Bitcoin, H1 time frame:
Bitcoin has finally calmed down a bit in the H1 chart. Yesterday, the price was correcting and managed to consolidate below the level of $ 45879. Thus, it will now make an attempt to decline to the Kijun-sen line, above which the upward trend persists and does not cause any doubts. At the moment, the "cue ball" rate pulled back a little from its absolute highs and so, the growth may continue any time. However, Bitcoin cannot get expensive all the time. Its last growth was related exclusively with Elon Musk and his companies' statements and actions. However, there is no further reason for Bitcoin to continue to grow, not yet. During the previous review, it was recommended to buy Bitcoin if the price rebounds from the $ 45879 level or the Kijun-sen line. And so it happened, which resulted in a price growth by $ 1300. However, a new round of downward correction began, so traders close these deals at least to zero. In general, it is not recommended to sell cryptocurrency due to the continued strong trend.
Bitcoin, M15 time frame:
Both linear regression channels turned down in the M15 chart, which may lead to Bitcoin's continuation of the correction in the next few days. However, there is still a weak decline. It seems that buyers are not yet closing buy deals and are waiting for this cryptocurrency to rise again. But despite this behavior, the "cue ball" will still tend to correct in the coming days.
In the recent reviews, it was already mentioned that any common tweet or message on a social network can make any cryptocurrency strongly grow. However, it should be noted that what is referring here is not just any tweet, nor just any message. Traders and investors appreciate Elon Musk's words much more than any ordinary user. Not only that, the owner of Tesla and SpaceX supported Bitcoin not only with a word. On Tuesday, it was reported that Tesla purchased bitcoins in the amount of $ 1.5 billion, stating that it was going to expand the range of activities that brings the company profit. And now, completely new prospects are opening up for this cryptocurrency. If, after a tweet and a $ 1.5 billion purchase of bitcoins, the cryptocurrency rate itself increased by $ 10,000, then what will happen if other large tech companies also start investing in the cue ball? If, for example, Microsoft announces tomorrow that it bought Bitcoin in the amount of a couple of billion, will the rate soar to 55 thousand dollars? And what if other companies start buying up the cue ball? In general, we believe that the current growth of Bitcoin is absolutely not the limit.
It is also fair to note that out of 21 million coins received by miners, only 19 and about 15 million of them are in wallets without movement. This means that the total supply of "cue ball" on the market is now equal to not 19 million, but 4-5 at best. Therefore, the more "cue balls" deposited in the wallets of owners who expect further growth and do not spend or sell them, the higher the probability that the price of the cryptocurrency will continue to rise and pull other cryptocurrencies up. In general, the war between states, central banks on the one hand and companies, private investors on the other, is won by the latter.
In any case, there are two trading ideas for February 11:
1) Buyers still control the cryptocurrency market, but have taken a short break. Thus, it is recommended to buy Bitcoin again if the price consolidates above the level of $ 45,879, with a target set at the extreme level of $ 48,233. In this case, profit-taking can be up to $ 2,000 per lot. It is also possible to buy it if the price clearly and accurately rebounds from the Kijun-sen line ($ 42,756) with a target of $ 45,879.
2) Bears are resting again and are waiting for buyers to start fixing profits on long positions. Thus, it is not suggested to sell Bitcoin at least today or in the near future, since it is very risky on such a strong upward trend. It is necessary to wait until the upward trend is over and clear sell signals are observed. Selling can only be considered until the price consolidates below the Kijun-sen line ($ 42756).
Explanations for illustrations:
Price levels of support and resistance (resistance/support) - levels that are targets when opening purchases or sales. It is possible to place Take Profit levels near these levels.
The Kijun-sen and Senkou Span B lines are the Ichimoku indicator lines transferred to the H1 and H4 time frame.
Support and resistance areas - areas where the price has repeatedly rebounded.
Yellow lines - trend lines, trend channels and any other technical patterns.
The material has been provided by InstaForex Company - www.instaforex.com