Fractal analysis of Bitcoin and Ethereum for February 10, 2021
February 10, 2021 12:20 pm
Forecast for February 10:
Analytical overview of cryptocurrencies on H1 chart:
As for Bitcoin, key support levels on the H1 chart are 54,128, 51803, 49,641, 48,614, 45,957, 44,308, and 42,582. The price has been moving in the uptrend since February 7. If the price breaks through the 48,614 – 49,641 range, the uptrend will extend. In this case, the target is seen at 51,803. The price is expected to consolidate closer to this level. At the same time, if the price reaches 54,128, it will possibly pull back.
A short-term downward movement is expected in the 45,957 – 44,308 corridor. A breakout at 44,308 will lead to a deeper correction. The target is seen at 42,582, which is also the key upward support level.
The main trend is the upward trend that started on January 31, the local trend that started on February 7.
Trading recommendations:
Buy: 49,641; Take Profit: 51,803
Buy: 51,805; Take Profit: 54,128
Sell: 45,957; Take Profit: 44,310
Sell: 44,306; Take Profit: 42,582
Meanwhile, key support levels for Ethereum on the H1 chart are 2051, 2002, 1891, 1851, 1715, 1672, 1604, and 1488. The price started its upward trend on February 7, which is likely to continue if the price breaks through the 1851 – 1891 range. In this case, the target will be the level of 2002. Apart from that, if the price breaks through 2051, it is likely to consolidate and pullback.
A short-term downward movement is expected in the 1715 – 1672 corridor. A breakout at 1672 will lead to a deeper correction. The target is seen at 1604, which is also the key upward support level.
The main trend is the local upward trend that started on February 7.
Trading recommendations:
Buy: 1891; Take Profit: 2002
Buy: 2004; Take Profit: 2050
Sell: 1715; Take Profit: 1672
Sell: 1670; Take Profit: 1605
The material has been provided by InstaForex Company – www.instaforex.com
Forecast for February 10:
Analytical overview of cryptocurrencies on H1 chart:
As for Bitcoin, key support levels on the H1 chart are 54,128, 51803, 49,641, 48,614, 45,957, 44,308, and 42,582. The price has been moving in the uptrend since February 7. If the price breaks through the 48,614 – 49,641 range, the uptrend will extend. In this case, the target is seen at 51,803. The price is expected to consolidate closer to this level. At the same time, if the price reaches 54,128, it will possibly pull back.
A short-term downward movement is expected in the 45,957 – 44,308 corridor. A breakout at 44,308 will lead to a deeper correction. The target is seen at 42,582, which is also the key upward support level.
The main trend is the upward trend that started on January 31, the local trend that started on February 7.
Trading recommendations:
Buy: 49,641; Take Profit: 51,803
Buy: 51,805; Take Profit: 54,128
Sell: 45,957; Take Profit: 44,310
Sell: 44,306; Take Profit: 42,582
Meanwhile, key support levels for Ethereum on the H1 chart are 2051, 2002, 1891, 1851, 1715, 1672, 1604, and 1488. The price started its upward trend on February 7, which is likely to continue if the price breaks through the 1851 – 1891 range. In this case, the target will be the level of 2002. Apart from that, if the price breaks through 2051, it is likely to consolidate and pullback.
A short-term downward movement is expected in the 1715 – 1672 corridor. A breakout at 1672 will lead to a deeper correction. The target is seen at 1604, which is also the key upward support level.
The main trend is the local upward trend that started on February 7.
Trading recommendations:
Buy: 1891; Take Profit: 2002
Buy: 2004; Take Profit: 2050
Sell: 1715; Take Profit: 1672
Sell: 1670; Take Profit: 1605
The material has been provided by InstaForex Company – www.instaforex.com
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