BTC 4h Weekly section: Bitcoin weekend №8

30 Oca 2021

The long-awaited weekend has come after such an active trading week.
There is time to sit and think, so we present to your attention the weekly digest "Bitcoin weekend" №8.

For almost the entire previous week, BTCUSD traded in a wide range of $30,000-34,000. And while Bitcoin was thinking where to move further, and its dominance lowered to the zone 62.5%-64.5%,

Altcoins seized the moment and shot up well.

The record holder, of course, was DOGECOIN, which grew by 1100% over the course of a day, and the trading volume in the DOGEUSDT pair on Binance reached more than $5 billion (for comparison, the BTCUSDT trading volume was $4.8 billion, ETHUSDT - $4.2)
There is a whole chain of news, tweets that provoked such growth, some of which we posted in our DOGEUSDT idea.

But the conspiracy and "spontaneous" tweets did not end there either.

In the previous digest, we reminded that on 29.01.21 the settlement for futures on CME took place and everything would be fine if it were not for the huge GAP of $2900, which was formed after the opening of the last month's trading session.

The situation is as follows:
On 23 December, 2020, a certain part of traders bet on short, predicting that on 29 January, 2020 the BTC value will be below $23,745.
Another part of traders bet that the price will be higher than this mark.
And roughly speaking, on 29 January they closed the dispute, some guessed right, while others did not, some net positive, while others at a loss.


As we can see, those who bet on a decrease of the BTC value in a month's future received a loss of $10,000-13,000 per Bitcoin, and the lot of the CME contract was 5BTC, that is, the loss per contract was $50,000-60,000.

Sellers were close to neutralizing these losses, because they skillfully, with all their might, lowered the cost of BTCUSDT, BUT ....)
A few hours before settlements for CME futures, the hashtag #bitcoin appeared on Elon Musk's Twitter account, where there are 48 million followers. And all the media have spread this information across the Internet. The price skyrocketed by $4,000 in a matter of hours, simply destroying all attempts to lower the price.
"And of course, it all happened purely by chance ..."

Market players who drove the BTC price from $25 thousand to $42 thousand, and spent large resources on this, did not want to just give up the possible profit.

IMPORTANT! The news background is done for the mass of small traders to direct the crowd in the right direction, only then the "voluminous men" can earn. And it will always be so, as long as the crypto market is "thin and manipulative", that is, not regulated.

We hope that we managed to superficially explain the situation that happened over the past week.

Next week, we expect a broad trading consolidation of Bitcoin, for a couple of days market players will lick their wounds.
Another interesting fact is that all yesterday's growth stopped before the critical level, because above $38,750 the way to $50,000 will be open.
It is likely that consolidation next week will look for a way out downward.
Below $29,000, they will go to close the notorious GAP on the CME in the zone of $23,745-26,650.

Any BTC consolidation in altcoins' interests and then they begin to actively move.

It seemed to us that we liked the offer to write in the comments the trading pair that we were going to analyze. So, let's continue this week as well:
In the comments, write the trading pair you want us to analyze during the next week.
We'll start in the comments, and you keep going!
TOP 5 trading pairs that will collect the most likes or comments will receive a decent analysis from us.
And of course, do not forget to subscribe to us and write thoughts in the comments regarding our analysis!

Have a great weekend everyone!
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Since 2016, we have been analyzing and trading the cryptocurrency market.
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