Bitcoin Bulls Break Through $40,000, Can the Market Outlook Set a New High?

 2021-02-07 10:06:12

Today's news

1. The founder and former CEO of Grayscale, Barry Silbert, replied to a Twitter netizen's question about why Grayscale does not have a Dogecoin Trust Fund. His answer is- what is Dogecoin? This caused a heated discussion among Twitter netizens.

2. Tether issued 500 million USDT in the Tron network.

3. As of now, the total market value of USDT has exceeded 28 billion US dollars.


BTC market analysis

Bitcoin rushed higher, reaching the highest position of $41,089.08 and then falling back. The intraday market fell into a bearish situation again, and the MA5 line moved down the support level severely. The downward space is gradually opened, and the price is currently moving below the middle track of the Bollinger Bands.


From the 1-hour chart, the Bollinger Bands are in an open posture, the MA5 line and the MA10 line are in a downward trend, and the intraday shorts are also obvious. The price once fell below the support of the MA30 line of defense and is further approaching the MA60 line of defense support, although the price rebounded slightly, the bullish trend weakened, the market may still have a second fallback. If the price falls below the MA60 support, there is still room for correction in the intraday market, and on the contrary, if it stabilizes in the lower line of the Bollinger Band, the market will heat up. Pay attention to the lower support $38,000-$37,850 and the upper resistance 38,850-$39,340.


Operation suggestions

1. When the price rebounds near $39,350, enter the market with sell/down orders, stop loss at $39,750, and take profit range is $39,000-$38,750-$38,350.

2. When the price pulls back near $37,680, enter the market with buy/up orders, stop loss at $37,350, and take profit range is $37,950-$38,280-$38,660.


If the price falls below the $38,000 line, investors can see the $37,500 line.


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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