Weekly Crypto Price Analysis 1st Feb: BTC, ETH, XRP, UNI, SUSHI

Description

TL;DR Breakdown Bitcoin back to $34,000 support. Ethereum remained flat last week. SUSHI and UNI continued to break new highs. Ripple reached a new yearly high at $0.60. Weekly Crypto Price Analysis predicts a fair amount of volatility this week. After a strong bullish impulse for Bitcoin on Friday, markets are relatively calm. Over the … Read more

TL;DR Breakdown

  • Bitcoin back to $34,000 support.
  • Ethereum remained flat last week.
  • SUSHI and UNI continued to break new highs.
  • Ripple reached a new yearly high at $0.60.

Weekly Crypto Price Analysis predicts a fair amount of volatility this week. After a strong bullish impulse for Bitcoin on Friday, markets are relatively calm.

7-day market heatmap by Coin360

Over the last seven days, many crypto price changes have occured. However, despite the massive upswing last week, Bitcoin has remained relatively close to the starting price. The same can be said of Ethereum, as it is down almost 1 percent. 

The biggest mover out of the top Altcoins is Ripple – it managed to gain more than 100 percent from the low of $0.25 to the high of $0.52. This week, it has continued to move even higher and recently tested the $0.60 mark.

Weekly Crypto Price Prediction: Bitcoin and most altcoins should retrace 

BTC/USD 

After a strong rally on Friday, Bitcoin has retraced towards the $34,000 price level. Bitcoin peaked around $38,500 but, however, failed to sustain further highs – normal for crypto price after such a strong rally.

Currently, Bitcoin has moved below the $34,000 support/resistance and tests it as a resistance once again, as mentioned in our previous Bitcoin price prediction. Therefore, more downside is to be expected this week. It is likely we will see Bitcoin move towards $30,000 support, which has held the price of BTC several times over the past weeks.

A sharp reversal back to the upside is not likely considering the current crypto price structure. Bitcoin should continue to consolidate and form a base from which to prepare for another move higher. Until Bitcoin can develop a clear consolidation area, it is best to stay neutral on BTC/USD.

BTC/USD 4-hour price chart by TradingView

ETH/USD 

Ethereum has made a slightly lower high this week. After ETH found support at the $1,250 mark on the 27th of January, the market formed some bullish momentum. The momentum was quickly overturned as soon as the all-time high of around $1,450 was reached.

Once Ethereum tested the all-time high, a sharp rejection forced the price lower. Currently, Ethereum trades close to the several week ascending trend line once again. As long as the ascending support is not broken, we can expect Ethereum to make another attempt at breaking the all-time high this week.

Alternatively, if Ethereum breaks below the trendline and moves below the $1,250 horizontal support, we can expect a much larger, medium-term reversal back to the downside. Next support is located as far as the $1,050 mark.

Overall, Ethereum should see further consolidation during the first half of the week, as described in our Ethereum price prediction. Much depends on whether ETH/USD can break either the previously mentioned previous high or the several week ascending trendline support.

ETH/USD 4-hour price chart by TradingView

XRP/USD 

Ripple has seen extreme volatility at the end of the week. The crypto price of XRP soared all the way to $0.52 last week, after finding support around $0.25 on the 27th of January.

After a retracement yesterday, Ripple continued moving higher early this week. The $0.60 mark has already been breached, and XRP/USD should continue higher today. The next target to look for is the $0.70 price mark. 

Overall, Ripple could experience a sharp reversal at any moment. Therefore, traders should be cautious with any XRP position. The best option right now would be to stay neutral and wait for further price development.

XRP/USD 4-hour price chart by TradingView

UNI/USD 

Uniswap has also seen an excellent week. From the previous significant swing low of $7, UNI has gained more than 190 percent to a new all-time high of $20.53. Therefore, Uniswap has been among the best performers this week.

When looking at the chart, a strong impulse to the upside was seen yesterday. The impulse to the upside could signal an upcoming retracement as UNI shouldn’t be able to sustain such rapid growth for much longer.

A key area to look for once Uniswap starts to retrace is located around $13. Reasons are several. First, we have a previous minor support/resistance level there. Second, the area between 50 and 61.8 percent Fibonacci retracement is located at the price level, and finally, we have the 100 period moving average blue line, which has acted as support previously, currently closing in around this area.

Therefore, traders should wait for UNI/USD to retrace. Entering a long position right now does not offer good risk/reward as the price of Uniswap could reverse at any moment. If Uniswap can reach the $13 mark, the market should reject further downside. If this does not happen, traders should be careful and stay on the sidelines.

UNI/USD 4-hour price chart by TradingView

SUSHI/USD 

Sushiswap seems to move together with Uniswap. Another all-time high was set at the $11.3 mark after a higher low around $6.75 reversed the price of Sushiswap. Similarly, as with Uniswap, SUSHI/USD has a clear potential retracement area around the $8.75 price level. 

On the 4-hour chart, we can see SUSHI/USD starting to form a top. Therefore, the analyst expects retracement this week. A key area to watch is located around $8.5 to $9. The price of Sushiswap had reversed at this point on the 25th of January. Additionally, the area between 50 and 61.8 Fibonacci retracement is seen at the same price levels. For further support, SushiSwap should see 100 period moving average closing in on this area just in time.

Overall, SushiSwap should retrace this week. The market has extended enough from the previous higher low, and needs to cool off for a while. The retracement would offer a very good long position entry around the $8.5-$9 price mark.

SUSHI/USD 4-hour price chart by TradingView

Weekly Crypto Price Prediction: Conclusion  

Overall our Weekly Crypto Price Prediction is bearish. Most altcoins are overextended right now and expect a retracement. Additionally, Bitcoin also should continue moving lower after an incredible pump on Friday. 

Markets need to calm down for a couple of days. Therefore, the best option would be to wait for further price action development this week. This holds true especially for Ripple since the market has overextended beyond expectations.

That is it for this week’s Weekly Crypto Price Analysis. For further reading, see our last week`s analysis or read our latest guide on crypto debit cards.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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