Daily Report – Bitcoin and Market Update (February 10 2021)
Middaily session shows very strong uptrend that was confirmed by BPRO buy signal at 36k. BPRO baseline advancing steadily after successful breakout retest sequence. BPRO makes it so much easier for me to analyze through BTCUSD and other crypto assets as it delivers most important information regarding the actual trend. Local supply tapped 48.2k between R1 and R2 levels (44974 & 49806) given as BPRO extensions. Correction itself was a bull flag, as mentioned many times in my reports. It may suggest about the potential upside target to expect after applying the measured movement rule. This technical target is 20k added on top of the breakout level at 38k, which generates potential bull flag target at 58k. This aligns perfectly with R3 marked at 57611 and should be the next major resistance for BTCUSD. Bull market is nowhere near done, although we’re in the upper half of the entire rally already imo. The further into the bull market, the more profits should NOT be left on the table.
MTF picture provided by 4h BTCUSD chart shows local TP1 signal on the upside trend. Baseline provides support at 43.8k and as long as BTCUSD keeps closing sessions over the baseline, the buy signal and intraweek uptrend is safe. Three days ago we witnessed the largest buying candle in BTC history on the daily timeframe so imagine thinking any short-term corrections are bearish. It couldn’t be further from the truth. I’m personally watching 12H charts for the main reference and Im not going to sell any bitcoins until clear sell signal appears. That’s the beauty of this monster trading system. It takes away all the issues, problems, nerves while deciding whether to stay in the position or close out, etc. I will react with selling only when sell signal appears on 12h chart as that’s my favorite timeframe. After almost 8k daily candle to the upside, the market has reached very big width of volatility, as predicted many weeks or months ago. We’re approaching days when 10k daily swings will be normal. With the volatility increase, risk increase comes along. Main local supports are: 41k, 43k, 43.8k. Mainly local resistances are: 46.2k, 47.6-48.2k, 53.2k. Remember than whenever BTC hits with strong volatility, it sucks the capital out from altcoins, into bitcoin market. Dominance is still very high and being over exposed to alts means you’re in minority. Unless you are a whale that swings the market the way they want, you must stick to the majority.
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