Bitcoin (BTC) fell to a full-time high today, reinforced by news that Tesla has bought $ 1.5 billion dollars in bitcoins, according to data archived by the Securities and Exchange Commission.
In addition to buying Bitcoin, Tesla also plans to offer its customers the opportunity to buy products with Bitcoin. Instead of converting BTC payments to cash on delivery, Tesla may decide to add them to its reserves.
In addition to buying Tesla, legendary investor Bill Miller also plans to increase his Bitcoin presence by investing over $ 300 million in the Grayscale Bitcoin Trust. These purchases from large investors, even after the sharp rise in the bitcoin price, indicate that they expect the bullish movement to continue.
Ricardo Salinas Plejo, the third largest man in Mexico, added a bitcoin hash to his Twitter bio. This move from Salinas draws attention to Bitcoin for its 840,000 followers, some of whom may want to emulate the billionaire by buying Bitcoin. In November, Salinas again reported that 10% of his “liquid portfolio” was invested in bitcoin.
These events gave the basis for the crypto sector a positive driving force. With a huge tailwind, let’s break down the maps of the 10 cryptocurrencies to reach potential growth targets.
Bitcoin / US dollars
Bitcoin has been stuck between $ 38,000 and $ 40,000 for the past two days. The long week from the candlestick on 6 February showed that traders took profits at higher levels, while the long tail of 7 February indicated purchases on downturns.
Today, the bulls pushed the price above the upper resistance level of 41,959.63 dollars. This opens up the possibility of winning towards the nearest goal of $ 50,000, as the bears can once again face severe resistance.
But if the bulls manage to push the price above $ 50,000, the BTC / USD pair could rise to $ 60,974.43.
Contrary to this assumption, if the bulls fail to hold breakout, it would indicate that traders are making profits at higher levels. The Bears will then try to bring the price below $ 38,000.
If successful, the moving averages are likely to be retested. A break below the 20-day exponential moving average ($ 36,196) will be the first sign of weakness, while a break below the 50-day moving average ($ 33,250) will increase the likelihood of a deeper correction.
ETH / USD
Ether (ETH) fell from $ 1,757,338 on February 5, but bulls bought a decline to $ 1,474,096 breakout on February 7, as evidenced by the long tail of daylight.
Bullish moving averages and RSI in positive territory indicate that the path of least resistance is up.
If the bulls manage to keep the price above $ 1,757,338, the ETH / USD may resume the trend. The next upside target is $ 1,870, and if this level is crossed, the bullish move could reach a critical psychological level of $ 2000.
Conversely, if the price falls below the current level, the pair could consolidate between $ 1,757,338 and $ 1,473,096 for several more days. A break below $ 1,473,096 could bring the price back to the 50-day moving average ($ 1,148).
ADA / US Dollars
Cardano (ADA) gained momentum after breaking the bullish channel on 5 February. The bulls easily pushed the price above the immediate resistance of $ 0.60 on February 6, and opened the possibility of a rally to $ 0.80.
While the bullish moving average indicates an advantage for bears, the RSI indicator is in the overbought zone, warning of a possible correction or consolidation in the near future.
Consolidation will indicate that traders are not in a hurry to make a profit, and this will increase the chances of a resumption of the trend.
On the other hand, the correction may reach the 20-day moving average ($ 0.454). A strong jump from it would indicate that the uptrend remains unchanged, and a break below it will indicate weak speed.
XRP / US Dollar
XRP has held above $ 0.3850 in recent days, but the bulls have struggled to push the price above $ 0.50. This indicates that demand is declining at higher levels.
The Bears tried to pull the price below the $ 0.3855 support level on February 7, but failed. This indicates that bears buy on downturns. When bears buy at high and bulls buy at low, the price becomes fixed within a range.