Price analysis 2/10: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, DOT, LTC, AVAX
On Feb. 9, United States Securities and Exchange Commission (SEC) chair Gary Gensler explained why the regulator had cracked down on Kraken cryptocurrency exchange, forcing it to stop its crypto staking program for U.S. clients. This news may have rattled crypto investors and they sold aggressively. Bitcoin (BTC) crashed about 5% on Feb. 9 and several altcoins also followed suit.
The fresh round of selling has traders wondering whether the bear market has resumed or if the dip should be interpreted as a buying opportunity. This question may be troubling to investors, but for now the correction looks to be a normal corrective phase where cryptocurrencies give back some of the gains made in January. However, it would be prudent to wait for the correction to end and a bottom to be confirmed before considering fresh purchases.
Former BitMEX CEO Arthur Hayes said in a Feb. 7 blog post that Bitcoin may continue its bull run in the first half of the year but may face challenges in the latter half. Along with Bitcoin and Ether, Hayes is also bullish on altcoins but he said the trick is to get the timing right.
What are the important support levels to watch out for Bitcoin and altcoins in the near term? Let’s study the charts of the top-10 cryptocurrencies to find out.
The $22,800 support cracked on Feb. 9 and Bitcoin plunged to the strong support near $21,480. A lack of a strong bounce off this level suggests that the correction may deepen further.
Below $21,480, the selling could accelerate and the BTC/USDT pair could fall to the moving averages. The relative strength index (RSI) has slipped into the negative territory, indicating that bears are trying to gain the upper hand in the near term.
The moving averages have completed a
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