The Bitcoin market looks revived, coming from a massive bullish action on the 4th, with the bears unable to respond enough on the 5th. With the bullish action surpassing bearish action over the last few days, we see the Bitcoin market within reach of its 50-day moving average of $42,810 per coin, above which would signify significant bullish potential for the market.
On the 5th of February, the bears gained control of the market in an attempt to cancel out gains from the bullish pump the previous day; however, the wicks above and below the candle signify a struggle, with the bulls resisting further downward action in the market. With the above, the bears succeeded in only influencing a heavily contested 0.50% drop, bringing the Bitcoin price to $41,404 per coin, with the highest and lowest price points achieved being $41,970 and $40,955, respectively.
On the 6th of February, we see the bulls restarting their push towards the 50-day moving average, succeeding in gaining control of the market and influencing a 2.44% growth in the Bitcoin price, translating to $42,415 per coin. The move comes to light following a bullish resistance turned to support, indicated by the wick below the candle, placing the lowest trading price for the day at $41,135 per coin. The wick above the candle suggests bearish resistance to further price growth, placing the highest Bitcoin trading price at $42,719 per coin.
At the start of the 7th of February, we see a struggle for early market dominance between the bulls and the bears. The bulls have a slight lead in the market; however, we expect to see more volatility with the market still in its early hours. Nevertheless, the Bitcoin market is up by 0.44%, translating to a price of $42,600, with the highest and lowest trading prices achieved so far standing at $43,036 and $41,678, respectively.
With the bullish move over the last few days, analysts resume their predictions of the downtrend seen over the last few days being just a correction and not the sign of a multi-year bear market.
Following the bullish action seen in the market over the last few days, the relative strength index of the Bitcoin market is in the bullish region ( relative strength index value above 50) for the first time this year following an extended period of bearish market dominance.
With the above, the relative strength index on the 5th,6th, and 7th of February sees consecutive increases corresponding to 55, 58, and 59, respectively, creating a bullish outlook for the asset.
In correlation to the RSI, we see the MACD make a steep ascent towards the zero line, indicating the bears are losing hold of the market. If the MACD gets above the zero line, the bulls gain control of the market. As a reflection of the bullish momentum in the market, the histogram shows growing bullish entry into the market.
The above chart reflects the bullish action seen across the general crypto market. The ETH market has experienced consecutive bullish action, which sees its value make its way towards its 50-day moving average of $3,241, which could signify a bullish outlook for the mark.
On the 5th of February, we see the bulls attempting to capitalize on their previous momentum; however, bearish resistance restricted the day's gains to 0.54%, translating to $3,014 per coin. With the struggle for a clear dominance of the market, the highest and lowest ETH trading prices for the day stood at $3,063 and $2,957, respectively.
At the start of the 6th of February, the bears attempted to gain a headstart in the market; however, a firm bullish resistance as indicated by the wick below the candle rejected the price drop, placing the lowest ETH trading price for the day at $2,950 per coin. Following a successful move to turn the market in their favor, we see the bulls influence a 1.45% price growth, bringing the ETH price to $3,058 per coin. At the same time, the wick indicates bearish resistance to further price growth, placing the highest ETH trading price for the day at $3,076 per coin.
The ETH market on the 7th of February starts with a struggle between the bulls and the bears for market dominance; however, as at the writing of this piece, the ETH market is up 0.49%, bringing the ETH price to $3,073 per coin. The wick above and below the candle denotes the struggle seen in the market, corresponding to $3,112 and $2,995, respectively.
With so much time left in the market, the ETH will see more volatility, subjecting the above to changes.
With the consecutive bullish action over the last few days, we see the ETH relative strength index above the 50 mark for the first time this year following an extended downtrend, indicating a bullish outlook for the asset. With the above, we see the relative strength index on the 5th, 6th, and 7th increase, corresponding to 54, 55, and 56.
The MACD and histogram illustrate increasing bullish activity and entry into the market in correlation to the RSI. The MACD makes an ascent towards the zero line, above which indicates bullish control over the market over that period.
From the above chart, we see the Ripple market is back above its 50-day moving average of $0.754, indicating a slight bullish dominance in the market; however, with the remainder of the crypto market being bullish, this could be the start of an uptrend in the Ripple market.
On the 5th of February, the bulls experienced huge bearish resistance to their momentum of the day as indicated by the long wick above the candle, which also denotes the highest ETH trading price of $0.687 per coin; however, the bearish resistance restricted the market growth for the day to 1.69%, translating to a Ripple price of $0.666 per coin, while the lowest trading price of Ripple for the day stood at $0.650 per coin.
At the start of the 6th of February, the bears gained a headstart to dominate the market; however, the wick below the candle suggests bullish rejection of the price drop, placing the lowest trading price of Ripple for the day at $0.642 per coin. Following the resistance, the bulls gained control of the market, influencing a 2.65% growth, bringing the Ripple price to $0.684 per coin, while the highest trading price of Ripple for the day stood at $0.687 per coin.
At the start of the 7th of February, we see a massive bullish action which has gotten the Ripple market back above its 50-day moving average and reflects a market growth of 12.85%, bringing the Ripple price to $0.772 per coin and with the market still in its early hours, we could see more volatility. Nevertheless, as at the writing of this analysis, the highest and lowest price points achieved stand at $0.775 and $0.672, respectively.
Due to consecutive bullish action over the last few days, we see the relative strength index making its way to the 70 mark, above which indicates the Ripple market is overbought and priming it for a sell response. However, the current momentum remains in firm control of the bulls, and the relative strength index on the 5th, 6th, and 7th of February stand at 48, 51, and 64, respectively.
In correlation to the RSI, the MACD and histogram illustrate growing bullish entry into the market. The MACD makes an ascent to the zero line, which creates a positive outlook for the asset.
As with the rest of the crypto market, the Litecoin mark is currently under bullish control. The bulls push the market to its 50-day moving average of $133, which indicates bullish potential for the market.
On the 5th of February, the gains seen in the Litecoin market were significantly contested by the bears, resulting in a minute gain of 0.31%, bringing the LTC price to $121 per coin. With the continued struggle for market dominance, we see the highest and lowest price points achieved for the day at $123 and $118, respectively.
On the 6th of February, the bulls established a solid lead in the market, influencing a 4.83% growth, bringing the LTC price to $127 per coin. At the start, if the 7th of February, we see the bulls attempting to continue their momentum of the last few days; however, bearish resistance has restricted the growth in the market to 0.20%, translating to $127 per coin, while the highest and lowest price points seen in the market stand at $129 and $125, respectively. With much time left to the close of the market for the day, these values are subject to change due to volatility.
The relative strength index indicates a market in bullish control with its value above the 50 mark. On February 5th, 6th, and 7th, the relative strength index shows consecutive increases corresponding to 49, 54, and 55, indicating increasing bullish activity.
In correlation to the RSI, we see growth in the MACD and histogram, reflecting bullish entry into the market and a bullish outlook for the asset.
The Bitcoin Cash bulls are pushing the BCH market towards its 50-day moving average of $370 per coin, indicating a reducing bearish hold on the market. On the 5th of February, the bears influenced a 4.69% increment in the Bitcoin Cash price, translating to $320 per coin, with the wick above the candle signifying bearish rejection from the highest trading price of $329 per coin, while the lowest trading price for the day as indicated by the wick below the candle stands at $302 per coin.
After toppling an early bearish move on the 6th of February, the bulls went on to influence a 1.21% growth in the Bitcoin Cash price, translating to $324 per coin, with the highest and lowest price points seen in the market at $328 and $312, respectively, a higher low.
At the start of the market on the 7th of February, the bulls have an early start, influencing a 3.31% increment when writing this piece, translating to $335 per coin. The Bitcoin cash market consistently creates higher highs and higher lows, providing a bullish outlook for the market.
Due to the bullish action over the last few days, we see the relative strength index on the 5th, 6th, and 7th of February stand at 47, 48, and 53, with the RSI value over the 50 mark, the bulls have gained dominance over the market momentum, and this is correlated by the histogram and MACD, with the MACD deflecting towards the zero line, a positive outlook for the market if the bulls succeed in getting it over the zero line.
On the 5th of February, the bears initiated a pushback response to the bullish momentum seen on the 4th, resulting in a drop of 1.25%, bringing the ADA price to $1.125 per coin, while the highest and lowest price points achieved stood at $1.178 and $1.097, respectively.
Following their momentum, the bears attempted to continue on the 6th; however, high bullish resistance sees them lose their momentum, with the bulls going on to influence a 1.61% growth in the ADA market, translating to a price of $1.143 per coin.
We see the bulls continuing their momentum on the 7th of February, resulting in a further 2.05% growth as at the writing of this piece, bringing the ADA price to $1.167 per coin. With the market still far from its close, we will likely see more volatility.
Nevertheless, the current highest and lowest price points seen in the market stand at $1.176 and $1.126, respectively.
With the bullish action over the last few days, the ADA market heads for its 50-day moving average, above which portrays a bullish outlook for the market.
With the bullish action over the last few days, we see the ADA market gradually breaking above the 50 mark, which places a positive momentum in the market and bullish progress for dominance. With the above, the RSI on the 5th, 6th, and 7th of February stands at 47, 49, and 51, reflecting growing bullish entry into the market.
In correlation to the RSI, we see the MACD moving towards the zero line, above which places the bulls as the dominant force in the market. The histogram also shows growing bullish intensity in the market.
With the bullish action seen on the 7th of February, the Dogecoin market comes within touching distance of its 50-day moving average from which it was rejected by the bears, indicated by the wick above the candle and which also denotes the highest trading price of
Dogecoin on this day as $0.161 per coin, with the Dogecoin price up by 1.36% growth over the last 24 hours, bringing its price to $0.156 per coin. With the market far from its close, we expect these values to change due to volatility.
As a reflection of the bullish action over the last few days, we see the Dogecoin price on the 5th and 6th of February change by -0.68% and +4.83%, bringing the Doge price on these days to $0.147 and $0.154, respectively.
With the bullish action over the last few days, we see the Dogecoin market above the 50 mark, which shows positive momentum. With the above, the RSI on the 5th, 6th, and 7th of February stands at 47, 53, and 54, reflecting growing bullish entry into the market.
In correlation to the RSI, we see the MACD moving towards the zero line, above which places the bulls as the dominant force in the market. The histogram also shows growing bullish intensity in the market.
