Jan. 28, 2021- Bitech.pro cryptocurrency market outlook.
Hello everyone. Welcome to the cryptocurrency market overview. It’s been a while since my last post. Let’s have a look at what’s going on.
I’ll start with Bitcoin as I always do.
Price was rejected from the daily order block around $34k. Two days later Bitcoin experienced heavy sell off, currently trading at $31k level. However, on the lower time frames price is still consolidating inside the descending triangle.
I don’t see a clear direction until price will break one side or another of the descending triangle. The price tends 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.
Here is an example of how to trade this pattern.
Source: http://thepatternsite.com/
Let’s have a look at the 12h chart.
Here is bullish you can notice bullish divergence. It is concise with the bottom of the descending triangle, this can give a bit of hope to the bulls, considering how bad daily chart looks like.
Move on CME $BTC chart.
On the CME chart two unfilled gaps still. Bottom one around $18000 concise with VPVR support. I would buy spot exposure there heavily, at least for a bounce play.
Let’s move to $ETH now and start with the daily chart.
Heavy bear divergence started playing out on the daily chart. I refuse to open a long position until it’s cleared. Stoch RSI had a bearish cross as well. Closest support around $1010, some liquidity rests at the same level. If I see a good reaction around liquidity, I’ll buy some spot $ETH. Otherwise, I will wait for $680 level.
Let’s move on 4h time frame.
Liquidity taken out at a recent all time high, price rejected from 2018 all time high once again. Wedge kinda broke down as well. I don’t like to buy in till clear break up above the high and daily close.
Encyclopedia of Chart Patterns
Source: http://thepatternsite.com/
Conclusion:
I’ll be waiting for the descending triangle breakout on $BTC before taking mid-long term positions. No confidence in the direction at the moment, chop city. Wait and play accordingly.
On the side I’ll play over binary options at Bitech’s OptiPro module as usual.
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
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