Bitcoin Longs and Shorts Pulls up More than 1,000 points, and the Market Is Expected to Hit the $40,000 Mark

 2021-02-06 09:10:10

Today's news

According to reports, Miller Opportunity Trust, which is regulated by Miller Value Funds, stated in a regulatory document on Friday that the fund may indirectly seek investment exposure to Bitcoin by investing in the Grayscale Bitcoin Trust, the entity holding Bitcoin. Miller Value Funds was founded by a well-known investor and Bill Miller. According to information on the fund's website, as of December 31rd, 2020, the fund had $2.25 billion in assets under management.


BTC market analysis

After the slight adjustment of Bitcoin, the market continued the upward trend of yesterday. In the early morning (UTC), the price broke through $39,000, reaching a maximum of $39,673.97. The overall bullish sentiment is strong, and the follow-up market is expected to test the $40,000 mark.

From the 1-hour chart, as the market breaks up, the upper Bollinger Bands channel is gradually opened, and the price breaks through the Bollinger Bands orbit and moves upwards. The subsequent price may go up further, and it is recommended to do long instead of short. The support level focuses near $38,600-38,200, and the resistance level focuses on the $40,000 line.


BTC operation suggestion

1. When the price falls back near $38,600, enter the market with buy/up orders, set stop-loss at $38300, and take profit around $39,100-$39,400;

2. When the price rebounds near $40,000, enter the market with sell/down orders, set stop-loss at $40,200, and take-profit around $39,500-$39,300.


The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.

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