Hello investors 📊, traders📐 and HODLERS🔗,
By my analysis, Bitcoin should make a decision, be it upwards or downwards until the 13th of February, aproximatly.
Below I indicate the possible supports if it decides to go down, so be ready with some liquidity aside for the right moment.
It could also go up, breaking the upper trend line and starting a new larger movement, maybe to go test the 50000$.
Could it be?
TA is not about predicting the future. Is about possibilities and risk management.
#Bitcoin (BTC)
The crazyness on the markets this weeks might have had some effect on BTCUSD this week, with it trying to break the down trend, but failing.
Daily timeframe:
.54.png](https://images.ecency.com/p/cyxkEVqiiLy4DPBjkBUodgFVzaJpLatg2rKkL12dQKRs9zM7H4Qryxb9utfB6ZHLtRVanh5Bfj1ykTHcLdeat3YsYqq2tNKSKkXwBbKgbsT4rm2JFk1EmE5evErgMsrBAHc?format=match&mode=fit)
Up: last week chart - 25th to 31th January.
X-1: To resistance trendline;
X-2: Bottom support trendline (tested twice by the body of the candles)
Y-1: Level 1 support [30000$] (tested again, successfully bounced)
Y-2: Level 2 support [27500$] (tested on the 4th of January)
Y-3: Level 3 support [22500$] (the most bearish possible scenario)
Z-1: Considerable volume when trying to break above the "X-1" resistance trend line [35500$].
The most significant move of the week was the failed atempt to break and hold above the upper trend line holding the price on a descending trend, although it is soon to consider a more significant bearish move.
Still the volume on the upper move was significant and the price keeps testing que upper trend of the bullish simetrical triangle.
Read my previous analysis (18th to 25th January)
The Fear & Greed Index
The Fear & Greed index is practically on the same value that it was on last week.
Although much lower than the begining of the month.
Also the technical indicators on #TradingView are signaling a buy oportunity.
Althoug, specially the RSI is signal a sell.
The big picture:
The Week on News - FOMO 📈: Elon Musk's twitter and th GameStop "short squeeze".
Last week was intense. I was expecting more volatility as I followed all the events that happened considering the volatility with certain stocks on the traditional markets. Still Bitcoin price action behaved much more mature than the traditional "stonks".
Even with Musks changing its twitter bio to "#Bitcoin".
View my full analysis of the GameStop "short squeeze" and more:
Past week news:
The Week on News #1
Past TA analysis:
The Week on Charts - 📅 - 18th to 25th January
The holle analysis was executed on #TradingView. Head up to TradingView to find the most user-friendly and complete chart analysis platform!
>> TradingView <<
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Disclaimer :
I am NOT a certified analyst.
This are high risks, mostly unregulated, digital assets.
This is a world of
Allways have a plan B.
You should always do your own research (DYOR)!
Invest only what you can afford to loose.
Allways have a plan C.