Technical Analysis
Let's take a look at some key metrics.
It opens at $32K and goes down to around $21K and stable around $32K ~ $33K. The average transaction fee is $8.93 which is 1.59% increase from 01-28-21.
As I mentioned yesterday, Bitcoin price is increasing a bit but correction may still coming. It also increases from the hype creates from retailer investors.
As one point $DOGE surges to 900%!
Crypto Fear & Greed Index
I will stay cautionary in the market.
I remain my floor price to $30K indicates the strong support and remain the ceiling price at $36K.
Bitcoin Risk Forecast:
I do not like the fact Bitcoin volatility is moving same as other asset classes as I mentioned yesterday. It may indicate the market as the whole is on the trend of forming a bubble and price correction may come due at any time.
Bitcoin decreases its correlation with all indicates but dollar currency that it becomes a defense position ???. The price may fluctuate more in the coming day with price toward lower-level. There may have some risks in the coming day.
Here is the position summary below:
Bitcoin Value = $30k ~ $36k and my position is Long. However, I am cautionary at this point.
Daily Market Summary Dashboard:
All indicators look good and my position is long.
Weekly Bitcoin Performance:
A mentioned yesterday, the price action is downward trend and I see the upward trend is coming but downward pressure increase due to market uncertainty.
Most Bullish News ??
Bitcoin may hit government regulation soon
It indicates that Bitcoin continue surge but may have bump with regulation but that is the purpose of Bitcoin. If Bitcoin can survive, then it will become more valuable in the coming years. I think it will be!
Most Bearish News ??
Elon Musk supports Bitcoin?!
It indicates that Bitcoin price moves to speculation territory and coming due to bubble deflation.
Here are summary of general forecast of this week of economy and market:
Thanks for reading and see you tomorrow!
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You can reference my previous Bitcoin 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??
Bitcoin Technical Analysis 01-11-21??
Bitcoin Technical Analysis 01-12-21??
Bitcoin Technical Analysis 01-13-21??
Bitcoin Technical Analysis 01-14-21??
Bitcoin Technical Analysis 01-15-21??
Bitcoin Technical Analysis 01-16-21??
Bitcoin Technical Analysis 01-17-21??
Bitcoin Technical Analysis 01-18-21??
Bitcoin Technical Analysis 01-19-21??
Bitcoin Technical Analysis 01-20-21??
Bitcoin Technical Analysis 01-21-21??
Bitcoin Technical Analysis 01-22-21??
Bitcoin Technical Analysis 01-23-21??
Bitcoin Technical Analysis 01-24-21??
Bitcoin Technical Analysis 01-25-21??
Bitcoin Technical Analysis 01-26-21??
Bitcoin Technical Analysis 01-27-21??
Bitcoin Technical Analysis 01-28-21??
You can reference my Bitcoin methodology here and here.
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You can reference my previous Ethereum analysis here:
Ethereum Technical Analysis 01-07-21??
Ethereum Technical Analysis 01-08-21??
Ethereum Technical Analysis 01-09-21??
Ethereum Technical Analysis 01-10-21??
Ethereum Technical Analysis 01-11-21??
Ethereum Technical Analysis 01-12-21??
Ethereum Technical Analysis 01-13-21??
Ethereum Technical Analysis 01-14-21??
Ethereum Technical Analysis 01-15-21??
Ethereum Technical Analysis 01-16-21??
Ethereum Technical Analysis 01-17-21??
Ethereum Technical Analysis 01-18-21??
Ethereum Technical Analysis 01-19-21??
Ethereum Technical Analysis 01-20-21??
Ethereum Technical Analysis 01-21-21??
Ethereum Technical Analysis 01-22-21??
Ethereum Technical Analysis 01-23-21??
Ethereum Technical Analysis 01-24-21??
Ethereum Technical Analysis 01-25-21??
Ethereum Technical Analysis 01-26-21??
Ethereum Technical Analysis 01-27-21??
Ethereum Technical Analysis 01-28-21??
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You can reference my previous Dogecoin analysis here:
Doge Analysis 01-11-21??
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You can reference my previous Cryptomarket forecast analysis here:
Crytomarket Weekly Overview and Forecast 01-15-21 to 01-22-21????
Crytomarket Weekly Overview and Forecast 01-22-21 to 01-29-21????
Disclosure: 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.
