Bitcoin broke below the breakout level of $22,800 on Jan. 30, but bulls bought on the downside, pushing it back to $23,000 on Jan. 31.
The rising moving averages and the Relative Strength Index (RSI) close to the overbought zone suggest that the bulls are in control. Even if the price breaks below $22,800, the BTC/USDT pair is likely to find support at the 20-day exponential moving average ($21,936).
A strong pullback from the current levels or the 20-day EMA will push the pair back towards the overhead resistance at $24,000.
A break below the 20-day EMA will be the first sign that the bears will gain momentum. There is a small support at $21,480, but if this breaks, it could retest the psychologically important levels of $20,000.
Ether turned up from the 20-day EMA ($1,546) on Jan. 31, but the rally has lacked strength. This suggests no aggressive buying by the bulls.
The bears will try to transfer the edge to themselves by pulling the price below the 20-day EMA and the strong support at $1,500. If they succeed, the ETH/USDT pair could pull back to the critical support at $1,352. A strong bounce from this level will result in range action between $1,352 and $1,680 for some time.
If the bulls want to maintain their dominance, they need to defend the 20-day EMA and rise above $1,680. If that happens, a rally to $1,800 and eventually to $2,000 is possible.
XRP plunged below the 20-day EMA ($0.40) on Jan. 30, but the bears failed to sustain the downside. This suggests that the bulls are buying on dips.
With the 20-day EMA flattening out and the RSI just above the midpoint, we expect range action for the time being. If the 20-day EMA breaks down, the XRP/USDT pair can drop to the 50-day SMA ($0.37), which acts as strong support. After that, the pair will attempt a rally to the $0.42-$0.44 overhead zone.
The bulls need to push the price above the overhead resistance to gain the upper hand. If successful, it will pick up the pace and rally to $0.51 and then $0.55.
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