Good morning. This is Hyunseok Geum. Did you spend all of your comfort last night? It is expected that there will be many people who have set up sleep because of the beat. Will it fall all the way to here at once? It was a day that surprised me a lot as it fell to the point where it was. So, let’s see if Bit will continue to decline or if it can rebound.
◇Main peak
First, let’s take a look at the main peak. It is a situation that is supported by 7 reviews of the Bitcoin main bar. If we don’t finish above the 29340, the 7th moving average this week, we expect a bigger decline in the weekly bar. Although there is a daily bar for sale, up to 19000 units are open when viewed from the main bar. Therefore, it would be good to finish this week’s salary on the 7th line.
◇Daily
Looking at the beat daily, it is now difficult to see as the triangular convergence of the beat. Now, we have to look at the point of view as a coordinating wave, and based on the Elliott wave theory, now we can see that C wave out of 3-wave ABC is in progress. The predicted point of the C-wave may theoretically be a 1:1 ratio with the A-wave, but since the C-wave is often longer, I cannot relax a little.
In theory, the predicted point of the C wave is around 27800, but from the perspective of dropping to the next selling point, it can be thought of as far as 26500. Is to keep in mind the possibility of further declines.
In particular, it is the RSI that adds strength to this view. Bitcoin’s RSI has never been above 50, making the rise so far.
From October 8 last year until now, the RSI has never dropped below 50 on a daily basis, but now it has fallen below 50, right? I think the RSI must go above 50 for the decline to end. This is not absolute, but the line that the RSI has been holding solidly in this bull market is broken, so even if you try to recover, it will not be difficult to recover at once. This is because a solid support line becomes a resistance line that is difficult to penetrate once pierced.
Since the decline has not been cleared up yet, it seems good to check the bottom and make sure that it is well supported for the sale.
◇4 hour stick
Looking at the four-hour stick, the beet seems to block the decline to some extent by forming a tail. However, it is not a safe place to buy because the RSI is also right in front of the oversold section and has deviated from the bottom of the Bollinger band. A good buy period, at least when the ballvan breaks off the bottom, is when the RSI goes over 30 again from oversold.
It is absolutely not to predict the end of the decline, as we still have to open up the possibility of further declines. It is not known exactly where the floor is, but for now, it is expected that it will be the next 27,600 units for sale.
The reason is that when the starting point and the peak of the rising wave are calculated in Fibonacci, it is also around 0.382, and that is the value derived from the bottom of the C wave as the basis of the wave theory. I have to watch the situation, but I think it is worth dealing with around this level.
◇Ethereum
Ethereum 4 hours stick. Currently, the bullish channel that has been well kept has been strongly broken down. It has risen to Fibonacci’s first expansion, but it failed to keep up with the flow and fell horribly. First of all, it seems to be supported around 382, but Ether also has not stopped falling.
In the same vein as the beat, it is safe to say that I am open to the 970 line, the low point. Bits have to prevent the decline to some extent, but I think Ether and other major altcoins will regain strength.
◇Bit dominance
Bit dominance is barely supporting the support line. As the current trend is, I think it will break through the support line downward due to severe downward pressure. I think dominance will also break through the support line lower, as all indicators are telling a decline, and a further decline in the bit is expected. The timing of the beat’s rebound can be predicted at around 62, the next support line.
◇ Alt Dominance
In the midst of this, Alt Dominance is holding on to really well. Alts are strong. Unlike Bit and Ether, there is a high possibility that other small and medium altcoins will continue to rise. It looks a little different from the previous one, but it is worth paying attention to whether this trend will take place.
It fell more than the bit’s decline, but this time, the rise of the alts comes out, so it will be comforting? However, we recommend that you approach it from a short-term perspective. Alt is just an alt.
◇Tether dominance
Yesterday we can see the tether dominance skyrocket as the coins made a full adjustment. If you look at today’s daily salary, it seems that they have an upper tail, and those funds are now entering altcoins and causing pumping.
It is resisted near the trend line descending from the bottom, and that part is becoming the reference line to talk about when coins are rising. We need to watch the situation a little more, but the tether dominance flow has been reversed by rising. For the time being, we can indirectly see the weakness of Bit and Ether.
◆General review
Yesterday’s bit fell sharply and the coin market seemed to be sticking, but the rebound of altcoins is turning the atmosphere.
However, since the bit did not stop falling, it seems that the altcoins are making a rebound at the bit’s rebound time, and when the bit falls again, it is highly likely to return the rise of the currently rising altcoins. Therefore, those trading altogether should approach thoroughly in the short term.
We hope that you can check all the places to check so you can enjoy a day without loss. That is all. Thank you. (2021.01.22. 13:00)
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010-6275-7078, kjb1638@gmail.com
info@blockchaintoday.co.kr
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