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Bitcoin and Ethereum continue to recover

Started by PocketOption, Feb 07, 2022, 06:08 pm

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Bitcoin and Ethereum continue to recover

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Bitcoin and Ethereum continue to recover

Bitcoin chart analysis

Against the backdrop of upcoming tighter regulations and fears that rising rates will reduce liquidity, crypto markets had a volatile start until 2022. From a peak to a low since the beginning of the year, Bitcoin has suffered a 30% loss in value. The turning point came on January 23, when $ BTC began to rise from $ 34,500. However, the small bodies of the candles indicated a marked lack of self-confidence in the bulls. It was only after last Friday that the Bulls made a decisive move, raising the price from $ 37,300 to $ 41,800, closing the day slightly from the top to $ 41,600. Sentiment against the Index of Fear and Greed has shifted from a rating of 20, which is classified as extreme fear, to 45 today. On the daily chart, the bulls are on the verge of breaking the 50-day moving average. Breaking above the moving average will signal the continuation of the rising moment.

Following the steps of El Salvador, there is talk of another nation that could legally regulate Bitcoin as a legal tender.

Although there is no more news in that regard, rumors are that it will be another Latin American country. Panama, Paraguay, and Guatemala are the names discussed, or maybe even Argentina.

Bullish scenario:

  • We need to continue this positive consolidation and break the price above the MA50 moving average in order to expect further bullish continuation.

  • The first next resistance is waiting for us at $ 44,000, which is the previous high from January and this year’s maximum.

  • If we manage to make a break above, we will have space up to the higher resistance zone of $ 50,000-52,000.

  • Our potential additional resistance is the MA200 moving average around $ 50,000.

Bearish scenario:

  • We need negative consolidation and a price hike to previous support at $ 40,000.

  • In the continuation of the further price increase, we are going lower to $ 38,000, where the MA20 moving average is waiting for us.

  • And if this zone does not last, the price continues as the January zone of 34000-36000 $.

  • This year’s minimum price was $ 32,987.

Ethereum chart analysis

After the price jump on Friday, we were in consolidation over the weekend, and we continue to do so today. The price is above $ 3000, and for now, everything is very calm, and we are waiting for the next impulse on the chart. The price of Ethereum after almost two weeks is again above $ 3,000 amid various speculations about a potential drop to $ 1,700. Assets, unlike bitcoin, have seen steady ups and downs since the beginning of this month. Therefore, it can be expected that the upward trend will continue until it reaches a safe zone above $ 3,200. However, around the market, it will start to stagnate, and we will enter a prolonged consolidation for another period of time. The price of ETH tests the upper resistance of the rising channel, and therefore it can be sure that it will reach levels of $ 3,200 at the earliest. Undoubtedly, Ethereum, which is not affected by the growth of bitcoin prices, could continue to grow above $ 3,200 but could later fall back into the same consolidation but would remain strong above $ 3,100. Therefore, it is confirmed by an upward trend,   unless any drastic sell-off disrupts price growth and directs us to lower levels.

Bullish scenario:

  • We need a continuation of the current positive consolidation above $ 3,200.

  • At that level, the additional resistance can be the MA50 moving average.

  • A price break above would help us climb to the $ 3400 January resistance zone.

  • Above, we go higher up to the $ 3600 zone and the MA200 moving average.

  • Moving over would be a huge success for the price of Ethereum, and we would definitely be back in a stronger bullish trend.

Bearish scenario:

  • We need negative consolidation and a price hike to pre-support at $ 2800.

  • At $ 2700, we could get potential support in the MA20 moving average and the bottom trend line of this channel.

  • Break below, lower us to $ 2,500, and then if bearish pressure continues, there would be a chance to test the previous low at $ 2172.

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