BTC update - February 7, 2022

in Account Booster 👍2 years ago

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Previous post regarding BTC you can find it here so you can have further context.

https://steemit.com/hive-119463/@mycryptostalker/btc-at-consolidation-or-are-we-going-to-next-support

First we need to start with the weekly outlook.

image.png

After the previous double bottom that the support created we rallied up to almost 69k and it was expected for institutions and whales some profit taking as the market moves in waves and an uptrend can't be expected to last for ever.

In the weekly chart there are a few things that are important.

1.- We had a previous double bottom
2.-The resistance of the zone was tested several times on the second "bottom"
3.- It failed to break, tested support again and after 1 month (4 weeks) it broke and we rallied.
4.- #BTC reached 42k, and then support was created on previous resistance, so it became "area of interest".
5.- In the down trend it broke after tested 1 time and we reached next support.
6.- The lower support was barely tested and we have been for 2 weeks in a slow uptrend before we reach the mentioned resistance (today).

Now after analyzing the weekly chart, let's see the higher time frames.

On the monthly we see that after 3 months of bearish bias we ended with a wick creating a higher low and at the same time, February started with a continued downtrend and has already created a lower wick (it doesn't mean that we can't go down, further confirmations are needed).

image.png

Today we reached the mentioned resistance where previous pullback had happened.

The #dailychart gives us more information on what to expect as it is only the beginning of the week.

image.png

We need to take into notice 2 things...

Friday we were really bullish and it was also the NFP announcement from USA so with a momentarily weak dollar the upwards move was expected (as with other safe heaven assets).
On Saturday we had a small pullback and Sunday behaved bullish with continuation as of today.

I will expect a clear break of the 45k resistance and a support created in lower time frames for a continuation up to the next resistance. This happening during this week.
The second option is seeing some profit taking and a pullback to the support created on Saturday and then a continuation up to test again 45k (remember that is a strong resistance and psychological level and was tested several times before it could break upwards).

IMPORTANT. UNTIL THE 45K RESISTANCE IS BROKEN BTC IS STILL RESPECTING THE DOWNTREND, NO CONFIRMATION OF AN UPTREND HAS BEEN CREATED!

THIS IS NOT FINANCIAL ADVICE OR SUGGESTED TRADE.
DO YOUR OWN RESEARCH.
THIS IS ONLY A JOURNAL FOR MY USE OF MY TRADING IDEAS AND PROVE MY SETUPS.
IMPORTANT!!! ALWAYS USE STOP LOSS AND REMEMBER THAT LEVERAGED MARKETS ARE RISKY AND YOU CAN LOOSE ALL YOUR MONEY. NEVER INVEST WHAT YOU CAN’T AFFORD TO LOOSE.

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