Weekly Market Update – 2-20-2023

BTC Overview (Long and Short Term TA and Policy)

This week (2/13 – 2/19), BTC showed a downward trend at the beginning of the week, but the price moved to touch $25,000. As usual, BTC is easy to trade because of the volatility and altcoins looking healthy.

BTC Overview

↓ BTCUSD weekly candlestick chart

This week (2/13 – 2/19) BTC touched the $25,000 target for the week. Looking at the horizontal resistance box it is currently below, means $30,000 would be the target for a move higher. Therefore, the focus should be on whether the current price level of $25,000 can be broken through. The weekly price is also positive, so we will continue to follow the “buy when it dips” strategy from the beginning of the month.

↓ BTCUSD daily candlestick chart

On the daily level, it was easy to get long against the short-term horizontal support box around $21,200 to $21,400. In other words, on Monday, 2/13, the market was alerted before the CPI, did not move particularly, and then on 2/14, the CPI put a downward wick on the daily positive line, the weekly positive line, and the next day, the monthly positive line, which involved the weekly update and the monthly positive line. This kind of move has occurred frequently in the past, so it is good to keep it in mind.

Altcoins are healthy right now, so buying altcoins at a time when BTC is about to make a short-term reversal can be a good option.

Continuing from a while ago, the rise in $BTC has improved the overall sentiment in the virtual currency market, which makes altcoins easier to trade as they are more likely to rise.

From FR and other indications, the market is not yet overheated, and it looks good to stand long altcoins for a while.

The tips for trading altcoins should be reiterated. However, it is a pattern-association game, and once you get accustomed to it, it is certainly easy to get used to. It is also impossible to take advantage of all pumps, so take it easy and trade accordingly.

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

(2) Altcoins in the same genre as the altcoin showing a big rise in the recent past.

(3) Altcoins with high volume (if the tradeboard is too thin, stop orders are likely to be cut by the wicks)

(4) Position with the daily 200MA

Altcoins are attracted to the 200MA and show a big rise when the price crosses the 200MA

Trading with these four points in mind can be helpful.

This week (2/13 – 2/19), perhaps due to the increased volatility and violent price movements in BTC, I have the image altcoins have not yet fully grown (not following the rise in BTC), so I would like to trade aggressively for a rise next week and beyond.