Majority of crypto community sentiment remains long. But without a few key elements, bitcoin price can't push forward in that manner. Market is being teased higher VIA large but short time frame altcoin pumps. If cash infusions continue than so can the price of bitcoin. If they stall out too early so will the chances of a further rally. Find out more about how this is analyzed and the information processed in our next newsletter. Sign up at OptiToken.io and subscribe today!
Bitcoin levels of relevance February 06, 2019: Levels mostly remain the same using Bitstamp prices $3355 heavily in play to downside still as we’ve said for weeks now ;) below that the 200 week MA at $3314 should act as a back drop still. AND below that the 50 month And we still think the 2 coupled together is really strong support. To the upside the day MA’s and intraday MAs move lower wedging price. *HIGHER positive volume NEEDED to change trend. However, I Sean Donato as chief analyst of OptiToken do not expect a monthly candle close above $3700 on BitStamp is possible before April ends. Afterwards, it is possible to close vive that level although it’s in no way guaranteed. So bear that in mind and take from it that there is more risk in the upside than some sort of sideways strategy with favor to a slant downwards more so than upwards.
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Something new today! ETH levels of relevance. Ethereum, using Bitfinex prices, is a harder beast to forecast. To the downside, target seems pretty clear, near $114.20 we have solid support. A move under could and should signal an elevated slide back toward low $100’s. With impending hardfork analysis may be affected so remember to always do your own research and trade safely. Upside 1st hurdle $124 - $128 which house some setup trends and MA’s that we’d like to see cleared first before any type of momentum would likely be able to catch steam. Btc remains holding the $3475 target we’ve been speaking about for weeks, remember that number and trade safely with it in mind.
Immediate levels of relevance for Bitcoin on the charts! BTC’s first price hurdle is the 50 day MA now at $3842 using Bitfinex prices. The last attempt to hold above started roughly 1.5 weeks ago and held for only 4.5 days. Before that, the last time bitcoin held above the 50 day MA was Oct. 2018 making it a viable 1st hurdle to study price behavior near. Going even deeper the last time bitcoin went on an upward run started with a break above the 50 day MA in August of 2018. Although the run was short lived, this moving average was the first hurdle and thus an important level to monitor always. Relevant price hurdles to the downside sit near $3500 mostly with the past weeks low as one and the next support at $3475 where a break down under could also trigger an increase in downward momentum. Wanna learn more? Check out our upcoming trading seminar by following us on Twitter to stay tuned for more alerts and info on seminar dates!
OptiToken wants to utilize Signal to bring you only relevant and useful info. What can be more helpful than non-biased market trend data. Bitcoin still sits more toward the upper end of a channel identified January 2nd, 2019. Relevant levels for acceleration in price using Bitfinex pricing remain $4230 to the upside and $3475 to the downside. Keep an eye on these levels and trade safely!
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