Nasdaq 100 Price Analysis — February 2

2 February 2021 | Updated: 2 February 2021

The Nasdaq 100 (NDX) recorded a whopping 2.65% climb yesterday, paring back most of the losses it suffered last week. Although price action can still be seen in the new retail traders’ favorites like GameStop and AMC, a significant decline in short interest surrounding these stocks has put the markets in a different landscape compared to last week.

Goldman Sachs reported that hedge funds bought and sold the most amount of stocks ever seen in the past ten years last week, which resulted in the most “de-grossing” since February 2009. While the recent deleveraging of markets could make trading popular “Reddit stocks” complicated for retail traders, the excess cash on the sidelines could benefit the broader indices.

In other news, Democrats in both the House and the Senate filed a joint budget resolution in their respective chambers yesterday, which will clear the road for President Joe Biden to pass his proposed $1.9 trillion stimulus bill.

Before now, President Biden was hopeful about passing a bipartisan bill and met with a group of ten Republican Senators to debate their $600 billion counter-proposals. However, with several Democrats rejecting a smaller stimulus bill, the Biden Administration will likely forge ahead without the approval of the Republicans on his $1.9 trillion packages.

That said, additional stimulus measures will bolster the NDX and other indices in the coming weeks.

NDX – Hourly Chart

Nasdaq 100 (NDX) Value Forecast — February 2

NDX Major Bias: Bullish

Supply Levels: 13400, 13500, and 13563.

Demand Levels: 13200, 13110, and 13000.

Following the emergence of a double-top pattern and the Reddit traders’-induced market volatility, the NDX fell dramatically by more than 4% last week. However, the index has recovered most of the losses, +3%, from the recent crash.

That said, we expect full recovery to the 13400 resistance before the close of the market today, followed by an attempt at the 13563 over the week.

On the flip side, any fall from the NDX’s current price level will get strongly repelled by the 13110 support, where the base of our ascending channel lies.

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Litecoin (LTC) Slumps, Unable to Push Above the Resistance Line

2 February 2021 | Updated: 2 February 2021

Key Highlights
Litecoin drops to $134 low after failing to break above the resistance line
The crypto may lose $120 support if buyers fail to break the resistance line

Litecoin (LTC) Current Statistics
The current price: $138.52
Market Capitalization: $11,635,672,150
Trading Volume: $6,174,947,435
Major supply zones: $200, $220, $240
Major demand zones: $100, $80, $60

Litecoin (LTC) Price Analysis February 2, 2021
Litecoin has continued to make a downward move as the crypto reaches the low of $134. In the previous price action, Litecoin has been making a series of lower highs and lower lows. The downtrend would have been interrupted if the bulls have broken the resistance line. On the downside, if the coin falls and breaks below the $120 support, LTC will be faced with deeper correction as the coin will decline to $55 low. On the upside, the bulls have to break the resistance line to overcome the current downtrend.

LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
The bears have broken below the SMAs as bulls attempt to push LTC upward. The coin will resume upward if the crypto’s price rises above the SMAs. In the bullish trend zone, the coin has the chance of rising. Litecoin is at level 49 of the Relative Strength Index period 14. It indicates that there is a balance between supply and demand.

Conclusion
Litecoin has been falling consistently as bears approach the low of $120. The Fibonacci tool analysis will hold if the bears break the $120 support. On January 11 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the crypto will reach level 2.0 Fibonacci extensions or the low of $38.47.


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GBPJPY overextended at key level

2 February 2021 | Updated: 2 February 2021

The GJ just retested a massive daily level from February 21st 2020

This level is were sellers took control of the market and pushed price down 14.64% (2125 pips).

On the short term we have hit important bullish targets and have made now a lower low at the retest of the previous broken level.

We are still trading inside of a bullish structure but the break of the lows would point at a break of said structure and a possible pullback to the previous key level at the 50% pullback of the last leg up and the 1.618% pullback of the last wave up.

Massive bearish divergence detected.

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ADA/USD Price; Will Resistance Level of $0.43 Holds?

2 February 2021 | Updated: 2 February 2021

 ADA Price Analysis – February 02

Should the bulls further increase their momentum and push the price to break up the resistance level of $0.43, then, $0.50 and $0.59 may be tested. In case the price is rejected at the $0.43 level, the price may reverse. The support level can be found at $0.38, $0.33, and $0.27 levels.

 ADA/USD Market
 Key Levels:

Resistance levels: $0.43, $0.50, $0.59

Support levels: $0.38, $0.33, $0.27

ADA/USD Long-term Trend: Bullish

ADA is bullish in the long-term outlook. The coin remains under the control of the bulls when it started a few weeks ago. The bulls pushed the price to reach the resistance level of $0.38. The price is rejected at the resistance level of $0.33, it pulls back to retest the support level of $0.24. The bulls picked up the price and pushed it up to the $0.38 level, it pushes back to retest the $0.33 level. Yesterday, another strong bullish daily candle emerges and broke up the resistance level of $0.38 to test the resistance level of $0.43.

ADAUSD Daily chart, February 02

The price has broken up the 9 periods EMA and the 21 periods EMA while the price is trading above the two EMAs which indicates an increase in the bullish movement in the ADA market. Should the bulls further increase their momentum and push the price to break up the resistance level of $0.43, then, $0.50 and $0.59 may be tested. In case the price is rejected at the $0.43 level, the price may reverse. The support level can be found at $0.38, $0.33, and $0.27 levels.

 ADA/USD Medium-term Trend: Bearish

 ADA/USD is bullish on the 4-hour chart. The resistance level at $0.38 has been withstanding the pressure of the bulls for many weeks in the 4-hour chart. Yesterday, the bulls gained more momentum and break up the resistance level of $0.38. The price increases and reached the $0.43 price level. The bears are defending the resistance level of $0.43 with the formation of the Doji candle at $0.43. 

ADAUSD 4-hour chart, February 02

 Cardano is trading above the 9 periods EMA and 21 periods EMA which indicates an increase in bullish momentum. The Relative Strength Index period 14 with its signal line pointing down at 80 levels connotes a sell signal. 

 

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NEO Price; Is It a Bearish Continuation or Price Reversal?

2 February 2021 | Updated: 2 February 2021
NEO Price Analysis – February 02

Should the bulls push up the price above the resistance level of $25, then, the price may increase to $28 and $32 price level. In case the bears prevail and the price burst out at the support level of $22, the price will reduce to the $19 support level and may test the $15 level.

NEO/USD Market
Key Levels:

Resistance levels: $25, $28, $32

Support levels: $22, $19, $15

NEO/USD Long-term Trend – Ranging

NEOUSD is on the ranging mode in the daily chart. The short “M” pattern formed last two weeks drove the price down to the support level of $19 on January 27. The mentioned level holds the price and it could not break it down. The bulls tried and pick up the market but the momentum is not strong enough to drive the market fast. The price consolidates between the two dynamic support and resistance level throughout last week. Today, it seems the bulls want to dominate the market as the bullish candle open the market.

NEOUSD Daily chart, February 02

The two EMAs are parallel to each other at a close range and the coin is trading in between the 9 periods EMA and 21 periods EMA. Should the bulls push up the price above the resistance level of $25, then, the price may increase to $28 and $32 price level. In case the bears prevail and the price burst out at the support level of $22, the price will reduce to the $19 support level and may test the $15 level. However, the relative strength index period 14 is displaying a bullish signal.

NEO/USD Medium-term Trend – Ranging

The bulls’ momentum and the bears’ momentum are at equilibrium in the 4-hour chart. The support level of $19 was tested on January 27, the price bounces off the level and inclined towards the resistance level of $25. The bearish momentum became weak and the price could not reach the mark. The price results in consolidation around $22 price level.

NEOUSD 4-hour chart, February 02.

The 9 periods EMA is interlocking to the 21 periods EMA while the price is trading over and around the two EMAs. The relative strength index period 14 is displaying a bullish signal.

 

 

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XRPUSD Price Bounces Off November High Level

2 February 2021 | Updated: 2 February 2021
XRP/USD Market February 02

A further increase in the bears’ pressure may push the price to penetrate the support level of $0.28 level; this may decrease the price to $0.39 and $0.28. In case the support level of $0.28 does not give way, the price may increase to the previous high levels of $0.62, $0.73, and $0.79. The relative strength index period 14 is at 50 levels with the signal line pointing downside to indicate the selling market.

Key Levels:

Resistance levels: $0.62, $0.73, $0.79

Support levels: $0.49, $0.39, $0.28

XRP/USD Long-term Trend: Bearish

XRPUSD is bearish on the daily chart. The market is highly volatile yesterday as bulls initially overpowered the bears and that is why the price is soaring higher. The bulls’ pressure broke up $0.39, $0.49 and $0.62 price level and the resistance level of $0.73 is tested. The bears oppose the price increase. The price is pushed down with the formation of long legged daily candle; the price is targeting the previous low.

XRPUSD Daily chart, February 02

The two EMAs are well separated and the price is trading above the 9 periods EMA and 21 periods EMA at a close range as a symbol of a bullish market. A further increase in the bears’ pressure may push the price to penetrate the support level of $0.28 level; this may decrease the price to $0.39 and $0.28. In case the support level of $0.28 does not give way, the price may increase to the previous high levels of $0.62, $0.73, and $0.79. The relative strength index period 14 is at 50 levels with the signal line pointing downside to indicate the selling market.

XRP/USD Medium-term Trend: Bearish

XRPUSD is bearish on the medium-term outlook. The bulls’ momentum was higher than that of the bulls’ in the 4-hours chart at the beginning of the trading yesterday; the price is greatly increasing towards the resistance level of $0.73. The bears reacted sharply against the increase and there is a formation of inverted pin bar. It is a bearish candle pattern and this triggers the falling of the price to previous low at $0.28 level.

XRPUSD 4-hour chart, February 02

The two EMAs are above the price currently and the price is trading below the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is pointing down at 50 level to indicate a sell signal.

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Bitcoin Cash (BCH) Price Analysis: BCH Faces Stiff Resistance at $440 as Bears Threaten to Short

2 February 2021 | Updated: 2 February 2021

Key Highlights
BCH faces rejection twice at the $440 resistance
BCH is currently fluctuating between $390 and $440

Bitcoin Cash (BCH) Current Statistics
The current price: $415.56
Market Capitalization: $8,698,668,309
Trading Volume: $5,419,087,295
Major supply zones: $700, $720, $740
Major demand zones: $250, $230, $210

Bitcoin Cash (BCH) Price Analysis February 1, 2021
For the past four days, the bulls have retested the $440 resistance but were repelled. On Each retest, the price will fall to $390 low and the upward move will resume. The crypto is now fluctuating in a tight range between $390 and $440. BCH is facing stiff resistance at $440. On the downside, if the coin falls and breaks below $390, BCH will decline to $280. Similarly, if buyers can push the coin above $440, a rally to $540 is likely.

BCH/USD – Daily Chart

Bitcoin Cash Technical Indicators Reading
The bears have broken below the SMAs as bulls attempt to pullback. BCH has fallen into the bullish trend zone which makes it prone to further decline. The coin is at level 43 of the Relative Strength Index period 14. BCH is still in the downtrend zone and is capable of falling.

BCH/USD – Daily Chart

Conclusion
BCH is still falling and in a downward move. Meanwhile, on January 21 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that BCH is likely to fall to level 1.272 Fibonacci extensions. That is, BCH will fall to a low of $342.09 and reverse. BCH will reverse to 78.6% Fibonacci retracement level where it originated.


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Silver Upside Acceleration Gets All the Attention Amid Stocks Rally

1 February 2021 | Updated: 1 February 2021

The silver rally is accelerating after the gap and so far reaches $30. A strong break of resistance at 27.91 confirms the resumption of short-term gains from 21.88. The next target is a 100% forecast of $21.88 to $27.91 from $24.12 at $30.50, close to the high of $30.15.

Spot Silver (XAG/USD) continued its recent meteoric rally for the third day in a row, during which the spot price of the precious metal rose from less than $25 per troy ounce to, at some point during Monday morning European session, above the $30 mark with an increase of about 20%. After crossing the 2020 high of $29.80 and the $30 level and hitting an eight-year high on Monday morning, the precious metal declined slightly, trading at an average of $29, but still more than 10% higher than last year.

As the new session starts, the bulls may try to continue moving up past the $30 level, with the next significant area of ​​resistance going to the January 2013 high of around $32.50. Technically speaking, until then there will be clean air. On the other hand, early January 2021 highs just below the $28 level should offer support.
Stocks Rally Continues As Traders Focus Attention on Silver
The war between the Wall Street establishment and small investors is far from over as retail traders are not only still betting against GameStop short-sellers and other Reddit favorites, but are also moving into the commodities arena.

Silver has become a new target for Reddit traders after someone posted on an online forum that it is “the world’s largest short squeeze.” The spot silver price is up about 10% today after two days of strong gains.

Meanwhile, the price of so-called “meme stocks,” such as GameStop and AMC Entertainment, rose again on Friday after online brokerage firm Robinhood eased some of its trading restrictions on the stock. However, it remains to be seen if Reddit traders will have the same success in initiating a massive short squeeze for silver as they did for falling stocks like GameStop.

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Dogecoin Price Analysis — February 1

1 February 2021 | Updated: 2 February 2021

Dogecoin (DOGE/USD) saw an overnight rally of about 80%, indicating that Wall Street Bet’s crypto division still has plans for the cryptocurrency. Dogecoin came into the limelight following a 900% pump on January 28, which catapulted the meme cryptocurrency to rank as the tenth-largest cryptocurrency based on market capitalization for the first time since 2015.

As the massive rally began to lose momentum, many traders rapidly cleared their profits, as it looks like the investors are now looking for something else to invest in.

The spike was originally sparked when exchanges restricted traders from acquiring more AMC and GameStop stocks on January 28, prompting the Reddit investors to seek other investment alternatives like silver and some “cheap” cryptocurrencies.

On January 28, the Twitter user “WSB Chairman” tweeted to his 750k followers, saying “has Doge ever been to a dollar?” This question sparked a massive rally in DOGE, despite the crypto having no protocol upgrades since 2015.

Several social media influencers were very discontent with buying the top of the rally, indicating that the speculative frenzy has ended.

It is almost impossible to pinpoint the exact reason for the spikes, considering that there are several social networks, especially private Telegram groups and trading signal apps, actively participating in the price action.

That said, measuring social media activities could become the norm for speculation.

DOGEUSD – 4-Hour Chart

Key DOGE Levels to Watch — February 1

DOGE/USD appears to have gone into consolidation between $0.0450 and $0.0350, as its bullish momentum loses steam. The cryptocurrency’s recent price action has formed a triangle pattern, indicating that a spike (to either direction) is just around the corner.

That said, we expect a retrace to the $0.350 supporting the coming hours, where a rebound to the $0.0500 round figure and higher will likely occur.

Meanwhile, our key resistance levels are at $0.0450, $0.0500, and $0.0600. While our key support levels are at $0.0350, $0.0270, and $0.0220.

Total Market Capitalization: $1 trillion

Dogecoin Market Capitalization: $4.7 billion

Dogecoin Dominance: 0.47%

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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Germany 30 (DE30EUR) Retraces to Level 13400, Resumes a Fresh Uptrend

1 February 2021 | Updated: 1 February 2021

key Resistance Zones: 15000, 15200, 15600
Key Support Zones: 11200, 10800, 10400

Germany 30 (DE30EUR) Long-term Trend: Bullish
Germany 30 is in an upward move after retracing to level 13400. A retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the index will rise and reach level 1.272 Fibonacci extensions or level 14428.0. The market will reverse at the 1.272 Fibonacci extensions and return to the 78.6% retracement level.

DE30EUR – Daily Chart

Daily Chart Indicators Reading:
Presently, the SMAs are sloping upward indicating the uptrend. The index has fallen to level 49 of the Relative Strength Index period 14. This indicates that there is a balance between supply and demand.

Germany 30 (DE30EUR) Medium-term Trend: Bullish
On the 4- hour chart, the index is in a rally. On February 1 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that DE30EUR will rise to level 1.272 Fibonacci extensions. That is the high of 13726.70.

DE30EUR – 1 Hour Chart

1-hour Chart Indicators Reading
The market is above the 80% range of the daily stochastic. It indicates that the index is in a bullish momentum and it is in the overbought region. Meanwhile, the 50-day SMA and the 21-day SMA are sloping upward indicating the uptrend.

General Outlook for Germany 30 (DE30EUR)
DE30EUR is in an upward move. The market has earlier fallen to level 13400 and resumed an upward move. According to the Fibonacci tool, the market will reach a high of level 14428 and reverse.



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Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.