Friday, Feb 11, 2022, Unocoin, Bangalore.
It’s the second month of the year and it has already been quite eventful. Everything is looking positive on the market front and thus in turn the news. The highlights of this week were that the second largest country to hold crypto by population, Russia, announced that the government is looking to regularise crypto products. At a close second, news from the state, the biggest asset management firm, BlackRock has planned to offer bitcoin to it’s clients.
As the market is starting a new cycle, the “Fear and Greed Index” is now at 50, which is neutral compared to “Extreme Fear” two weeks back. This helped the market touch 2 trillion global crypto market capitalisation earlier this week. Also, Texas’ senator Ted Cruz is known to have bought the bitcoin dip at $15K-50k (That’s clever!). As cryptos are making a new support band, let’s see the analysis.
If history repeats as it always does, Bitcoin may continue to rally for two weeks more. In our previous week’s analysis, we have noted on the Heikin Ashi candle that the Bitcoin market may reverse at any time in the week. We can confirm one thing today, yes Bitcoin enters a new cycle. BTC/USD is now moving above the 50-days moving average at $42431 and 21-days EMA at $41257, which is a good sign. Supertrend indicator tells that we are again in the bull uptrend. On the practical side, before seeing a new ATH, BTC/USD has to overcome the resistance at $52887. For that to happen, the bulls has to gear up big.
This time, the Ethereum story is different from that of Bitcoin. The bulls successfully overcame the 20-days EMA at $2957 and the 50-days MA at $3172. But the bears were aggressive and pushed the market back to $3076 on 19th February. For now, the ETH/USD is still moving below 50-days MA. There is a considerable resistance at $3381, which ETH/USD need to break before making a new bull run. One optimistic forecast we can see on the Ethereum market is the Supertrend indicators give a bullish signal. The RSI indicator moving around the 40–50 range provides a good buying opportunity for the bulls.
On the ADA/USD market, the bull makes a rally on 9th Feb with 5.47% up, but the bears hold back on the next day. The bull has bypassed the 20-days EMA at $1.45 but failed to break the 50-days EMA at $1.51. The RSI is signalling midway and giving an indecisive moment for both bears and bulls. On the bigger picture, the Cardano market makes successive lower lows and lower highs. No doubt, the supertrend’s bearish signal since 21st January is continuing. The thigh to watch here is if it fails to hold the 20-days EMA at $1.14, it might slide down to $1. If that happens to ADA/USD, it will be critical to look at this market.
In our last week analysis, we told that XRP/USD market is an interesting one. Well, that seems to hold. According to CoinMarketCap and TradingView data, the XRP/USD has overtaken ADA/USD by market capitalisation. The new digital silver XRP is now the fourth biggest crypto asset by market capitalisation (Excluding stablecoins). From 3rd till 8th Feb, the XRP/USD makes a total gain of 54.84%, which is impressive considering the other markets’ consolidation phrase. Both the 20-days EMA and 50-days MA are moving below the price, which is good for XRP/USD. The Supertrend indicator just reversed the signal to bullish on 7th Feb. The digital silver XRP market looks promising for now.
Interestingly, the DOGE/USD breaks both 20-days EMA ($0.15) and 50-days MA at(0.15) on 7th Feb but failed to hold it the next day. The dogecoin market is still holding above 20-days EMA and trading at $0.152 on the Unocoin exchange. If DOGE/USD make support at the 20-days EMA, the new resistance will be at $0.17. If bulls can pull this off, the DOGE/USD market will be moving about the 50-days MA. The RSI indicator is around the midway, which still holds a promising buyers opportunity. One thing to be careful in this market is the volume is low as per the data on TradingView.
The views provided here are only for informational purposes, and as such, this should not be taken as financial advice. The author holds no responsibility for any loss of assets. Traders must do their research or consult their financial advisors.
Where to trade Crypto?
To trade Crypto at Unocoin, you can download the Unocoin application or sign up here. For every unique sign up during the second month of this new year, new users will get a welcome bonus of INR 100 worth of bitcoin.
What’s more? With Unocoin, you can earn Satoshis by just shaking your phone. All you need to do is, download the latest version of the Unocoin application, shake your phone and earn Satoshis for free!
Unocoin is India’s first and the most secure bitcoin trading app. This exchange app was founded in 2013. You can buy and sell bitcoin instantly using the Instant Buy and Sell feature. Not just this, you can also buy ETH and Sell ETH in no time. With more than eighty-seven coins listed on this best cryptocurrency exchange in India, you can also accept bitcoin from your friends from any location. You can also know which cryptocurrency works best for you with the price ticker and notifications. The most popular cryptocurrencies like Bitcoin (BTC), Ether (ETH), USDT (Tether), BNB, Ripple (XRP), Cardano (ADA), Solana (SOL), Binance USD (BUSD), Dogecoin (DOGE), Polkadot (DOT) and other popular altcoins can be traded on the go. The new Android and iOS applications make Unocoin the best cryptocurrency app. With the unique feature of the Systematic Buying Plan, you can buy and sell bitcoin and Ether periodically. What more? You can start your crypto journey using SBP for as little as INR 10. With another exciting feature called Crypto Basket, you can diversify your crypto portfolio based on market capitalisation (Market Cap) or Volume. These two excellent features make Unocoin the best cryptocurrency platform.
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Crypto products are unregulated as of this date in India. They could be highly volatile. At Unocoin, we understand that there is a need to protect consumer interests as this form of trading and investment has risks that consumers may not be aware of. To ensure that consumers who deal in crypto products are not misled, they are advised to DYOR (Do Your Own Research).