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Thread: Cryptocurrency Analysis

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    BTC analysis for March 02,.2021 - Potetnial for the downside rotation towrads $43.330

    Further Development

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    Analyzing the current trading chart of BTC, I found thatthe upside movement decreased in power and that there is potential for the downside rotation.


    Key Levels:

    Resistance: $50,000

    Support levels: $43,330



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    Petar Jacimovic
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    Trading Signal for Bitcoin BTC/USD for March 02 - 03, 2021: Buy above $49,000

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    The Bitcoin for today March 2, is trading above the SMA of 21 and above the EMA of 200, supported by the eagle indicator showing a bullish signal.

    In the 4-hour chart of Bitcoin, we note that the bullish wedge pattern that we explained yesterday in the analysis, is acting in favor of the uptrend, now its next goal will be $ 56,250, there is the +1/8 of murray, that is likely to reach this level due to the prevailing bullish force.

    We can also notice the formation of a symmetrical triangle, this pattern is a bullish figure, if the bitcoin breaks above this, a bullish movement is likely to reach the $ 52,500 and $ 56,250 area in the short term.

    On the contrary, a correction to the SMA of 21, located at $ 47,150, this will be a good opportunity to buy, because the moving average supports the bullish trend and is acting as a strong support.


    Support And Resistance Levels For March 02 - 03, 2021

    Resistance (1) $50,486
    Resistance (2) $52.194
    Resistance (3) $55,013

    Support (1) $47,570
    Support (2) $45,250
    Support (3) $43140




    Dimitrios Zappas
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    Ichimoku cloud analysis of Bitcoin

    BTC/USD is trading around $47,839 turning a bit lower after an upward move from $43,117. In Ichimoku cloud terms price remains in a bearish trend but got rejected today at an important resistance. It is crucial for bulls to hold above $47,300, otherwise price will be vulnerable to a move lower.

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    Price got rejected today at the tenkan-sen (Red line indicator). This rejection if followed by a move below the kijun-sen (yellow line indicator) at $47,300 then we could see more sellers pushing price lower towards $43,000. Breaking below $43,000 will make price push lower towards cloud support at $37,000-$38,000. The longer price stays below the tenkan-sen the higher the chances of moving lower. Bulls need to recapture $50,325 in order to resume the up trend.




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    Alexandros Yfantis
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    Peter Schiff criticized Wall Street investors for buying bitcoin

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    Bitcoin is resurrected. At least, it tries very hard to be. After the traders failed to overcome the support level of $44,000, there is a steady desire of the market to resume the upward trend. However, in recent days, there is very little news that could suggest what awaits bitcoin in the future. Of course, the lack of news does not mean that transactions in the cryptocurrency market are not concluded, and investors have gone into the shadows. If a new wave of purchases of bitcoin begins, this will be reflected in the chart of the movement of "digital gold." But since it is important for us to take into account all the available factors in the process of forecasting the value of the cryptocurrency, we try to pay attention to everything more or less significant. So far, the key factor is really the support of $44,000 per coin, which could not be overcome. There were also data for February, according to which bitcoin miners earned more than $1.2 billion in a month. But such a large amount of earnings is a consequence of the growth in the value of the cryptocurrency itself. Five months ago, this amount would have been five times lower.

    The well-known economist and president of the brokerage company Peter Schiff, who is an ardent supporter of gold and a critic of bitcoin, once again took a ride on "digital gold." According to Schiff, only fools invest in bitcoin, and he did not expect that there would be so many of them. Earlier, Schiff said that bitcoin is the largest bubble in the history of mankind. "Bitcoin owners are more confident than investors during the dot-com bubble and the mortgage crisis," Schiff said. He also noted that bitcoin can collapse at any time and lose up to 90% of its value, while gold will remain stable in price. Moreover, the end of the 2020-2021 pandemic crisis may lead to an even greater increase in the value of gold. Schiff recalled that during the 2008 crisis, gold fell by 25%, but then rose and updated its highs in value. In 2020-2021, gold fell in price by only 15%. Thus, the confrontation between the supporters of classic gold and digital gold continues. Bitcoin, meanwhile, has returned to the level of $50,000 per coin and will now try to break through this psychological mark. Bulls need to trade cryptocurrency more actively, as any hype is usually much less prolonged than the movement that precedes it. In other words, the rise of bitcoin will not last forever. This is a wave, and it is quite short-term. It is unlikely that it will continue for more than 1 or 2 months. So, it is already possible to think about the fact that the cryptocurrency will start a strong fall. New investors are needed for growth, new good reasons are needed.




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    Paolo Greco
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    The Financial Times criticized Citibank analysts for an implausible forecast for bitcoin.

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    Yesterday, we talked about the fact that analysts of one of the world's largest banks, Citibank, made a fairly optimistic forecast for bitcoin. According to the bank's experts, the cryptocurrency will increase in price to $ 318,000 per coin and it will be assigned the status of "digital gold" in the 21st century. According to Citibank, "bitcoin is experiencing a turning point at this time, the successful overcoming of which will open up truly huge prospects for the token." Journalists of The Financial Times criticized it, accusing Citibank of excessive optimism with hints of the commissioned nature of the article. Journalists of the publication called the conclusions made by Citibank as shocking, and many calculations and figures of the study were called into question. According to Citibank experts, about 36% of small and medium-sized businesses in America approve of using bitcoin as a means of payment. The Financial Times was surprised by this figure, as it was taken from a resource that is not trustworthy. Simply put, Citibank used figures in its calculations and analysis that need to be checked at least ten times before using them as reliable. Moreover, many of the figures are overly optimistic, which suggests that the bank's report itself is custom-made. As you know, in order for bitcoin to continue growing, and its large investors to continue to get richer, it is necessary that more and more new investors will join the upward movement. Thus, the more potential investors and traders believe that bitcoin is almost guaranteed to continue to rise in price, the better for large holders of bitcoin. Accordingly, they can create an artificial hype around bitcoin. For example, due to such reports of major banks, or due to the comments of their own and other world-famous personalities who advertise bitcoin and recommend buying it. There is a process of banal advertising of cryptocurrency in order to get more and more people to buy it. From our point of view, it will be very difficult to continue strengthening the number one cryptocurrency in the world. No one is immune from the fact that tomorrow Elon Musk will not buy another couple of billion dollars worth of bitcoins through Tesla and the rate will not rise to $ 65,000 per coin. However, any hype movement sooner or later will come to an end. We have already seen the first wave of bitcoin sales. Now the bulls are trying their best to maintain the uptrend. But if they fail to do this, then a second wave of sales will begin, which may be much stronger than the first. The $ 44,000 support remains key for the cryptocurrency.



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    Paolo Greco
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    Trading plan for Bitcoin for March 03, 2021

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    Technical outlook:

    Bitcoin's counter-trend rally continues as the crypto has completed its first leg around the $50,200 mark. It might be preparing for a drop as the second leg of correction before rallying towards the $51,000/52,000 levels to complete its corrective rally. The crypto is seen to be trading around the $49,300 mark at this point in writing. It is expected to rally further towards $52,000 after a corrective drop.

    Immediate support is seen at the $43,000 mark, while resistance comes in around the $58,300 level respectively. The Fibonacci 0.618 retracement of the drop between $58,300 and $43,000 is seen passing through the $52,000 mark. If it reaches this level, it may rise higher.

    Bitcoin bears might be targeting the $37,000 level in the near term, but a break lower would open doors towards the $24,000 level which is Fibonacci 0.618 retracement of the entire rally between $3,850 and $58,300 since March 2020. Only a break below one year trend line support would threaten the existing up trend.


    Trading plan:
    Remain short with stop @ 60000, target @ 37000.

    Good luck!



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    Oscar Ton
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    Technical Analysis of ETH/USD for March 3, 2021

    Crypto Industry News:

    The stock market operator Cboe BZX Exchange submitted to the SEC a declaration of listing and trading shares in the proposed VanEck Bitcoin Trust.

    At the end of 2020, the investment firm VanEck applied to the US Securities and Exchange Commission (SEC) to create the VanEck Bitcoin Trust, an exchange-traded fund (ETF).

    The Cboe BZX Exchange stock market operator made a proposal to the SEC to list and trade shares of this fund. The submission, it is said, "builds on VanEck's earlier S-1 filing" and "represents the next steps to bring the US's first bitcoin ETF to market."

    The proposed rule change would be to "List and trade VanEck Bitcoin Trust shares... in accordance with BZX 14.11 (e) (4), Commodity Trust Shares." According to this rule, the shares would be convertible to Bitcoin.

    Cameron and Tyler Winklevoss, founders of the Gemini cryptocurrency exchange, first proposed the Bitcoin ETF in June 2016. The SEC rejected the proposal. Several companies, including VanEck and Cboe, have filed applications with the regulatory agency only to be rejected or withdrawn eventually.


    Technical Market Outlook:

    The ETH/USD pair is again trying to break above the trend line resistance located at the level of $1,600. Please notice, the last time the price reversed back towards the level of $1,455, which is the intraday technical support for bulls. The next target for bulls is seen at the level of $1,591, but even if this level is hit, then the next most important target for bulls is the overbalance level located at $1,619. As long as the market trades below the overbalance level, the correction might develop. Please keep an eye on the RSI indicator as it clearly shows the momentum is barely positive.

    Weekly Pivot Points:
    WR3 - $2,368
    WR2 - $2,149
    WR1 - $1,728

    Weekly Pivot - $1,511
    WS1 - $1,076
    WS2 - $857
    WS3 - $438


    Trading Recommendations:

    During the recent corrective cycle Ethereum has lost almost 50% of its value , but the longer term up trend on the Ethereum continues. When the correction is terminated, the next long term target for ETH/USD is seen at the level of $2,100. The key long term technical support is seen at the level of $1,412, so only a weekly candle close below this level will invalidate the bullish scenario.

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    Technical Analysis of BTC/USD for March 3, 2021

    Crypto Industry News:
    The price of Bitcoin (BTC) exceeds the current popular S2F model. Stock-to-Flow for Bitcoin predicts the price of the cryptocurrency will eventually hit the $ 200,000 mark.

    The S2F model forecasts Bitcoin's long-term price trend. It takes into account two main factors, namely the amount of BTC existing (stock) versus the amount of newly mined coins placed on the market (flow).

    According to the S2F, Bitcoin's price should hover around $ 36,851 to keep the S2F model on track. Due to the recent bull cycle and strong momentum, BTC / USD is now well above the S2F estimate.

    The accuracy of the S2F model to date suggests that the market recognizes the value of BTC based on its rarity and rising demand. Moreover, it highlights the value proposition of the cryptocurrency against the depreciating US dollar and programmed flow reduction (i.e. Bitcoin halvings).


    Technical Market Outlook:
    The BTC/USD pair has made a shallow pull-back towards the level of $47,076 and is currently heading towards the recent local high seen at the level of $50,149. The next target for bulls is seen at the level of $52,036, but before this level is hit, the next most important target for bulls is the overbalance level located at $50,265. As long as the market trades below the overbalance level, the correction might develop. The intraday technical support is located at $45,710 and $43,714.

    Weekly Pivot Points:
    WR3 - $66,669
    WR2 - $61,820
    WR1 - $52,326

    Weekly Pivot - $47,444
    WS1 - $38,017
    WS2 - $33,139
    WS3 - $23,184


    Trading Recommendations:
    The bulls are still in control of the Bitcoin market, so the up trend continues and the next long term target for Bitcoin is seen at the level of $60,000. Any correction or local pull-back should be used to open the buy orders. This scenario is valid as long as the level of $41,125 is clearly broken.

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    Technical analysis of Litecoin/USD for March 3, 2021

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    We have seen the expected corrective decline to the S/H/S neckline at 179. Actually the correction slightly broke the neckline and dipped to a low of 165 before tuning higher again. Even though the neckline was broken temporary this doesn't invalidate the bottom-formation. Only a break below the right should bottom at 123 would have invalidated the formation and instead indicated a failed formation.

    As no failure has been seen, we continue to look for a rally towards the S/H/S objective at 324 and the possible extension target at 415.

    Support is now seen at 123


    Trading recommendation:

    Buy Litecoin near 179 or upon a break above 204 and place your stop at 155.



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