US employment data fails to pull Bitcoin down, this AVAX and 8 other coins point to a strong uptrend. cryptocoin.com We have compiled the buy-sell levels of the coins specified as .
BTC rally supported
Bitcoin’s rally in 2023 has been bolstered by expectations that the US Federal Reserve will slow the rate increase as inflation begins to fall. Some even expect rate cuts by the end of the year. That assumption was shaken on February 3, as US employment data for January beat expectations and unemployment hit its lowest level since May 1969.
If markets are not reacting negatively to news that is perceived as bearish, that is a sign that sentiment is turning positive. Traders can then shift their focus to the next important economic data release. Trading firm QCP Capital said in its latest market update that the February 14 Consumer Price Index pressure could move the markets. They believe the risks to the data are positive.
The current crypto bear market seems to have pushed institutional investors aside. According to a new survey conducted by JPMorgan, 72% of institutional traders said they do not plan to ‘trade crypto/digital currencies’ in 2023. Only 14% of those surveyed tended to trade this year.
AVAX, BTC and these 8 coins pointed
BTC/USDT
Bitcoin bounced off the $22,800 support on February 1, suggesting that the bulls are buying dips to this level. The bulls pushed the price above $24,000 on Feb. 2, but they were unable to sustain higher.
The rising moving averages and the relative strength (RSI) in the overbought zone suggest the path of least resistance is up. If the price rebounds from the current level or $22,800, the BTC/USDT pair could rally to $25,000. This level is likely to act as a formidable barrier.
The first sign of weakness will be a breakout and a close below the 20-day exponential moving average ($22,279). This could trigger a few short-term traders stops and the pair could drop to $21,480 later.
ETH/USDT
Buyers pushed Ether above the overhead resistance of $1,680 on Feb. 2 but failed to sustain the breakout. The price gave up all its gains during the day and closed below $1,680.
The rising 20-day EMA ($1,571) and the RSI in the positive zone indicate that the bulls are in control. They can again try to break through the overall barrier of $1,680 and start the journey to $2,000. The $1,800 level may provide some resistance but it is likely to be surpassed.
If the bears want to gain the upper hand, they will have to sell aggressively and push the price below the 20-day EMA. If they manage to do so, the ETH/USDT pair could drop to $1,500 and if this support is broken, it could reach $1,352 at the end of the pullback.
AVAX/USDT
Avalanche (AVAX) rallied above the overhead resistance at $22 on Feb. 2, but the long wick on the day’s candlestick indicates that the bears are selling in rallies.
The rising moving averages suggest the bulls are in control, but the negative divergence in the RSI suggests that momentum may be weakening. A break above $22 is likely to increase if buyers do not give up too much from the current level. The AVAX/USDT pair may then attempt to rise to $30.
Conversely, if AVAX price drops below $20.50, the pair could reach the resistance line. The bears will have to push the pair below this support to turn the advantage in their favor.
BNB/USDT
BNB’s narrow range trading between the 20-day EMA ($306) and the overhead resistance at $318 turned bullish on Feb.
Although the bears sold out the rally on February 2, it is a positive sign that buyers did not allow the price to drop below the $318 breakout level. This shows that the bulls are attempting to turn the $318 level to support. If they succeed, the BNB/USDT pair could skyrocket to $360 as there is no major hurdle.
If the bears want to stop the up move, they will have to push the price below the 20-day EMA. The pair could then decline to the 50-day simple moving average ($276).
XRP/USDT
XRP broke down once again from the $0.42 resistance on Feb. 2, showing that the bears are trying to maintain this level.
The price is stuck between the 20-day EMA ($0.40) and $0.42. This suggests that a breakout may be around the corner. The 20-day EMA and RSI, which are gradually rising in the positive zone, show that the bulls have the upper hand. This increases the probability of a break above $0.42. If this happens, the XRP/USDT pair could rally to $0.51.
Contrary to this assumption, if the price drops and breaks below the 20-day EMA, the drop could extend to the 50-day SMA ($0.37).
ADA/USDT
Attempts by the bears to push Cardano below the 20-day EMA ($0.37) failed on Feb. As seen from the long tail on the candlestick, the bulls fiercely defended the level.
The negative divergence in the RSI signals weakening momentum, but the rising 20-day EMA indicates that the buyers are taking advantage. If the price rebounds from the current level, the bulls will again try to push the ADA/USDT pair towards the overhead resistance of $0.44.
On the contrary, if the price drops and breaks below the 20-day EMA, it will signal that traders can take profits. This could open the doors for a potential drop to the 50-day SMA ($0.31).
DOGE/USDT
The long tail of Dogecoin’s February 1 candlestick shows that the bulls are aggressively buying the drop to the 20-day EMA ($0.08). However, buyers were unable to withstand this strength and were unable to break through the $0.10 hurdle.
The DOGE/USDT pair is stuck between the 20-day EMA and $0.10. The 20-day EMA and RSI, which are gradually rising in the positive territory, show that the buyers have a slight advantage. If the price bounces back from the 20-day EMA once again, the bulls will attempt to surpass the resistance at $0.10. If they manage to do so, the pair could rally to $0.11.
On the other hand, if the price breaks below the 20-day EMA, the pair could drop to the 50-day SMA ($0.08). This is an important level for the bulls to defend because if it breaks, the pair could retest $0.07.
MATIC/USDT
Polygon (MATIC) rose from the breakout level of $1.05 on Feb. 1 and broke above $1.25 on Feb. 2. The long wick on the daily candle indicates that short-term traders may have profited at higher levels.
A positive sign is that the bulls are not giving ground to the bears and are trying to push the price towards the $1.30 target target. This level could act as a strong barrier again, but if buyers struggle, MATIC/USDT could reach $1.70.
Alternatively, if the price drops sharply from the current level, the MATIC/USDT pair could drop to $1.05. This is an important level to consider because a bounce could keep the pair in the $1.05 to $1.30 range for a few days.
LTC/USDT
Litecoin continued its northward march and jumped above the psychological level of $100 on February 1. This increase may have encouraged short-term traders to record profits.
The LTC/USDT pair might correct for a minor turn but the bulls are likely to buy the drop to the 20-day EMA ($90). If the price rises from the current level or bounces back from the 20-day EMA, the bulls will try to extend the upward move to $107.
This positive view may be invalidated in the near term if the price drops and dips below the 20-day EMA. Such a move will indicate that the bulls can rush towards the exit. The pair could then drop to $81 and then to $75.
DOT/USDT
Polkadot bounced off the 20-day EMA ($6.21) on February 1 and broke above the overhead resistance of $6.84 on February 2. The bulls failed to hold higher as seen from the long wick on the February 2 candlestick.
A positive sign is that the bulls do not allow the price to drop below the resistance line. This indicates that traders are trying to turn this level into support. Buyers will have to hold the price above $7 to gain control. The DOT/USDT pair could then rally to $8, where it may face strong resistance from the sellers.
If the bears want to regain control, they will have to quickly plunge the price below the 20-day EMA. The pair could then enter a correction phase and drop to $5.50.
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