17.02.202112:02 Forex-elemzések és áttekintések: Bitcoin and Ethereum fractal analysis on February 17, 2021

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Forecast on February 17

BTC analysis on the H1 time frame:

On the H1 time frame, the key levels for Bitcoin are: 58,884, 55,624, 54,128, 51,803, 49,641, 48,076, 45,957, and 44,308. We observe the development of the ascending structure formed on February 7. The uptrend will continue after the price breaks through the level of 51,803. In this case, the target is located at 54,124. We expect to see a short-term upward movement and consolidation in the channel between 54,128 and 55,624. The level of 58,884 serves as a potential upward target. After reaching this level, the price is likely to pull back.

A short-term downward movement is expected in the channel between 49,641 and 48,076. A breakthrough of the latter will lead to a deep correction with the target at 45,957. The range of 45,957 – 44,308 is the key support for the uptrend. There, we expect to see the formation of a downward cycle.

The main trend is the ascending structure from January 31 and the local structure from February 7

Trading tips:

Buy: 51,805 Take Profit: 54,128

Buy: 55,625 Take Profit: 58,884

Sell: 49,641 Take Profit: 48,077

Sell: 48,074 Take Profit: 45,957

On the H1 time frame, the key levels for Ethereum are: 2,051, 2,002, 1,891, 1,851, 1,715, 1,672, 1,604, and 1,488. At the moment, the situation is balanced. We expect the continuation of the uptrend right after the price passes the range of 1,851 – 1,891 with the next target at 2,002. The potential upward target is the level of 2,051. Upon reaching this level, we expect to see consolidation as well as a downside pullback.

A short-term downward movement is expected in the channel between 1,715 and 1,672. A breakthrough of the latter will lead to a deep correction with the target at 1,604 which is the key support for the uptrend.

The main trend is a balanced

Trading tips:

Buy: 1,891 Take Profit: 2,002

Buy: 2,004 Take Profit: 2,050

Sell: 1,715 Take Profit: 1,672

Sell: 1,670 Take Profit: 1,605

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