Bitcoin price drops!
Technical Analysis
Let's take a look at some key metrics.
It opens at $39K and goes down to around $30K and stable around $31K ~ $33. The average transaction fee is $10.60 which is 22.6% decreasefrom 01-10-21.
I think it is a good sign that Bitcoin price is going down.
The Bitcoin price was dropping starting from last night.
I think mainly due to strong dollar recover.
As today, oversold may reach and price may recover soon.
I was worry about average transaction fee to cause inefficient to drop the price of Bitcoin yesterday which it did. However, the strong dollar environment made it worse.
Average transaction fee will continue improving.
After all, $29k ~$30k is strong support and I lower ceiling price to $39k due to strong dollar recover that may continue slashing price a bit lower.
Bitcoin Value = $29k ~ $39k
Most Bullish News
US Dollar Index raise as hope of stimulus bill pass
It indicates that higher the dollar price, less he people will obtain Bitcoin. However, US economy recovers is slow as the fact. Bitcoin price may recover soon.
Most Bearish News
Instituion buyer may drive up the price for profit taking
It indicates that higher the dollar price, less he people will obtain Bitcoin. However, US economy recovers is slow as the fact.
Thanks for reading and see you tomorrow!
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You can reference my previous analysis here:
Bitcoin Technical Analysis 01-07-21
Bitcoin Technical Analysis 01-08-21
Bitcoin Technical Analysis 01-09-21
Bitcoin Technical Analysis 01-10-21
You can reference my methodology here and here.
Disclosure: I/we have no positions in any cryptocurrencies mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose cryptocurrencies are mentioned in this article. This information is only for educational purposes.
