Crypto Market Strategy & Weekly Research – 8 Feb 2021

Total Crypto Market Capitalization

Over the past week, large coins have steadily rallied against risky assets around the world. Overall market rose by 52%. However, the DeFi market rose by 211% within the last seven days from the inflow from speculators. As always, it is important to research before you invest.

Crypto News

Crypto Compare

Technical Signal Trading

Bitcoin Strategy

After the price tested the support at the bottom of the price zone, BTC immediately flipped up until it snapped at the resistance that we had drawn in the previous week as seen in the white circle above. Let’s see if the asset can break through this resistance and hit an ATH. The RSI momentum indicator is showing a weak signal. However, investor must carefully evaluate their position before entry.

Ethereum Strategy

ETH drops to the resistance just before rising to hit the upper limit of the zone. There is a  clear divergence of the RSI indicator. This shows that investors might be able to hold onto the profits patiently. As always, even if you hold the same type of asset, the price upon entry matters!

Ripple Strategy

XRP currently has investors divided into two groups. One believes that we have risen because of the flow of money into digital assets and ones that believe it came from a team of small investors – similar to Gamestop. However, looking at the technical point of view, it is important to note that the price has rose up in one zone then slide sideways. This interesting price patter is one to watch.

Litecoin Strategy

LTC rebounded at the top of the zone around 150, after that there was a slight profit-taking force. From a technical point of view, this price movement is considered to be a downtrend. However, if the price can adjust back to stand above the original zone could be interpreted as price reversal. Investors could wait a little before looking for a buy signal at a low risk. Digital assets are more volatile than the normal markets – thus, investors should look carefully evaluate their entry.

Gold Strategy

Gold has dropped through the blue triangle that we have drawn. This is considered a negative sign as this shows that gold has hit a new low. Those that hold gold might be able to buy into other assets at a lower price. Short-term traders should evaluate the trend before entry.

Strategy from ZIPMEX

Please use your own judgement when investing.

Any analyses from Zipmex are not to be used as investment advice.