GROM and Market

Bitcoin has approached resistance at 45K, from which the price has bounced down three times this year. The market capitalization has approached the level of 2 trillion, which is important for further growth. The priority option is to consolidate Bitcoin above 45,000, and the market capitalization is above 2 trillion until Monday. If Bitcoin goes below the support area of 43500-42800, there will be a return to the previous trading range.

Bitcoin is in the range of 42600-43500. Fixing the price above 42600 for 6-8 hours creates the basis for overcoming the resistance at 43600, fixing the capitalization of Bitcoin above 2 trillion. It will lead to the release of the main cryptocurrency above 45000. An alternative option - going below 41800, then to 40500 - will lead to a flat and further movement of Bitcoin in a wide range of 37500-43500. I see the first option as a priority.

Bitcoin is in a narrow range of 41500-41800. An important resistance area at 41800-42600 keeps the asset from the further growth. Fixing Bitcoin above the 42600 level will lead to an increase in the capitalization of the crypto market above 2 trillion. The most likely option until Monday is Bitcoin in the range of 40500-42600.

Bitcoin is held in a range with an upper limit at 39800-40200, and a lower limit at 37500-36900. The priority option is within the next day the main cryptocurrency will remain in the same range. The exit from it will be tomorrow by the second half of the American session. An alternative option is the consolidation of Bitcoin above 40K within the next 12 hours.

Bitcoin has formed a support area at 38300-38200 level. In a thin weekend market, a fall below 37500-37000 is possible, followed by a return to the previous trading range. The alternative is to narrow the price range of the main cryptocurrency to 38200-39800, with an exit from this range next week. The priority option for the weekend is Bitcoin in the range with a lower limit of 38300-38000 and an upper limit of 39900-40200. Going beyond these limits in any direction is highly likely to be a false breakout.

Bitcoin is expected today in the range with a lower limit of 37500-37000 and an upper limit of 39600-40000. If the main cryptocurrency moves above 40K for the weekend, we expect a significant increase in altcoins. The priority option for Bitcoin is growth after the test of the lower limit of the range, the area of 37500-37000

After reaching local highs above 42500, Bitcoin moved down towards 38500-38000 The forecast for today is Bitcoin in the range with a lower limit of 38500-38000 and an upper limit of 42400-42500. I expect the main movements during the American session. In case of a breakout of the upper or lower limit of the range, I expect an increase in the dominance of the main cryptocurrency.

Market Thoughts 03/01 Bitcoin was trading above $47,000 this Saturday. Yesterday, the cryptocurrency looked for the bottom and reached the local minima above $43,000. With the stock market opening, BTC price started to grow. As of now, Bitcoin is trading at $49170. The cryptocurrency market cap is $1.4 billion. BTC market dominance is 61.1%. The stock markets showed growth. Oil returned above 65; both gold and silver increased; S&P 500 futures and the Asian indices are growing. The news about Biden’s relief package encouraged the market that was in decline the whole week. However, there will be no other reasons to grow once the package is adopted. The rising yield of US bonds (that pressured the market last week) is still there. To show further growth, the market needs new ideas. Bitcoin tried to hit $48,000 but failed. After that, it broke the support level at $45,000 and determined the local minima at $43,000. The cryptocurrency managed to return above $45,000. Ethereum fell by 25% over the last week. It is now trading slightly above $1,500. Generally speaking, altcoins are doing fine. BTC dominance index is below 62%. There was no massive sell-off of altcoins. Moreover, while BTC was trading above $47,000, altcoins were showing growth. The market works out the scenario provided on Saturday (a comfortable entry point for BTC options). In this case, BTC might start to grow in 1-2 days. It may be flat in the range of $43,000-$47,000 or hit $48,000 right away. BTC return above $50,000 is expected in 7-10 days. According to the greed&fear index, we’ve been in the zone of extreme greed for a long time and finally come to the zone of fear. It updated September 2020 indicators. The market is ready to grow. Find all news related to the crypto world here!

VET/USDT Update form the 5th of February - https://t.me/ChiefinCrypto/112 By contrast with other coins all target areas has been worked out here (0,053263 - 0,055447$). Maximum – 0,060774$: https://www.tradingview.com/x/qdEmCgCX/ Correction from maximum was rapid and deep (42%), like in the whole market. https://www.tradingview.com/x/xRZckXTv/ Weekly timeframe shows us revisiting the 10 day average. The main scenario – continuation of growth. The next middle-term target areas are at 0,075 and 0,1$: https://www.tradingview.com/x/NVisjf5c/ Fixing the price over 0,05$ will confirm this scenario.

BTC/USDT False breakdown took place at a level under 45k (44106,78$) with following shift back over this level: https://www.tradingview.com/x/0XjFo40w/ At the moment idea with double bottom, that we have spoken about yesterday, is working out (https://t.me/ChiefinCrypto/183). For the final confirmation of the hypothesis buyers need to overcome resistance at the level of 48800$ in the nearest future. In this case we can expect the retest of 51-53k level. This forecast can be updated after we face reaction on this level. If cancelled – drawback under 45k.