Fractal analysis of Bitcoin and Ethereum on February 12

Outlook on February 12:

Analytical review of cryptocurrencies on the hourly chart:

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In the one-hour chart, the key levels for Bitcoin are 54128, 51803, 49641, 48614, 45957, 44308 and 42582. The price has been moving in an upward trend from February 7. Thus, we expect it to further resume if the price breaks through the range of 48614 - 49641. In this case, the target is seen at 51803. The price is expected to consolidate closer to this level. At the same time, if the price reaches the potential upward target of 54128, it will possibly pull back downwards.

Meanwhile, a short-term decline is expected in the range of 45957 - 44308. If the last value is broken, a deep correction will follow. The target is set at 42582, which is also the key upward support level.

The main trend is the upward trend from January 31, the local trend from February 7.

Trading recommendations:

Buy: 49641 Take Profit: 51803

Buy: 51805 Take Profit: 54128

Sell: 45957 Take Profit: 44310

Sell: 44306 Take Profit: 42582

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In the one-hour chart, the key levels for Ethereum are 2051, 2002, 1891, 1851, 1715, 1672, 1604 and 1488. The price started its upward trend on February 7, which will possibly continue if the price breaks through the range of 1851 - 1891. In this case, the target will be the level of 2002. The upward potential target is the level of 2051. If the price reaches this target, the price may consolidate and pullback downwards.

A short-term decline, in turn, is expected in the range of 1715 - 1672. If the level of 1672 breaks down, a deeper correction will occur. The target is set at 1604, which is also the upward key support level.

The main trend is the local upward trend from February 7.

Trading recommendations:

Buy: 1891 Take Profit: 2002

Buy: 2004 Take Profit: 2050

Sell: 1715 Take Profit: 1672

Sell : 1670 Take Profit: 1605

The material has been provided by InstaForex Company - www.instaforex.com