Jan. 05, 2021- Bitech.pro cryptocurrency market outlook.
Hello everyone, I hope you are having great holidays. Today we have a look at the cryptocurrency markets.
Let’s start with Bitcoin. Seems like Bitcoin entered a consolidation phase after an impressive rally. Macro trends are bullish still. We reduced our crypto exposure completely in the past few days. Right now we are just taking intraday trades at Bitech’s Optipro module for binary options.
Last day plenty of margin longs have been liquidated and right now it looks like a relief rally. We do expect future consolidation over the next days and even weeks before the next move. For now we will trade determined levels on the low timeframes.
The CME gap around $29700 was filled yesterday. However, there are a few more. And lowest one around volume support ~$18–19k; $18–20k is the S/R flip zone. Will be looking for this level closely for re-buying crypto. Well, it may take months to finally go there, if this is the case. All longs are extremely risky right now. But buying binary calls on the lower time frames doesn’t seem like a bad idea at all. Buying binary calls at the right time can net good sums; that’s what we will be focused on during this consolidation.
Now let’s have a look at $ETH. Ethereum did an impressive run as well. We don’t think that continuation is likely happening over the next few days/weeks before proper pullback. Such a move is just unsustainable.
$ETH is currently consolidating in a triangle with low volume. Should resolve in less than 15 hours.
Conclusion: Overall markets calm right now. Consolidation ongoing. We are out of crypto exposure right now. However, we keep buying binary options intraday at Bitech’s OptiPro module. Keep in mind every popular media is highlighting Bitcoin run; it almost always should be deemed opposite. Market is overbought heavily, be careful with the longs. Also, don’t forget to play $ETH triangle breakout in the next ~15 hours.