Jan. 16, 2021- Bitech.pro cryptocurrency market outlook.
Hello everyone. Welcome to the cryptocurrency market overview. Crypto currency markets are currently quiet, that’s usually this way during the weekend. Let’s have a look at what’s going on.
I’ll start with Bitcoin as I always do.
$BTC price currently ranges between 35k and 40k. By the way, short from the liquidity box around 40k played out perfectly. Hard to say at the moment. Will it retest 40k liquidity once again? Let’s take a look at another perspective.
Daily chart looks not great for the bulls after the last daily close. Closest support around $34800.
4h chart doesn’t look great as well for the bulls. There is hope of the bounce from $34800 and therefore test of 40k liquidity. However, I won’t bet on it and stay in cash from 40k.
Let’s have a look at the CME chart.
There is still an unfilled gap. They rest around 23.8k and 18.4k.
Let’s move on to SPX.
Seems like a bearish scenario on the table for SPX. It could be just a support/resistance flip at $3588. If SPX will dump during Monday’s session, I expect crypto does too.
Let’s have another look at the $BTC chart.
There is possible double top formation. If this formation plays out, the target would be around 21k according to the Encyclopedia of Chart Patterns.
Let’s move to $ETH now.
Daily failing to close above weekly resistance at $1224. Frankly, I won’t be long considering the fact that SPX might keep dumping during Monday session.
Let’s move on 4h chart.
Rejected from weekly resistance with bearish cross on the Stoch RSI. Yeah, I won’t be long. I strongly doubt that $950 will hold next time. I can see closest support around $750. Price ranging inside wedge still
Encyclopedia of Chart Patterns suggest to go long from the bottom of this wedge. But I don’t think that is a great idea on the next test of bottom line
Conclusion:
Markets were quite around $BTCUSD and $ETHUSD pairs. For now, I will stay fully hedged considering potential dump on the CME open. I’ll be surely playing over binary options at Bitech’s OptiPro module for now.
Follow my personal twitter account. Probably will be posting some trades over there.
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