The concluding calendar week of February saw a claret bath beyond various nugget classes on fears that the coronavirus outbreak is turning into a pandemic. This led investors to dump their positions in the equity markets, which wiped off nearly $3.8 trillion of value in U.S. stocks. Gold, which has acted every bit a traditional safe haven was not spared. The yellow metal plunged about 4.six% on Feb. 28, which took the weekly loss to nigh v% for the week.

This shows that the investors did not differentiate between asset classes and sold everything in a state of panic. Bitcoin (BTC) and other cryptocurrencies were also not spared in the selloff as investors might take booked profits in them to cover their losses in the equity markets. Bitcoin barbarous nearly xiv% in February, dragging the whole crypto space lower.

Crypto market data weekly view. Source: Coin360

Just a few days back, the crypto traders were all excited when Bitcoin rallied above $x,000 levels. However, within a few days, the traders are now worrying whether the bull phase in Bitcoin is over and will the crypto markets once more slump into a comport phase. While it is necessary to estimate the sentiment of the markets, it is worthwhile to stick with the trend.

Permit's study the acme v performers of the by seven days to find out whether the trend has turned downwards or if this is only a pocket-size bleep in a long bull market that notwithstanding has legs to run.

LEO/USD

UNUS SED LEO (LEO) was the best performer of the past vii days with a marginal gain of over 1%. Bitfinex suffered a distributed denial-of-service assail on Feb. 28 for about an hour during which the exchange's activeness was severely crippled.

Bitfinex CTO Paolo Ardoino said that though the attack was "very sophisticated," the team had completely annihilated it in a brusk menstruum of fourth dimension and such attacks would not work again confronting Bitfinex.

LEO USD weekly chart. Source: Tradingview

The LEO/USD pair is attempting a recovery from its lows at $0.80512 simply the bears are defending the overhead resistance at $1.025 aggressively. Still, the positive affair is that the bulls are holding ground and have not immune the pair to slip towards the lows.

We expect the bulls to make another try to push button the price above $1.025. If successful, the pair will start a new uptrend that tin can reach $i.36. We anticipate the bulls to once more hit a roadblock at this level simply if crossed the upward movement tin reach $two.

Our bullish view volition exist invalidated if the pair turns downwards from the current levels and dips below the lifetime lows.

HT/USD

Huobi Token (HT) was the 2d-all-time performer of the by seven days. It has just almost managed to stay in the green. The Huobi group announced the public testnet launch of Huobi Chain on Feb. 29. The commutation also started margin trading on the Huobi Token with a leverage of 2x.

HT USD weekly chart. Source: Tradingview

The HT/USD pair had a very volatile calendar week. Along with other cryptocurrencies, it also roughshod in the early role of the week but reversed direction from a low of $iii.8890 on Feb. 27. Thereafter, it surged and broke higher up the overhead resistance at $5.3506 but the bulls could not sustain the higher levels.

Nosotros expect the bears to offering stiff resistance in the $5.3506-$half-dozen.x resistance zone. However, if bulls can push the price higher up this zone, the ascending triangle pattern will complete. This bullish setup has a target objective of $9.8212.

Yet, if the bulls fail to push the price above the overhead resistance zone, the pair might remain range-bound between $3.eight and $five.3506. The first sign of weakness will be a intermission beneath the twenty-week EMA and the trend volition plow negative on a intermission beneath the trendline of the ascending triangle.

LINK/USD

Though Chainlink (LINK) declined about 7% in the past 7 days, it turned out to be the 3rd-best performer. During the week, Ethereum Archetype announced a collaboration with Chainlink to bring decentralized oracles to Ethereum Classic. Polkadot announced that Chainlink had "completed an initial integration with a Substrate-based blockchain, marking a major milestone in the mission to bring Chainlink's market-leading network of decentralized oracles to the Substrate chain ecosystem and Polkadot."

These partnerships and a few more announced during the week helped LINK recover from the sharp losses during the calendar week. Let's study its chart to come across whether we find whatsoever reliable buy setups on it.

LINK USD daily chart. Source: Tradingview

The LINK/USD pair also succumbed to selling pressure during the week, which dragged its price to the trendline. Even so, the positive thing is that the bulls purchased close to the trendline, which resulted in a abrupt recovery. This shows that the sentiment remains to buy on dips.

Nosotros now await the bulls to brand another attempt to push the price above the overhead resistance at $iv.8671. If successful, the pair will resume the up move that tin carry it to $five.6934 and above information technology to $seven.3101.

Reverse to our assumption, if the bulls fail to push LINK to new highs, the pair might remain range-bound for a few days. A break below the trendline volition be the first sign that the up move is weakening. The trend will turn in favor of the bears on a break beneath $iii.

HEDG/USD

Hedge Trade (HEDG) lost about thirteen% in the by seven days but still was the 4th-best performer among major cryptocurrencies. This shows that the crypto markets are nether force per unit area. Can HEDG stage a turnaround? Let's analyze its chart.

HEDG USD daily nautical chart. Source: Tradingview

After consolidating for four weeks between $2.37987231 and $ii.98063936, the HEDG/USD pair has succumbed to profit booking. It tin now correct to $2.05233281, which is the 38.2% Fibonacci retracement of the about contempo rally.

If the pair bounces off this support, we anticipate the bulls to brand some other attempt to carry the cost above $three as it will bespeak stiff buying on dips. Subsequently the cost sustains above $3, the next level to watch on the upside is $four.

However, if the bulls fail to defend the support at $ii.05233281, the price can slip to $ane.76557843 and beneath it $one.47882405, which are 50% and 61.8% Fibonacci retracement levels of the virtually recent rally. Information technology is better to wait for the price to stop falling and point a turn around before initiating long positions.

BTC/USD

The SEC rejected the proposed Bitcoin (BTC) exchange-traded fund (ETF) proposal filed by the New York-based firm Wilshire Phoenix. This movement establish dissent in Commissioner Hester "crypto mom" Peirce who said that the Commission continues to shift its standards to deny investors an opportunity to buy Bitcoin.

Several popular personalities projected potent short-term and long-term targets for Bitcoin and suggested investors to at to the lowest degree have some Bitcoin in their portfolio.

Still, information technology was not all support for Bitcoin as Berkshire Hathaway CEO and chairman Warren Buffet and gold bug Peter Schiff continued with their anti-Bitcoin views.

BTC USD daily chart. Source: Tradingview

The BTC/USD pair has formed a long-term symmetrical triangle. The cost recently turned down from $10,500, which is just below the resistance line of the triangle. There is support at $7,856.76 and beneath that at $6,435. If both these supports fissure, the pair can drib to the support line of the symmetrical triangle.

Conversely, if the pair reverses direction from the current levels or from $7,856.76, the bulls will make some other endeavor to push the toll higher up $x,500. Nosotros anticipate the bears to mount a strong defence between $10,500 and the resistance line of the triangle.

The 20-week EMA is flattening out and the RSI is close to the midpoint, which suggests a few weeks of range-bound trading. All the same, if the bulls can button the price above the triangle, the pair is likely to pick up momentum. The blueprint target of a breakout of the triangle is 29,882 just information technology might not be a direct nuance to these levels.

We expect the up move to face stiff resistance at $14,000 and higher up it at the lifetime highs. Until BTC breaks out of the triangle, it might remain volatile. Our bullish view will be invalidated if the bears sink the price below the support line of the triangle.

The views and opinions expressed here are solely those of the writer and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should comport your own research when making a determination.

The market data is provided by the HitBTC substitution.