The Direction of BTC Is Unclear, and the Market for Mainstream Cryptocurrencies Is Divided- Feb. 1st

Analysts at Bexplus believe that after the BTC spiked and fell on January 29th, the price remained bearish. The 4-hour chart shows that the moving average is in a state of adhesion, and BTC will further confirm the price trend in the short term.

In the narrow range of $32,771 to $34,246, BTC will confirm the direction of the transaction again. If BTC rebounds strongly, breaking through $34246 will prompt a breakout of the moving average bond zone, verifying the bullish signal. If it falls below the moving average combination pattern, the lowest downside may appear to be a new low. In the 4-hour chart, although BTC barely stood firm at $32,908 corresponding to 23.6% of Fibonacci, the sign of the ending adjustment is not significant enough. Coupled with the low short-term trading activity of investors, the adjustment will generally continue.

In terms of mainstream cryptocurrencies, cryptocurrencies that complement the rise have emerged one after another. For example, XRP and EOS have all begun to rebound. In particular, there is a lot of room for XRP to increase its volume, and the mainstream cryptocurrency market is still showing signs of bullishness.

On the whole, the flow of funds is relatively divergent, and the development of the market is divided. While paying attention to some abnormally changing cryptocurrencies, there is also the risk of chasing rise.

The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.