Weekly Analysis, Jan.28th

Q: Hi, it's time for weekly analysis again.
A: Thank you and let's check it out.
Record time 10AM BKK.

1.Major coins
BTC
1M/1W/1D

• From the following pictures, there's the downtrend.
• From 1M/1W pattern, price drops but volume increases. If it has been downtrend for a while then there is a large amount, it means that there is a buying order to enter the market and it will lead to a sideways trend.
• From 1D pattern, there's the little bounce back.
• But overall it is sideways.

1D/8H/4H/1H

• From 1D /8H/4H, it is sideways.
• From 1H, there's a double bottom "W".
• All volume low.

From Fib Retracement

• It was a good pull back at 0.618 level in last week's analysis, but obviously the volume was not enlarged.
• Now there's the end of a downtrend, we can see the sideways under 1D pattern.
• Volume is not that stable, but if can keep this level, the price will pull back gradually.
• There's the cross on MACD, if the volume becomes better, then this could be the golden cross.

Summary:

• Overall it is Short direction.
• Can do short term for Long order under 1H pattern. Keep it 1-3 hours, set up TP and SL.
• Entry is around 37350-37360, profit for Long is around 37546-37926.

2.Let's check out SAND as altcoin.
SAND, there's the news as following and let's check if SAND can have the new breakout or not.

• Recently Sandbox announced $50M fund for its startup accelerator program aimed at developing potential startups.

https://cointelegraph.com/news/the-sandbox-announces-50m-fund-for-its-startup-accelerator-program

1M/1W/1D

• From following pictures, 1M/1W are both downtrend.
• 1H, there's a little bounce back.
• The volume is still low.

1D/8H/4H/1H

• From 1D and 8H, there was the drop and now it is getting back.
• From 4H and 1H, there's the obvious rising.
• Only the volume of 4H is going up, others all low.

From Fib Retracement

• There was a pull back at 0.618 level, but due to the low volume, there's no rise.
• After a drop, the recent pull back is at 0.786, the volume has a little back.
• There's a cross on MACD, let's see what the volume will be, if the volume is good, then this could be the golden cross.

Summary:

• Overall it is Short direction. Need to wait for the volume to change.
• From current patterns, you can find an entry and do Long order for a short term.
• Entry will be around 3.5-3.6, profit will be around 3.9-4.2.
• Hope the good news can boost the volume and the price.

Q: Let's check some news for this week.
A:
1）Industry news

• Panic 20, extreme panic.
• The Russian Ministry of Finance wants to allow cryptocurrencies to be traded through local banks, with President Vladimir Putin saying Russia has some advantages in crypto mining, he's asking the Ministry of Finance and the central bank to agree on crypto supervision. Russia has changed its previous negative attitude and has made a 180-degree change. It seems there's the high probability of final acceptance.
• The Nepal Bankers Association has issued a crypto ban notice regarding whether private individuals and businesses will take action under existing laws if they are involved in such activities. Another country has stated the ban notice, which means that banning and embracing are just a fine line.
• Tesla's fourth-quarter report showed no change in bitcoin holdings, and the decline in bitcoin led to a $51 million in profits. Although it has fallen back to the cost, it has not shaken its investment logic.
• Following Twitter, Reddit may launch the NFT avatar function, to make a verifiable NFT avatar function. If you want to use this avatar, you must actually own this NFT first.
• The global NFT search volume is higher than Crypto for the first time, and the top three are Taiwan, Japan and South Korea. NFT continues to be popular, and the direct benefit is the corresponding public chain and distributed storage section.

2）Coins' news

• Christophe De Beukelaer, member of Parliament in Brussels of Belgiurm, receives his monthly salary in bitcoin, the first political representative in Europe to do so, and his goal is to spark interest in bitcoin and other cryptocurrencies in Belgium. New York City Mayor Eric Adams has also converted biweekly paychecks to bitcoin and Ethereum.
• Bloomberg analysts say bitcoin will hit $100,000 this year, the logic is that bitcoin becomes a store of value and replaces gold as global collateral.
• bitcoin: The stock on the exchange hit a record low, the non-liquid supply is accelerating to a new high, and the supply is weakening. Although it depends on the US stock market in the evening, the selling pressure has become smaller and smaller, and the rebound is expected to continue.
• ETH: The mining power has reached a record high, indicating that ecological development is still healthy. As the NFT that is based on Ethereum continues to be hot, there is a demand for continued rebound.
• BNB: BSC released a plan for 2022, which will introduce a series of updates and upgrades, including cross-chain and multi-chain. BNB will still be a value investment product in 2022.
• SOL: Solana Pay will be launched. People can use SOL to pay. This is the battleground for WEB3.0. The throughout capacity and the speed of SOL are definitely more suitable for a payment system. Perhaps this is one of the opportunities to surpass the Ethereum ecosystem. Moreover, Opensea is also preparing to accommodate Solana chain in the near future, providing more opportunities for Solana-based NFTs.

Conclusion:

• bitcoin has not lost its dominant position, obstacles and development coexist.
• There are various alternative coins that keep pouring in as new investment.
• In the case of a major market in bearish situation, other currencies form a partial bull market.
• NFT, metaverse, DeFi, Gaming, all under development and with prosperous prospects.
• In the future, the multi-function ecosystem is the concern.

Q: That's all for today, let's go to question session.