Bitcoin Technical Analysis 02-23-21

Bitcoin Technical Analysis 02-23-21


Bitcoin continues correction and hits value zone at around $45K. When Elon Musk mentioned price expensive, I knew he is going to buy more Bitcoin when it dips.

Technical Analysis

Bitcoins opens at $52K and goes down to around $45K and stable around $46K ~ $48K. The average transaction fee is $25.26 which is 4.04% increase from 02-22-21. As I mentioned yesterday, Bitcoin retreat around $47K after touch $50K. If it stables around $46K ~ $48K, the next target is stable at $58K and hit $60K. I think the correction at this level will continue. My calculation on its value is $43.3K. You can reference my method here. Despite the correction, transaction fee is very expensive. There are people continue accumulating Bitcoin!

I remain my floor price to $40K indicates the strong support and remain the ceiling price at $50K.

Bitcoin volatility is moving more volatile in yesterday. The market has reacted peak value at $58.6K but retreated to $48K which means the Bitcoin prepares for next milestone $60K soon if continue stabling around $58K.

Bitcoin decreases its correlation for Dollar that it becomes a neutral position 👁️. The price may fluctuate more in the coming day with price toward mid-level. There may have higher risks in the coming day as the greed level still high!

Bitcoin Value =  $40k ~ $50k and my position is Long.

Here are some highlights to support my analysis:

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Here is the road map for today:

323e7e62abc7eff4d6ae069aa728b2d2783f623b72b84dd94bed05d2fe72b395.png

14404f5247fb0704e38cfc8bf24bc91d627e09c038b71924ce55cf6316d695f5.png

Most Bullish News 📈

Bitcoin is still a buy

It indicates that Bitcoin may continue raising price after correction.

Most Bearish News 📉

Tether was ban in New York

It indicates that Bitcoin may face correction later with exceed supply.

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Here are summary of general forecast of this week of economy and market:
38c48507e0789b4b5185b14c0ab2a3b9b07cbf051811caa80b452f9b37885b98.png

2871df2b25ea13215f563dde5feb914cf2436dd26738326367c74146da797ef7.png

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

Thanks for reading and see you tomorrow!

893a5f1bf20990c72b5ac1ff130dfed604021aca01b7218d6c5e436906458d8b.png

 

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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📉
Bitcoin Technical Analysis 02-05-21📈
Bitcoin Technical Analysis 02-06-21📉
Bitcoin Technical Analysis 02-07-21📈
Bitcoin Technical Analysis 02-08-21📈
Bitcoin Technical Analysis 02-09-21📉
Bitcoin Technical Analysis 02-10-21📉
Bitcoin Technical Analysis 02-11-21📈
Bitcoin Technical Analysis 02-12-21📈
Bitcoin Technical Analysis 02-13-21📈
Bitcoin Technical Analysis 02-14-21📈
Bitcoin Technical Analysis 02-15-21📈
Bitcoin Technical Analysis 02-16-21📈
Bitcoin Technical Analysis 02-17-21📈
Bitcoin Technical Analysis 02-18-21📈
Bitcoin Technical Analysis 02-19-21📈
Bitcoin Technical Analysis 02-20-21📈
Bitcoin Technical Analysis 02-21-21📉
Bitcoin Technical Analysis 02-22-21📉
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📉
Ethereum Technical Analysis 02-05-21📈
Ethereum Technical Analysis 02-07-21📈
Ethereum Technical Analysis 02-08-21📈
Ethereum Technical Analysis 02-09-21📉
Ethereum Technical Analysis 02-10-21📉
Ethereum Technical Analysis 02-11-21📈
Ethereum Technical Analysis 02-12-21📈
Ethereum Technical Analysis 02-13-21📈
Ethereum Technical Analysis 02-14-21📈
Ethereum Technical Analysis 02-15-21📉
Ethereum Technical Analysis 02-16-21📈
Ethereum Technical Analysis 02-17-21📈
Ethereum Technical Analysis 02-18-21📈
Ethereum Technical Analysis 02-19-21📈
Ethereum Technical Analysis 02-20-21📈
Ethereum Technical Analysis 02-21-21📉
Ethereum Technical Analysis 02-22-21📉
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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📈
Doge Analysis 02-07-21📈
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You can reference my previous Cryptomarket forecast analysis here:
Crytomarket Weekly Overview and Forecast 01-22-21 to 01-29-21🔥🔥
Crytomarket Weekly Overview and Forecast 01-29-21 to 02-05-21🔥🔥
Crytomarket Weekly Overview and Forecast 02-05-21 to 02-12-21🔥🔥
Crytomarket Weekly Overview and Forecast 02-12-21 to 02-19-21🔥🔥
Crytomarket Weekly Overview and Forecast 02-19-21 to 02-26-21🔥🔥
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Risk forecast guideline:
Risk Averse means you can use as defense 🛡️
Risk Seeking means you can use 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.

xuanling11
xuanling11

I am a futurist who specialize on cryptocurrency. Let's learn together and shape the futures.


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