Jan. 24, 2021- Bitech.pro cryptocurrency market outlook.

Hello everyone. Welcome to the cryptocurrency market overview. Let’s have a look at what’s going on.

I’ll start with Bitcoin as I always do.

Nothing really happened since our last review, price still consolidating inside the descending triangle. Stop orders were taken out at a 30.3k liquidity pool; gathered liquidity should provide bounce/relief rally to at least mid range(red box) or 34.5–35k.

I don’t see a clear direction until price will break one side or another of the descending triangle. Price tend to move randomly in such formations. So the game plan is to wait for the break out before taking mid or long term positions. For now I’ll play over binary options at Bitech’s OptiPro module.

Let’s take a look at the daily chart.

Price barely touched the daily order block. Daily order block price equals $34035 on the Bitstamp chart. Stoch RSI on daily reseted completely and made a bullish cross; these facts are increased probability of at least relief rally/ bearish retest of daily order block. If price manages to break above this order block, bullish continuation to come.

Let’s move back to 4h chart.

On the 4h we can see descending triangle formation with the bottom around $30k. Right now price is bouncing off $30k support. As you can see stops were taken out at $30260 swing low. 4h RSI bottomed out and Stoch RSI just did a cross. Gathered liquidity can fuel a relief rally to mid range/diag resistance of the triangle. If I will see bullish signs I’ll take a small long with a target at $35k. So far will just focus on the binary options on the low time frames.

Let’s move to $ETH now and start with the daily chart.

Huge -20% red candle is almost cleared on the daily chart. Price approaching an all time high. No bear presence anymore.

Let’s move on 4h time frame.

Taken liquidity moved price inside of the rising wedge, weekly resistance and major local resistance at $1275. New all times high look quite possible in the coming couple of days. Look very strong.

Encyclopedia of Chart Patterns

Conclusion:

$BTC is quite boring during weekends as usual. However, alts and especially $ETH taking advantage of this and going up while $BTC stays calm. I’ll be waiting for the descending triangle breakout on $BTC before taking mid-long term positions.

On the side I’ll play over binary options at Bitech’s OptiPro module.

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