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FEB 9, 2024

Weekly Market Review: In-Depth Technical Analysis

by Crypto Alpha, BXVb7rtP5dwgpuKWx3S1B78sdwibsPstuowsyzjpU1jE

As part of our commitment to providing insight and market opportunities that can be exploited to generate potential profits, we bring you the weekly technical market review.
CRYPTO ALPHA TECHNICAL MARKET ANALYSIS REVIEW (SERIES)

BULLISH MOMENTUM

Bitcoin breaks out of consolidation.
The crypto market capitalization seems to be moving, with a significant rise of 3.4% in 24 hours to $1.71 trillion. The rise to its highest level since 12 January came as the S&P500 and Nasdaq-100 indices hit all-time highs. We may fall into another correlation cycle between The Stock and crypto markets.
After the market has absorbed the fundamentals of a $BTC ETF approval the price of Bitcoin dropped from a yearly high of $49,000 to a yearly low of $38,600 before going into another consolidation. For Ethereum the price continued to rally with the hope of an ETF approval which eventually did not come to fruition and the price dumped from $2,700 which was the yearly high to the low of $2,170, wiping out all gains YTD.
In our last publication, we anticipated the drop in the price of Bitcoin when we highlighted $48,200 for resistance, and for Ethereum, we were neutral but anticipated that the bullish momentum may continue if the ETF proposal is approved which has been postponed to the 23rd of May.

  “The market is a home of uncertainty (we should never lose touch with such reality), therefore we implore our subscribers to ensure that they protect themselves at all times, not risking/investing what they can’t afford to lose. Trading/investing can involve losing money. As much as we will try to create certainties in an uncertain market, we will only make a review and point out opportunities in the market when the odds are greatly skewed in our favor, it doesn’t mean we can’t be wrong sometimes.”    

Disclaimer

What does the chart have for us?

BTC DAILY
BTC DAILY CHART
BTC DAILY CHART
$BTC on the daily timeframe is clearly on bullish momentum, coming out of a range-bound market, the price continues to distend in a rally that formed what looks like an inverted head and shoulders pattern. $BTC found support at the liquidity level which sits at $38,600. We expect this bullish momentum to be sustained until we retest the resistance at $49,000 using $50,000 as a psychological resistance to wait for a price reaction. If the correlation between the Stock and the Crypto market continues to move in the same wave, we may be on a long bullish ride for this first quarter.
ETH DAILY
ETH DAILY CHART
ETH DAILY CHART
$ETH price dumped back to the opening price of the year after its ETF proposal was postponed to May 23rd, 2024. From a yearly high of $2,700 to finding support beneath the opening price of the year at $2,170. The price of $ETH is slowly recovering in tandem with $BTC. We expect that $ETH will continue to recover and move with $BTC targeting the previous yearly high at $2,700 and a possible psychological resistance at $3,000 before the hearing of the final verdict on the ETF proposal come May.

Final Thoughts

Remember to trade in your own best interest, only commit what you can afford to lose. May the market go with us!
We may make a review of this publication as the market evolves...
If you need a further breakdown, inquiry, or analysis on any particular coin, feel free to email us (cryptoalpharesources@gmail.com).
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