BTC rose by about 40% in January, the main performance of BTC's best close in the first month of the year since 2013. According to Glassnode, the sharp rebound has led to changes in hot sectors. Spot equity premiums occurred in the futures market in November and December last year, and gradually traded at a healthy futures premium in January of this year.
Coming out of the bottom of the bear market, the rebound led by the leader rather than the laggard is a sign that the whole process of stopping the decline is likely to begin now. Bitcoin's dominance rose from about 38 per cent in November to more than 42 per cent in January, suggesting that smart investors are now likely to start accumulating BTC at relatively low levels.
After a strong gain in January, the next question is how BTC performed in February. Since 2013, BTC has lost money in February only in 2014 and 2020, according to Coinglass. If history repeats itself, the probability of an increase at the close of February is very high, but the pace of increase may slow.
Will Bitcoin and alternative coins maintain their ups and downs and ramp up the rise, or will traders make a profit, causing prices to fall? Let's take a look at the data charts of the top ten digital currencies to find out.
BTC fell below the $22800 rise on January 30th, but people who rose in bitcoin bought at a lower level and pushed the bitcoin market back above $23000 on January 31st.
The starting moving average of the uphill and the relative strength index (RSI) near the overbought area indicate that the duo is in manipulation. Even if the gold price falls below $22800, the BTC/USDT pair is likely to find support in the 20-day index moving average ($21936).
A strong rebound from the current level or 20-day moving average is likely to lead the pair again to pressure above $24000.
Rising and closing below the 20-day moving average may be the first sign that the duo is likely to pull out urgently. There is a small support line at $21480, and if that support line is compromised, the currency pair is likely to retest the psychologically important level of $20000.
Medical ether (ETH) rebounded from its 20-day moving average ($1546) on January 31, but the rebound was not enough. This shows that Shuangtou is lack of proactive buying.
Bears will try to shift advantages by lowering prices below the 20-day moving average and a strong support line at $1500. If he succeeds, the ETH/USDT pair is likely to fall back to the important support level of $1352. A strong rebound from this level is likely to mean a period of ups and downs between $1352 and $1680.
If Shuangtou expects to maintain its dominance, he will be forced to strongly defend the 20-day moving average and push the price above $1680. If he achieves the extreme, the pair could rise to $1800 and eventually to $2000.
BNB (BNB) formed the intra-day candlestick mode on January 31st, indicating that double heads and bears are hesitant.
If the price falls below the 20-day daily average ($300), the advantage may be short-term. Subsequently, the BNB/USDT pair is likely to plummet to $280 and then to 50-day SMA ($273). Customers are expected to actively defend the area.
On the bright side, the duo will have to raise the stiff muscle barrier of $318 to gain the upper hand. There is no significant friction resistance at $318 to $360, so the currency pair can break this gap in a short period of time.
XRP (XRP) plummeted below its 20-day moving average ($0.40) on January 30th, but bears could not stay relatively low. This shows that Shuangtou has bought in bargain-hunting.
The 20-day moving average leveled off, with RSI slightly higher than the midpoint, indicating that there will be some ups and downs in the near future. If the price falls below the 20-day moving average, the XRP/USDT pair is likely to fall to the 50-day moving average ($0.37), which may constitute a strong support point. Subsequently, the currency pair is likely to try to rebound to $0.42 to $0.44 above the head.
If the customer needs an advantage, he will be forced to kick the price above the friction resistance. Subsequently, the pair is likely to move forward, soaring to $0.51 and then to $0.55.
On January 31st, Cardano (ADA) rebounded from its 20-day moving average ($0.36), but the duo could not raise the $0.40 mark. This suggests that Shuangtou may be physically and mentally exhausted.
Bears will try to strengthen his influence with implicated prices falling below the 20-day moving average support line. If he can do this, the ADA/USDT pair is likely to enter the adjustment link in the short term. There is a small support point at $0.32, then if it is not successful, the next support point is $0.30.
The 20-day moving average has not been raised since January 4, so Shuangtou has made every effort to defend it. If the price picks up from the 20-day moving average and rises by $0.40, it will indicate that the rise is likely to continue for some time. Subsequently, the pair is likely to rebound to $0.44.
Dogecoin (Doge) increased friction resistance by $0.09 and soared to around $0.10 on January 31st. This is a sign of initiative, but the bulls are not in the mood to lay down their arms and surrender. On February 1st, the merchant lowered the price to $0.09.
The 20-day moving average ($0.09) is a key level worth watching. If gold prices rebound strongly from this level, it will show that hot plates are still active and traders have bought bargains. This may raise the prospect of a rebound to $0.11, and bears are likely to form a strong test again.
Contrary to this assumption, if the price of gold falls again and falls below the 20-day average, the pair is likely to slide into the 50-day average ($0.08) and later fall to $0.07.
POLYGON's shallow rebound from the $1.05 level it crossed on January 30th suggests that lower levels need to be weak. Bears will try to push the price up to the 20-day moving average ($1.03).
If the customer expects the rise to be consistent, he will be forced to defend the 20-day average. If the price of gold picks up and rises above $1.13, stock buying may pick up, and the Marjic / dollar pair is likely to try to rebound to $1.30.
Conversely, if the gold price plummets below the 20-day moving average, it may entangle many radical doublets, who may already be well above $1.05. This could lead to long-term settlement, and the pair is likely to fall to 50-day SMA ($0.90).
Litecoin (LTC) rebounded from its 20-day moving average ($88) on January 30th, indicating that the upward trend is consistent and that relatively low levels have attracted customers.
The downward sloping 20-day moving average and the RSI in the area indicate that this will be good for customers. The LTC/USDT pair is likely to be the first to hit $100, and the bears are likely to create strong friction here again. If the duo does not abandon too many camps at this level, the currency pair could once again move northward for $107.
The first sign of weakness is undoubtedly rising and closing below the 20-day moving average. This may indicate that short-term traders take profits. Subsequently, the pair is likely to fall to $81.
Although the duo has pushed DOT above the resistance line several times in the past few days, they are unable to maintain a higher level. This shows that short sellers have fiercely defended this level.
Merchants will try to increase their dominance by lowering the price to the 20-day moving average ($6.04), while Shuanghead will try to maintain the support line. If bears appear at the top, the DOT/USDT pair is likely to make a deeper adjustment, rising to $5.50 and then to the 50-day moving average ($5.24).
If the duo successfully maintains the 20-day moving average, it may increase the probability of rebounding above the pressure level above $6.84. Subsequently, the pair is likely to accelerate closer to $8 and stop temporarily at $7.42.
The Avax made a U-turn from the horizontal pressure level of $22 on January 28 and fell from the resistance line to the rising level on February 1.
The 20-day moving average ($17.87) is slightly below the resistance line, so it is likely to form a strong support point. If the price rebounds from this support area, it will show that the hot plate is active and traders buy bargain-hunting. The duo will then try to push Avax/USDT rates above $22 and quickly bounce back to $30.
The short sellers may have other options. He will try to bring the price below the 20-day moving average. If he makes it to the extreme, the pair is likely to slip into 50-day SMA ($14.41).
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