Bitcoin, Ethereum, Ripple sentiments on February 7: no escape from the ranges

  • The market attempts a recovery, but further gains are limited.
  • Bitcoin is capped below $3,400, unchanged on the day.

Cryptocurrency market is a mixed picture on Thursday. Most altcoins are recovering from Wednesday sell-off, though the upside momentum is weak during early Asian hours. The total capitalization of all digital assets edged to $111.9B from $111.4B on Wednesday.

Bitcoin (BTC) is changing hands at $3,370, unchanged in recent 24 hours and since the beginning of Thursday. The largest digital asset touched $3,338, which is the new low of 2019 but managed to recover. The area $3,350-$3,340 creates strong support. However, once it is cleared, the price will crash towards $3,200 and 2018 low at $3,127.

Ripple’s XRP has no idea where to go from $0.29 handle. This is the second largest coin with the current market value of $12B has been hovering around this level since Wednesday amid exceptionally low volatility. At the current level, XRP/USD is well supported by the lower boundary of the daily Bollinger Band and the lower line of the long-term triangle pattern at $0.2850. If it is cleared, the decline may be extended towards $0.2832 (January 28 low).

Ethereum (ETH) is changing hands at $104.25, off the recent low of $101.2. ETH/USD has gained 1.37% on a day-over-day basis; however, further recovery may be limited by $106.00-$106.30 area strengthened by the lower line of the previous upside channel. 
 

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