Cryptocurrencies traded larger to start out the month of February, as markets look to overlook January’s purple wave. ETH is buying and selling near 10% larger as of writing, with bitcoin gaining virtually 4% right now.
Bitcoin
Bitcoin, which fell by as a lot as $16,000 final month, has not too long ago began to regain some steam, climbing by over 11% within the final week.
This momentum continued into February, with BTC/USD hitting an intraday excessive of $39,026.79, its highest degree since January twenty first.
As we speak’s transfer noticed its 14-day RSI climb above the resistance degree of 40, and is at present racking at 41, which is the very best value energy has recorded within the final 20-days.
On account of this rally, costs have marginally damaged out of the long-term descending triangle channel, with many now anticipating an imminent rise to $40,000.
Trying on the chart above, though the RSI has moved previous the extent of 40, there nonetheless seems to be important resistance at present ranges, which might doubtlessly trigger some bulls to tread fastidiously.
As soon as a full break ultimately takes place, BTC/USD could head to as excessive as $44,000.
Ethereum
ETH was additionally larger to start out the brand new month, and was one of many massive movers inside the prime 10 ranked cryptocurrencies.
Following a low of $2,556.16 on Monday, ETH/USD rose to an intraday excessive of $2,788.90 throughout right now’s session, which is a 10-day excessive.
This transfer, which sees ETH buying and selling almost 10% larger, comes after it broke out of the $2,600 resistance degree, which was in place since January twenty first.
Just like BTC, ethereum is now shut to a degree of uncertainty inside the 14-day RSI, and it will probably act as a short-term hurdle to additional will increase in value.
If this resistance is damaged, how excessive might ETH go? Depart your ideas within the feedback under.
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