Gate.io 博客 Weekly Analysis, Feb.4th

Weekly Analysis, Feb.4th

03月15日 14:59

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, the major trend is still bearish. Only 1D pattern there wes a period of rising but now is changing.
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 period of bounce back. Now it is going to change.
From MACD, not strong power for all three patterns.
Overall it is sideways.

1D/8H/4H/1H

From 1D /8H, it is sideways.
From 1H, there's a double bottom "W".
From 1D/8H, volume is flat; from 4H/1H, volume is decreasing.
From MACD, power is getting stronger for all these 4 patterns.
Overall, the volume is not good enough, though power is getting better.

From Fib Retracement

There's the end of a downtrend, we can see the sideways under 1D pattern.
Volume is decreasing after a period of rising.
There was the cross on MACD, but due to low volume, it didn't become the Golden Cross.

Summary:

Overall it is Short direction, but the power is getting back.
The channel sideways is moving one. You can do Long or Short within this channel.
The channel TP/SL is around $34000-41100.
Short term trade, 1-8 hours, max.1Day.

2.Let's check out SAND as altcoin.
Recent news about SAND is as follows.

The well-known NFT game "Sandbox" has virtual land sold for $5 million (equivalent to about NT$138 million). In addition, in the NFT game "Honnverse" launched by a Chinese manufacturer, the virtual sea view room with a market value of RMB 88 (equivalent to about NTD 385) has recently been asked for more than RMB 100,000, which is 1,135 times higher than the original price.
According to the press release shared with U.Today, EverdreamSoft's LAND sale has been announced by The Sandbox, a flagship Metaverse ecosystem. Premium LAND sale goes live on Feb.10th.

Let's check out the analysis.
1M/1W/1D

From following pictures, 1M is downtrend.
From 1W/1M, there's a little bounce back and is going to the sideways.
The volume is a little getting better, still not strong.
From 1D MACD, the power is just getting better.

1D/8H/4H/1H

From all, there is the sideways.
Overall, the volume is not stable, MACD shows the power is also not stable.

From Fib Retracement

There was a pull back at 0.618 level, but due to the low volume, there's no rise.
There was a cross on MACD, but due to low volume, it didn't become the Golden Cross.
Volume is still a little decreasing.

Summary:

Overall it is Short direction.
The channel sideways is moving one. You can do Long or Short within this channel.
The channel TP/SL is around $3.46-3.85.
Short term trade, 1-8 hours, max.1Day.

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

Panic 29, extreme panic, but much better than last week.
The U.S. government has begun to consider regulating uncustodial cryptocurrency wallets, and will implement KYC on them, urging those unverified wallet addresses to complete real-name authentication, so that every transaction will be documented. But each country can currently only regulate its own piece of land, and investors are still on the fringes.
Several banks, including Jefferies and Credit Suisse, have released advertisements for crypto research positions, investment banks have been tracking and researching crypto assets for a long time, Morgan Stanley has announced the establishment of a crypto ecosystem team, and Bank of America has announced the establishment of crypto departments. Similar traditional financial companies are strengthening the research and layout of crypto market.
India’s proposed 30% tax on virtual asset income also signals the government is starting to recognize the country’s cryptocurrency industry.
The Google Cloud team said that it will soon accept Bitcoin and other cryptocurrencies. If Google Cloud completes this move, it will be a big leap for crypto market, once these cloud services belonging to WEB2.0 products are encrypted to WEB3.0.
VISA has reached cooperation with more than 65 crypto platforms and exchanges. The payment giant has fully embraced the crypto market. In the future, swiping cards around the world can simply complete payments for cryptocurrencies.
The NFT market continued to be hot in January, with the transaction volume hitting a new high of US$6 billion, an increase of 129% from December, which can be said to have reached a staged volume. In the past week, Ethereum has added nearly 1 million NFT assets, with average per day 140,000 NFT assets. The BAYC has once again been the focus of recent deals and focus, with totaling more than $1.2 billion, and a growing number of celebrities in entertainment and sports are holding the Bored Ape Yacht Club NFT series, including rap superstar Eminem, talk show host Jimmy Fallon, NBA stars Stephen Curry and Shaq O'Neal, well-known investor Mark Cuban, etc.
YOUTUBE is ready to enter the crypto market. This giant of WEB2.0 will upgrade to WEB3.0.
McDonald's is celebrating Chinese New Year in the Metaverse, partnering with fashion pioneer Humberto Leon to create an exclusive zodiac clothing line, and hosting events in the Metaverse to showcase Leon's digital creations in the virtual world of the VR space "McDonald's Gallery", where fans will receive horoscope predictions based on birthdays and zodiac animals. Humberto Leon, co-founder of fashion apparel brand Opening Ceremony. Website: https://www.openingceremony.com/en-th/

2）Coins' news

The Russian Ministry of Digital Development stated that if the circulation of cryptocurrencies is banned, it will lead to the stagnation of Russian blockchain technology, the experts will flow out to other countries. At present, the Russian Ministry of Finance has advocated regulation, not prohibition.
More and more US governors are supporting Bitcoin, the states of Arizona, Texas, Florida and New York all showing extreme acceptance.
Grayscale adds 25 digital assets to its list of potential investments, adding DeFi projects Algorand (ALGO) and Convex (CVX) and metaverse projects The Sandbox (SAND), Axie Infinity (AXS) and Yield Guild Games (YGG) to the list ).
Brazilian officials believe that Bitcoin is the future and that using cryptocurrencies can help people fight inflation.
Flushing Bank to offer Bitcoin to clients in Q1 of 2022, it is another bank to offer crypto services to clients via NYDIG, and more banks to participate in crypto markets from this year. NYDIG is a subsidiary of Stone Ridge, a holding company that delivers Bitcoin products across industries, from banking and insurance to fintech and nonprofits.
Bitcoin: JPMorgan lowered the fair value of Bitcoin to $38,000, and the number of Bitcoins held and lost hit a 13-month high of $7.3 million. After the recent rebound, there is still no selling pressure. It is expected that the selling pressure will appear around $40,000. The current position still depends on the rebound.
ETH: Relatively strong in the past two days, NFT has led to the destruction of a large amount of ETH, and deflation has occurred again. The future is worth looking forward to. Selling pressure is around $3000, please be patient.

Conclusion:

Prominent analyst Willy Woo said a potential drop to $20,000 for Bitcoin does not seem feasible. On-chain metrics suggest that BTC is not in a bear market, he said, with a large number of long-term holders who haven’t sold in more than five months, traders who stopped selling near $40,000, and a steady accumulation rate as key reasons to remain bullish.
What the blockchain needs to solve is the transmission of internet value. If there is no token, the blockchain technology cannot show its strong tandem ability. Coinless blockchain actually only takes advantage of the face value of blockchain technology, rather than its core value transmission system.
2021 is a busy year, if you are a long-term holder, the ups and downs of last year may make you uncomfortable, but the new channel sideways of $30,000 to $60,000 will build the bottom of the next bull market. In the next six months, we are going to be within this big channel repeatedly, but once it breaks out in the future, there will be an epic surge.

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

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Weekly Analysis, Feb.4th

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