Market overview
WHAT HAPPENED?
Last week, bitcoin tested an important buy zone of $94,000-$93,000 (volume anomalies). After that, growth resumed to the upper boundary of the sideways trend, where we faced market aggression from the seller — there was no breakdown.
At the moment, we’ve tested the level of ~$95,000, where protection in the form of volume anomalies was again recorded. This once again confirms the interest of large participants in buys at lower levels.
WHAT WILL HAPPEN: OR NOT?
Globally, we still expect bitcoin to move in an upward direction. A sell area with pushing volumes has formed above the current price. We’ll most likely get a reaction from it and retest the local lows of $94,900 and $93,400. With strong reactions from these levels, you can start looking for opportunities to enter long positions.
Sell Zone:
$107,000–$109,000 (volume anomalies).
$97,500–$98,400 (aggressive selling volumes).
Buy Zones:
~$94,900 (repeated defense by a major player),
~$93,400 (local low),
$89,000–$86,300 (accumulated volumes).
IMPORTANT DATES
This week we’re following these macroeconomic developments:
• Monday, February 24, 10:00 (UTC) — publication of the consumer price index in the Eurozone for January;
• Tuesday, February 25, 7:00 (UTC) — publication of German GDP for the 4th quarter of 2024;
• Tuesday, February 25, 15:00 — publication of the U.S. Consumer Confidence Index for February;
• Wednesday, February 26, 15:00 (UTC) — publication of data on new home sales in the United States in January;
• Thursday, February 27, 13:30 (UTC) — publication of US GDP for the 4th quarter of 2024, as well as the number of initial applications for unemployment benefits in the United States;
• Friday, February 28, 13:00 (UTC) — publication of the German consumer price index for February;
Friday, February 28, 13:30 (UTC) — publication of the basic price index of personal consumption expenditures in the United States.
*This post is not a financial recommendation. Make decisions based on your own experience.
#analytics
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Unlock your potential in trading
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.