The Capital
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The Capital

Multidimensional Strategies That We Should Study About Bitcoin For The Next Few Days

Hello dear reader! Well, let’s say mister cryptocurrency tycoon. First of all, we formally apologize for the delay in the market report for this month of February.

On the other hand, this week, we must report that, although the cryptocurrency market has been positive, it is worth noting that we cannot trust anything. We’re not really into the highly volatile months yet.

In the long term, and taking as an example the most purchased asset in the market, we see that we still have a market that continues to make sales with successions of repurchase or accumulation. With this statement, we must keep in mind that in the short and medium-term, we may be seeing gains but that they may not be able to be maintained in a longer period of time.

Where we go? we simply want to warn that although the market, and mainly bitcoin, is shown in terms of bulls and with accumulation supports, the percentage of fault tolerance that can occur cannot be ruled out.

For this reason, and for this weekly edition, we want to bring you a multidimensional report so that you know what to do in each period of operation.

Overbought Months

The first of all ideas, and of which we must be very aware, is that Bitcoin really remains overbought on a monthly basis. There is a tolerance towards a very strong price correction.

It is a win or lose on that channel that has been created with the EMA9 and the EMA21. Where the first indicator is a resistance to overcome to give a buy signal and the second a support to maintain.

Due to what has been said, the bulls are taking advantage and making first early purchases, but recognizing that Elliot wave two can still trigger the alerts of many.

We intend then to warn you that on the side of the bulls, and in the long term, it is very important to create an over-buying correction that boosts the interest of the same buyers.

This in indicators translates that Bitcoin should at least step on our trending EMA34 at around 30246.82 and sell into the channel of the EMA50 under the parameter of 24496.91 and the CKT for long trades at around 26117.99. But along with taking profits at the trend line and below prices of approximately 19666.81.

We do not want to be pessimistic, but it is very important to recognize how far the “bottom of the well” will go that those with high invested capital can dig. Under this parameter, we have been remembering that we are currently going through a similar cycle of the years 2017 and 2019, but parallel to the years 2019 and 2020.

Complicated Reversal

Recognizing then in which market cycle we are, let’s get to the points of “folding the deck” towards the positive side that we all want. We see it complicated, but not impossible.

Here we come to the important point to understand: the cryptocurrency market and Bitcoin especially need a lot of capital boost injected to overcome the huge barrier that has most prices tied into a mixed trend confusion.

We say mixed trend, because some indicators show an oversold direction and others show impatience to maintain the long-term overbought trend. That, and opening trades, is not very healthy, because you can get into that confusion and fear that we’ve been talking about earlier.

In any case, exceeding the monthly EMA9 to signal buying momentum could be held back by the approximate maximum stop that we see at 52837.81 and with a very strong channel in the Bolliger band with the approximate parameter of 71538.61.

However, if we study well, there is no concrete figure after the three black crows created on the monthly chart. For now, there is a green candle of indecision with alternation to be able to lose strength at any time.

However, if we study well, there is no concrete figure after the three black crows created on the monthly chart. For now, there is a green candle of indecision with alternation to be able to lose strength at any time.

What is our recommendation? be a smart trade and take the reins of the great whales. Buy the supports partially and wait for the confirmed trend reversal.

Truth That Must Be Told

We will not formally hide this. Weekly we could have an opportunity to “recover losses” or earn more than expected, but if we know how to operate the decision figure that is being created.

Days ago, we had already warned of the possibility of having the figure “shoulder-head-shoulder” on the weekly chart. This could easily be confirmed if the current price of 43610.12 breaks the barrier of EMA50 and EMA9 respectively, but not forgetting the strong resistance that exists at 46591.88.

If the above happens, we see as maximum limits the touches between 59909.99; 61451.51; Bollinger Band Upper at 64376.51; and the maximum stop of 76723.93 and under the parameter of the diagonal resistance of Gan number 0.25, which until now behaves as resistance of taking profits.

According to everything studied, a minimum balance point is then found at 36982.67. Here we must place the protective stop for the coming weeks.

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