BTC. Those who follow the on-chain analysis of the market are aware that before the correction of bitcoin, a large number of incoming transactions were observed BTC on the exchanges, mainly on Gemini, which indirectly indicated the upcoming sales. The good news is that there were large purchases and withdrawals of assets from exchangers at the $ 44,000 mark before, and large buyers will defend this level. The "bearish divergence" of the RSI price on the four-hour timeframe, mentioned in yesterday's review, deserved attention — the decline of the instrument was 16 %, if we proceed from previous cases of divergence-the correction should end in the area of $ 47,000. The trend line, which served as a diagonal support level since January 28, has been broken, and now it will act as a resistance. To develop an upward movement, you need to close above the average moving 300 EMA 1H in order to storm the diagonal trend, in the opposite case-a test of the proto-trading level at$48,300.
ETH. The instrument is trading above the accumulation level of $ 1,575. Decline in the pair to BTC it was 3 % over the past day. For the development of an upward movement, the ether needs to close above $ 1675 on the higher timeframe.
Swiss provider of cryptocurrency exchange products 21Shares reported an increase in the value of assets under its management (AUM = assets under management) to $1 billion. In August, the figure exceeded $100 million, on February 8, it reached $500 million. In two years, the company has demonstrated a 200-fold growth rate of AUM. Representatives of 21Shares explain this trend by a sharp increase in interest in digital assets from institutional investors, as well as the listing of exchange — traded products-analogues of ETP on regulated European exchanges.
BlackRock, the world's largest investment fund, has $ 8.7 trillion in assets under management as of February 15, 2021. Even in the case of investments in digital assets, 0.5 % of the available capital will be 43.5 times more than AUM 21Shares. This is to understand the scale and growth potential of the new technology market, the infrastructure for which is just beginning to be created.
Despite a major local correction, some representatives of altcoins were determined to grow.
The U.S. stock market ended mixed on Monday, as gains in the oil and gas, finance and raw materials sectors and negative developments in the technology, utilities and consumer goods sectors led the way. The current week will be busy for traders in terms of macroeconomic events. Federal Reserve Chairman Jerome Powell will present his semiannual monetary policy report to the Senate Banking Committee today. His comments on interest rates and inflation may determine the direction of the market in the coming week. At the close on the New York Stock Exchange, the Dow Jones rose 0.31 %, the S&P 500 index fell 0.50 %, the NASDAQ Composite index fell 2.03 %.
The total capitalization of the cryptocurrency market decreased by 6 % during the day, the dominance of the main cryptocurrency has increased by 1 % over the past couple of days. If you look at what is happening globally, it is too early for a correction of 40%, we have not yet seen a round $ 60,000 for bitcoin, over the past 2 days, long positions on bitcoin and alt were liquidated for $ 3.35 billion, there is a positive fundamental that fuels the interest of large buyers. In general, if you follow the risk management with a short stop loss, you can look closely at the assets of interest, trading "on the rebound".
