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Bitcoin (BTC) technical and fundamental analysis 01.02.2024



📈 Technical analysis BTC/USDT


During the correction, the price of Bitcoin reached both targets from our previous review: the Imbalance 1D and Imbalance 1W zones. The price drop after the approval of the spot Bitcoin ETF was halted by a significant support block at the level of 38600, from which a local rebound occurred. BTC price broke above the dynamic resistance line EMA 50 4H, and now we observe its top retest. If the price manages to consolidate above it and surpass the resistance level of 44000, we expect the price to enter the Imbalance 1D zone and trade within it, with the aim of closing gaps at horizontal levels of trading volumes. There is also the range of 0.68-0.78 Fibonacci levels, exceeding which would indicate the completion of the local correction and the resumption of growth.


Otherwise, if the Bitcoin price fails to consolidate above the EMA 50 4H line and buyers lack the strength to overcome the resistance level of 44000, we anticipate a continuation of the price decline and a test of the trendline around the support level of 38000.



📉 Bitcoin market global analysis


Globally, the price of Bitcoin is approaching the pre-halving rally, which in previous cycles was preceded by a sharp decline. On the daily logarithmic chart, the BTC price has fallen below the global trendline support and is currently retesting it from below. The outcome of this test will determine whether the recent price drop concludes as a local correction or if we should prepare for a global correction of the entire growth from the past year. If the correction concludes, the next target for growth will be the 0.78 Fibonacci level, where a significant resistance block is located between 48000 and 53000. However, I would like to remind you that we have not experienced a significant correction in the market since the beginning of 2023. The RSI indicator divergence has just begun its work. If, under selling pressure, the price fails to return above the global trendline, we expect a correction in the range of 0.38-0.5 Fibonacci levels and a retest of the 200-week moving average. Additionally, there is the Imbalance 1W zone from 34000 to 31000, where it is necessary to close gaps at horizontal levels of trading volumes.




💠 Analysis of zones and levels for making trading decisions


The Fear and Greed Index is in the extreme greed zone at 63.

The total market capitalization of the cryptocurrency market has increased to 1,587 billion dollars, and the Bitcoin dominance index has risen to 52.6.

According to the analysis of the accumulation of large order blocks in exchange order books, demand and supply zones are located at the following levels:

🟢 Demand Zone:  35000 - 38500

🔴 Supply Zone:    45000 - 50000


Levels for long positions:

38000-38500 - significant support block

35000-36000 - possible retest zone of SMA 200 1D

34000-35000 - possible retest zone of the trendline


Levels for short positions:

47000-48000 - significant resistance block

50000 - psychological resistance level

57000 - 0.78 Fibonacci correction level





📈 Statistics of signals from our AI trading indicator:


In January 2024 Bitcoin, and after it the entire cryptocurrency market, fell due to the end of the race of companies to launch spot Bitcoin ETFs.  Our trading indicator, as always, warned about this in advance! And even during the flat period it gave good entry points. Thanks to the latest updates, all signals have become profitable, and built-in Anti-Flat System prevented losses from manipulative market movements.

Total price movement by all signals: +36.32%

Maximum price movement: +18.16%

Average price movement: 5.18%



In addition, I would like to share the forecast of the latest Bitcoin price action by our AI, which not only indicates the direction, but also builds the trajectory of further price movement.

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