BTC 4h 1W 1M Weekly section: Bitcoin weekend №5

9 янв. 2021 г.

The holidays are over and we are back to write our weekly digest: Bitcoin weekend №5.

The week turned out to be dynamic, roughly speaking, BTC added + $10,000 in value.

Last week, sellers tried to reverse the trend, sharply dropping the price by -20% from 34,000 to 28,000. But the crowd said: We still need to grow, and now, the price approaches to the next Fib level around $42,000.
Looking ahead, we note that the next global Fibonacci level is around $61,500, but when the BTC price gets to it is a question.

The other day, a fatal event happened for the cryptomarket - the total capitalization reached $1 trillion, 12 years after the first block of BTC was released.

The last trading week began to remotely resemble 2017, when just any announcement or news came out, on some project, it madly shot up.
Of the old projects, Stellar XLM STR can be noted, which, on the news of cooperation with the Ukrainian government, shot up by making x3 in days.
By the way, before this news, we made two ideas for XLMUSDT: global and short-term, please estimate them)
However, as we already wrote in the previous digest, there will be no decent altseason until the BTC dominance is above 70%.

Just think, in one month BTC updated ATH 2017 more than twice, and 95% of alts only dream of this.
Well, one more nostalgia proposal and go ahead: when at the end of 2017 BTC fixed a high before $20,000, then the alts shot up for another month, when BTC had already started a correction, that is, it may still be)

Regarding the hype news that drive the crowd into the crypt, to be honest, we haven't seen any that would hurt the soul. Well, acquaintances do not call with questions about crypto, as in 2017 and 2018.
We do not know about you, but analysts' forecasts for Bitcoin of $100,000, $146,000 or even $300,000 in the coming years do not catch on.
We are used to taking profit from the market now, after a short or medium-term trade. We look at the market without rose-tinted glasses and dreams - this stage of consciousness was left in the past, when we were gaining expensive experience :)

But still one piece of news touched the soul and mind: "Morgan Stanley acquired 11% of shares of the company investing in Bitcoin MicroStrategy". The transaction amount is about $400 million.
MicroStrategy shares rose from $274 to $569 from 12/09/20 to 08/01/21, and from March 2020 they made +600% net.
Now let's open digest №3 and read the paragraph on fundamental news and MicroStrategy.

On the 4h timeframe, the BTCUSDT price has been moving in the channel since the time of consolidation before the break of $20,000 up. Only yesterday, growth accelerated, going beyond the channel and reaching the global Fibonacci level.
Above $41,500, the growth may continue.
Below $38,000, the BTC price may fall down in the channel to $32,500-33,000.
If we look at the weekly and monthly BTCUSD candles, we can say with confidence that the parabolic growth is already faster than in 2017 and it urgently needs a strong correction.

The only thing that we can control in the market is our risks. Use this opportunity.

Great weekend to everyone)
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Since 2016, we have been analyzing and trading the cryptocurrency market.
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