Yesterday, BTC appreciated by 4.5%, setting a new local high of $44,780. This overview presents the market situation for Bitcoin (BTC) and Sui (SUI) as of Thursday, February 8.
Bitcoin (BTC)
Bitcoin has successfully remained above the $43,000 mark, around which its price had been oscillating for more than two weeks, showing an upward trend yesterday. Nevertheless, this does not assure the coin's continued growth in the medium term.
On the chart, there's a significant resistance area between $45,000 and $46,150, which harbors a considerable number of sell orders. This range is pivotal for the continuation of the upward trend. If buyers can establish a foothold above $46,150, Bitcoin could rapidly target $48,970 and possibly challenge the psychological barrier of $50,000.
In a different scenario, BTC could persist in its local downward trend. At present, the primary buy orders are positioned at the $43,000 level. If BTC loses this support, the next targets for sellers would be the support zones of $40,800–$41,800 and $38,500–$39,600.
BTC chart on the H3 timeframe
Sui (SUI)
Sui is still in a robust upward trend, consistently setting new highs. Currently, the resistance zone of $1.61–$1.66 poses the main challenge to its continued growth. This zone has been tested three times in the last week, indicating the buyers' strength.
Buyers are expected to eventually overcome this barrier, setting sights on $1.7 and $1.8. Assessing further growth prospects for SUI is challenging due to the asset's unprecedented price level, given it has been on the exchanges for less than a year.
Any Sui chart correction would offer an excellent opportunity to initiate long positions. The $1.38–$1.46 range stands as the current buying zone, where acquiring the asset on the spot market is considered advisable. Should BTC encounter negative trends, SUI might drop to the $1.31 level and the $1.20–$1.26 range.
SUI chart on the H2 timeframe
Check out GNcrypto for the latest cryptocurrency rates and chart analysis.
Disclaimer
Please note that the analysis provided above should not be considered a trading recommendation. Before opening any deals, we strongly advise conducting your own research and analysis.
Abbreviations
TF (Timeframe) — a chronological period equal to the time it takes to form one Japanese candle on the chart.
Horizontal channel (flat, sideways, range) — the price movement between support and resistance levels, without going beyond the given range.
К — simplified designation of one thousand dollars of the asset price (for example, 23.4K – $23,400).
Gray range on the chart — a support zone.
Red range on the chart — a resistance zone.
Correlation — the tendency of prices of different cryptocurrencies to move in sync, often influenced by the dominance of one of the assets.
Initial materials
This analysis was informed by the following educational materials and articles from GNcrypto:
