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13.02.202118:07 Forex Analysis & Reviews: Forecast and trading signals for Bitcoin for February 13. Analysis of Friday deals. Recommendations for Saturday. Have traders run out of strength and desire to buy Bitcoin?

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Exchange Rates 13.02.2021 analysis

#Bitcoin 1H.

Exchange Rates 13.02.2021 analysis

On the hourly timeframe of February 13, the Bitcoin cryptocurrency exchange rate has moved quite a bit away from its absolute highs, which are currently at the level of $ 48884 per coin. Thus, despite the strongest growth in the last three months, the number one cryptocurrency is not going to even start a correction yet. At least the technical picture still suggests that the "cue ball" can at any time rush up again. The price continues to be located above the critical line, although it has come as close to the price as possible in recent days. Still, the bears don't have the strength to start moving down. Or maybe the bears themselves are not just on the market? And the bulls do not want to close profitable long positions. One way or another, but so far we can not conclude that it is time to get rid of bitcoin. The trend is very strong, however, a correction is still imminent. In the last week, a whole HYIP has formed around the number one cryptocurrency. However, we remind you that the last time, three years ago, when bitcoin rose several times to $ 20,000 per coin, then followed by a collapse of 80-85%. It should be remembered that bitcoin is not backed by anything. It is not an asset like gold, and it is not backed by anyone's guarantees like any currency.

#Bitcoin 15M.

Exchange Rates 13.02.2021 analysis

On the 15-minute timeframe, both linear regression channels turned sideways. Thus, at the moment, we can count on a small correction, which can already be completed, since the price twice failed to go below the Kijun-sen line. Thus, the "cue ball" may suffer the fate of the pound sterling, which was trading flat for several weeks near its highs, and then just continued to grow.

Despite the fact that we continue to evaluate all the news of the last week or two as hype, it should be noted that bitcoin is really becoming more popular. Maybe someday the public will calm down about it and it will become an ordinary asset (if I may say so), along with shares. However, so far, every new message about the popularization of the "cue ball" causes a new round of its growth. For example, on February 11, it became known that the largest US bank, Bank of NY Mellon, announced its entry into the cryptocurrency market. Representatives of the bank made an official statement, which spoke about providing its customers with the opportunity to store bitcoin, transfer it to other persons, as well as issue various digital assets. The launch of this service is not yet established, it will be implemented later this year. "The growing customer demand for digital assets, the maturity of advanced solutions, and improved regulatory clarity make it necessary for us to expand the offer of services in the cryptocurrency field," the bank's CEO said. At the same time, the world-famous company Paypal, which specializes in various types of payments, announced that it is not going to buy bitcoin. This was stated by the company's chief financial officer, John Rainey. "We are not going to invest the corporation's funds in such financial assets, but we want to capitalize on the opportunity for growth," Rainey said. Recall that recently the company Tesla invested 1.5 billion dollars in bitcoin, which immediately provoked the emergence of a whole mass of rumors that other giants may follow its example. However, there is no evidence that anyone else from the "blue chips" or just large corporations are ready to invest in bitcoin.

Based on all of the above, we have two trading ideas for February 13:

1) Buyers continue to hold the cryptocurrency market in their hands but are experiencing difficulties with overcoming the level - the maximum of $ 48,233. Thus, we recommend buying bitcoin again if the price is fixed above the level of $ 48,233 with the goal of the resistance level of $ 50,834. Take Profit in this case can be up to $ 2,000 per 1 lot. You can also consider buying bitcoin in the case of a clear and accurate price rebound from the Kijun-sen line ($ 45,879) with a goal of $ 48,233.

2) The bears are still resting and waiting for the moment when buyers will start taking profits on long positions. Thus, in the near future (at least today), we do not recommend selling bitcoin, as it is very dangerous on such a strong upward trend. However, fixing the price below the critical line ($45879) will allow us to expect a correction to the Senkou Span B line ($42517), which can be used to open short positions.

Explanation of the illustrations:

Price levels of support and resistance (resistance/support) – target levels when opening purchases or sales. You can place Take Profit levels near them.

Kijun-sen and Senkou Span B lines – the lines of the Ichimoku indicator, moved to the hourly timeframe from the 4-hour one.

Support and resistance areas – areas from which the price has repeatedly bounced before.

Yellow lines – trend lines, trend channels, and any other technical patterns.

Eseguito da Paolo Greco
Esperto analista di InstaForex
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