Bitcoin Market Status (2021.2.17): Bitcoin hit a historic $50,000 mark

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Bitcoin Market Analysis

Yesterday Bitcoin hit a historic $50,000 mark.
It showed the dignity of the coin as it showed the flow of giving rise to 50600 dollars and returning the rise again in just 15 minutes. In the current situation, short-term trend response is more effective than macro-chart analysis.

◇Daily

Looking at the current trend, it is continuing its upward trend, supported by the blue upward channel. It is forming a rising wedge by resisting the upper trend of the purple channel.

The rising wedge has a higher peak, a lower RSI high, and a gradual decline in trading volume, which is just right for the situation. Therefore, we consider this to be a rising wedge, and when it breaks down the blue trend line, it is expected that the adjustment will begin with the trading volume.

Looking at the support lines at this time, the 1st 46000, 2nd 43800. After confirming support, it is possible to enter the short-term long position, but it can be judged that the trend has turned downward in the short term.

And there are some suspicious aspects of Bitcoin’s hitting this high point, which I’ll talk about in a YouTube video.

◇Ethereum

Ethereum is currently moving within a large upside channel. However, there is a very high possibility of falling without passing the test at the bottom of this bullish channel because there is not much power to upside now.

1st 1660, 2nd 1600, 3rd 1560. It can be seen as this and there are some small support lines in the middle. We recommend entering after confirming support from a large support line, and for those who are difficult to respond, we recommend purchasing after confirming the bottom.

◇Bit dominance

Bit dominance is on the rise, but there is a high probability that it will be adjusted again. With the RSI50, we always made adjustments and soon we reach the top of the box so we can expect a temporary adjustment of the beat.

◇ Alt Dominance

Alt Dominance straddles an uptrend line and is at a crossroads between up and down in the middle of the bar. It looks like it will decline in its current form, but considering its recent appearance, it is difficult to judge it as a decline.

It seems good to see the fall below the RSI50 and judge that the Altjang fades for a while.

◇Tether dominance

Tether dominance is similar to yesterday. If that bottom is broken, a really big drop is expected, so you can think of tether dominance as an important moment. It seems like it will always penetrate, but you should not be vigilant because it is a line that has come back alive.