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Your Crypto Focus: 5th – 11th February

Published: 04.02.2022
by Joseph Jeffriess

We have seen a mixed week trade wise, after last week’s fightback that snapped the prior week plunging lows. The top ten and top 20 look quite similar on the weekly charts, with buyers fighting back into the positive after an average start of the week. Bitcoin and Avalanche remain in the red at this point over the week, but Ethereum, Solana and others have moved higher.

Risk sentiment overall looks to be a factor for many major coins as we saw decent reversals develop last night after buyers cut short what started to look like a new push lower by sellers. Friday showed plenty of buyer interest heading to the weekend session. Despite the choppiness this week, we did see some standouts. SOL added over 15%, MANA over 18% and RNDR added over 35%.

This week we are going to focus on Meta (MTAUSD). Looking at the daily chart, we can see that price seems to be in a stage 1 accumulation, and we base this off the clear stage 4 decline that preceded the current range. The range continues to sit above a demand zone and so far continues to see support at 0.63. Buyers continue to test resistance at range resistance. A break of that level could restart a new leg higher. While positive, we have seen a move higher fail, so we would like to see buyers break 0.995 to show that a new stage 2 rally phase is underway.

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