Jan. 08, 2021- Bitech.pro cryptocurrency market outlook.
Hello guys. Welcome to the Friday cryptocurrency market overview.
Let’s start with Bitcoin. $BTC keeps pushing to new highs every day. Buying back definitely wasn’t a mistake.
I can’t find any signs of bearishness on the $BTC chart. It’s silly to be bearish yet, cautious may be. Keep holding spot positions and probably wait for the blow off top.
Orderbooks pretty much empty on the both sides. It means market makers can push price in any direction for 5–15% without any resistance.
Markets usually calm during weekends and it might be the time for alts finally to step up; for a bit at least.
Let’s move over Ethereum now.
We spoke about potential pullback and it happened.
It was a quick 15% drop and every piece of $ETH was bought back instantly!
Stoch RSI on 4h had a bullish re-cross. However, bearish divergence on RSI has not canceled yet. I don’t like buying $ETH at weekly resistance. I’ll do it if the price makes a daily close above ATH level. Instead we will be playing with binary options at Bitech’s OptiPro module.
Price bounced off triangle’s apex. There is potential double top formation on the lower timeframes. We will keep eyes on it and if we notice weaknesses, such a bearish Stoch RSI cross in the next few hours + candlestick double top formation on the different time frames. If formation will start breaking down, we will take a short here with a target at the bottom of the range (~$917). R/R will be around 5 and potential gain around 25%.
Conclusion: In general, markets bullish still. No reason to be bearish. We will stick to our $BTC spot holdings and play over binary options at Bitech’s OptiPro module on intraday basis. There is potential double top formation on the 60m $ETH chart. We likely take this trade during the next 1–2 hours. It will be taken mostly as a hedge to our spot holdings.
If you haven’t taken a look at the OptiPro module at Bitech.pro for binary options yet. Don’t hesitate and sign up.
Trade safe with
