Weekly Market Update – 1-30-2023


BTC Overview (Long- and Short-Term TA and Policy)


This week (1/23 – 1/29), BTC continued to experience high volatility as last week, making it easier for scalpers to make short-term trades. Also, as in the previous week, BTC is less correlated to the US 100 and other traditional financial indices, which is another reason why it is easier to make short-term trades. In other words, BTC often moves on its own.

Market sentiment has improved, and the market has shifted to a situation where it is easier to get money into the market than before, i.e., altcoins other than BTC have also seen significant gains. Quite a few altcoins are showing gains.

Incidentally, the FOMC meeting on February 1 is an economic event, and monetary policy at this meeting may change the entire market trend, so please pay attention to it.


BTC Overview

↓ BTCUSD monthly candlestick chart

↓ BTCUSD weekly candlestick chart

This week (1/23-1/29) BTC also continued to rise without much pushback from last week. This is a so-called medium-term uptrend. The weekly chart has been positive for three consecutive weeks, and it would be better to take long positions as needed rather than shorting the market with an easy contrarian move. Of course, we should not forget we are only back in a range when we look at the monthly chart, which is a little bit larger.

We are getting close to a monthly update.

For a rough look at the future, please refer to the article I wrote last week. However, as of now, there is still no pushback, so for the time being, it is likely to rise to the most recent resistance area around $25,000, and it will be interesting to see what happens at that point. In any case, the policy is to buy when the price falls.

Also, as I mentioned at the beginning of this article, as funds are returning to crypto assets as a whole, altcoins are also easy to trade, so I am taking aggressive positions in them. For a while, when BTC falls, altcoins are likely to push up. No signs of overheating in futures FR or other markets yet.

I’ll write more about how to choose altcoins to touch somewhere, but for now, let’s start with the following:

(1) Cryptos that have not been listed for a long time on Binance and have not been cleaned up too much

(2) Alts in the same genre as the altcoins that have shown a big rise in the recent past

(3) Cryptos with high volume (if the trade board is too thin, it is easy for stop orders to be cut by wicks)

(4) Position relation with the daily 200MA

(5) Cryptos that are attracted to the 200MA and show a big rise when the price crosses the 200MA

It is advisable to be aware of these four points.

Currently I am looking at these coins – $APT, $MAGIC, $OP, $HOOK

Since there are few holders with unrealized losses, the upside is light, and when BTC falls a bit, it makes a push to the upside, so rotating long positions in the short term is highly promising. If you see a crypto with a similar shape, it would be a good idea to perhaps make a play on it.


↓ APT/USDT3-day candlestick chart

↓ OP/USDT weekly candlestick chart

↓ MAGIC/USDT 3-day candlestick chart

↓ HOOK/USDT 3-day candlestick chart