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Bitcoin Technical Analysis 02-17-21

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Written by   8
7 months ago

Bitcoin hit my target again! $55K next!

Technical Analysis

Bitcoins opens at $48K and goes up to around $52K and stable around $49K ~ $50K. The average transaction fee is $20.12 which is 8.06% increase from 02-16-21. As I mentioned yesterday, Bitcoin retreat around $48K after touch $52K. If it stables around $49K ~ $50K, the next target is stable at $52K and hit $55K. The question is if Bitcoin will continue raising and be sustainable? My opinion is still yes which it will have more and more institutional buyers hype to buy. However, I also think the risk is high at this level.

I remain my floor price to $37K indicates the strong support and raise the ceiling price at $45K. $52K has reached!

Bitcoin volatility is moving less volatile in yesterday. The market has reacted peak value at $50.5K but retreated to $48K which means the Bitcoin prepares for next milestone $52K soon if continue stabling around $50K.

Bitcoin decreases its correlation for Stock that it becomes a defense position 🛡️. The price may fluctuate less in the coming day with price toward mid-level. There may have higher risks in the coming day as the greed level still high!

Bitcoin Value =  $37k ~ $45k and my position is Long.

Here are some highlights to support my analysis:

Here is the road map for today:

Most Bullish News 📈

Bitcoin price is unsustainable

It indicates that Bitcoin gains more attraction from institutional buyers to hedge future.

Most Bearish News 📉

Bitcoin continue drying out

It indicates that Bitcoin may face correction later with exceed supply.

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Here are summary of general forecast of this week of economy and market:

Also, if you have any suggestions, please do not hesitate to let me know!

Thanks for reading and see you tomorrow!

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Risk forecast guideline:
Risk Averse means you can use as defense 🛡️
Risk Seeking means you can use as offense ⚔️
Risk Neutral means no decision made and continue seeking opportunities 👁️
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Disclosure: I wrote this article myself, and it expresses my own opinions. I am not receiving compen

Resources

  1. https://www.coindesk.com/price/bitcoin

  2. https://www.benzinga.com/markets/cryptocurrency/21/02/19714202/bitcoin-crosses-52-000-after-jpmorgan-calls-current-price-unsustainable

  3. https://decrypt.co/58001/blackrock-dabble-bitcoin

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