$BTCUSD - Some data and technicals for you to consider
Updated
Hi guys! 👋🏻
🔔 Bitcoin was not able to take over the rock-solid
42K resistance, and after a short steady period, bears took over and Bitcoin witnessed one of the heaviest drops.
🔔 Despite developments in the US, $3 trillion stimulus bill, rising Covid cases, US Indices drop, rising Volatility Index, both Gold and Bitcoin were giving up grounds against the US Dollar. The Federal Reserve sent $88.5 billion in profits to the U.S. Treasury Department in 2020, a nearly two-thirds increase from the previous year.
🔔 Some investors and traders were waiting for this correction, as the Bitcoin’s latest uptrend was weaker, despite the breaking of ATHs. The only question was where the correction is going to end and accounting for the levels and diagonals we have in this analysis, it looks like the correction just ended.
🔔 As seen on the chart of BTC/USD the price tested the dynamic resistance of December 11 - 15, 2020 as a support. The previous similar test on January 4 this year with a high lower wick of the candle, signalled a bullish uptrend of Bitcoin. I mentioned in my previous analysis that there is a high Active Bitcoin addresses numbers at 40K, apparently those belong to miners, who were shorting Bitcoin until now
🔔 These are the levels to watch when trading Bitcoin. Currently the pair is consolidating between EMA50 and MA100 and the price is above the two important static supports $32 900 and $33 200, and if bears are able to push the price below these levels, Bitcoin will probably drop down to $29 850 and $27 640 below that. The bullish sentiment will only be confirmed if Bitcoin closes above $34 600.
🔔 The uptrend might be supported by an appreciation of Bakkts merger, which will help the exchange to get listed on NYSE and the weak US CPI data released this week, as well as the continuing spread of the Covid-19 and its new variance, which forces countries to get back to last years restrictions. The only worry I have here is that the dynamic support was penetrated, hence better to wait for a confirmation of an uptrend for buyers, for sellers, waiting for a breakout from the dynamic support.
🔔 The projection on the chart is only my theoretical vision based on support and resistance levels, may vary from the actual.
✊🏻 Good luck with your trades! ✊🏻
If you like the idea hit the 👍🏻 button, follow me for more ideas.
🔔 Bitcoin was not able to take over the rock-solid
42K resistance, and after a short steady period, bears took over and Bitcoin witnessed one of the heaviest drops.🔔 Despite developments in the US, $3 trillion stimulus bill, rising Covid cases, US Indices drop, rising Volatility Index, both Gold and Bitcoin were giving up grounds against the US Dollar. The Federal Reserve sent $88.5 billion in profits to the U.S. Treasury Department in 2020, a nearly two-thirds increase from the previous year.
🔔 Some investors and traders were waiting for this correction, as the Bitcoin’s latest uptrend was weaker, despite the breaking of ATHs. The only question was where the correction is going to end and accounting for the levels and diagonals we have in this analysis, it looks like the correction just ended.
🔔 As seen on the chart of BTC/USD the price tested the dynamic resistance of December 11 - 15, 2020 as a support. The previous similar test on January 4 this year with a high lower wick of the candle, signalled a bullish uptrend of Bitcoin. I mentioned in my previous analysis that there is a high Active Bitcoin addresses numbers at 40K, apparently those belong to miners, who were shorting Bitcoin until now
🔔 These are the levels to watch when trading Bitcoin. Currently the pair is consolidating between EMA50 and MA100 and the price is above the two important static supports $32 900 and $33 200, and if bears are able to push the price below these levels, Bitcoin will probably drop down to $29 850 and $27 640 below that. The bullish sentiment will only be confirmed if Bitcoin closes above $34 600.
🔔 The uptrend might be supported by an appreciation of Bakkts merger, which will help the exchange to get listed on NYSE and the weak US CPI data released this week, as well as the continuing spread of the Covid-19 and its new variance, which forces countries to get back to last years restrictions. The only worry I have here is that the dynamic support was penetrated, hence better to wait for a confirmation of an uptrend for buyers, for sellers, waiting for a breakout from the dynamic support.
🔔 The projection on the chart is only my theoretical vision based on support and resistance levels, may vary from the actual.
✊🏻 Good luck with your trades! ✊🏻
If you like the idea hit the 👍🏻 button, follow me for more ideas.
Note
TP1 and 2 reached. Waiting for TP3
Nothing is true, everything is permitted.
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