on the next trading day. Market bears pushed the price down below $ 631.71 yesterday, but buyers rushed to the market as prices fell.
Buyers have maintained a bullish momentum, pushing it to a new high of $ 773.32 over the past 52 weeks. The next price target will be $ 900.
However, if buyers fail to stabilize above $ 750, a drop to $ 631.71 and limited volatility will be possible for a few days. A break below $ 631.71 will be the first sign of a weakening and is likely to fall to $ 539. Such a move may delay the start of the uptrend.
Resistance: 900
Supports: 750 – 631.71 – 539
Weekly Technical Analysis of China Link Price
The price of China Link on February 13 has broken the resistance of the upper side of the uptrend pattern. This is a positive sign for the price. The bear market has pushed the price into the pattern again yesterday, but the long wick of the price candle in the daily timeframe indicates the aggressive entry of buyers into the market with the price falling to the 20-day moving average (EMA 20 – blue line in the picture) at 27 Is the dollar.
A stabilization at the top of the pattern will be a sign of strength, and a break above $ 35.645 will strengthen the possibility of continuing the uptrend with the target of $ 41.
On the other hand, if sellers push the price back into the pattern, a group of aggressive buyers will be surprised. This may push the price down the bottom side of the pattern. Moving the price below this level may also mean changing the price trend.
Resistances: 35.6945 – 41
Supports: 27
Weekly technical analysis of Stellar price
The Stellar price has experienced a deep correction yesterday, but the long wick of the price candle yesterday indicates the aggressive entry of buyers with this fall to the 20-day moving average (EMA 20 – blue line in the picture) at $ 0.409. In an upward trend, the price jump from this average indicates the accumulation flow by buyers.
If buyers push the price above the resistance of $ 0.600681, there is a possibility that the uptrend will continue. The first target price on the way up will be $ 0.79. On the other hand, if buyers fail to stabilize the price above the level of $ 0.50, the price is likely to fall again to the 20-day moving average (EMA 20 – blue line in the picture) at $ 0.40. A break below this level will increase the probability of further falling to $ 0.35.
A deep price correction in an uptrend will often be a sign of momentum loss. In such cases, there is a possibility of limited price fluctuations for a few days before the start of the next price movement.
Resistances: 0.600681 – 0.79
Supports: 0.50 – 0.40 – 0.35
Weekly Technical Analysis of Cryptocurrency February 16
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