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Major market indicators point to “Buy” sentiment, BTC and ETH prices rise

By February 16, 20232 minute read

The technical analysis for today’s market largely indicates a “Buy” sentiment. Bitcoin has risen significantly since the previous day with increased activity on the network, short selling by investors, and an overall positive sentiment in the market, especially in the US. Ethereum too had a surge in its price in the last 24 hours, with an increased buying pressure in the market.  

The Exponential Moving Average for 10-day and 200-day indicates a “Buy” at 22992.01 and 21458.06, respectively.  Similarly, the Simple Moving Average for 10-day and 200-day SMA indicates a “Buy” as well at 22628.30 and 19712.95, respectively. Both moving averages indicate a buy market. 

Meanwhile, the Ichimoku Base Line valued at 23135.50 is neutral, whereas the Hull Moving Average continues to indicate a “Buy” signal at 23780.01. The Volume Weighted Moving Average at 22939.52 signals “Buy” changing its indication from the previous day.

Market indicators continue to point to a neutral sentiment. The Relative Strength Index (14), one of the key indicators, sits at 69.79, with a neutral outlook. The Stochastic %K (14, 3, 3) and the Average Directional Index (14) are at 73.43 and 36.57 respectively, further signaling a neutral market, similar to its behavior as the previous day.

The MACD Level (12, 26), another important indicator of the market sentiment, is at 519.38, indicating a “Buy”. The Stochastic RSI Fast (3, 3, 14, 14) is at 71.35 with a Neutral indicator, while the Williams Percent Range (14) at −7.27, signals “Sell”.

As of 10:00 AM, 16th February 2023, on WazirX, the current price of Bitcoin is ₹20149, with almost 0.20% increase in the last hour. There was a 1.40% increase in its price in the last 24 hours. The 7-days Bitcoin was up 8.51%.

Ethereum (ETH) is currently trading at ₹1,31,893, with a 0.01% decrease in the last hour.  There has been a 0.35% increase in its price in the last 24 hours. The 7-day ETH was up 5.68%.

Some tokens performed well on WazirX including Push Protocol (PUSH), Theta Fuel (TFUEL), and Dusk Network (DUSK) with price increases of 36.17%, 16.59%, and 15.52% respectively. 

However, some tokens such as USD Coin (USDC), Bakery Token (BAKE), and Compound (COMP) underperformed with price decreases of 3.79%, 3.38%, and 3.34% respectively.

Shiba Inu (SHIB) saw a price increase of 4.47% and is now priced at ₹0.001144. Dogecoin also saw an increase of 0.4% and is now priced at ₹7.52

Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
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