Market Update: BTCUSD & ETHUSD – Feb 14th, 2023
NOTE: This Market Newsletter is developed by using Daily Chart Time Frame, and a relevant price chart is attached to each market.
BITCOIN – BTCUSD: Looking To Sell AT Or Below $22808 – $24262 Resistance Area
Comments: Price formed a Small Bullish Candlestick Pattern (Also called Bullish Pin Bar Setup) on Monday, Feb 13th (We are not looking to trade this setup).
Price moved significantly lower from the recent Bearish Candlestick Setup (Also called Bearish Pin Bar Setup), that had formed just below the $24262 short-term resistance level on Thursday, Feb 2nd.
Potential Trade Signal: We are looking to sell on a pullback to the $22808 – $24262 short-term resistance zone, and after a price action sell signal/setup.
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ETHEREUM – ETHUSD: Selling On A Breakdown Of Multiple Inside Bar Pattern
Comments: Price formed a Bullish Pin Bar Setup on Monday, Feb 13th (We are not looking to trade this setup).
Price moved briefly lower from the recent Multiple Inside Bar Pattern that had formed on Sunday, Feb 12th.
Price moved lower from within the range of the recent Bearish Long-Tailed Pin Bar Setup that had formed just below the $1677 – $1790 short-term resistance area on Thursday, Feb 2nd (We suggested trading this setup in the Feb 7th, daily market newsletter and hopefully some traders got on board).
Potential Trade Signal 1: We are looking to sell on a break below the low of the recent Multiple Inside Bar Pattern that had triggered on Monday, Feb 13th.
Potential Trade Signal 2: We are looking to sell on a pullback to the $1677 – $1790 short-term resistance area and after another price action sell signal/setup.
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Disclaimer: The risk of loss in trading financial market products, like Cryptocurrencies can be substantial. You should therefore carefully consider whether such trading is suitable for you in light of your financial condition. Any content posted here should not be considered financial or Trading advice, this newsletter is just for information purposes and is just the author’s opinion.
