Market Update: BTCUSD & ETHUSD – Feb 7th, 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 $25223 Resistance Level

Comments: Price moved slightly lower from the Inside Bar Pattern that had formed on Saturday, Feb 4th (We did not suggest trading the breakdown of this pattern as it had formed just above the $21493 – $22808 short-term support area).

Price moved lower from the recent Bearish Candlestick Setup (Also called Bearish Pin Bar Setup), that had formed on Thursday, Feb 2nd (We did not suggest trading the breakdown of this Setup as it had formed just above the $21493 – $22808 short-term support area).

Potential Trade Signal: We are looking to sell at or just below the $25223 Resistance Level, and after a clear Bearish Setup or Signal.

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ETHEREUM – ETHUSD: Price moved lower from Bearish Pin Bar Signal

Comments: Price formed a Small Bearish Candlestick Setup (Also called Bearish Pin Bar Setup) on Monday, Feb 6th (We are not looking to trade this setup).

Price moved slightly lower from the prior Bearish Long-Tailed Pin Bar Setup that had formed just below the $1680 – $1790 short-term resistance area on Thursday, Feb 2nd (We suggested trading this setup in our premium trading and learning group).

Potential Trade Signal: We are looking to sell into the range of the recent Bearish Candlestick Setup (Also known as Bearish Pin Bar Setup) that had formed just below the $1680 – $1790 short-term resistance area on Thursday, Feb 2nd.

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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.