Weekly Market Update – 1-23-2023


BTC Overview (Long and Short Term TA and Policy)

This week (1/16 – 1/22), BTC continued its volatility from last week, making it easier for scalpers to make short-term trades. The market was also less closely correlated to the US 100 and other traditional financial indices, which is another reason why short-term trading was easier.

Market sentiment has improved and is turning to be more accessible than before, i.e., altcoins other than BTC have also seen significant gains.

The difficulty in the current market is that it is not possible to make decisions based on BTC alone. It is important to make a comprehensive judgment by observing each factor in a complex manner. Since monetary easing has temporarily ended, funds have been withdrawn from the market, and the U.S. dollar is strong, there is no need to rush into buying positions over a long-time horizon. This is a phase to protect funds, not an offensive phase. (repost)

BTC Overview

↓ BTCUSD daily candlestick chart

This week (1/16 – 1/22) BTC continued to rise without much pushback from last week. It is in a so-called medium-term uptrend. It is better to stand around in long positions as appropriate, rather than to easily go short in a countertrend. Of course, when looking at a slightly larger monthly chart, it is important to remember we are only back in a range.

For a rough idea of what to expect going forward, please refer to last week’s article. However, since there is no push at the moment, for the time being, it looks like it will rise to the most recent resistance area around $25,000, and it will be interesting to see what happens around there. We will have a monthly update in about a week, so we will also be watching for a definite position of the candles in the future.

Also, as mentioned, as funds are returning to cryptocurrencies as a whole, altcoins are easy to trade and we would like to take aggressive positions in them.