Price Analysis Feb 10: Btc, Eth, Xrp, Bch, Bsv, Ltc, Eos, Bnb, Xtz, Ada

A report by investment management firm VanEck shows that Bitcoin can greatly improve the risk and return reward profile of institutional investment portfolios. The research shows that even a small allocation to Bitcoin in a portfolio mix of 60% equity and 40% bonds enhanced the cumulative return.

The best portfolio return was seen with an investment of 3% in Bitcoin, 58.5% in equity and 38.5% in bonds. When Bitcoin was compared with traditional assets such as the U.S. dollar and gold, Bitcoin showed more features that are desirable from an asset class to be used as money.

Daily cryptocurrency market performance. Source: Coin360

Another Japanese lawmaker said that the government should expedite work on launching a digital yen. The head of the banking and finance systems research commission at Japan's Liberal Democratic Party, Kozo Yamamoto, said that the nation should launch a digital yen as soon as possible to counter the digital yuan being worked upon by China. This shows how central banks are recognizing the advantages of digitization and are working towards it.

After the sharp rally of the past few days, several major cryptocurrencies are showing signs of tiring out. Lets analyze whether this is a short-term top or is it a minor correction after which the market will resume its uptrend.

BTC/USD

Bitcoin (BTC) has turned down from $10,188.97. This shows that bears are defending the overhead resistance at $10,360.89 aggressively. Due to the failure of the bulls to scale this level, the short-term traders are also likely to book profits.

BTC USD daily chart. Source: Tradingview

The bears can drag the price to the 20-day EMA at $9,600 but we expect the buyers to step in and defend this level.

If the BTC/USD pair bounces off the 20-day EMA, the bulls will once again attempt to push the price above the overhead resistance at $10,360.89. If successful, a move to the long-term downtrend line at $11,500 is possible.

Conversely, if the bears sink the price below the 20-day EMA, a drop to $9,097.15 is possible. A break below this level will turn the trend in favor of the bears. Therefore, the traders can book partial profits at the current levels and keep the stop loss on the remaining long positions at $8,900.

ETH/USD

Ether (ETH) has turned down from $230.612. We ...

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