Weekly Crypto Price Analysis 7th Feb: BTC, ETH, XRP, LINK, SUHSI
5 min readTable of Contents
TL;DR Breakdown
- Most markets were up this week.
- Bitcoin has rallied to $41,000.
- Ethereum peaked at $1,750.
- Ripple continues to consolidate.
Weekly Crypto Price Analysis covers market movements over the past seven days. This week we saw strong rallied across the market. Ripple was the biggest mover with over 50 percent moves to both directions in a couple of hours. Overall, market volatility has increased, indicating increased interest in the market.
Over the last seven days, the largest gainers have been Cardano (ADA), Binance Coin (BNB), and Dogecoin (DOGE). The biggest decline was seen for XRP as it previously moved too high too fast. Overall crypto price market cap has increased substantially, and as of now, there are no signs of a change in trend.
Weekly Crypto Price Prediction: Markets to continue rallying after a brief retracement
Weekly Crypto Price Analysis this week covers BTC, ETH, XRP, as well as LINK and SUSHI. Let’s look closer on what was the crypto price action for each of them and what can we expect next week.
BTC/USD
Bitcoin has seen a very strong rally over the week. After BTC found support at $32,500, it reversed and, after some consolidation, pushed higher once again. After a brief rejection around the $38,000 mark, Bitcoin managed to form a small retracement and break through the resistance. This resulted in a move towards $41,000, where Bitcoin found resistance once again.
The $38,000 support currently is being tested. Earlier today, Bitcoin rejected further downside and formed a 4-hour bullish pin bar, indicating that the market wants to move higher. Likely we could see some consolidation around the current price levels as Bitcoin prepares for another move higher towards the $42,000 all-time high.
If Bitcoin breaks the $38,000 support again, we could see a much deeper retracement towards $34,500 support. This area would offer a much better medium-term entry opportunity as currently, the price of Bitcoin is too extended.
ETH/USD
Ethereum followed Bitcoin this week as it gained over 35 percent from the $1,300 support area, last tested on the 1st of February. After several days of bullish momentum, Ethereum briefly peaked at $1,700. What followed was a similar pattern as with the price of Bitcoin – after a brief retracement, Ethereum made another push higher and set a new all-time high at $1,760 on the 5th of February.
From there on, Ethereum reversed again towards $1,600 support that previously reversed Ethereum`s price. Therefore, it is a key level to watch right now. If the price of Ethereum moves below it, we could see a much deeper retracement to $1,450 support, which previously acted as a very strong resistance.
As additional support, we can see the several week ascending trendline. It was last tested at the end of January, resulting in the last medium-term upswing. Together with the $1,450 support as well as 100-period moving average, which closes in on this price area, we could see ETH/USD find support there.
XRP/USD
Ripple has also had a very volatile week. After a rally that started last week led the price of Ripple towards $0.50, XRP soared even higher and peaked at $0.75. From there on, an equally sharp decline resulted in a retracement of 40 percent in the middle of this week.
Support around $0.35 stopped Ripple from dropping further. After reaching it, the price of Ripple consolidated for several days with $0.42 as resistance. On the 4th of February, Ripple managed to break above it, resulting in a test of $0.48. What followed was a rejection for further upside and another consolidation around $0.42-$0.46 area.
Therefore, what XRP/USD does next depends on whether the support at $0.42 or the resistance at $0.46 breaks. If Ripple breaks to the upside, the next resistance is seen around $0.50. Alternatively, a break below the $0.42 support could lead XRP to retest the $0.35 level.
For now, Ripple should continue consolidating. Therefore, the best option is to wait for further price action development.
LINK/USD
Chainlink broke above $25.5 this week after an unsuccessful attempt on the 4th of February. After another retracement towards the several week ascending support, Chainlink did move higher and peaked at $27.
From there on, LINK/USD retraced once again and currently looks to set another higher low near the several week ascending trendline. If the support holds, we should see the price of Chainlink move higher next week. The potential first target to look out for is likely the $28 mark. If LINK/USD gains a lot of bullish momentum, we could see the psychologically important $30 mark tested by the end of next week.
Alternatively, if Chainlink breaks below the ascending trend line, a previous swing low around $23 could still hold the price. However, that would be a clear indication that the market is preparing for either further consolidation or a mid-term trend reversal.
SUSHI/USD
SushiSwap has managed to perform excellent this week. After a consolidation around the $10 mark, SUSHI did continue to move higher after a very strong bullish momentum took it from $2.75 to $10 in January. This resulted in a further all-time high set for SushSwap around $16.5.
On Friday, SUSHI did reverse back to the downside. A loss of over 20 percent has taken the market towards minor support at $12.25. Some rejection for the price of SUSHI is seen; however, likely, the market will continue lower after several weeks of bullish momentum.
If SUSHI breaks below current support, the next key area to watch is the $9-$10 previous resistance. If the price of Sushiswap can retrace so far, a good opportunity for a long position would be presented. However, it would also mean that the current bullish momentum is over, and the market could spend several weeks in a retracement.
Weekly Crypto Price Prediction: Conclusion
Overall our Weekly Crypto Price Analysis indicates that we have another bullish week ahead of us. The market could see some retracement during the beginning of next week as short-term bearish momentum currently presses crypto price down. Therefore, caution is advised; the best would be to wait for clear signs of rejection for further downside across the market price levels.
That is it for this week’s Weekly Crypto Price Analysis. For further reading, see our Bitcoin long-term price forecast. Additionally, read the latest guide on maximizing DeFi yields.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
