Crypto Market Analysis: Top Predictions for Bitcoin(BTC), Ethereum(ETH) & Ripple(XRP) for February 2023
, 2023-01-28 06:22:30,
Bitcoin (BTC) Price Analysis
Bitcoin appears to accumulate gains as the price levels have been hovering around $23,000 for nearly a week. The RSI is displaying a bearish divergence while the MACD is about to flash a bearish crossover. Therefore, the BTC price is expected to face a minor rejection during the weekend that may trigger a bullish close for the month ahead.
The BTC price is manifesting both the possibilities of rising beyond the interim resistance at $24,400 and surging below $21,800. An equal bullish and bearish impact is been recorded due to which the volatility of the asset has been slashed hard.
However, the upcoming weekend may turn the tables for the BTC price and either of the targets may be achieved. Meanwhile, a bearish outcome is more likely which may slash the price below $21,000 but the upcoming week could be bullish.
Ethereum (ETH) Price Analysis
The Ethereum price in constantly trading along the resistance of the falling wedge for more than a week now. The price slightly deviates towards the south and hence the bears are slowly gaining strength and may display a giant action during the weekend. Moreover, the Bolinger Bands are also displaying a contraction which reduces the bullish possibilities to a larger extent.
The current trade setup displays the possibility of a minor pullback and plunges down. However, in case of an extended bearish action, the price may find a base to rebound at 200-day MA which is located at $1424. This may…
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