BTC 12h 1w Weekly section: Bitcoin weekend №9

6 lut 2021

On weekends, we do not trade, but spend this time with our family, which is what we wish for you) The nervous system should rest, and the body should gain positive emotions for the next difficult trading week!

But two or three hours should be dedicated to sum up the results of a productive trading week, find and analyze mistakes. We also need to do "homework": sketch out a rough plan of action for the next week, so that on Monday we can go straight into battle, and not spend half a day on rollout.

Well, let's try to do it all in the weekly digest "Bitcoin weekend" №9

During this trading week, the BTCUSD price rose smoothly but steadily from $33,000 to the current $40,000.
We publish this idea on the chart, on which we published the idea with fractals in the middle of the week, take a look at it by link. So, as you can see, now the BTCUSDT price has reached the upper limit of the fractal.
That is, the fractal above does not work, and we can expect a price movement up to $50,000.
And below - the movement behind the fractal is possible.

The weekly candle is very bullish, full-bodied, after all, + $7000 of Bitcoin price growth or +22%.

If the week closes at $36,500 and below, this could be the first signal that sellers are taking control of the market.

The BTC dominance has been steadily falling throughout the week. As you can see from the chart, dominance has now hit the lower limit of the channel. The altcoins took advantage of this, shooting upwards like madmen.
Whichever Altcoin you were sitting in or even in Bitcoin, you were obliged to fix at least +20-30% in a week.
If this has not happened, you need to conduct a thorough analysis of the mistakes, find them and try not to repeat them if you want to make money as a trader.

If the dominance bounces up, then the BTC price will go up, and the altcoins may well be drained.
A breakdown of domination down may first be reflected by a strong flow in the market, because everyone will start fixing profits in fiat.
A full-fledged altseason has not yet came. In 2017, the altseason had a pilot version in the period April-June 2017 and then September 2017-January 2018. Just compare your dominance scores.

Fundamental news background:
- Grayscale Investments is madly buying BTC again and now also Ethereum (let us remind you that we expect the most negative impact on the crypt from their side)
- On Monday, 8 February, trading in ETH CME futures on the Chicago Stock Exchange is launched. We wrote more about this in the ETHUSDT ideas, and the first level of long fixing worked out.
- Bitfinex paid off Tether $550 million of debt, which has been hanging since 2018, this is the scenario we assumed and previously wrote in the digest "Bitcoin weekend" №7.

If we missed interesting and important news, write in the comments.

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Have a great weekend everyone!
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Since 2016, we have been analyzing and trading the cryptocurrency market.
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