Feb. 2, 2021- Bitech.pro cryptocurrency market outlook.
Hello everyone. Welcome to the cryptocurrency market overview. It’s been a while since my last post. Let’s have a look at what’s going on the crypto markets.
I’ll start with Bitcoin as I always do.
$BTC experienced a massive short squeeze right after massive 103k BTC options expired on 29.01. Also people called it “Ellon Mask’s candle”; he added “Bitcoin” to his Twitter’s bio.
But the price fully retracted in a while. Currently price testing the key resistance around $34500–35000. Daily close above and I’m buying a spot. Also price kinda broke up with the volume out of the descending triangle and retesting it.
Look how crucial the $34.5–35k level was for Bitcoin in the past 4 weeks.
Here is an example of how to trade this pattern.
Source: http://thepatternsite.com/
If we consider this as a break up, the target would be $44700 according to the measuring rule of classic chart patterns.
Let’s move on to the CME $BTC chart.
On the CME chart two unfilled gaps still. Bottom one around $18000 concise with VPVR support. I would buy spot exposure there heavily, at least for a bounce play.
Let’s move to $ETH now and start with the daily chart.
Bears had all chances to break this down. And here we go towards all time highs. Break up on the RSI and today’s daily green close will likely lead to bullish Stoch RSI cross. Let’s go for new HIGHS !!!
Let’s move on 4h time frame.
Weekly resistance served as support quite confident in the holding spot Ethereum until daily close below weekly level around $1224.
Encyclopedia of Chart Patterns
There are a couple of diagonals that can be a resistance. Let’s see how the price handles the bottom line of the broadcasting wedge.
Conclusion:
I’m buying spot $ETH and holding till dayli close below $1224 as a stop loss. I do expect price discovery in the coming days. Also, will buy a $BTC spot after daily close above $34.5–35k resistance.
Of course I’ll play over binary options at Bitech’s OptiPro module as usual.
If you haven’t taken a look at the OptiPro module at Bitech.pro for binary options yet. Don’t hesitate and sign up.
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Disclaimer: This is not financial advice. All content for entertainment purposes.
