CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Crypto market: Bitcoin holds above $10000

14:41 14 February 2020
  • Bitcoin is trading above a key level
  • Ethereum accelerated upward move

Bitcoin reached the highest level since October 26 yesterday. The coin reached a high of $10450 but currently a small pullback can be observed. Looking at the second biggest cryptocurrency, Ethereum, one can see that the recent upward move was even stronger than in case of Bitcoin and altcoin has reached the price of $270 on Thursday Let’s take a closer look at BTC and ETH charts.

Cryptocurrencies are doing well with Bitcoin (BTC) market cap jumping above $185 billion and Ethereum (ETH) nearing $30 billion mark. Ripple (XRP) still holds the third spot. Source: coinmarketcap.com

Firstly, let’s look at the technical situation on Bitcoin chart. Taking a look at H4 interval, one can see that BTC is trading in an upward trend and the price sits above the key $10000 handle. However, should the aforementioned level be broken, sellers will focus on $9500 handle as it is a support marked with the lower limit of Overbalance structure and the lower limit of upward channel. According to the Overbalance methodology, as long as Bitcoin stays above $9500 mark, the trend remains upward. A break below could trigger a bigger downward correction. 

BITCOIN H4 interval. Source: xStation5

Looking at Ethereum, one can see that the upward move accelerated recently. Following a break above the $238 handle, ETH moved towards the resistance marked with the 61.8% Fibonacci retracement of the last downward impulse (started in June 2019). If the current sentiment prevails, there is a chance to extend the move towards the next Fibonacci retracement (78.6%). On the other hand, in case bears regain control, the earlier broken $238 handle should act as the nearest support. 

ETHEREUM D1 interval. Source: xStation5

This content has been created by X-Trade Brokers Dom Maklerski S.A. This service is provided by X-Trade Brokers Dom Maklerski S.A. (X-Trade Brokers Brokerage House joint-stock company), with its registered office in Warsaw, at Ogrodowa 58, 00-876 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. X-Trade Brokers Dom Maklerski S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.

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