Price analysis 2/3: BTC, ETH, XRP, DOT, ADA, LINK, LTC, BCH, BNB, XLM

Bitcoin'due south (BTC) stellar run in the latter one-half of 2020 and MicroStrategy's purchase of the digital asset appears to have attracted attention from several publicly listed companies in the Usa. However, the lack of regulatory clarity could have deterred them from ownership Bitcoin at lower levels.

To address this issue, business intelligence firm MicroStrategy is hosting an online seminar on February. 3 and 4, where "the legal considerations firms face while integrating Bitcoin into their corporate strategy" will exist discussed. Several major crypto firms will also make presentations to the audience.

About one,400 firms take signed up for the webinar, which shows companies are deeply interested in Bitcoin. Fifty-fifty if a handful of these firms end up buying Bitcoin, it could first the next leg of the rally to a new all-time high.

*Daily cryptocurrency marketplace performance. Source:* *Coin360*

U.S.-based institutional investors have shown increasing interest in Bitcoin in 2020, which has propelled Coinbase to the superlative ane,000 websites in the earth and i of the top 400 in the U.S.

The popularity seems to have increased further in January of this year. Morgan Creek Digital co-founder Anthony Pompliano recently highlighted that the Coinbase app was downloaded 1.3 million times in January, which is greater than "E-merchandise, TD Ameritrade, Charles Schwab, Fidelity, and Sofi" combined.

With these positive central tailwinds, let's clarify the charts of the top-10 cryptocurrencies and decide what the technicals project.

BTC/USD

Bitcoin broke higher up the downtrend line on Feb. 2 and followed that upwards with another up-move today, which invalidates the short-term surly sentiment. The relative forcefulness index (RSI) has jumped into the positive zone and the twenty-day exponential moving average ($33,945) has started to turn up, indicating advantage to the bulls.

The BTC/USD pair could now rally to $38,000. If the bulls can drive the price above this resistance, the pair could retest the all-time high at $41,959.63. A breakout of this level could start the next leg of the up-move that may reach $fifty,000.

On the other hand, if the bears defend the $38,000 level aggressively, the price may plough down and drop to the xx-24-hour interval EMA. If the price rebounds off this level, the bulls will once again try to resume the uptrend.

But if the bears sink the cost below the moving averages, the pair may consolidate between $28,850 and $38,000. A intermission below $28,850 could start a deeper correction.

ETH/USD

Ether (ETH) soared above the $1,400 to $i,473.096 overhead resistance on Feb. 2 and followed that up with another strong up-motion today. This suggests that the bulls continue to buy at college levels.

The price activeness of the past iii days has invalidated the negative divergence on the RSI. The ETH/USD pair could now rally to $1,675 and if that level is also crossed, the rally could extend to $2,000.

Any correction is likely to find potent support at the breakout level at $1,400 and below that at the 20-day EMA ($1,321). A bounce off either level will suggest that bulls remain in command.

This positive view will invalidate if the pair reverses direction and breaks below the uptrend line. Such a move will propose aggressive profit-booking at higher levels.

XRP/USD

XRP formed a Doji candlestick on Feb. ii, indicating indecision among the bulls and the bears. Today, the bulls are attempting to resolve the uncertainty in their favor by pushing and sustaining the price in a higher place $0.41123.

If they succeed, the XRP/USD pair could rally to $0.fifty and then to $0.sixty. The gradually upsloping 20-mean solar day EMA ($0.33) and the RSI in the positive zone propose that the bulls are trying to make a comeback.

However, if the bulls fail to sustain the price above $0.41123, the bears volition try to pull the pair back below $0.3855. A break below the moving averages will suggest weakness and the decline may and so extend to $0.245.

DOT/USD

Polkadot (DOT) bounced off the twenty-day EMA ($15.97) on Feb. one and has soared above the all-fourth dimension high today. If the altcoin closes higher up $19.twoscore, it will propose the next leg of the uptrend has begun.

The DOT/USD pair could then rally to $24.08 and then $30. The upsloping moving averages and the RSI near the overbought territory indicate the bulls are in command.

Opposite to this assumption, if the pair reverses direction from the current levels, a few more days of range-leap action is possible. The bears will have to sink the price below the $fourteen.7259 support to tilt the advantage in their favor.

ADA/USD

Cardano (ADA) took support at the 20-twenty-four hour period EMA ($0.35) and surged to a higher place the $0.38 resistance on Feb. 1. That was followed by some other upwardly-motility on Feb. 2, which carried the altcoin virtually the resistance line of the ascending channel.

Notwithstanding, the long wick on the Feb. 2 candlestick suggests traders are booking profits virtually the resistance line. The ADA/USD pair has formed an within day candlestick pattern today, which generally acts as a continuation pattern.

If the bulls tin can thrust the price to a higher place $0.4546265, the pair could rally to the resistance line of the channel. A pause higher up the channel can push the price to the psychological resistance at $0.50.

Reverse to this assumption, if the pair turns down from the current levels and breaks below $0.38, it volition suggest profit-booking at higher levels. A suspension below the channel will indicate a possible trend change.

LINK/USD

Chainlink (LINK) bounced off the 20-solar day EMA ($21.lxxx) on Feb. ane and broke above the downtrend line today. The bulls will now try to propel the toll to a higher place the all-fourth dimension loftier at $25.7824 and resume the uptrend.

If they succeed, the LINK/USD pair could rally to $thirty. The rising moving averages and the RSI above 62 indicate advantage to the bulls.

On the other hand, if the price turns downward from $25.7824, the LINK/USD pair could once again drop to the 20-twenty-four hour period EMA. A pause beneath this back up may issue in a fall to $20.1111 and the pair could consolidate in this range for a few days.

The advantage will tilt in favor of the bears if the $xx.1111 support cracks. Such a movement could sink the cost to the fifty-day SMA ($17.11).

LTC/USD

Litecoin (LTC) bankrupt above the downtrend line and the moving averages on Feb. 2. This move invalidates the head and shoulders blueprint, which suggests the selling force per unit area has reduced.

The LTC/USD pair could now rally to $165.9709. If the price turns down from this resistance, it will point to a possible consolidation between $120 and $165.9709.

On the other hand, if the bulls can drive the price above $165.9709, the pair could retest $185.5821. A break in a higher place this resistance could resume the uptrend.

This bullish view will invalidate if the pair turns downward from the current levels and breaks below the $120 support. Such a move will suggest that the bears are back in control.

BCH/USD

The bulls accept pushed Bitcoin Greenbacks (BCH) in a higher place the downtrend line and the 20-day EMA ($431), which suggests the bearish sentiment has weakened. The twenty-day EMA has flattened out and the RSI is but above the midpoint, suggesting a balance betwixt supply and demand.

The bulls can now push button the price to $465 and then to $515.35. If the toll turns downwardly from either level, information technology will advise that bears are selling on rallies. The bears will so again try to sink the toll beneath the moving averages.

If they succeed, the BCH/USD pair could drib to the $370 to $353 back up zone. A bounce off this zone volition continue the pair range-jump for a few more than days, only a interruption below it could pull the price down to $275.

BNB/USD

Binance Coin (BNB) skyrocketed higher up the $50 psychological resistance on Feb. 1, indicating stiff demand from the bulls. Another positive sign is that the altcoin has non given up much ground since and then, which shows that traders are not booking profits in a hurry.

In a strong uptrend, corrections are normally shallow and final for ane to three days. If the bulls can push button the price above $53, the next leg of the up-movement may begin. The next target objective on the upside is $lx.

Contrary to this assumption, if the bears sink the price beneath $49, the BNB/USD pair could drop to $47. If the bulls can flip this previous resistance to support, the pair will again try to resume the uptrend.

The first sign of weakness will exist a break beneath $47 and the trend could turn in favor of the bears if the l-day SMA ($39.75) cracks.

XLM/USD

The bears have been defending the $0.325 to $0.35 overhead resistance zone for the by few days, but they have non been able to sink and sustain Stellar (XLM) below the twenty-24-hour interval EMA ($0.29). This suggests the bulls are ownership at lower levels.

When the toll repeatedly pierces a resistance level, it tends to weaken. Therefore, the possibility of an upwardly breakout in the XLM/USD pair is high. If the bulls can sustain the price above $0.35, the pair could rally to $0.409.

A breakout above this level will start the next leg of the uptrend that could accomplish $0.l. The ascent moving averages and the RSI above 64 suggest the path of least resistance is to the upside.

Reverse to this assumption, if the pair breaks below the 20-day EMA, it will suggest a change in sentiment. That could effect in a driblet to the 50-day SMA ($0.235).

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your ain research when making a decision.

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