Technical Analysis
Bitcoins opens at $56K and goes up to around $58K and stable around $54K ~ $55K. The average transaction fee is $25.61 which is 2.99% decrease from 02-20-21. As I mentioned yesterday, Bitcoin retreat around $55K after touch $58K. If it stables around $54K ~ $55K, the next target is stable at $58K and hit $60K. The question is if Bitcoin will continue raising and be sustainable? My opinion is still yes which it will have more and more institutional buyers hype to buy. However, I also think the risk is high at this level.
I raise my floor price to $40K indicates the strong support and raise the ceiling price at $50K since $58K has reached!
Bitcoin volatility is moving less volatile in yesterday. The market has reacted peak value at $58.6K but retreated to $55K which means the Bitcoin prepares for next milestone $60K soon if continue stabling around $58K.
Bitcoin increases its correlation for Gold that it becomes a neutral position ???. The price may fluctuate less in the coming day with price toward mid-level. There may have higher risks in the coming day as the greed level still high!
Bitcoin Value = $40k ~ $50k and my position is Long.
Here are some highlights to support my analysis:
Here is the road map for today:
Most Bullish News ??
Bitcoin is not a threat to US dollar
It indicates that Bitcoin may continue raising more.
Most Bearish News ??
Stimulus pushes Bitcoin price higher
It indicates that Bitcoin may face correction later with exceed supply.
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Here are summary of general forecast of this week of economy and market:
Also, if you have any suggestions, please do not hesitate to let me know!
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??
Bitcoin Technical Analysis 01-29-21??
Bitcoin Technical Analysis 01-30-21??
Bitcoin Technical Analysis 01-31-21??
Bitcoin Technical Analysis 02-01-21??
Bitcoin Technical Analysis 02-02-21??
Bitcoin Technical Analysis 02-03-21??
Bitcoin Technical Analysis 02-04-21??
Bitcoin Technical Analysis 02-05-21??
Bitcoin Technical Analysis 02-06-21??
Bitcoin Technical Analysis 02-07-21??
Bitcoin Technical Analysis 02-08-21??
Bitcoin Technical Analysis 02-09-21??
Bitcoin Technical Analysis 02-10-21??
Bitcoin Technical Analysis 02-11-21??
Bitcoin Technical Analysis 02-12-21??
Bitcoin Technical Analysis 02-13-21??
Bitcoin Technical Analysis 02-14-21??
Bitcoin Technical Analysis 02-15-21??
Bitcoin Technical Analysis 02-16-21??
Bitcoin Technical Analysis 02-17-21??
Bitcoin Technical Analysis 02-18-21??
Bitcoin Technical Analysis 02-19-21??
Bitcoin Technical Analysis 02-20-21??
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??
Ethereum Technical Analysis 01-29-21??
Ethereum Technical Analysis 01-30-21??
Ethereum Technical Analysis 01-31-21??
Ethereum Technical Analysis 02-01-21??
Ethereum Technical Analysis 02-02-21??
Ethereum Technical Analysis 02-03-21??
Ethereum Technical Analysis 02-04-21??
Ethereum Technical Analysis 02-05-21??
Ethereum Technical Analysis 02-07-21??
Ethereum Technical Analysis 02-08-21??
Ethereum Technical Analysis 02-09-21??
Ethereum Technical Analysis 02-10-21??
Ethereum Technical Analysis 02-11-21??
Ethereum Technical Analysis 02-12-21??
Ethereum Technical Analysis 02-13-21??
Ethereum Technical Analysis 02-14-21??
Ethereum Technical Analysis 02-15-21??
Ethereum Technical Analysis 02-16-21??
Ethereum Technical Analysis 02-17-21??
Ethereum Technical Analysis 02-18-21??
Ethereum Technical Analysis 02-19-21??
Ethereum Technical Analysis 02-20-21??
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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????
Crytomarket Weekly Overview and Forecast 01-29-21 to 02-05-21????
Crytomarket Weekly Overview and Forecast 02-05-21 to 02-12-21????
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Risk forecast guideline:
Risk Averse means you can use as defense ???
Risk Seeking means you can use as offense ??
Risk Neutral means no decision made and continue seeking opportunities ???
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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.
