According to AssetDash data, the market value of bitcoin (BTC) surpassed $ 889 billion on February 9, pushing BTC even further towards the value of Tesla and the Russian ruble.

The current rally has long been limited to bitcoin as a lot of digital currencies have accumulated in recent days. This indicates widespread buying interest and to date, the total market value of cryptocurrencies has exceeded $ 1.4 trillion.

While the influx of positive news and rising prices for most cryptocurrencies may give the impression that the trend will never end, traders should be careful as there are periodic adjustments in every revolutionary phase.

It is also important to note that each stage of Taurus usually has its own set of leaders. Cryptocurrencies that perform well in the current bullish trend may not lead the next currency. Thus, traders need to study their portfolios and close trades that may not be very strong, but which can only rise because of positive sentiment.

It is difficult to determine the time of the summit, because only looking back, it is safe to say that the summit took place. Consequently, traders may consider holding appropriate stop losses in their positions to protect excess security.

Let’s examine the charts of the top 10 cryptocurrencies to determine the strength of the trend and the critical levels to watch out for.

Bitcoin / US dollar
After a sharp rise on February 8, the Bitcoin Doji candlestick pattern formed on February 9, indicating that the bulls and bears were undecided on the next move. Fluctuations today have eliminated a flaw that indicates traders are making a profit.

Now BTC / USD may fall to the breakout level of $ 41,959.63. If the price bounces off this support it would mean that the trend is still up and traders are not waiting for a deeper correction to buy.

If the bulls manage to push the price above $ 48,152.84, the bullish trend could continue with the next target target at $ 60,974.43.

Contrary to this assumption, if the pair breaks and continues to move below $ 41,959.63, it would indicate traders are aggressively taking profits.

A break below the moving average will be the first sign that supply exceeds demand. Bears take over if the pair falls below $ 28,850.

Ether (ETH) is at a consistent high today, but the long wick of the candle indicates that traders are taking profits at higher levels. The lack of a major alternative currency to pick up steam after breaking above $ 1,757,338 indicates that demand at higher levels is shrinking.

ETH / USD may see a slight correction or consolidation, which could bring the price down to a 20-day exponential moving average ($ 1,514). This is an important support to watch out for as the bulls have not let the price stay flat over the past few weeks.

If the price bounces off the 20-day moving average, it indicates that traders still see a drop to that level as a buying opportunity. The bulls will then try to resume the bullish move and push the price up to $ 2,000.

This positive outlook will change if the bears fall and hold the price below the 20-day EMA for more than 2 days. Such a move would indicate that traders are aggressively taking profits and this could push the price towards the 50-day simple moving average ($ 1,194).

ADA / US dollar
Cardano (ADA) has seen a vertical rally today, pushing the price up to $ 0.8871889. This strong bullish move in recent days has pushed the Relative Strength Index (RSI) deeper into the overbought zone.

Vertical collections are rarely sustainable, and if the trend stops, many momentum traders can be pushed out, causing a sharp decline.

The first support on the downside is the 38.2% Fibonacci retracement at $ 0.6646150, followed by the 50% retracement at $ 0.5958618.

If the price bounces off one of the two supports, it indicates that the bulls continue to look for buying opportunities in the fall. They will then try to renew the trend and push the price towards the psychological $ 1 level.

Conversely, if the price falls below $ 0.5958618, the correction could be deeper to the 20-day moving average ($ 0.51).

Source: CoinTelegraph