On February 9th Gamo Gensler, the current chairman of the Foreign Securities and Exchange Commission (SEC), explained why regulators had cracked down on the Kraken cryptocurrency exchange, forcing it to end its data encryption scheme for foreign customers. The news may cause anxiety among login password investors, who are selling heavily. BTC (BTC) plunged by about 5% on February 9th, and several alternative currencies were slightly weaker.
The new sell-off makes traders wonder whether the bear market has been repaired, or whether the fall should be seen as a buying opportunity. Investors are likely to be anxious, but for now, the adjustment may be a normal adjustment, with the digital currency giving up some of its January gains. However, the prudent approach is to wait for the adjustment to be completed, the bottom to be determined, and then consider a new purchase.
The former CEOArthur Hayes of BitMEX pointed out in an online article on February 7th that BTC may have another big bull market in the first half of the year, but it may face a test in the second half of the year. Like Bitcoin and Ethernet Square, Hayes has his eye on alternative currencies, but he points out that skill depends on the best timing.
What are the main levels of support for bitcoin and alternative coins that need to be considered recently? Let's take a look at the data charts of the top ten digital currencies to find out.
The support level of $22800 fell below the support level on Feb. 9, while BTC fell to a strong support level around $21480. The lack of a strong rebound from this level suggests that the adjustment may be further deepened.
Below $21480, the sell-off is likely to accelerate, and the BTC/USDT pair is likely to fall to the moving average. The relative strength index (RSI) has slipped into negative territory, suggesting that bears are trying to gain the upper hand in recent days.
The moving average has completed a golden cross, but the duo needs to change the 200-day moving average ($19722) into support before it can be left in the game.
The strong rebound in the area in the middle of the moving average from $21480 to 200 days will be a sign that double heads are trying to produce a higher bottom point. Subsequently, the foreign exchange currency is likely to slowly fall back to $24255. The double head must raise the pressure level of $25211 to show that the decline is over.
Short sellers can not keep ETH above 1680 US dollars, which should be the cause of long profits in the short term.
The moving moving average has completed a golden cross, indicating an implicit shift in the trend, but bears are unlikely to retreat without a fight. Merchants will try to bring prices below the moving average and lure aggressive doubles into a desperate situation. If they can do that, the sell-off is likely to intensify and plunge to $1200.
Conversely, if the price picks up from the moving average, it will indicate that Duanlong is trying to turn its 200-day moving average ($1442) into support. Shuangtou will then try again to push the price above $1680 and gain control. Subsequently, the ETH/USDT pair is likely to gradually move northward for $2000.
On February 9th, BNB plummeted below the rising level of $318, indicating a higher level of proactive selling. Thus wiping out the road surface for the most likely sell-off to 200d SMA ($287).
Double heads may take the initiative to defend the moving average. If the price rebounds very strongly from this support level, the BNB/USDT pair is likely to have an opposite head-shoulder shape, which will take place during the rally and close above the neckline. This kind of upside-down is set at $440.
On the other hand, if the price falls below the moving average, the sell-off is likely to intensify, and the foreign exchange currency is likely to plunge to $240.
After a few days above the 200-day moving average ($0.39), XRP (XRP) plummeted below support on Feb. 9. This suggests that bears are trying to take over.
On January 18, the 50-day moving average ($0.38) formed a strong support point, and the two heads tried again to maintain that level. If prices jump from current levels to above the 200-day moving average, it will imply strong demand at lower levels. Subsequently, the customer's goal is to raise the barrier of $0.43 and gradually rise to $0.51.
Conversely, if the SMA abdicates for 50 days, it will send a signal that the bears will sit back to the main driver again. The XRP/USDT foreign exchange currency is then likely to fall to 33 cents.
200-day SMA ($0.39) is a strong hurdle for Cardano (ADA). Although Shuangtou has pushed the price of gold above the pressure level many times, they cannot tamp it down.
On Feb. 9, the price of gold turned around and fell below the support level of $0.38. Merchants will try to pull prices to the 50-day moving average ($0.33), which could be a strong support point. If prices rebound strongly from the 50-day moving average, it will show that Shuangtou is trying to produce a higher bottom point.
On the plus side, customers will be forced to improve the range between the 200-day moving average and $0.42 to signal an implicit shift in trends. This may increase the probability of rising above $0.44.
Dogecoin (Doge) fell below the support level of $0.09 on Feb. 9 and hit the 50-day moving average ($0.08). The decline has pulled RSI into negative territory, suggesting that the trend has turned positive for bears.
The duo will be forced to go all out to protect the area in the middle of the moving average, and if they fail to do so, the Doug / dollar pair could fall to key support around $0.07. If the price rebounds from this level, the foreign exchange currency is likely to trade sideways between $0.07 and $0.10 for several days.
If prices rebound strongly from current levels, it will show that Shuangtou has been trying to turn its 200-day moving average ($0.08) into support. If he guarantees that, the foreign exchange currency is likely to gradually pick up to $0.10.
On Feb. 8 and 9, customers pushed Longhu (Ma Jiqi) above the pressure level of $1.30, but could not keep it up. This means that short sellers have increased by more than $1.30.
However, a sign of initiative is that the duo has not surrendered too much land to the bears. This shows that the shallow price drop has attracted customers. This raises the market outlook for oil prices above $1.30. If that happens, the Marjic / dollar is likely to soar to $1.45 and then to $1.7.
Conversely, if the price turns down again from the top pressure level, it will imply that the bears are once again strongly guarding the $1.30 level. Bears will have to lower the price to less than $1.16 to give up a seat for a $1.05 retest.
Letterkin fell from $102.50 on February 8th. This shows that failure to increase the pressure level is likely to deeply attract short-term traders to make profits.
The duo will try to stop the decline at the just-in-time support level of $88, while the bears will try to pull the LTC/USDT pair toward 50-day SMA ($84). A deeper decline will indicate a weakening of mechanical energy, which may delay repairing the upward trend.
If ShuangTou needs to fix the rally, he will be forced to push the price back above $98 immediately. This will mean a positive mood that traders have bought bargain-hunting. Then, Shuangtou will try again to raise the barrier of $102.50 and quickly move towards an increase of $115,000,000.
The double-headed failed to boost DOT by $7.25, which may have attracted short-term speculators to sell, which would bring the price up to 200-day SMA ($6.33).
Customers will try to ease the decline in the middle area of the moving moving average and send it to a higher bottom. If he succeeds, it will show that the DOT/USDT pair is now starting to produce at the bottom. Raising and closing above $7.25 could attract more stock buying and open the door for a likely rebound to $10.
Conversely, if prices plunge below the 50-day moving average ($5.59), it will imply that bears are once again manipulating the situation.
The Avax turned down from the overhead pressure level of $22 and hit the 200-day moving average ($17.88). Customers are expected to defend the area in the middle of the moving average.
If the price rebounds from the current level, Shuangtou will try again to push the price above $22. If he succeeds in ensuring that, the Avax/USDT foreign exchange currency is likely to accelerate the trend and rebound to 30 yuan.
Another possibility is that the price of gold rebounded from its moving average but could not soar above $22. This could lead to months of sideways sorting. Bears will have to lower prices below the 50-day moving average to gain the upper hand.
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