I want to wait a bit to see how Bitcoin performs. Here we go!
Bitcoin is flattering around $40K to build up some energy.
Technical Analysis
Let's take a look at some key metrics.
It opens at $40K and hit up to around $41K again and stable around $39K. The average transaction fee is $15.46 which is 29% increase from 01-08-21.
It indicates that large transaction may happen of taking profits rather than continue buying up the price.
As I mentioned yesterday that Bitcoin Value = $35k ~ $40k and bullish is cooling down and it may drop around $37K ~ $39K.
It is still overbought and there is little room to go up more. I think price dropping is inevitable.
I will be a bit worry about its transaction fees increase!
After all,
Bitcoin Value = $37k ~ $41k
Most Bullish News
Improving mining pool software from Square Cryto
It will increase its efficiency and reduce transaction fees.
Most Bearish News
Mining is becoming more and more difficult
It indicates the transaction will be slower!
Thanks for reading and see you tomorrow!
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You can reference my previous analysis here:
Bitcoin Technical Analysis 01-07-21
Bitcoin Technical Analysis 01-08-21
You can reference my methodology here and here.
Disclosure: I/we have no positions in any cryptocurrencies mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose cryptocurrencies are mentioned in this article. This information is only for educational purposes.
