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:
XLM / USD
Stellar (XLM) price increased the squeeze movement from $ 0.325 to $ 0.35 as of February 6. This suggests that bulls dominate bears. If the bulls can now keep the XLM price above $ 0.4, the next leg of the uptrend could begin.
The upward moving averages and the relative strength index (RSI) near the overbought zone show that the bulls are superior. If it breaks above $ 0.4, the XLM / USD pair could rise to $ 0.50 where the bears could show strong resistance again.
If the bulls fail to close the price above $ 0.4, the pair could drop to $ 0.35. A strong recovery from this support will indicate that the bulls are strengthening the support and in this case it will be more likely to move above $ 0.4.
Contrary to this assumption, if the bears pull the price below the 20-day exponential moving average (EMA) ($ 0.323173), the current uptrend will become a bear trap.
THETA / USD
THETA is currently in an uptrend. The price action of the last few days has formed a rising triangle pattern that will complete at a possible breakout and close above $ 2.51.
Bulls pushed the price above $ 2.51 on February 5th, but sales soon followed. This indicates that the bears are trying to defend the $ 2.51 resistance. However, thanks to the rise in the market on February 8, this resistance was broken. Now extreme resistance closures have become important.
Another positive sign is that the bulls did not allow the price to fall below the 20-day exponential moving average (EMA) ($ 2.15248).
Daily closes on the resistance could start the next leg of the uptrend. After leaving the triangle, the target will be $ 3.56. The bears will work to bring the price below the triangle.
NOTE: This is not investment advice.
