Technical analysis

Bitcoin still strong, altcoins frenzy hitting the market

Julien Moretto – 5 Feb 2020

Consolidation is healthy on Bitcoin this week. The asset is stable, at +1.3%, and remain above the €8,400 ($9,200) zone on February 5th. This price action favors a new uptrend in the market, which could project the price into the €8800 to €9400 range ($9700 to $10,500).

The Altcoin market is doing even better. Very good performance by Tezos (XTZ), which has gained 30% over the last seven days and breaks its 2019 high of €1.70 ($1.90). Icon (ICX) even goes into a technical bubble pattern with more than 150% rise in one week. With 3 months to go before the halving, the market sentiment is reversing more and more in favor of buyers. Nevertheless, it is still important to identify the price zones that will trigger potential corrections. Here is our analysis.

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