Technical Analysis
Bitcoins opens at $49K and goes down to around $48K and stable around $48K ~ $49K. The average transaction fee is $26.04 which is 15.92% decrease from 02-24-21. As I mentioned yesterday, Bitcoin retreat around $48K after touch $50K. If it stables around $47K ~ $49K, 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 $67.3K at some point which indicates that Bitcoin may eventually reach another peak in coming month. You can reference my method here. Despite the correction, transaction fee is very expensive. Be patience!
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 $45K which means the Bitcoin prepares for next milestone $60K soon if continue stabling around $58K. It is fairly stable at this level.
Bitcoin decreases its correlation for Dollar that it becomes a offense position βοΈ. 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 =Β $40k ~ $50k and my position is Long.
Here are some highlights to support my analysis:
Here is the road map for today:
Most Bullish News π
Firms make astonishing profits from Bitcoin
It indicates that Bitcoin may continue raising price after correction and whales continue accumulating Bitcoin.
Most Bearish News π
It indicates that Bitcoin may face correction later with over supply.
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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!
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Note: Cross-references of this article has created by author and has cross-referenced on multiple platforms. You can find links below β¬οΈβ¬οΈ:
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You can reference my previous monthly Bitcoin and Ethereum analysis here β¬οΈβ¬οΈ:
πͺπͺ January 2021 Technical Analysis Summary ππ
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You can reference my previous daily Bitcoin analysis here β¬οΈβ¬οΈ:
Bitcoin Technical Analysis 02-01-21π
Bitcoin Technical Analysis 02-02-21π
Bitcoin Technical Analysis 02-03-21π
Bitcoin Technical Analysis 02-04-21π
Bitcoin Technical Analysis 02-05-21π
Bitcoin Technical Analysis 02-06-21π
Bitcoin Technical Analysis 02-07-21π
Bitcoin Technical Analysis 02-08-21π
Bitcoin Technical Analysis 02-09-21π
Bitcoin Technical Analysis 02-10-21π
Bitcoin Technical Analysis 02-11-21π
Bitcoin Technical Analysis 02-12-21π
Bitcoin Technical Analysis 02-13-21π
Bitcoin Technical Analysis 02-14-21π
Bitcoin Technical Analysis 02-15-21π
Bitcoin Technical Analysis 02-16-21π
Bitcoin Technical Analysis 02-17-21π
Bitcoin Technical Analysis 02-18-21π
Bitcoin Technical Analysis 02-19-21π
Bitcoin Technical Analysis 02-20-21π
Bitcoin Technical Analysis 02-21-21π
Bitcoin Technical Analysis 02-22-21π
Bitcoin Technical Analysis 02-23-21π
Bitcoin Technical Analysis 02-24-21π
You can reference my Bitcoin methodology here and here.
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You can reference my previous daily Ethereum analysis here β¬οΈβ¬οΈ:
Ethereum Technical Analysis 02-01-21π
Ethereum Technical Analysis 02-02-21π
Ethereum Technical Analysis 02-03-21π
Ethereum Technical Analysis 02-04-21π
Ethereum Technical Analysis 02-05-21π
Ethereum Technical Analysis 02-07-21π
Ethereum Technical Analysis 02-08-21π
Ethereum Technical Analysis 02-09-21π
Ethereum Technical Analysis 02-10-21π
Ethereum Technical Analysis 02-11-21π
Ethereum Technical Analysis 02-12-21π
Ethereum Technical Analysis 02-13-21π
Ethereum Technical Analysis 02-14-21π
Ethereum Technical Analysis 02-15-21π
Ethereum Technical Analysis 02-16-21π
Ethereum Technical Analysis 02-17-21π
Ethereum Technical Analysis 02-18-21π
Ethereum Technical Analysis 02-19-21π
Ethereum Technical Analysis 02-20-21π
Ethereum Technical Analysis 02-21-21π
Ethereum Technical Analysis 02-22-21π
Ethereum Technical Analysis 02-23-21π
Ethereum Technical Analysis 02-24-21π
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You can reference my previous daily Dogecoin analysis here β¬οΈβ¬οΈ:
Doge Analysis 12-28-21π
Doge Analysis 01-01-21π
Doge Analysis 01-02-21π
Doge Analysis 01-11-21π
Doge Analysis 01-28-21π
Doge Analysis 02-04-21π
Doge Analysis 02-07-21π
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You can reference my previous weekly Cryptomarket forecast analysis here β¬οΈβ¬οΈ:
Crytomarket Weekly Overview and Forecast 01-22-21 to 01-29-21π₯π₯
Crytomarket Weekly Overview and Forecast 01-29-21 to 02-05-21π₯π₯
Crytomarket Weekly Overview and Forecast 02-05-21 to 02-12-21π₯π₯
Crytomarket Weekly Overview and Forecast 02-12-21 to 02-19-21π₯π₯
Crytomarket Weekly Overview and Forecast 02-19-21 to 02-26-21π₯π₯
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Risk forecast guideline:
Risk Averse means you can use as defense π‘οΈ
Risk Seeking means you can use as offense βοΈ
Risk Neutral means no decision made and continue seeking opportunities ποΈ
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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.
