Jerome, the current chairman of the Federal Reserve, made it clear on February 7th that "a process of curbing inflation" is now beginning, but it is still in its early stages.
He warned that strong economic indicators would lead to new interest rate increases. Despite his mixed comments, investors speculated that the Fed's meeting was likely to end quickly, prompting buying into the S & P 500 and BTC (BTC) on Feb. 7.
Signs of a strong rebound in BTC and falling inflation in January seem to have reversed investors' mindset. Investors have allocated $117 million to data investment wealth management products, according to CoinShares statistics on January 30th. It also brings the company's total market capitalization under management to $28 billion, up 43 per cent from its bottom point in November.
Although sentiment seems to have improved, there is very little upward trend in the stock market bear market that does not adjust from the bottom point after the end. Prices must form a higher bottom point and then a higher one to confirm an implicit shift in trends.
What is the key support line for Bitcoin and alternative coins to stop future declines? Let's take a look at the data charts of the top ten digital currencies to find out.
On Feb. 6, BTC fell below $22800, but people who rose in bitcoin bought the decline. This gradually rebounded to above 23000 on Feb. 7, but customers were unable to maintain higher standards.
Double heads are unlikely to be easy, as bears will try to form a strong test every time they rise to $24000. While the rising moving average suggests that customers are good, the negative divergence in the relative strength Index (RSI) indicates that the upward trend has slowed.
Merchants are trying to lower the price to the 20-day index moving average ($22568) to cajole the aggressive duo. If he succeeds in doing so, the BTC/ could give up some of its recent gains and fall to $21.480. Customers may hold onto the threshold between $21480 and $20000.
Medical ether (ETH) rebounded from its 20-day moving average ($1600) on Feb. 7. On Feb. 8, the duo tried to consolidate their position by pushing the price above the $1680 pressure level, but they were unable to maintain their promotion.
This shows that bears are active around $1680 in friction resistance. Merchants will try to make the currency pair fall below the 20-day moving average. If he succeeds, the ETH/USDT rate is likely to fall to $1500. Merchants will be forced to break this application in order to gain control.
Conversely, if the price of gold picks up and rises above $1700, the pair is likely to mark the beginning of the next uptrend. There is a small friction resistance at $1800, so if the gold price cannot fall back below $1680, the probability of rebounding to $2000 will also increase.
Shuanghead's success in holding on to the $318 increase on February 6th is a sign of initiative, as it shows that customers are not waiting for deeper adjustments before buying. ShuangTou will now try to push BNB (BNB) above $338.
If he can achieve this, the probability of rebounding to $360 will increase. Short sellers are expected to create strong defenses at this level, so if you improve this barrier, the BNB/USDT pair is likely to expand the rally to $400.
Conversely, if the price falls and falls sharply below $318, it will indicate that bears are selling when they rebound. This could entangle aggressive doubles and increase the risk of falling towards the 50-day easy moving average ($284).
On Feb. 7, the duo pushed XRP (XRP) above its 20-day moving average ($0.40), but still failed to maintain its lead. This shows that the short sellers are not ready to let the duo unscrupulous.
Bears will try to pull the XRP/USDT pair towards a strong support line around $0.36. This is a key level of concern, as a fall below that level will imply that the currency pair may increase the sideways market between $0.30 and $0.42 for a few more days. Buying and selling transactions in a range are generally arbitrary and variable.
If the duo needs to seize control, he will be forced to push the price up to $0.42 to $0.44 above the friction resistance area. After the area has been cleared, there is no significant friction before $0.51, so the currency pair can get rid of this gap in a short period of time.
Cardano (ADA) jumped from the swap support line of $0.38 on Feb. 7, indicating that the relatively low level has attracted customers.
Although the risk of negative RSI backlash still exists, the rising moving average shows that double heads have an advantage. There is a small friction resistance at $0.41, but if you raise that level, the ADA/USDT pair is likely to touch $0.44. Bears will once again try to postpone the rise at this level.
Contrary to this assumption, if the price turns down and falls below the 20-day daily moving average, it will indicate double tiredness. The bears will then try to lower the price to 50-day SMA (32 cents).
Dogecoin (Doge) rebounded from its 20-day moving average ($.09) on Feb. 7, but a small rally shows a lack of proactive buying at lower levels. Gold prices fell on February 8 and are now testing the 20-day moving average to enter the support line.
If this level abdicates, merchants will try to strengthen their position by pulling Doge/USDT pairs toward 50-day SMA ($0.08). This is also an important support point for Duanhead to defend, as it is likely to abdicate, sales are likely to accelerate, and the currency pair is likely to fall to the important support line of $0.07.
On the upside, the duo will have to raise the friction resistance area between $0.10 and $0.11 to clear the way for a rebound to $0.15.
POLYGON rose from $1.17 on Feb. 6, a sign of initiative, as traders did not buy until prices hit their 20-day moving average ($1.13).
RSI's negative backlash remained consistent, but the strong rebound on Feb. 7 showed a low level of strong market demand. This increases the probability of an increase of $1.30. If it rises above this level, Marjic / USD is likely to accelerate the trend, soaring to US $1.45 and then to US $1.70.
The long light in the candlestick on Feb. 8 shows that bears have fiercely defended the level of $1.30. Merchants will now try to strengthen their position by lowering prices below the 20-day moving average.
In the uptrend, double buying generally falls to the 20-day moving average, as this provides a low-and medium-risk trading opportunity. Litecoin (LTC) rebounded from its 20-day moving average ($94) on Feb. 7, indicating that the upward trend was consistent.
There is a small hurdle at $102.50, so if you raise the threshold, customers will try to push up the London Mercantile Exchange / dollar exchange rate to $107m. This level may once again be a hindrance, and if customers cannot allow gold prices to fall below the 20-day moving average, the chances of oil prices rebounding to $115 will increase.
Or, if the bears need to gain the upper hand, he will be forced to lower the price below the 20-day moving average. If he manages to do this to the extreme, he may open a number of stock stops. Subsequently, the pair is likely to make a deep adjustment to the 50-day moving average ($83).
DOT's retest of the lifting position was successfully defended by both heads on Feb. 7, indicating that customers are trying to turn this resistance line into a support line.
Short sellers bring strong friction around $7. But the rising 20-day moving average ($6.41) shows that hot spots are still active. If the customer pushes the price above $7.12, then the DOT/USDT pair is likely to rise to $8 and is likely to become a strong obstacle again.
The first sign of weakness is undoubtedly rising and closing below the 20-day moving average. This may encourage investors to make a profit in the short term and open the door as it is likely to fall to $6 and then to 50 days SMA ($5.52).
The Avax rebounded from its 20-day moving average ($19.28) on Feb. 7, suggesting that relatively low standards are once again attracting customers. However, it is difficult for double heads to maintain a relatively high level, indicating that bears are selling when they rebound.
The Avax/USDT pair fell between the 20-day moving average and the $22 daily moving average. In general, the finishing of the horizontal plate near the friction resistance on the head is a positive signal, because it shows that the double head is not in a hurry to withdraw. If the customer pushes the price above $22, the currency pair may gradually move towards $30.
Contrary to this assumption, if the price falls back below the resistance line, it will imply that Shuangtou has given up and has been credited to profit. Subsequently, the pair is likely to slide into 50-day SMA ($15.61).
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