FX.co ★ Fractal analysis of Bitcoin and Ethereum on February 5

Outlook on February 5:

Analytical review of cryptocurrencies on the hourly chart:

In the one-hour chart, the key levels for Bitcoin are 41215, 40385, 39826, 38685, 38072, 36985, 36156 and 34995.Following the local bullish trend from January 31, the price of Bitcoin is expected to rise after it overcomes the noise range of 38072 - 38685. In this case, the target is 39826. Price consolidation is in the range of 39826 - 40385. The final upward target level is 41215. After reaching this level, a downward pullback is likely.

A short-term decline, in turn, is expected in the range of 36985 - 36156, If the last value breaks down, a deep correction can be expected. This will lead to the target of 34995, which is the key support level.

The main trend is the local upward trend from January 31

Trading recommendations:

Buy: 38685 Take Profit: 39826

Buy: 40386 Take Profit: 41215

Sell: 36985 Take Profit: 36160

Sell: 36154 Take Profit: 35000

In the one-hour chart, the key levels for the Ethereum are 1875, 1815, 1780, 1733, 1707, 1608, 1567 and 1521. The local upward trend from February 1 is continuously being monitored here. In this context, we expect the price of Ethereum to increase after breaking through the noise range of 1707 - 1733. This will lead us to the new target at 1780. In addition, there is a short-term growth in the range of 1780 -1815, with consolidation. Thus, the final potential upward target will be 1875. Once this level is reached, a downward pullback can be expected.

Meanwhile, a short-term decline is possible in the range of 1608 - 1567. If the last value breaks down, a deep correction will follow, with a target set at 1521. This is the key support level.

The main trend is a local upward trend from February 1

Trading recommendations:

Buy: 1734 Take Profit: 1780

Buy: 1816 Take Profit: 1875

Sell: 1608 Take Profit: 1568

Sell : 1565 Take Profit: 1522