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BTC & Altcoin Update: 23-02-20

$9,500 holding, bias remains bullish


There's not much to update in the way of Bitcoin this week - the $9,500-9,600 weekly support was re-tested and held with the weekly closing as a long-legged doji. Long story short, bias remains bullish across the market. Going to post a few extra alt charts this week.


Bitcoin Weekly

As stated, $9,500-9,600 support was re-tested and held. I bought the re-test and plan to hold it unless I get overtly bearish signals on lower timeframes or that level gives out on a weekly basis. As long as it holds I'm expecting $11,800 at some point in the coming weeks and I really don't see a bearish scenario that takes us any lower than $8,400ish in the coming weeks. Bullish overall.


Support: $9,500-9,600 after that the main levels are $8,750 and $8,400

Resistance: $10,600, $11,500-11,800


Ethereum

Ethereum has me a bit conflicted at the moment - on the weekly chart I can't make an argument for opening a long without closing above $300-307 but on the daily chart, well let's take a look.

On the daily it's clear Ethereum is at resistance but there's a blatant bull-flag forming and the uptrend is so clearly intact that it's hard to consider any extended bearish scenario. I was hoping for, and planning on, a correction to $230 and although it didn't get there it came close. Doesn't look like we'll get a perfect re-test on this one, if I had to bet Ethereum is going to break to the upside. However, I'm not a gambler so I'll continue to remain sidelined unless I see a strong signal that makes me long before regaining $300.


Litecoin

Going to keep this short as the LTC chart speaks for itself - I expect $90 very soon unless Bitcoin completely tanks. Firmly bullish above $65.


Tezos (XTZ)

Posting this one primarily as a warning - it's easy to get euphoric on a coin that only goes up and Tezos has had a hell of a run. But it's right at a major resistance and I've sold my holdings here. I'd love to get back in heavily between $2.35-2.50 or I'll sit out until we get a close above $4.00 at which point I'd expect to see $5.50+.


Algorand (ALGO)

ALGO is probably the altcoin I've been the most patient with and it's finally paying off. I bought my first portion sub-$0.25 and added on the re-test of $0.30 and added again slightly when it broke $0.40. I'll definitely be adding again if there's another re-test of the $0.42 area and that would be the entry I'd look for if I wasn't already in. First level of resistance is $0.57 but realistically I'm aiming for $0.80-0.85.


REN

Here's one of my favorite altcoin setups right now. 600 sats has been an incredibly important level for REN historically and the weekly just closed above it and successfully re-tested. Safest play is to wait on a close above 660 to get in but on a higher time frame perspective it's good to enter now.


SHIT-PERP

If you've read my latest review of FTX.com you'll know that I've been trading there more lately and am a big fan of their perpetual futures indexes, such as SHIT-PERP. Here we can see a strong bounce off the 20 day moving average and the daily uptrend, so as long as Bitcoin doesn't do anything crazy I like this index for a sizeable move up which means I'm bullish on the alt market as a whole. Of course things can change and a close below 815ish would make me quick to bail.


Summary


Bitcoin held $9,500 on a weekly basis so I continue to be bullish. The king seems content to range around this level for a while which means I suspect alts see some upside in the coming weeks, but as always keep a close watch on key levels.


The main alts I'm watching are ALGO, REN and SHIT-PERP and currently have positions in all of them. Pullbacks are for buying in my opinion. You can pick up REN on Binance and the other two are available for trade on FTX. If you haven't tried the latter yet, be sure to read my full FTX review.


As always, I'm trading BTC on Bybit which remains the undisputed best option for trading Bitcoin with leverage in my opinion. They are currently offering up to $90 bonus for new sign-ups so if you want to learn more you can also read my full review of Bybit.


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#BTC #ETH #ALTS #LTC #ALGO #REN #XTZ