BTC 4h 1H Weekly section: Bitcoin weekend №7

23 Jan 2021

For your attention already 7th weekly digest "Bitcoin weekend"

To begin with, there is a surprise for those who read to the end.

If you analyze the information from the previous digest №6, as well as from a global view on the stock and crypto markets, you can confirm that BTC has begun a solid correction.
Or minus $12,000-14,000 or -25-30% is it no longer a correction?)
Buyers were unable to raise the BTCUSDT price even to the level of 39,000. After that, sellers began to press down soundly.
The low for this week is $28,800.

Now the critical level will be $34,000.

If the BTCUSD price manages to fix above $34,000, then it will go to the zone of the high, above $40,000.
If sellers are active at $34,000, they will drive the price down.

Let's remind, on 29.01 calculation on CME futures, and we have a GAP of $2900 in the range between $23,745 and $26,650. TA recommends filling it in, that is, lowering the price to the above-mentioned zone.
We are more likely to think that the fall will continue and the next week will be bloody.

If we look at the weekly candlesticks, we see that the last week was closed with the Japanese "hanging man" candlestick, as we expected.

Sellers should close the current week closer to $30,000 and then drive the price down, next week will be much easier.

The BTC dominance fall gave some fresh air to the altcoins and some of them grew well, and yesterday's altcoins' rebound was between 15% and 30-35%.

However, in the coming days, we expect an upward rebound to the BTC dominance, which may reflect badly on the altcoins.

Fundamental news background:
- The inauguration of the President of the United States passed without incident, so far everything is calm.
- The court in the bitfinex and tether case was postponed for another 30 days, this is already some kind of technical movement. Once upon a time, everyone expected that the trouble on the crypto market would come from this case. But when it all surfaced in 2018, the capitalization of tether was near $2 billion, and fuss by $850 million was a large share. Now the capitalization of tether is about $25 billion, and $850 million is not so scary.
- we don't take news about the next purchases of MicroStrategy or Grayscale Investments crypt seriously. We believe that this very "bubble" will soon burst and flood the whole cryptoinfo space with dirty news.
We wrote in more detail our thoughts on these companies in digest №3 and №5.

Here's a little surprise:
In the comments, write the trading pair you want us to analyze during the next week.
We'll start in the comments, and you keep going!
TOP 5 trading pairs that will collect the most likes or comments will receive a decent analysis from us.
And of course, do not forget to subscribe to us and write thoughts in the comments regarding our analysis!

Have a great weekend everyone!
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Since 2016, we have been analyzing and trading the cryptocurrency market.
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26 Jan 2021

Nota

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