Bitcoin Technical Analysis 02-05-21

By xuanling11 | Crypto Learning | 6 Feb 2021


Technical Analysis

 

Bitcoins opens at $37K and goes down to around $36K and stable around $36K ~ $37K. The average transaction fee is $16.74 which is 13.11% increase from 02-04-21. I think Bitcoin tries to recover around $40K but it gets harder.

I raise my floor price to $33K indicates the strong support and remain the ceiling price at $36K.

Bitcoin volatility is moving slower in yesterday. The market has reacted peak value at $38K again but sell off instantly which means the Bitcoin yet has not confident to reach $40K. Market is pending for further information to improve its valuation.

Bitcoin decreases its correlation for Gold and stock that it becomes a offense position ⚔️. The price may fluctuate less in the coming day with price toward mid-level. There may have some risks in the coming day.

Bitcoin Value =  $33k ~ $36k and my position is Long.

Here are charts to support my analysis:

1cc1cd66c0846f2f29b7244a84b14777867cfc0c6b41584e810ccc595c5828d1.png7a9f23e3766c9441af9c036de2ee4c42f82e6d51584bc61a15b3aa1767717fe7.png9bf8c4723c1afac0a1fcdc64c7fd6fd24878cc1ae9cf569a833b2eed27859c21.png3e0f5fadc67051430fb0277a60e7ebbc54a8e6aa2753368bb80a89893cc8f01f.png7109a8673e982934bddad4bee7fba34f3ad62324e6be1a296565eb85d7b47a56.png3d04eb23293ef8b8e20cef2371599b2fb598e1fbe4c9a1699545a4ef70df3a30.pngc9304c4914239e6e9e8fa5ed54fc6ec52c024bc63a9952a0f4c7a70b99389561.png2cc27bea9d0d662d1f0d2036d7bc85d6f35465dd854f874d85367bc875b58682.pngc975fe08b80a8b17aefc7adb4c347c2ebd82281a331dcb9bd2588945808fcac0.pnged6af3a3db0a4f6dff7c662d898fa13f5fec2a20de3a9cdd0c07cbe5ad53a931.png815e2e0ab8164920013363e2d9a678fb83a3af0029a593c66c04e423a87cdf2c.png2a8f456ae6c474e752ecab1e3fe1fa9a8fbc1016f168f3d626d6688069bacef9.png

Here is the road map for today:

191c18710625c2311113a385c4132d2afc137b2b0b99ca195cd8029c62113bdb.png

14404f5247fb0704e38cfc8bf24bc91d627e09c038b71924ce55cf6316d695f5.png

Most Bullish News 📈

Bitcoin is better than gold

It indicates that Bitcoin gains more attraction to institutional investors.

Most Bearish News 📉

Nigeria close customer accounts link to Bitcoin activity

It indicates that regulatory enforcement may prevent owning Bitcoin in certain countries.

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Here are summary of general forecast of this week of economy and market:


80d2ea03fb586d2fd138628eb99bf0757468df1a66e40b555558e2098a0d005f.png

669261adc0d3a11ac8f9ffebe3ae4a8cd613c2c35da4f833e63b427ebb76cf7f.png

893a5f1bf20990c72b5ac1ff130dfed604021aca01b7218d6c5e436906458d8b.png

 

Also, if you have any suggestions, please do not hesitate to let me know!

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📈
Bitcoin Technical Analysis 01-20-21📉
Bitcoin Technical Analysis 01-21-21📉
Bitcoin Technical Analysis 01-22-21📈
Bitcoin Technical Analysis 01-23-21📉
Bitcoin Technical Analysis 01-24-21📉
Bitcoin Technical Analysis 01-25-21📈
Bitcoin Technical Analysis 01-26-21📉
Bitcoin Technical Analysis 01-27-21📉
Bitcoin Technical Analysis 01-28-21📈
Bitcoin Technical Analysis 01-29-21📈
Bitcoin Technical Analysis 01-30-21📉
Bitcoin Technical Analysis 01-31-21📉
Bitcoin Technical Analysis 02-01-21📈
Bitcoin Technical Analysis 02-02-21📈
Bitcoin Technical Analysis 02-03-21📈
Bitcoin Technical Analysis 02-04-21📉
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📈
Ethereum Technical Analysis 01-20-21📉
Ethereum Technical Analysis 01-21-21📉
Ethereum Technical Analysis 01-22-21📈
Ethereum Technical Analysis 01-23-21📈
Ethereum Technical Analysis 01-24-21📈
Ethereum Technical Analysis 01-25-21📈
Ethereum Technical Analysis 01-26-21📉
Ethereum Technical Analysis 01-27-21📉
Ethereum Technical Analysis 01-28-21📈
Ethereum Technical Analysis 01-29-21📈
Ethereum Technical Analysis 01-30-21📈
Ethereum Technical Analysis 01-31-21📉
Ethereum Technical Analysis 02-01-21📈
Ethereum Technical Analysis 02-02-21📈
Ethereum Technical Analysis 02-03-21📈
Ethereum Technical Analysis 02-04-21📉
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You can reference my previous Dogecoin analysis here:
Doge Analysis 12-28-21📈
Doge Analysis 01-01-21📈
Doge Analysis 01-02-21📈
Doge Analysis 01-11-21📉
Doge Analysis 01-28-21📈
Doge Analysis 02-04-21📈
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You can reference my previous Cryptomarket forecast analysis here:
Crytomarket Weekly Overview and Forecast 01-15-21 to 01-22-21🔥🔥
Crytomarket Weekly Overview and Forecast 01-22-21 to 01-29-21🔥🔥
Crytomarket Weekly Overview and Forecast 01-29-21 to 02-05-21🔥🔥
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Risk forecast guideline:
Risk Averse means you can use Ethereum as defense 🛡️
Risk Seeking means you can use Ethereum as offense ⚔️
Risk Neutral means no decision made and continue seeking opportunities 👁️
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Disclosure: 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.

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xuanling11
xuanling11

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