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Outlook on February 3:
Analytical review of cryptocurrencies on the hourly chart:
In the one-hour chart, the key levels for Bitcoin are 39641, 38072, 37327, 36112, 35406, 34210 and 31740. We are observing the development of a long-term upward trend from January 27 and the local upward trend from January 31. In this case, we expect a short-term growth in the range of 37327 - 38072. Once the last value is broken, a strong movement will occur towards the potential target of 39641. The price is likely to consolidate near this level.
A short-term decline, in turn, is expected in the range of 36112 - 35406. If the last value breaks down, a deep correction can be expected. This will lead to the target of 34210, which is the key support level for growth.
The main trend is the long-term initial upward conditions from January 27 and the local upward trend from January 31.
Trading recommendations :
Buy: 37327 Take Profit: 38070
Buy: 38080 Take Profit: 39640
Sell: 36112 Take Profit: 35410
Sell: 35400 Take Profit: 35210
In the one-hour chart, the key levels for the Ethereum are 1780, 1733, 1641, 1608, 1519, 1464 and 1429. A long-term upward trend from January 22 and the local upward trend from February 1 is observed here. In this context, we expect the price to make a short-term growth in the range of 1608 - 1641. After breaking the last value, strong growth will follow, which will lead the price to the next target set at 1707. Price consolidation is in the range of 1707 - 1733. The final potential upward target is the level of 1780. After reaching this level, the pair may consolidate and pull back downwards.
Meanwhile, correction is expected to end after 1519 is broken. The target is 1464 and the key support is the range of 1464 - 1429. The price overcoming it will favor the development of a downward trend. In this case, the formation of initial downward conditions can be looked forward to.
The main trend is the long-term initial upward conditions from January 22 and the local upward trend from February 1.
Trading recommendations :
Buy: 1641 Take Profit: 1707
Buy: 1733 Take Profit: 1780
Sell: 1519 Take Profit: 1466
Sell : 1464 Take Profit: 1430
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