Technical Analysis
Let's take a look at some key metrics.
It opens at $36K and goes up to around $37K and stable around $33K ~ $34K. The average transaction fee is $10.89 which is 9.56% increase from 01-19-21.
Bitcoin price is trading sideways.
Average transaction fee increase and trading volume increase as well. However, the price did not increase which indicates some correction is coming.
Crypto Fear & Greed Index
As I mentioned yesterday, Bitcoin price was trading side way and there maybe another correction coming due to high transaction fees.
I revise my floor price to $33K indicates the support and remain the ceiling price at $40K.
Bitcoin Value = $33k ~ $40k and my position is Neutral.
Here is the summary below:
Most Bullish News 📈
SCE cannot prosecute an algorithm
It indicates that Bitcoin status is continue legitimizing.
Most Bearish News 📉
Bitcoin was labeled bubble by Bank of America
It indicates that Bitcoin may have some correction coming.
Here are summary of general forecast of this week of economy and market:
Thanks for reading and see you tomorrow!
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You can reference my previous Bitcoin analysis here:
Bitcoin Technical Analysis 01-07-21📈
Bitcoin Technical Analysis 01-08-21📈
Bitcoin Technical Analysis 01-09-21📉
Bitcoin Technical Analysis 01-10-21📉
Bitcoin Technical Analysis 01-11-21📉
Bitcoin Technical Analysis 01-12-21📈
Bitcoin Technical Analysis 01-13-21📉
Bitcoin Technical Analysis 01-14-21📈
Bitcoin Technical Analysis 01-15-21📉
Bitcoin Technical Analysis 01-16-21📉
Bitcoin Technical Analysis 01-17-21📉
Bitcoin Technical Analysis 01-18-21📈
Bitcoin Technical Analysis 01-19-21📈
You can reference my Bitcoin methodology here and here.
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You can reference my previous Ethereum analysis here:
Ethereum Technical Analysis 01-07-21📈
Ethereum Technical Analysis 01-08-21📉
Ethereum Technical Analysis 01-09-21📈
Ethereum Technical Analysis 01-10-21📉
Ethereum Technical Analysis 01-11-21📉
Ethereum Technical Analysis 01-12-21📈
Ethereum Technical Analysis 01-13-21📉
Ethereum Technical Analysis 01-14-21📈
Ethereum Technical Analysis 01-15-21📉
Ethereum Technical Analysis 01-16-21📈
Ethereum Technical Analysis 01-17-21📉
Ethereum Technical Analysis 01-18-21📈
Ethereum Technical Analysis 01-19-21📈
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You can reference my previous Dogecoin analysis here:
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You can reference my previous Cryptomarket analysis here:
Crytomarket Weekly Overview 1-8-21 to 1-15-21🔥🔥
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.
