February 14 evening technical analysis: BTC, ETH, XRP.
Bitcoin price has made a higher high on the daily chart and the current retracement is likely to confirm whether the bulls are ready for a bull run. ETH and XRP show different setups, but will ultimately follow in the footsteps of the leading cryptocurrency.
BTC price is testing bulls resilience
Bitcoin price broke the 50-day simple moving average (SMA) on Feb. 9 to set a higher high of $45,956. However, this move has exhausted the bullish momentum and is currently a retracement.
If the slide makes a higher low, it will set the stage for a bullish reversal scenario. In the daily demand zone, which ranges from $36,398 to $38,895, BTC is likely to form a higher bottom, confirming the bullish outlook, and investors can expect the crypto king to reverse in this area.
Source: Trade View
On the other hand, if Bitcoin manages a daily candle close below $36,398, the price will break the demand zone and slide towards the weekly support at $34,752. A close below this level would invalidate the bullish thesis and trigger a potential correction to $29,100.
ETH course finds support
ETH price surged 41% in 2 weeks to hit a lower high at $3,284 when it hit the 50-day SMA. The 10% decline after being rejected by this SMA is driving ETH to slide to where it is currently trading – above the $2,823 support.
Traders can wait for the price to break below this barrier before setting direction. As long as the smart contract token remains above the weekly support at $2,324, bulls can thrive.
ETH/USD 1 day | Source: Trade View
If ETH price makes a daily close below $2,324, it will make a lower low and resume the downtrend since 11/10/2021. In that case, ETH can return to the $1,730 level and gather liquidity below.
XRP price maintains its bullish momentum
Ripple’s native coin exploded to $0.911 after breaking out of a two-week consolidation. Since then, the 55% gain has almost halved and is back to the 50% retracement at $0.731. The price has not completely lost its gains, showing that buyers are still in control.
If XRP turns down, the daily demand zone, which ranges from $0.595 to $0.632, will absorb the upcoming selling pressure. This can lead to a reversal move, a higher low and the start of an uptrend.
If the buying pressure keeps increasing, XRP price will return to the psychological $1 level and collect buy stop liquidity above this level.
XRP/USD 1 day | Source: Trade View
A daily candle that closes below $0.546 will create a lower low, invalidating the bullish thesis. In this case, XRP revisits the $0.518 support and gathers sell-side liquidity below this level.
Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
