Cryptocurrency Market Weekly Update #3
February 3, 2020 by Hitesh Malviya
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Spread the loveAccording to last week’s cryptocurrency market outlook- Bitcoin price hit 9400$ last week and recorded 9.40% growth, Also from our last week’s altcoins recommendation – RLCBTC and HCBTC hit 20% Profit. Let’s talk about how the cryptocurrency market is looking for this week. BTCUSD Bitcoin is still moving inside an uptrend channel, Channel resistance is
According to last week’s cryptocurrency market outlook- Bitcoin price hit 9400$ last week and recorded 9.40% growth, Also from our last week’s altcoins recommendation – RLCBTC and HCBTC hit 20% Profit.
Let’s talk about how the cryptocurrency market is looking for this week.
BTCUSD
Bitcoin is still moving inside an uptrend channel, Channel resistance is sitting at above 10,000$. Two major levels to watch out are – 8500$, 9100$.
50MA will cross over 100MA on the daily timeframe and will form Bullish pattern – Golden cross. Last time, the similar golden cross formation was spotted in March, Bitcoin rallied over 280% and hit 14000$ later in May last year.
We are expecting bitcoin to find support around 8800-9100$ area, and break above 9700$ by end of this week.
Bitcoin can hit 75000$ in 2021.
Ethereum had a positive month last week, recorded a 15% price growth. ETHUSD also broke above 200MA on a daily timeframe last week. After last week’s close, Ethereum also broke above 50MA on the weekly timeframe.
ETHUSD can continue the rally with Bitcoin this week, and we can expect Ethereum to break above 200$ by end of this week.
Ethereum can hit 1000$ in 2020.
Top 3 altcoins to trade this week
1. TRXBTC
TRXBTC is trading inside an ascending triangle- which is a bullish pattern and can produce a 20-30% breakout rally.
Trade Signal
Entries: 0.00000195-205 BTC
Exit: 0.00000235-255 BTC
STOP: 0.00000175 BTC
2. WANBTC
WANBTC broke out above 200MA on a daily timeframe last week, and now looking strong for a brief rally to the upside. We can expect WAN to retest range high by this weekend.
Trade Signal
Entries: 0.000025-27 BTC
Exit: 0.000033-36 BTC
STOP: 0.000021 BTC
3. XTZBTC
XTZBTC bounced from 50MA support on the daily timeframe and now looking for another run to the upside. XTZBTC may attempt a New all-time high on Binance exchange.
Trade Signal
Entries: 0.00018-20 BTC
Exit: 0.00024-26 BTC
STOP: 0.00016 BTC
Also, check out-
Top 5 altcoins to trade in February
Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.
Published at Wed, 05 Feb 2020 15:07:25 +0000
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