Daily market review and thoughts: February 4th 🔥
(four-hour timeframe). 🪙
As expected, Bitcoin rolled back to the $94,000 area, where it was picked up by buyers.
A strong upward momentum followed, at the moment the asset showed an increase of 8.6%.
The asset overcame the volume level of $97,000 on the first attempt, and selling pressure increased at $102,500.
The instrument failed to gain a foothold above the exponential moving average EMA 200 4 H, which is responsible for the medium-term trend, and fell below the trading level of $100,000.
The RSI line has returned below the 50 mark again, which indicates increased selling pressure.
Therefore, a test of the exceeded volume level of $97,000 is likely in the near future.
From here, we expect the instrument to rebound with a breakdown of the psychological mark of $100,000.
Upon consolidation above this zone, the asset will consolidate in the range of $100,000 — $104,000.
If Bitcoin falls below the POC mark again, we can wait for a retest of the EMA 50 D in the region of $93,500.
#ETH🔥🔥🔥🔥🔥🔥 H. 🔷
After the expected pullback to $2,525, buyers went on the offensive, bringing the price back to $2,925.
Sales of the instrument increased at this level. The asset is likely to descend to $2,580 — $2,600.
The total market value of digital assets has increased by 3.7% over the past day, and the dominance of the main cryptocurrency has increased by 0.4%.
A V-shaped reversal is looming for Bitcoin, buyers need to keep the price above $97,000 for the market to continue to recover.
If you got your own thoughts upon the current market state, feel free to share with me 😉👇