The bulls stage a slow move to revive the crypto market

indicators

Due to the consistent bullish action over the last two days, the Bitcoin relative strength index is seen progressing towards the 50 mark, above which would signify the dominance of the bulls over the bears in market momentum. However, from the above chart, the bears remain the dominant force in the market as the relative strength index on the 3rd and 4th of February remains below the 50 mark with values of 37 and 40.76, respectively.
As a reflection of the bullish momentum over the last few days, the MACD shows an ascent towards the zero line, above which signifies bullish market control. However, with the MACD below the zero line, the bears still maintain a hold on the market and a bearish outlook for the asset. The histogram reflects the bullish momentum on the 3rd and 4th of February, which shows growing bullish entry into the market, correlating with the relative strength index and the MACD.

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Ethereum /US Dollar

As with several other cryptocurrencies, the Ethereum market has consistently traded below its 50-day moving average of $3,290 since the close of 2021, a clear reflection of the downtrend experienced by the market.
From the chart above, the ETH bulls attempted to create a response to the bearish action seen on the 2nd of February as they created sufficient resistance on the 3rd of February to flip the market in their favor following a bearish start to the day, indicated by the wick below the candle. Following a successful takeover of the market, the bull influenced a heavily resisted 0.56% growth in the market, bringing the ETH price to $2,697 per coin. As earlier stated, the bears contested the current price, indicated by the wick above the candle, denoting the possible ETH price of $2,729, which the bulls would have achieved in an uncontested bullish action ( the highest trading point of the market for the day).
Following the bullish dominance of the previous day, we see the bulls capitalize on their momentum by the start of the 4th of February, influencing a 4.92% price growth as of the writing of this piece, bringing the ETH price to $2,830 per coin. With the market just in its beginning, we expect to see more volatility as the bears are seen rejecting further bullish action, as indicated by the wick above the candle, corresponding to the highest ETH trading price of $2,847 per coin for the day while the lowest ETH trading price achieved so far stands at $2,672 per coin, denoted by the wick below the candle.

Indicators

The relative strength index shows that the Ethereum market could break into the bearish territory as its RSI value nears the 50 mark. The bullish action on the 3rd of February caused an increase of the relative strength index to 41, while the continued momentum on the 4th of February has resulted in a further increase of the relative strength index to 47. with sustained bullish action, the RSI could go above the 50 mark, placing the bulls in control of the market momentum.
The continued bullish action in the market is reflected on the histogram as consistent growth in the bullish presence in the market over the last few days. The MACD correlates with the bullish entry into the market, as denoted by its ascent towards the zero line, above which places the bulls in control of the market; however, the bears, with the MACD still below the zero line, still have a stance in the market.

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Ripple / US Dollar

The Ripple market remains in a downtrend, as indicated by it trading below its 50-day moving average of $0.76 per coin.
We see consecutive bullish action on the 3rd and 4th of February, resulting in the XRP price rising to $0.610 and $0.626, respectively.
With the market far from its close on the 4th of February, we could see further price action. Nevertheless, as at the writing of this piece, the highest and lowest price points achieved so far stand at $0.628 and $0.604, respectively.

Indicators

The relative strength index of the XRP reflects a consistent bullish effect, indicated by the RSI increasing over the last few days. On the 3rd and 4th of February, the RSI values stand at 35 and 37; however, the bears still dominate the market momentum with the overall relative strength index below the 50 mark.
In correlation to the relative strength index, the MACD shows a deflection to the upside, indicating bullish entry into the market, correlated by the histogram. However, with the MACD below the zero line, the market still holds a bearish outlook.

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Litecoin / US Dollar

Since coming close to its 50-day moving average on the 17th of January, the Litecoin market has consistently made lower highs and lower lows, placing the market in a downtrend. The current 50-day moving average of $134 still places well above the current Litecoin price, maintaining the market's downtrend.
On the 3rd of February, the bulls responded to the bearish movement of the previous day after toppling an initial bearish headstart, resulting in the LTC market increasing by 2.45%, bringing the Litecoin price to $111 per coin. The wick above and below the candle denote the highest and lowest price points achieved during the day at $111 and $105, respectively.

At the start of the 4th of February, the bears attempted to push down the LTC price; however, bullish resistance to the price fall resulted in the bulls gaining control of the market. As of the writing of this piece, the bulls have influenced a 1.41% growth in the LTC price, translating to $112 per coin, while the highest and lowest LTC trading prices achieved stand at $113 and $108, respectively. With the market far from its close for the day, we are likely to see more volatility in the market.

Indicators

The relative strength index of the Litecoin market reflects a consistent bullish effect, indicated by the RSI increasing over the last few days. On the 3rd and 4th of February, the RSI values stand at 39 and 41; however, the bears still dominate the market momentum with the overall relative strength index below the 50 mark.
In correlation to the relative strength index, the MACD shows a deflection to the upside, indicating bullish entry into the market, correlated by the histogram. However, with the MACD below the zero line, the market still holds a bearish outlook.

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Bitcoin Cash / US Dollar

The Bitcoin Cash market chart represents the market downtrend seen, with the market consistently making lower highs and lower lows since coming close to its 50-day moving average in December 2021. Due to the downtrend, the Bitcoin Cash market is down over 20% from its peak, while its 50-day moving average currently stands at $376 per coin.
On the 3rd of February, the Bitcoin Cash bulls influenced a 1.24% price growth, bringing the Bitcoin Cash price to $281 per coin. The wick below the candle signifies that the bears initially controlled the market; however, the bulls provided sufficient resistance, which saw them get control of the market and place the lowest Bitcoin trading price of the day at $271 per coin. In contrast, the wick above the candle signifies the highest trading price of Bitcoin Cash seen in the market at $281 per coin.
On the 4th of February, we see the bull continuing their momentum at the start of the day, with the market growing by 2.24%, translating to a Bitcoin Cash price of $287 per coin. More volatility is expected with the market yet to meet its close for the day. Nevertheless, as of the writing of this piece, the highest and lowest price points achieved stand at $287 and $276, respectively.

Indicators

Due to the bullish action over the last few days, the Bitcoin Cash market has successfully broken out of the oversold region ( relative strength index value below 30) as the RSI on the 3rd, and 4th of February stands at 27 and 31, respectively, reflecting growing bullish entry into the market. However, with the relative strength index still below 50, bears remain the controlling force in the market.
As a reflection of the bullish action over the last few days, the MACD shows a slight deflection to the upside, correlating with the histogram, which shows growing bullish influence in the market. However, with the MACD still below the zero line, the bears remain the overall dominant force in the market.

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Cardano / US Dollar

On the 3rd of February, we see the bulls responding to the bearish action of the previous day, resulting in the ADA market rising by 3.33%, translating to a price of $1.06 per coin with the highest and lowest trading prices achieved standing at $1.06 and $1.01, respectively.
On the 4th of February, we see the bulls capitalizing on the previous momentum after toppling an initial bearish push for market dominance, resulting in a 0.82% growth, translating to $1.069 per coin. However, with the market still in its early hours and the bullish influence not significant, a good bearish move could see the bulls lose control of the market. Nevertheless, as at the writing of this piece, the highest and lowest price points achieved so far stand at $1.07 and $1.04, respectively.
With the ADA price over the last day being below the market’s 50-day moving average of $1.24, the market remains in a downtrend.

Indicators

The ADA market still trades with an RSI below the 50 mark despite the volatility seen over the last few days, with the RSI values on the 3rd and 4th of February being 42.88 and 43.61. Therefore, the bears still maintain a strong stance on the market,
The histogram shows a budding bullish entry into the market, reflecting on the MACD as it makes a slight deflection to the upside. However, with the MACD generally below the zero line, the bears remain dominant in the market.

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Dogecoin / US Dollar

As with the general crypto market, the Dogecoin market remains below its market’s 50-day moving average of $0.16, a clear indication of an apparent downtrend in the market. On the 3rd of February, the bulls fliped an initial bearish move at the start of the day resulting in a successful run which saw the Dogecoin price increase by 0..73% to stand at $0.13 per coin. On the 4th of February, we see the bulls continuing their momentum, resulting in a 1.96% growth, bringing the Dogecoin price to $0.14 per coin, with the highest and lowest trading prices being $0.141 and $0.137, respectively.

Indicators

Following two days of consecutive bullish action, we see the RSI on the 3rd and 4th of February stand at 38 and 41, respectively, reflecting a growing bullish presence in the market. However, the bears control the market with the value still below 50.
The MACD places below the zero line, reflecting a market in control by the bears; however, the recent bullish action is reflected on the MACD and histogram as a deflection to the upside.

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Correlations

• Bitcoin / Ethereum = 0.78
• Bitcoin / Ripple = 0.84
• Bitcoin / Litecoin = 0.80
• Bitcoin / Bitcoin cash = 0.77
• Bitcoin / Cardano = 0.82
• Bitcoin / Dogecoin = 0.84

Keynotes for today

• Bitcoin at $37,892 per coin.
• Ethereum at $2,830 per coin.
• Ripple at $0.626 per coin.
• Litecoin at $112 per coin.
• Bitcoin Cash at $287 per coin.
• Cardano at $1.069 per coin.
• Dogecoin at $0.14 per coin.