BTC - 4h. Buyers are preparing to break the trend line again.

1 Feb 2021

The weekly and monthly candle in the BTC market closed ambiguously. On the one hand, a large pin on a monthly candle indicates the presence of aggressive sellers in the BTCUSD market. Buyers, on the other hand, kept the mark of $32,000 and closed the weekly candle with the probability of continuing the consolidation and test range of $38,000-40,000. At the moment, we are more inclined to the second scenario.

Confirmation of our scenario and test $38000-40000 will be fixing the price of BTC above the trend line. As in the previous idea, the critical range is again $35000-35700. Above this range, the probability of continued growth will increase significantly.

However, trading volumes do not give us confidence in this scenario. An unsuccessful attempt by buyers to break the $35000-35700 range will again send the price of BTC to $ 29000.

The dominance of BTC is declining and the price of BTC is rising. This fact can be explained by the abnormal growth of XRP, which virtually moves the entire crypto market up. Currently, trading volume in the XRP market is $32,564,931,390.

The decline in the dominance of the BTC price will give other coins a chance to continue the steady growth trend. The main condition is to keep the price of BTC above $35,000.
___________________
We create both short-term ideas (for a local understanding of the market situation) and medium-term forecasts of price movements.
Subscribe to us and get daily concise analytics!