Bitcoin (BTC) has given back some of its recent gains, but on-chain data resource Ecoinometrics said that whales are accumulating because they believe the price is attractive from a long-term perspective.
On the downside, analyst Willy Woo believes that $33,000 is a strong bottom for Bitcoin. Popular Twitter trader Credible Crypto citing data from PlanC said that the odds of Bitcoin declining below $30,000 are poor.
Fidelity Digital Assets Head of Research Chris Kuiper believes that Bitcoin’s downside risk could be minimal when compared to other digital assets, but it could rally substantially if it manages to replace gold as a store of value.
Could Bitcoin and altcoins stage a recovery after the recent pullback? Let’s study the charts of the top-5 cryptocurrencies that may attract investor attention in the short term.
Bitcoin turned down from the overhead resistance at $45,456 but a minor positive is that the bulls have not allowed the price to break below the 20-day exponential moving average ($41,383).
If the price rebounds off the current level, the bulls will try to propel the BTC/USDT pair above $45,456. A close above this level will complete a bullish inverse head and shoulders pattern.
The pair could then rally to $52,088 where the bears are likely to mount a strong challenge. If bulls thrust the price above this level, the pair could start its northward march toward the pattern target at $56,904.
This positive view will be negated if the price breaks and sustains below $39,600. Such a move could open the doors for a possible drop to $36,250.
The pair turned down from $45,456 and broke below the moving averages. The bulls are currently attempting to defend the minor support at $41,688.88 but are facing stiff resistance at the moving averages.
If the price turns down from the current level and breaks below $41,688.88, the pair could slide to $39,600. If the price rebounds off this level, then the pair could remain range-bound between $39,600 and $45,456 for a few days.
On the upside, a break and close above the moving averages will be the first indication that bulls have a slight edge. The pair could then rise to $43,920 and later to $45,456.
Ripple (XRP) broke and closed above the moving averages on Feb. 7, indicating that the downtrend could be coming to an end. The bears tried to pull the price back below the breakout level at $0.75 but the bulls thwarted their attempt.
The price rebounded off $0.75 and the bulls are trying to push the XRP/USDT pair toward the overhead resistance at $1. A break and close above this resistance could open the doors for a possible rally to $1.41.
The moving averages are on the verge of a bullish crossover and the relative strength index (RSI) is in the positive zone, indicating that buyers have the upper hand. This positive…
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