rump Imposes 25% Tariff on Steel and Aluminum,
Trump Imposes 25% Tariff on Steel and Aluminum, Leads to Market Crash
A market sentiment analyzer for cryptocurrency, the crypto fear and greed index has continued to be in the fear area since last week.
On February 1, Trump imposed tariffs of 25% on prominent trading partners
The largest cryptocurrency went down to $94,000 and then pushed back to $97,000, as per the data from the MarketCap.
The crypto market dipped as the President of the United States Donald Trump imposed tariffs on aluminum and steel, a recent barrage in a boosting US trade war. Trump mentioned that any steel and aluminum coming into the state would be struck with a 25% tariff, as per the report of the Associated Press on February 9.
He also revealed that the White House would introduce tariffs on nations imposing import fees on US goods. He further went on to say that if they are charging us 130% and we are charging them nothing, it is not going to be that way.
The gradual recovery
After the announcement of the President, the crypto market slumped all over the world. However, a gradual recovery can also be witnessed. The largest cryptocurrency went down to $94,000 and then pushed back to $97,000, as per the data from the MarketCap.
At the same time, the same data platform provider reveals that Ether has also pushed its way back to almost the same level it was before the tariff announcement, attaining a low of $2,537 but now it is trading back to $2,645.
Meanwhile, the overall crypto market slumped from $3.15 trillion to $3.10 trillion.
After that, it recovered to $3.13 trillion. A market sentiment analyzer for cryptocurrency, the crypto fear and greed index has continued to be in the fear area since last week. It has shown an average score of 44 out of 100.
At the time of writing this, it was still in a fear state, having a score of 35, down from 46 as registered on February 9. Trump has also revealed other plans to impose tariffs on the EU, superconductors, oil, gas, steel, and copper.
The recent tariff imposition
On February 1, Trump imposed tariffs of 25% on prominent trading partners like Canada and Mexico and around 10% on China. This also resulted in a dip in stock and crypto markets.
The Chief Executive Officer of a prominent crypto exchange, Ben Zhou anticipated the liquidations could have attained $8 billion to $10 billion. Ultimately, the crypto market rebounded after the imposed tariffs on Mexico and Canada were halted on February 3 for a month. Trump has not rejected the tariffs once the halt period expires.
On February 3, the PM of Canada, Justin Trudeau posted on X asserting that he had a phone call with the 47th President of the United States, Donald Trump which led to halting to 25% for a minimum duration of 30 days and both countries will work collaboratively. $BTC
XRP Price Prediction For February 11
XRP Price Prediction For February 11
XRP has been relatively quiet over the weekend, with little sign of a strong breakout. While the broader crypto market remains volatile, XRP is currently in a corrective phase, and there’s no clear indication of a major move upward for now. The price is stuck within a narrow range, with support and resistance levels dictating its short-term direction. At the time of writing, XRP is down by more than three percent and is trading at $2.39.
XRP Faces Resistance at Key Levels
The most critical resistance level for XRP is between $2.51 and $2.72, which represents the 50% to 88.7% retracement area. For bulls to regain control and start pushing prices higher, they need to break above this zone. As of now, it’s the bears who seem to dominate, as the price is correcting after a previous rally that saw XRP rise from a low of around $2.10 to a high of $2.80.
This correction, while expected, suggests that the bears are currently in charge, pushing the price lower. The latest bounce from the 50% retracement level appears corrective, indicating that the upward move might not be sustainable just yet.
Potential Scenarios for XRP: A Range-Bound Market
XRP is currently stuck within a defined range, and for now, support levels established over the weekend remain in play. This support, which was defined at key Fibonacci levels, has held strong so far. However, this consolidation phase can’t last forever. A breakout, either to the upside or downside, is expected soon. If the bulls can push past the resistance at $2.80, the next target would be a breakout above the Monday high, which could indicate that the corrective phase is over and a new rally could begin.$XRP
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This Bitcoin (BTC) H1 chart analysis outlines potential trading opportunities and key levels to watch. Here's a breakdown of the analysis:
* Friday's Trap/Sell-out: The analysis notes a "red vector candle" between $98,000 and $99,700, indicating a significant price drop. This move is interpreted as a potential "trap" or "sell-out," suggesting that the market may have overreacted and could be ripe for a reversal.
* Potential Long Opportunity: The analyst suggests that the $98,000-$99,700 area could be a good entry point for a long (buy) position, anticipating a "false move" or recovery.
* Liquidation Levels: Specific price points at $97,375 and $98,100 are identified as "liquidation spikes." These levels likely represent areas where leveraged traders' positions were liquidated, potentially creating volatility.
* Daily Fibonacci Golden Pocket and 50EMA: The analysis mentions a confluence of support levels:
* Daily Fibonacci Golden Pocket: This refers to a specific range within a Fibonacci retracement, often considered a strong support zone. The analysis places this between $98,000 and $100,000.
* Daily 50EMA (Exponential Moving Average): The 50-day EMA is a popular technical indicator that smooths out price action. In this case, it's at $98,475, further reinforcing the support zone.
* Large Sell Order: A large sell order at $100,950 is noted as a potential resistance level. This could limit upward movement in the short term. The analyst suggests watching for an "extended week beginning false move" which might be an attempt to run through this order.
* Intra-week Target: The analyst's current target is the "7 Day Liquidity" level at $95,100. This suggests a potential downside move if the initial recovery fails.
In summary: The analysis suggests a potential long opportunity around the $98,000-$99,700 level, based on the prior sell-off being a "trap" and the confluence of support levels. However, the large sell order at $100,950 and the downside target at $95,100 indicate that the market remains volatile and further downside is possible. Traders should be cautious and manage risk appropriately.