BTC 4h 1D 1N Weekly section: Bitcoin Weekend № 6.

16 ene 2021

Time flies by at the speed of light... You understand that another week has passed when a reminder comes that it's time to write a weekly digest: Bitcoin Weekend №6.

For us personally, the current week has turned out to be good, as forecasts and, accordingly, trades have been successfully worked out.

The end of last week and the beginning of the current one took place under the banner of a solid fall. With our predicted fall to the range of $32,500-33,000, the bottom point of the fall was $30,420.
Further, the BTCUSDT price movement bounced sharply from the lower and upper levels, forming a triangle-like consolidation.

The decisive level in the consolidation for the next few days will be $39,350.
Breaking and fixing above would open the way to $50,000 next week.
If sellers show their strength and do not let the price move above $39,350, then we can expect a strong fall.

During the BTCUSD consolidation, some altcoins received a portion of fresh oxygen and were able to organize pretty good shots upwards.
If you are interested, then look at the ideas that we published over the past week; we managed to predict some trades of altcoins on time and accurately.

The altcoins fired against the background of the fact that the BTC dominance decreased to 68%, but for the global altseason this is not enough, at least 50% is needed.


The approximate possible future Bitcoin dominance movement was drawn on the chart: upward dominance - BTC price up, and alts down, dominance down - Bitcoin down, some altcoins shoot up.

If nothing special is visible on the daily chart, a banal consolidation ahead of a future strong impulse.


Then on the weekly timeframe, there is a high probability that the week will be closed with the "hanging man" or Hang man Japanese candlestick, which can be regarded as the first bearish signal. According to candlestick analysis, if the next candlestick behind the Hanging Man opens lower, then many traders may want to consider selling.


On the fundamental news front, we have not come across any shocking articles, tweets, or news items that could affect the future movement. Usually, such things start to be published at the end of the consolidation in order to push the price movement in the right direction.
If we missed important news, please write about it in the comments.

In summary: the consolidation is reaching its logical conclusion and next week promises to be hot. Of course, the chances of an impulse in each of the sides are 50/50, but we need to look at the picture wider and take into account all the signals that the market gives and immediately react to them.
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