BTC and XRP Technical Analysis as of February 1, 2024
Following the Fed's decision to hold the interest rate steady, BTC experienced a 3.5% decrease immediately after the announcement. This overview presents the market situation for Bitcoin (BTC) and Ripple (XRP) as of Thursday, February 1.
Bitcoin (BTC)
At present, Bitcoin's trend remains ambiguous. The asset is caught between a support zone of $40,900–$41,800 and a resistance range of $42,900–$44,000. It is anticipated that breaking out of this range will determine its future trajectory.
Should buyers gain momentum and secure a position above the $44,000 mark, the next target would be the resistance zone between $45,000 and $46,200. Surpassing this would require tackling the asset's yearly high to maintain the uptrend.
If Bitcoin enters a deeper correction phase, it could drop back to the support zone of $38,600–$39,500. Should sellers break through this area, Bitcoin's decline could extend down to the $35,000 level.
BTC chart on the H4 timeframe
Ripple (XRP)
The XRP chart shows a clear local downward trend. The key resistance zone for the asset lies between $0.512 and $0.526. Overcoming this range is essential for buyers to shift the trend upwards.
Activating this scenario could lead to a rebound in the asset’s price towards resistance levels at $0.538–$0.556 and then $0.575. A successful move above this last resistance, particularly on significant trade volumes and with BTC support, would be crucial.
If XRP continues to fall and settles below $0.48, it will face its first resistance within the support zone of $0.460–$0.474.
XRP chart on the H2 timeframe
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Disclaimer
Please note that the analysis provided above should not be considered a trading recommendation. Before opening any deals, we strongly advise conducting your own research and analysis.
Abbreviations
TF (Timeframe) — a chronological period equal to the time it takes to form one Japanese candle on the chart.
Horizontal channel (flat, sideways, range) — the price movement between support and resistance levels, without going beyond the given range.
К — simplified designation of one thousand dollars of the asset price (for example, 23.4K – $23,400).
Gray range on the chart — a support zone.
Red range on the chart — a resistance zone.
Correlation — the tendency of prices of different cryptocurrencies to move in sync, often influenced by the dominance of one of the assets.
Initial materials
This analysis was informed by the following educational materials and articles from GN Crypto:
