Bitcoin price took quite a hit after the February 3rd week plunge, which also took a toll on ETH, XRP and other altcoins. However, BTC appears poised to rally rapidly to recoup some of its losses.
Bitcoin price is currently floating in the demand zone between $36,398 and $38,895, which suggests a rally is imminent. Assuming that BTC bulls can gain strength, this move will retest the $42,748 resistance barrier, suggesting a 12% rally.
In some cases, the BTC price even broke through this level and hit the floor of the weekly supply range of $45,550.
BTC/USD 1-day chart | Source: TradingView
Optimism notwithstanding, if the price creates a daily candle that closes below $36.3698, it will make a lower low and invalidate the bullish thesis.
ETH price is currently breaking out of a daily demand zone that ranges from $2,160 to $2,567, suggesting a quick recovery seems likely. The first hurdle ETH will face is the 50-day simple moving average (SMA) at $2,925. A price above it will pave the way for a daily retest of the supply zone, which stretches from $3,188 to $3,393.
If the price continues to break out of this challenging zone, ETH is likely to reach around $3,600 – the crossover of the 200-day and 100-day SMA. At this barrier, ETH’s upside momentum is limited.
ETH/USD 1-day chart | Source: TradingView
Similar to the Bitcoin situation, if the price creates a daily candle that closes below $2,160, it will end the bullish thesis. In such a situation, ETH could retreat lower and establish a support floor at $1,730.
XRP price fell by 16% between February 21 and 22, reaching the $0.65-$0.677 demand zone. However, now buyers seem to be active as the price is up 8% after breaking the aforementioned support zone.
This recovery move is likely to propel the token further higher until the price retests the resistance barrier of $0.778 – a corresponding 10% rise from where it is right now. In some cases, an increase in buying pressure can lead the XRP price towards $0.813 .
XRP/USD 4 hour chart | Source: TradingView
Meanwhile, XRP breaking the $0.65 support will set a lower low, invalidating the bullish thesis. This development will push the altcoin towards the $0.546 support, where buyers are likely to attempt a comeback again.
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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