{"id":22123,"date":"2023-02-10T10:01:29","date_gmt":"2023-02-10T10:01:29","guid":{"rendered":"https:\/\/zebpay.com\/in\/?p=22123"},"modified":"2023-02-10T10:01:30","modified_gmt":"2023-02-10T10:01:30","slug":"crypto-technical-analysis-report-10th-feb-2023","status":"publish","type":"post","link":"https:\/\/zebpay.com\/in\/blog\/crypto-technical-analysis-report-10th-feb-2023","title":{"rendered":"<strong>Crypto Technical Analysis Report | 10th-February-2023<\/strong>"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_66_1 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/zebpay.com\/in\/blog\/crypto-technical-analysis-report-10th-feb-2023\/#Technical_Outlook\" title=\"Technical Outlook:\">Technical Outlook:<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/zebpay.com\/in\/blog\/crypto-technical-analysis-report-10th-feb-2023\/#Bitcoin\" title=\"Bitcoin:\">Bitcoin:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/zebpay.com\/in\/blog\/crypto-technical-analysis-report-10th-feb-2023\/#ETH\" title=\"ETH:\">ETH:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/zebpay.com\/in\/blog\/crypto-technical-analysis-report-10th-feb-2023\/#BNB\" title=\"BNB:\">BNB:<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/zebpay.com\/in\/blog\/crypto-technical-analysis-report-10th-feb-2023\/#Weekly_Snapshot\" title=\"Weekly Snapshot:\">Weekly Snapshot:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/zebpay.com\/in\/blog\/crypto-technical-analysis-report-10th-feb-2023\/#Market_Updates\" title=\"Market Updates\">Market Updates<\/a><\/li><\/ul><\/nav><\/div>\n\n<p>Crypto prices saw a bloodbath early Friday morning as major coins plunged into red across the board. Bitcoin (BTC), the world&#8217;s oldest crypto, slipped 3.38% below $22,000 in 24 hours. Other popular altcoins including Ethereum (ETH), Dogecoin (DOGE), Solana (SOL), Ripple (XRP) and Litecoin (LTC) suffered heavy losses. Render Token (RNDR) saw the biggest loss of all, falling by more than 13 per cent in 24 hours. Rocket Pool (RPL) continued as the top gainer for the second straight day, up more than 7 per cent in 24 hours. The global crypto market cap at the time of writing was $1.02 trillion, down 3.48% in 24 hours.<\/p>\n\n\n\n<p>Bitcoin stayed lower at the Feb 9th Wall Street open as a sweep of local lows increased bets of a more serious comedown. The BTC-USD pair had fallen to $22,378 earlier in the day, marking its lowest since Jan. 25 and reinforcement from $22,400 is a key area to watch. The recent price action also saw Bitcoin lose around $10 billion in market cap, which fell from $448 billion on Wednesday to $437.9 billion at the time of writing. Today&#8217;s market crash follows reports from the US Securities and Exchange Commission investigating popular crypto exchange Kraken for alleged securities laws violations. Bitcoin is immune to most macroeconomic news except inflation. This is in contrast to other traditional assets such as gold, silver, S&amp;P 500 stocks and currencies (exchange rates) which are sensitive to macroeconomic news. The asset, which surged 40% in January, sparked the largest institutional inflows since June 2022, data shows. The report showed that&nbsp; $117 million worth went into crypto during the last week of the month.<\/p>\n\n\n\n<p>Ether rebounded from the 20-day EMA ($1,600) on Feb. 7. The bulls tried to consolidate their position by pushing the price above the $1680 resistance on Feb 8 but failed to sustain the breakout. This shows that the bears are active near the $1680 resistance. Sellers will attempt to sink the pair below the 20-day EMA. If they succeed, the ETH\/USDT pair could drop to $1,500. Vendors need to figure out this support to take control.<\/p>\n\n\n\n<p>Conversely, if the price surges and scales above $1700, the pair could signal the start of the next leg of the uptrend. There is a minor resistance at $1,800 but the potential for a rally to $2,000 increases if the bulls do not allow the price to dip back below $1,680.<\/p>\n\n\n\n<p>On the macro front, US stocks edged higher at the open, while the US Dollar Index (DXY) tumbled during the day, falling back below the 103 level. Meanwhile, US macro data for the day had little impact on crypto markets. This came in the form of jobless claims, which came close to year-highs at 196k and beat expectations by 6k. The argued &#8220;hot&#8221; earnings analysis was expected from the Federal Reserve. The weaker employment data theoretically reinforces the notion that the tight economic conditions are working and therefore a trend reversal may be imminent. Last week&#8217;s Blockbuster jobs data showed the lowest US unemployment since the late 1960s. Immediately prior to the publication of the report, the composition of the BTC\/USD order book on Binance showed increasing resistance at $22,800.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Technical_Outlook\"><\/span>Technical Outlook:<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Bitcoin\"><\/span>Bitcoin:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img decoding=\"async\" width=\"1024\" height=\"484\" src=\"https:\/\/zebpay.com\/in\/wp-content\/uploads\/2023\/02\/Bitcoin-Chart_10th_Feb_2023-1024x484.png\" alt=\"Bitcoin Chart | 10th February 2023\" class=\"wp-image-22117\" srcset=\"https:\/\/zebpay.com\/in\/wp-content\/uploads\/2023\/02\/Bitcoin-Chart_10th_Feb_2023-1024x484.png 1024w, https:\/\/zebpay.com\/in\/wp-content\/uploads\/2023\/02\/Bitcoin-Chart_10th_Feb_2023-300x142.png 300w, https:\/\/zebpay.com\/in\/wp-content\/uploads\/2023\/02\/Bitcoin-Chart_10th_Feb_2023-768x363.png 768w, https:\/\/zebpay.com\/in\/wp-content\/uploads\/2023\/02\/Bitcoin-Chart_10th_Feb_2023-1536x725.png 1536w, https:\/\/zebpay.com\/in\/wp-content\/uploads\/2023\/02\/Bitcoin-Chart_10th_Feb_2023-150x71.png 150w, https:\/\/zebpay.com\/in\/wp-content\/uploads\/2023\/02\/Bitcoin-Chart_10th_Feb_2023.png 1806w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Bitcoin (BTC) Chart<\/figcaption><\/figure><\/div>\n\n\n<p><a href=\"https:\/\/zebpay.com\/exchange\/BTC-INR\" target=\"_blank\" rel=\"noreferrer noopener\">BITCOIN<\/a> after giving a breakout above the range ($16,000 to $17,500) rallied up to $24,255. The bulls, however, failed to push the prices above $25,211 (Previous Top, High of August 15) and started consolidating in a \u2018Rising Channel\u2019 pattern. The asset faced strong resistance and witnessed some profit bookings at higher levels. BTC broke the lower uptrend line of the rising channel yesterday and made the weekly low of $21,688. The asset has a strong support zone from $21,500 to $20,500. If it holds the support then we can expect the bulls to resume the up-move whereas a break below the support will lead to further downfall.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"ETH\"><\/span>ETH:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img decoding=\"async\" width=\"1024\" height=\"467\" src=\"https:\/\/zebpay.com\/in\/wp-content\/uploads\/2023\/02\/ETHEREUM-Chart_10th_Feb_2023-1024x467.png\" alt=\"Ethereum Chart | 10th February 2023\" class=\"wp-image-22118\" srcset=\"https:\/\/zebpay.com\/in\/wp-content\/uploads\/2023\/02\/ETHEREUM-Chart_10th_Feb_2023-1024x467.png 1024w, https:\/\/zebpay.com\/in\/wp-content\/uploads\/2023\/02\/ETHEREUM-Chart_10th_Feb_2023-300x137.png 300w, https:\/\/zebpay.com\/in\/wp-content\/uploads\/2023\/02\/ETHEREUM-Chart_10th_Feb_2023-768x350.png 768w, https:\/\/zebpay.com\/in\/wp-content\/uploads\/2023\/02\/ETHEREUM-Chart_10th_Feb_2023-1536x701.png 1536w, https:\/\/zebpay.com\/in\/wp-content\/uploads\/2023\/02\/ETHEREUM-Chart_10th_Feb_2023-150x68.png 150w, https:\/\/zebpay.com\/in\/wp-content\/uploads\/2023\/02\/ETHEREUM-Chart_10th_Feb_2023.png 1802w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Ethereum (ETH) Chart<\/figcaption><\/figure><\/div>\n\n\n<p><a href=\"https:\/\/zebpay.com\/exchange\/ETH-INR\" target=\"_blank\" rel=\"noreferrer noopener\">ETH<\/a> after giving a breakout above the long-held resistance of $1,250 surged up to $1,714.6. The asset faced a strong resistance of around $1,700 (Horizontal Trendline) and witnessed some profit booking and made the weekly low of $1,525. The asset has been taking good support at $1,500 (200 Day Moving Average) in the past. If it holds and sustains above the support, then we can expect some move whereas a break below this level will lead to further downfall.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"BNB\"><\/span>BNB:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img decoding=\"async\" width=\"1024\" height=\"489\" src=\"https:\/\/zebpay.com\/in\/wp-content\/uploads\/2023\/02\/Binance-Coin-Chart_10th_Feb_2023-1024x489.png\" alt=\"Binance Coin Chart | 10th February 2023\" class=\"wp-image-22119\" srcset=\"https:\/\/zebpay.com\/in\/wp-content\/uploads\/2023\/02\/Binance-Coin-Chart_10th_Feb_2023-1024x489.png 1024w, https:\/\/zebpay.com\/in\/wp-content\/uploads\/2023\/02\/Binance-Coin-Chart_10th_Feb_2023-300x143.png 300w, https:\/\/zebpay.com\/in\/wp-content\/uploads\/2023\/02\/Binance-Coin-Chart_10th_Feb_2023-768x367.png 768w, https:\/\/zebpay.com\/in\/wp-content\/uploads\/2023\/02\/Binance-Coin-Chart_10th_Feb_2023-1536x734.png 1536w, https:\/\/zebpay.com\/in\/wp-content\/uploads\/2023\/02\/Binance-Coin-Chart_10th_Feb_2023-150x72.png 150w, https:\/\/zebpay.com\/in\/wp-content\/uploads\/2023\/02\/Binance-Coin-Chart_10th_Feb_2023.png 1796w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Binance Chart<\/figcaption><\/figure><\/div>\n\n\n<p><a href=\"https:\/\/zebpay.com\/exchange\/BNB-INR\" target=\"_blank\" rel=\"noreferrer noopener\">BNB<\/a> after making the low of $220 started moving in an uptrend and rallied up to $337.8. The asset faced strong resistance at $336 (Horizontal Trendline) and witnessed a correction and the prices made the weekly low of $302. BNB has strong support at $300 (Horizontal Trendline). If it breaks the support then it may further drop to the $280 level. To witness a rally BNB needs to break, close and sustain above $336.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Weekly_Snapshot\"><\/span>Weekly Snapshot:<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>USD ($)<\/strong><\/td><td><strong>02 Feb 23<\/strong><\/td><td><strong>09 Feb 23<\/strong><\/td><td><\/td><td><strong>Previous Week<\/strong><\/td><td><strong>Current Week<\/strong><\/td><\/tr><tr><td><\/td><td><strong>Close<\/strong><\/td><td><strong>Close<\/strong><\/td><td><strong>% Change<\/strong><\/td><td><strong>High<\/strong><\/td><td><strong>Low<\/strong><\/td><td><strong>High<\/strong><\/td><td><strong>Low<\/strong><\/td><\/tr><tr><td>BTC<\/td><td>$23,474<\/td><td>$21,819<\/td><td>-7.05%<\/td><td>$24,167<\/td><td>$22,654<\/td><td>$23,678<\/td><td>$21,754<\/td><\/tr><tr><td>ETH<\/td><td>$1,643<\/td><td>$1,546<\/td><td>-5.90%<\/td><td>$1,704<\/td><td>$1,546<\/td><td>$1,704<\/td><td>$1,324<\/td><\/tr><tr><td>BNB<\/td><td>$323.35<\/td><td>$305.96<\/td><td>-5.38%<\/td><td>$316.71<\/td><td>$300.32<\/td><td>$337.32<\/td><td>$303.02<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>crypto<\/strong><\/td><td><strong>1w &#8211; % Vol. Change (Global)<\/strong><\/td><\/tr><tr><td>BitCoin (BTC)<\/td><td>-2.88%<\/td><\/tr><tr><td>Ethereum (ETH)<\/td><td>-5.16%<\/td><\/tr><tr><td>Binance Coin (BNB)<\/td><td>1.76%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<figure class=\"wp-block-table\"><table><thead><tr><th scope=\"col\">Resistance 2<\/th><th scope=\"col\">$28,500<\/th><th scope=\"col\">$2,000<\/th><th scope=\"col\">$1.50<\/th><th scope=\"col\">$380<\/th><\/tr><\/thead><tbody><tr><td>Resistance 1<\/td><td>$25,000<\/td><td>$1,715<\/td><td>$1.30<\/td><td>$336<\/td><\/tr><tr><td><strong>USD<\/strong><\/td><td><strong>BTC<\/strong><\/td><td><strong>ETH<\/strong><\/td><td><strong>Matic<\/strong><\/td><td><strong>BNB<\/strong><\/td><\/tr><tr><td>Support 1<\/td><td>$21,500<\/td><td>$1,500<\/td><td>$1.05<\/td><td>$300<\/td><\/tr><tr><td>Support 2<\/td><td>$17,500<\/td><td>$1,250<\/td><td>$0.75<\/td><td>$255<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Market_Updates\"><\/span>Market Updates<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul>\n<li>According to data from DefiLlama, Ethereum staking service Rocket Pool reached $1 billion in total value locked (TVL) on Feb. 9.<\/li>\n\n\n\n<li>Paxos Trust Company \u2014 the New York-based stablecoin issuer behind Binance USD (BUSD) and Paxos Dollar (USDP) \u2014 is reportedly being investigated by the New York Department of Financial Services (NYDFS).<\/li>\n\n\n\n<li>The American state of Mississippi is one step closer to protecting the rights of crypto miners after the state Senate passed the Mississippi Digital Asset Mining Act on Feb. 8.<\/li>\n\n\n\n<li>A crypto exchange project initially proposed by 3AC and Coinflex has now launched an official website and waitlist as of Feb. 9. It is called \u201cOpen Exchange (OPNX)\u201d. The new project claims that it will be \u201cthe world&#8217;s first public marketplace\u201d for crypto claims trading and derivatives.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Crypto prices saw a bloodbath early Friday morning as major coins plunged into red across the board. Bitcoin (BTC), the world&#8217;s oldest crypto, slipped 3.38% below $22,000 in 24 hours. Other popular altcoins including Ethereum (ETH), Dogecoin (DOGE), Solana (SOL), Ripple (XRP) and Litecoin (LTC) suffered heavy losses. Render Token (RNDR) saw the biggest loss [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":22125,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"_ayudawp_aiss_exclude":false,"footnotes":""},"categories":[26],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/posts\/22123"}],"collection":[{"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/comments?post=22123"}],"version-history":[{"count":0,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/posts\/22123\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/media\/22125"}],"wp:attachment":[{"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/media?parent=22123"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/categories?post=22123"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/tags?post=22123"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}