The recovery in cryptocurrency prices has ignited involvement among institutional investors. In 2022, dedicated crypto funds returned more than xvi% according to Eurekahedge while traditional hedge fund strategies returned 10.iv% according to Hedge Fund Research, Inc. Several hedge funds and big trading firms use speed to their advantage by benefitting from pricing inefficiencies.

Others profit from the spreads between bids and offers. While such entrants will meliorate the liquidity and provide depth to the markets, the crypto space will benefit more than from investors who are in information technology for the long-term.

Daily cryptocurrency market performance. Source: Coin360

Bitcoin futures open up interest has surged to over $1 billion on both Bitmex and OKEx. It is not simply Bitcoin futures that are alluring traders, just even Bitcoin futures options turnover has besides surged 70% month-on-calendar month, according to Deribit.

Increasing open interest with a rise in price is a bullish sign as information technology shows accumulation. All the same, as open up interest increases, the market also becomes vulnerable to long liquidation if the price turns down sharply. Let's study the charts to find out whether they indicate a move higher or a correction from the current levels.

BTC/USD

Bitcoin (BTC) has been trading inside the $9,200 to $9,600 range for the past few days. This shows that the bulls and the bears are playing information technology safe and are avoiding big directional bets.

If the bears sink the price below the range, a drop to the 20-day EMA at $viii,897 is possible. We expect the bulls to defend the twenty-day EMA aggressively. A bounciness off this back up volition betoken demand on dips and will increase the possibility of a rally above $9,600.

BTC USD daily chart. Source: Tradingview

With both moving averages sloping upwards and the RSI in the positive zone, the advantage is with the bulls. If the buyers can push the toll in a higher place $9,600 and sustain it, a move to $ten,360.89 is possible.

Yet, if the bears sink the BTC/USD pair beneath the twenty-day EMA, a drib to the l-day SMA at $8,058 is likely. For at present, the stops on the long positions can be kept at $eight,200. The short-term traders can book partial profits if the price sustains below the xx-day EMA.

ETH/USD

Ether (ETH) bounced off the support at $173.841 on January. 31 and reached close to the overhead resistance at $197.75 on Feb. 3. We expect the bears to defend the resistance at $197.75 aggressively.

ETH USD daily chart. Source: Tradingview

Withal, if the bulls practice non give up much basis from the current levels, it will increase the possibility of a breakout of $197.75. With both moving averages sloping upwardly and the RSI close to the overbought zone, the advantage is conspicuously with the bulls. On a break above $197.75, the next target to watch out for is $223.999.

Our bullish view will be invalidated if the ETH/USD pair turns downwardly from the current levels and dips below the twenty-day EMA at $171.46. The traders can book partial profits on the long positions at current levels and trail the stops on the rest to $170.

XRP/USD

After staying above $0.2326 for ii days, XRP bounced off sharply on Feb. ii and broke above the immediate resistance at $0.25401. The inverted head and shoulders pattern has a target objective of $0.28132.

XRP USD daily chart. Source: Tradingview

The 20-day EMA is sloping upwardly and the RSI is in the positive territory, which suggests that bulls take the upper hand. If the buyers tin push the cost above $0.28132, a move to $0.31503 is possible.

Our bullish view will be invalidated if the XRP/USD pair turns down from the current levels and breaks beneath the neckline. Therefore, the stops on the long positions tin be kept at $0.21.

BCH/USD

Bitcoin Greenbacks (BCH) has been consolidating between $360 and $400 for the by few days. A consolidation near the overhead resistance is a positive sign as it shows that the buyers are in no hurry to close their positions.

BCH USD daily chart. Source: Tradingview

If the bulls tin push the price above the overhead resistance at $403.88, the BCH/USD pair will resume its up move. The next target to spotter on the upside is $440 and above it $480. The upsloping moving averages show that bulls are in command.

Even so, the developing negative departure on the RSI warrants caution. If the bears sink the price beneath the support at $360 and the twenty-solar day EMA at $347, the pair will plough negative and can plummet to $306.78.

BSV/USD

Bitcoin SV (BSV) has been bouncing off the support line of the symmetrical triangle for the past 3 days. However, the bulls have not been able to build upon the rebound, which suggests a lack of need at higher levels.

BSV USD daily chart. Source: Tradingview

If the BSV/USD pair fails to bounciness sharply within the next couple of days, the bears will attempt to break beneath the triangle. If successful, a drop to $236 is possible. If this support besides cracks, the reject tin extend to $159.52.

Conversely, if the bulls can conduct the price in a higher place the triangle and the overhead resistance at $337.80, the pair will try to retest the lifetime highs at $458.74.

LTC/USD

Litecoin (LTC) has been trading above the breakout level of $66.1486 for the by 3 days, which is a positive sign. However, the toll has failed to selection upwards momentum and move up to the side by side overhead resistance at $80.2731.

LTC USD daily chart. Source: Tradingview

This shows that the bulls are tiring. The RSI in the overbought zone suggests that the near-term rally has been overdone and a pullback is possible.

If the LTC/USD pair breaks below $66.1486, a drop to the 20-day EMA at $lx.7 is possible. Nosotros wait the bulls to defend this support aggressively. If the toll bounces off the 20-day EMA, the bulls will once again attempt to push the price above $eighty.2731. If successful, the rally can extend to $96.439.

Our bullish view will exist invalidated if the pair dips below the xx-mean solar day EMA. In such a example, the refuse can extend to the next back up at $50.

EOS/USD

EOS has been trading close to $iv.24 for the by few days. This is a positive sign equally it shows that the traders are not booking profits at these levels. With both moving averages sloping up, the reward is with the bulls. If the buyers can push button the price above $iv.4, a rally to $4.8719 is possible.

EOS USD daily chart. Source: Tradingview

On the other hand, if the bulls fail to calibration to a higher place $iv.4, the EOS/USD pair is likely to dip to the 20-twenty-four hour period EMA at $iii.82, which should act equally strong support.

If the price bounces off the 20-solar day EMA, the bulls will once once again attempt to carry the cost to $iv.8719. However, if the bears sink the pair beneath the 20-24-hour interval EMA, a driblet to $3.3555 is possible.

BNB/USD

Binance Money (BNB) has been hovering around the overhead resistance at $18.fifty for the by few days. This shows indecision among the bulls and the bears most the next likely direction.

BNB USD daily chart. Source: Tradingview

If the bulls fail to push the cost higher up $xix within the next few days, a dip to the 20-day EMA is likely. We expect the price to bounciness off this support. If successful, the bulls volition once more attempt to carry the toll to the side by side overhead resistance at $21.eighty.

However, if the bears sink the price below the xx-day EMA, a drop to the side by side support at $sixteen.50 is possible. The traders can keep the stop loss on the long positions at $15.ninety.

ADA/USD

The bulls are attempting to propel Cardano (ADA) to the adjacent overhead resistance at $0.065229. Notwithstanding, they take not been able to sustain the cost to a higher place $0.0560221. This shows that buying dries upwardly at higher levels.

ADA USD daily nautical chart. Source: Tradingview

When the price fails to movement up, information technology leads to profit-booking by short-term traders. This can drag the toll down to the immediate back up. In this case, the failure to move up can sink the cost to the 20-day EMA at $0.0488. If the bulls defend this level, the ADA/USD pair will again try to move up to $0.065229.

Our bullish view volition be invalidated if the bears sink the price below the 20-24-hour interval EMA. Therefore, traders tin keep the terminate loss on the remaining long positions at breakeven.

XTZ/USD

Tezos (XTZ) has soared today that has propelled it to the superlative 10 list. The altcoin broke out of the stiff overhead resistance at $1.85 on February. two, which completed an ascending triangle pattern. This bullish setup has a target objective of $iii.35.

XTZ USD daily chart. Source: Tradingview

However, the RSI has jumped deep into the overbought territory, which suggests that the rally has run up alee of itself in the short-term. Therefore, a pullback to the breakout level of $1.85 is possible. Such a dip would offer a ownership opportunity to the traders.

On the other mitt, if the XTZ/USD pair continues to move college, it tin can reach $ii.475, which might act as a resistance. Our bullish view will be invalidated if the price turns downward and sustains below the breakout level of $1.85.

The views and opinions expressed here are solely those of the author and practice not necessarily reflect the views of Cointelegraph. Every investment and trading motion involves hazard. You should carry your own research when making a decision.

Marketplace data is provided by HitBTC exchange.