Market overview

WHAT HAPPENED?

Last week, bitcoin reached the key volume zone of $103,000-$105,600. The pushing volumes from the buyer were absorbed by the seller, which led to a reversal. As a result, our scenario for further decline was realized.

WHAT WILL HAPPEN: OR NOT?

At the moment, important buyer zones have been tested, which resulted in a powerful volume reaction, as well as a large number of liquidations, which indicates a possible stop of the downward movement.

Now we should expect a phase change to a sideways movement, and then a test of sell zones located above current prices.

Sell Zones:
$100,000–$103,000 (accumulated volume)
$107,000–$109,000 (volume anomalies)

Buy Zone:
$89,000–$86,300 (accumulated volumes)

IMPORTANT DATES

As for the macroeconomic events of this week:
• Monday, February 3, 10:00 (UTC) — publication of the consumer price index in the Eurozone for January;
• Monday, February 3, 14:45 (UTC) — publication of the index of business activity in the US manufacturing sector for January;
• Monday, February 3, 15:00 (UTC) — ISM's index of business activity in the US manufacturing sector for January is published;
• Tuesday, February 4, 15:00 (UTC) — announcement of the number of open vacancies in the US labor market in December;
• Wednesday, February 5, 13:15 (UTC) — publication of changes in the number of people employed in the US non-agricultural sector in January;
• Wednesday, February 5, 14:45 (UTC) — publication of the index of business activity in the US services sector for January;
• Wednesday, February 5, 15:00 (UTC) — ISM Purchasing Managers' Index for the non-manufacturing sector of the United States for January;
• Thursday, February 6, 12:00 (UTC) — announcement of the UK interest rate decision;
• Thursday, February 6, 13:30 (UTC) — publication of the number of initial applications for US unemployment benefits;
• Friday, February 7, 13:30 (UTC) — publication of the average hourly wages, changes in the number of people employed in the non-agricultural sector and the US unemployment rate in January.


*This post is not a financial recommendation. Make decisions based on your own experience.

#analytics