Bitcoin Technical Analysis 02-08-21

By xuanling11 | Crypto Learning | 8 Feb 2021

You will not surprise that Elon Musk actually bought Bitcoin. The man who constantly tweet about $DOGE and cause pump and dump multiple times.

What he did unlike Wall Street of rapid surge and crash, he inflated the price of $DOGE to test water while preserving Bitcoin valuation with healthy growth (seemly) and observe its performance. It is a quit smart strategy of marketing its investment because Bitcoin has at the high level of valuation and he was late of train. Now, all other companies start to freak out about Bitcoin and tries to buy quietly.

Technical Analysis

Bitcoins opens at $37K and goes up to around $45K and stable around $41K ~ $42K. The average transaction fee is $11.2 which is 11.52% decrease from 02-07-21. As I mentioned yesterday, Bitcoin reached $45K almost and ATH, then retreat around $43K. If it stables around $41K ~ $43K, the next target is $48K.

I raise my floor price to $37K indicates the strong support and raise the ceiling price at $40K. It broke the downward trend and starts new upward trend again. Thanks to Elon Musk!

Bitcoin volatility is moving stable in yesterday. The market has reacted peak value at $44K but sell off instantly which means the Bitcoin prepares for next milestone $48K.

Bitcoin increases its correlation for Dollar that it becomes a neutral position πŸ‘οΈ. The price may fluctuate less in the coming day with price toward mid-level. There may have lower risks in the coming day.

Bitcoin Value =Β  $37k ~ $40k and my position is Long.

Here are some highlights to support my analysis:


Here is the road map for today:




Most Bullish News πŸ“ˆ

Elon Musk buys Bitcoin

It indicates that Bitcoin gains more attraction from institutional buyers.

Bitcoin reserve continue growing bigger!

Most Bearish News πŸ“‰

Bitcoin lending grows larger

It indicates that Bitcoin leverages will create ever bigger bubble.


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





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

Thanks for reading and see you tomorrow!

You can reference my previous Bitcoin analysis here:
Bitcoin Technical Analysis 01-07-21πŸ“ˆ
Bitcoin Technical Analysis 01-08-21πŸ“ˆ
Bitcoin Technical Analysis 01-09-21πŸ“‰
Bitcoin Technical Analysis 01-10-21πŸ“‰
Bitcoin Technical Analysis 01-11-21πŸ“‰
Bitcoin Technical Analysis 01-12-21πŸ“ˆ
Bitcoin Technical Analysis 01-13-21πŸ“‰
Bitcoin Technical Analysis 01-14-21πŸ“ˆ
Bitcoin Technical Analysis 01-15-21πŸ“‰
Bitcoin Technical Analysis 01-16-21πŸ“‰
Bitcoin Technical Analysis 01-17-21πŸ“‰
Bitcoin Technical Analysis 01-18-21πŸ“ˆ
Bitcoin Technical Analysis 01-19-21πŸ“ˆ
Bitcoin Technical Analysis 01-20-21πŸ“‰
Bitcoin Technical Analysis 01-21-21πŸ“‰
Bitcoin Technical Analysis 01-22-21πŸ“ˆ
Bitcoin Technical Analysis 01-23-21πŸ“‰
Bitcoin Technical Analysis 01-24-21πŸ“‰
Bitcoin Technical Analysis 01-25-21πŸ“ˆ
Bitcoin Technical Analysis 01-26-21πŸ“‰
Bitcoin Technical Analysis 01-27-21πŸ“‰
Bitcoin Technical Analysis 01-28-21πŸ“ˆ
Bitcoin Technical Analysis 01-29-21πŸ“ˆ
Bitcoin Technical Analysis 01-30-21πŸ“‰
Bitcoin Technical Analysis 01-31-21πŸ“‰
Bitcoin Technical Analysis 02-01-21πŸ“ˆ
Bitcoin Technical Analysis 02-02-21πŸ“ˆ
Bitcoin Technical Analysis 02-03-21πŸ“ˆ
Bitcoin Technical Analysis 02-04-21πŸ“‰
Bitcoin Technical Analysis 02-05-21πŸ“ˆ
Bitcoin Technical Analysis 02-06-21πŸ“‰
Bitcoin Technical Analysis 02-07-21πŸ“ˆ
You can reference my Bitcoin methodology here and here.
You can reference my previous Ethereum analysis here:
Ethereum Technical Analysis 01-07-21πŸ“ˆ
Ethereum Technical Analysis 01-08-21πŸ“‰
Ethereum Technical Analysis 01-09-21πŸ“ˆ
Ethereum Technical Analysis 01-10-21πŸ“‰
Ethereum Technical Analysis 01-11-21πŸ“‰
Ethereum Technical Analysis 01-12-21πŸ“ˆ
Ethereum Technical Analysis 01-13-21πŸ“‰
Ethereum Technical Analysis 01-14-21πŸ“ˆ
Ethereum Technical Analysis 01-15-21πŸ“‰
Ethereum Technical Analysis 01-16-21πŸ“ˆ
Ethereum Technical Analysis 01-17-21πŸ“‰
Ethereum Technical Analysis 01-18-21πŸ“ˆ
Ethereum Technical Analysis 01-19-21πŸ“ˆ
Ethereum Technical Analysis 01-20-21πŸ“‰
Ethereum Technical Analysis 01-21-21πŸ“‰
Ethereum Technical Analysis 01-22-21πŸ“ˆ
Ethereum Technical Analysis 01-23-21πŸ“ˆ
Ethereum Technical Analysis 01-24-21πŸ“ˆ
Ethereum Technical Analysis 01-25-21πŸ“ˆ
Ethereum Technical Analysis 01-26-21πŸ“‰
Ethereum Technical Analysis 01-27-21πŸ“‰
Ethereum Technical Analysis 01-28-21πŸ“ˆ
Ethereum Technical Analysis 01-29-21πŸ“ˆ
Ethereum Technical Analysis 01-30-21πŸ“ˆ
Ethereum Technical Analysis 01-31-21πŸ“‰
Ethereum Technical Analysis 02-01-21πŸ“ˆ
Ethereum Technical Analysis 02-02-21πŸ“ˆ
Ethereum Technical Analysis 02-03-21πŸ“ˆ
Ethereum Technical Analysis 02-04-21πŸ“‰
Ethereum Technical Analysis 02-05-21πŸ“ˆ
Ethereum Technical Analysis 02-07-21πŸ“ˆ
You can reference my previous Dogecoin analysis here:
Doge Analysis 12-28-21πŸ“ˆ
Doge Analysis 01-01-21πŸ“ˆ
Doge Analysis 01-02-21πŸ“ˆ
Doge Analysis 01-11-21πŸ“‰
Doge Analysis 01-28-21πŸ“ˆ
Doge Analysis 02-04-21πŸ“ˆ
Doge Analysis 02-07-21πŸ“ˆ
You can reference my previous Cryptomarket forecast analysis here:
Crytomarket Weekly Overview and Forecast 01-15-21 to 01-22-21πŸ”₯πŸ”₯
Crytomarket Weekly Overview and Forecast 01-22-21 to 01-29-21πŸ”₯πŸ”₯
Crytomarket Weekly Overview and Forecast 01-29-21 to 02-05-21πŸ”₯πŸ”₯
Risk forecast guideline:
Risk Averse means you can use Ethereum as defense πŸ›‘οΈ
Risk Seeking means you can use Ethereum as offense βš”οΈ
Risk Neutral means no decision made and continue seeking opportunities πŸ‘οΈ
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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