Bitcoin (BTC) price reached a record high as of February 8, with a value of $ 3,000 within minutes. Behind this rapid rise was Tesla, a company owned by Elon Musk, which bought $ 1.5 billion worth of BTC.
On the other hand, Tesla Motors, Elon Musk's company, announced that it will also offer its customers the opportunity to buy with Bitcoin. After this announcement, the bitcoin price rose once again.
The surge observed in the largest cryptocurrency partially affected altcoin prices. Currencies, currently in an upward trend, gained extra strength. analyst Rakesh Upadhyay evaluated how prominent cryptocurrencies have been affected by this critical news this week and what awaits us in the coming days.
Here is the technical analysis and price evaluation for the 2 coins to watch throughout the week:
DOT / USD
(DOT) is in a strong uptrend. The bulls pushed the price above the $ 19.40 resistance on February 3rd, but remained stable afterwards. This indicates that the bears are trying to stop the uptrend. However, as of February 8, DOT, affected by the upward trend in the market, approached $ 23 agai
The most positive sign in the price is that the bulls do not allow the price to drop below $ 19.40. This shows that traders are not making a profit, but rather buying with every drop.
The bulls' goal is to keep the price above $ 21.7321. If the daily close comes here, the next leg of the uptrend can begin. On the upside, the target is $ 24.08 followed by $ 30. Rising moving averages (MA) and relative strength index (RSI) above 67 show that the bulls are in control of the market.
Contrary to this assumption, if the bears win and lower the price below $ 17.8704 where the 20-day exponential moving average (EMA) is calculated, the bullish momentum will weaken. The DOT / USD pair can then be consolidated, ranging from $ 19.4 to $ 14.7259.
LINK / USD
Chainlink (LINK) closed the price above the overall resistance of $ 25.7824 on Feb.5. However, the bulls could not maintain the momentum the next day. This indicates that the bears are aggressively defending the $ 25.7824 to $ 27 resistance zone.
However, the long tail on the candlestick observed on February 7 indicates that the bulls were buying during the decline towards the 20-day exponential moving average (EMA) ($ 23,1250). Upward moving averages (MA) and relative strength index (RSI) in the positive region increase the likelihood of upward movement.
If the bulls can push the price above the general resistance zone, the next leg of the uptrend could begin. The next level to follow up is $ 30, and if this is exceeded, the upward move could reach $ 33.
Conversely, if the bears pull the price below the 20-EMA, the LINK / USD pair could follow the range of $ 20.1111 to $ 25.7824 for a few more days this time.
NOTE: This is not investment advice.
