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Bitcoin (BTC): technical and fundamental analysis📈 Technical analysis BTC/USDT During the correction, the price of Bitcoin reached both targets from our previous review: the Imbalance 1D and Imbalance 1W zones. The price drop after the approval of the spot Bitcoin ETF was halted by a significant support block at the level of 38600, from which a local rebound occurred. BTC price broke above the dynamic resistance line EMA 50 4H, and now we observe its top retest. If the price manages to consolidate above it and surpass the resistance level of 44000, we expect the price to enter the Imbalance 1D zone and trade within it, with the aim of closing gaps at horizontal levels of trading volumes. There is also the range of 0.68-0.78 Fibonacci levels, exceeding which would indicate the completion of the local correction and the resumption of growth. Otherwise, if the Bitcoin price fails to consolidate above the EMA 50 4H line and buyers lack the strength to overcome the resistance level of 44000, we anticipate a continuation of the price decline and a test of the trendline around the support level of 38000. 📉 Bitcoin market global analysis Globally, the price of Bitcoin is approaching the pre-halving rally, which in previous cycles was preceded by a sharp decline. On the daily logarithmic chart, the BTC price has fallen below the global trendline support and is currently retesting it from below. The outcome of this test will determine whether the recent price drop concludes as a local correction or if we should prepare for a global correction of the entire growth from the past year. If the correction concludes, the next target for growth will be the 0.78 Fibonacci level, where a significant resistance block is located between 48000 and 53000. However, I would like to remind you that we have not experienced a significant correction in the market since the beginning of 2023. The RSI indicator divergence has just begun its work. If, under selling pressure, the price fails to return above the global trendline, we expect a correction in the range of 0.38-0.5 Fibonacci levels and a retest of the 200-week moving average. Additionally, there is the Imbalance 1W zone from 34000 to 31000, where it is necessary to close gaps at horizontal levels of trading volumes. 💠 Analysis of zones and levels for making trading decisions The Fear and Greed Index is in the extreme greed zone at 63. The total market capitalization of the cryptocurrency market has increased to 1,587 billion dollars, and the Bitcoin dominance index has risen to 52.6. According to the analysis of the accumulation of large order blocks in exchange order books, demand and supply zones are located at the following levels: 🟢 Demand Zone: 35000 - 38500 🔴 Supply Zone: 45000 - 50000 Levels for long positions: 38000-38500 - significant support block 35000-36000 - possible retest zone of SMA 200 1D 34000-35000 - possible retest zone of the trendline Levels for short positions: 47000-48000 - significant resistance block 50000 - psychological resistance level 57000 - 0.78 Fibonacci correction level 📊 Fundamental analysis Experts in the crypto community believe that the market correction following the launch of spot Bitcoin ETFs has concluded, and investors can expect increased activity in the altcoin market with subsequent movement of BTC towards new local highs. On the first day after the approval of spot Bitcoin ETFs, the trading volume of Bitcoin ETFs amounted to $4.54 billion. On the second day, this figure decreased to $3.15 billion. The market ended the previous week with a trading volume of $1.68 billion. However, last week, Bitcoin futures ETFs reclaimed part of their investments. As of January 19, 2024, spot instruments occupied 86.75% of the market. Meanwhile, the outflow of funds from cryptocurrency-based investment products has continued for the second consecutive week. From January 22 to 26, investors collectively withdrew $500 million from cryptocurrency funds, as noted by analysts in CoinShares' weekly report. However, the capital outflow from the Grayscale Bitcoin Trust (GBTC) has finally slowed down. Yesterday, the U.S. Federal Reserve kept the interest rate unchanged at 5.5%. Jerome Powell stated that they have achieved significant success in combating inflation in the U.S., but it still remains high. Following the meeting, the Fed does not consider it advisable to start lowering rates until there is confidence in the trajectory of inflation moving toward 2%. Almost all Fed officials believe that it is worth lowering rates this year. The index of the largest U.S. companies, S&P500, set a new all-time high, while the U.S. Dollar Index (DXY) is in a sideways movement. Both markets are currently experiencing a local correction. 🌐 Upcoming Events in the Global Economy The following dates are expected to bring increased volatility in both the stock and cryptocurrency markets: ➤ February 13, 16:30 - Consumer Price Index (CPI) for January. ➤ March 20, 21:00 - New decision on the Federal Reserve interest rate. 📈 Statistics of signals from our AI trading indicator: In January 2024 Bitcoin, and after it the entire cryptocurrency market, fell due to the end of the race of companies to launch spot Bitcoin ETFs. Our trading indicator, as always, warned about this in advance! And even during the flat period it gave good entry points. Thanks to the latest updates, all signals have become profitable, and built-in Anti-Flat System prevented losses from manipulative market movements. Total price movement by all signals: +36.32% Maximum price movement: +18.16% Average price movement: 5.18% In addition, I would like to share the forecast of the latest Bitcoin price action by our AI, which not only indicates the direction, but also builds the trajectory of further price movement:
by TradeINEX
1
BTC Analysis: Inverse Head and Shoulders Formation Signals Bulli💎BTC is currently exhibiting signs of an inverse head and shoulders pattern, with the right shoulder consolidating for a longer duration. This prolonged consolidation increases the likelihood of a bullish outcome, as selling tends to occur rapidly while bullish movements take time to develop. Moreover, the price has already surpassed the previous resistance level of 43,598, indicating a shift in market sentiment favoring the bulls. 💎Confirmation of this pattern awaits a breakout above the resistance level of 44,478. Such a breakout would create room for further bullish momentum, with potential targets near 46,000 and 47,600. 💎Conversely, a bearish scenario would entail a breakdown below the support level of 41,333. This would invalidate the inverse head and shoulders pattern and potentially form a lower high, increasing the likelihood of a bearish trend. In this scenario, downside targets could be expected at 39,727 and 39,031.
by MyCryptoParadise_Nathan
3
BTC BUllish - Call spreads playBullish View on BTCUSDT Trade: Buy 43800 Call option of 7 February expiry @ $80 Sell (2x) 44400 Call option of 7 February expiry @ $30 each Stop Loss: Spot level = $41700 Target: Spot level of $44400 Max Profit: $580/BTC Rationale: The most recent movement in BTC suggests a potential temporary halt in the upward momentum, with noticeable retracements in play. Moreover, a recently established supply zone/resistance has been pinpointed on the charts. For risk management, we recommend setting a stop loss at 41700 to invalidate the aforementioned setup.
Long
by Delta-Ex-research
1
SHORT BTC H4Bitcoin (BTC) Analysis - Current State 📉 Overview: Bitcoin (BTC) has experienced a reversal from an uptrend to a downtrend and is currently in a recovery phase. Presently, the price is below the 0.5 Fibonacci level, and the downtrend may persist. 📊 Confirmation of Downtrend: Reversal Reaction: The reversal reaction has occurred, shifting from an uptrend to a downtrend. Temporary Recovery: The current recovery phase is ongoing, but it might be an opportunity to implement selling strategies. 📈 Sell Strategy: Sell Zone: Monitor and wait for the price to recover above the 0.5 Fibonacci level, with the optimal selling zone ranging from $45,500 to $46,500. Stop Loss: Place a cautious stop loss to protect the investment. Profit Target: The expected profit target is $38,000. 👀 Further Observation: Signal Confirmation: Use technical indicators and confirm signals before executing trades. Global Market Conditions: Keep an eye on global factors that may impact the crypto market. 🛑 Risk Management Note: Risk/Reward Ratio: Establish a reasonable risk/reward ratio to ensure effective risk management. 🚀 Summary: With the anticipated profit target at $38,000 and the current downtrend, a sell strategy around the price range of $45,500 - $46,500 could be a reasonable choice. However, maintain vigilance and risk management in every trading decision. #BitcoinAnalysis #Downtrend #SellStrategy
Short
by MasterShadow