Market Update: BTCUSD & ETHUSD – Feb 28th, 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: Price Moved Lower From Bearish Tailed Bar Setup
Comments: Price has been forming a Multiple Inside Bar Pattern since Sunday, Feb 26th (We are not looking to trade this pattern).
Price moved lower from within the range of the recent Bearish Tailed Bar Setup that had formed just below the $24270 – $25251 key resistance area on Thursday, Feb 16th (We suggested selling on a retracement higher into the range of this setup in the Feb 23rd market update).
Potential Trade Signal: We are looking to sell on a retracement higher into the range of the recent Bearish Tailed Bar Setup that had formed on Thursday, Feb 16th, with stops above the high of this setup.
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ETHEREUM – ETHUSD: Price Moved Lower From Bearish Pin Bar Setup
Comments: Price moved slightly higher from the Bullish Pin Bar Setup that had formed on Saturday, Feb 25th (We did not consider trading this setup, nor did we mention it).
Price moved lower from within the range of the recent Bearish Long-Tailed Pin Bar Setup that had formed just below the $1714 – $1743 short-term resistance area on Thursday, Feb 16th (We suggested selling on a retracement higher into the range of this setup in Feb 23rd market update).
Potential Trade Signal: We are looking to sell on retracement higher into the range of the recent Bearish Long-Tailed Pin Bar Setup that had formed on Thursday, Feb 16th, with stops above the high of this 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.
