Feb. 6, 2021- Bitech.pro cryptocurrency market outlook.
Hello everyone. Welcome to the weekend 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 managed to go above the key pivot during the past few days. $BTCUSD now looks very strong.
Price broke up from the descending triangle with decent volume and re tested it after Elon’s candle. According to the classic chart pattern target is around $44700.
Here is an example of how to trade this pattern.
Source: http://thepatternsite.com/
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. Seems like we will not fill these gaps just yet. Moreover, price likely gap up after this weekend.
Let’s move to $ETH now and start with the daily chart.
We are at new highs as I told in the last market review. Confident close above recent highs and all time high of 2018. Let’s pump, price discovery for $ETH now. However, $BTC must go sideways before $ETH pumps hard further.
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. HODL IT ! Also price getting back inside the broadcasting wedge.
Encyclopedia of Chart Patterns
Source: http://thepatternsite.com/
Conclusion:
Holding spot $ETH is good. Also bought $BTC after daily close above key pivot. Market is strong, no need to sell or short it.
Of course I’ll play over binary options at Bitech’s OptiPro module as usual.
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Trade safe with
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Disclaimer: This is not financial advice. All content for entertainment purposes.
