Crypto Weekly
February 10, 2023

Markets are slowing down, another SEC settlement and Stablecoins updates

‍Despite a not-so-bullish market move yesterday, this week brought up a lot of positive development to the crypto industry this week. Industry leaders took a stance on the latest regulations while the mainstream NFT adoption continues and new features went live in Quadency!


  • Crypto markets slow down
  • SEC turned up the heat on staking
  • The number of newly created Bitcoin addresses is spiking
  • A new regulated stablecoin has launched on Ethereum
  • Metaverse is overperforming DeFi in last year

Movers and Shakers

Top 7-Day Gainers:
  1. AGIX +111.57%
  2. GRT +64.2%
  3. RPL +18.5%
  4. LDO +18.5%
  5. HBAR +12.5%

Top 7-Day Losers:
  1. FTM -26.1%
  2. APT -22.9%
  3. DYDX -21.8%
  4. LUNA - 21.3%
  5. OP -15.5%


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Technical Summary

Bitcoin Pulse

Despite a cooldown, Bitcoin (BTC) started the week with a lot of positive news including a golden cross signal on Feb. 6th. According to Glassnode, earlier this week most of the BTC holders were in the profit zone for the first time since April 2022. This can be explained by the recent rally that started in January and the fact that more than 600,000 BTC wallet addresses have been created since BTC topped $20k.

  • BTC dropped by 6.5% on Thursday after the Kraken - SEC announcement
  • RSI levels indicate that Bitcoin is now trading in oversold areas

BTC Micro:


  • Price retraced into premium prices on LTF
  • Testing bearish price range before bearish leg started
  • Short-term support found at $21647 (expected due to 1D bullish order block)
  • Refined zones of importance on hourly chart
  • Potential bullish scenario: move up to $22600-$23000 and meet 1H 50 EMA as resistance
  • Potential bearish scenario: price to push deeper into 1D bullish order block and hourly zones of importance, next being at $21200.

On the LTF, the story is much the same; we've seen price retrace into premium prices, testing the equilibrium of the bearish price range before price started its bearish leg. 

We have now found short-term support at the $21647 price level, which was to be expected given the 1D bullish order block, but we also have refined zones of importance on the hourly chart. 

Potential bullish scenarios would now be a bullish move up into the $22600-$23000 price levels, where it would meet the 1H 50 EMA as resistance. Alternatively, if further bearish prices are still on the cards, we would expect price to push deeper into the 1D bullish order block and the hourly zones of importance inside, the next being at $21200.

BTC Macro:


  • BTC's impulse lower confirms the accumulation schematic seen in LTFs
  • Price broke to the downside, raiding 1D sell-side liquidity and finding short-term support at $21800
  • BTC first golden cross on the cards since August 2021, which led to new all-time highs
  • Zone at $21800 could act as strong support for next impulsive bullish price leg to $25207
  • HTF cluster of daily 50 and 200 EMAs, bullish order block, fair value closure, and 1D SSL could act as support
  • Move to $23500 expected at minimum before further bullish prices assessed
  • Be wary of manipulative moves that could shake out buyers before the true move takes place

This week we saw BTC's impulse lower, confirming the accumulation schematic we've been watching on the LTFs the last few weeks. Price broke to the downside, raiding 1D sell-side liquidity, and has found short-term support at the bullish order block in premium prices at $21800.

Given that BTC is getting extremely close to having its first golden cross since August 2021 which led to new all-time highs being reached, or on some datas has already taken place, this zone could act as strong support for the next impulsive bullish price leg higher, at least to raid the 1M buy-side liquidity at $25207. 

On the HTF, if the cluster of the daily 50 and 200 EMAs, bullish order block, fair value closure, and 1D SSL is to act as support, we would expect a move to the $23500 level at a minimum before assessing whether further bullish prices are on the cards. Or we are heading down into deeper discounted prices before any further continuation. 

It's important to remember that many eyes will be watching for this bullish signal to take place, so it's important to be wary of any manipulative moves that could try to shake willing buyers out before the true move takes place. 

Altcoins on the move

The altcoins followed Bitcoin in the recent market drop with top altcoins dropping between 5% to 10% on Thursday. While the markets haven’t rebound yet, most altcoins have stabilized over the last few hours.

ETH Macro


  • ETH is currently finding support at 200 EMA, with 50 EMA approaching
  • Possibility of a golden cross but also risk of death cross, if we get manipulation
  • Bearish push could result in a move down to $1250 with confluences
  • If bullish continuation, move into $1670-1750 price level before retracements

ETH this week has had a similar story to BTC's; however, we are currently finding support at the 200 EMA as we speak, the 50 EMA is fast approaching, and a golden cross could soon be in play. But beware, a bearish push lower could easily deny the golden cross or result in an immediate death cross before bullish prices push higher. 

If further bearish prices are to be achieved before further bullish continuation, we would expect a move down to the $1250 price level, where we meet a cluster of confluences in the form of bullish order blocks in discount, the closure of daily fair value gaps, and the reaching of discounted prices. 

Alternatively, if we push higher from the 200 EMA we're currently at, we should see at least a move into the $1670-1750 price levels before we see any retracements. 


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Quadency is a cryptocurrency portfolio management platform that aggregates digital asset exchanges into one easy-to-use interface for traders and investors of all skill levels. Users access simplified automated bot strategies and a 360 portfolio view with a free account.

Disclaimer: The content of this article is for general market education and commentary and is not intended to serve as financial, investment, or any other type of advice.

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