Analysis

February 14 evening technical analysis: BTC, ETH, XRP

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.

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

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