In 2021, Bitcoin will transform from a speculative risk asset to a global digital value store. Bitcoin is the first cryptocurrency born in the world, which has triggered a global revolution in blockchain and currency digitization. The dollar’s ​​dominance as the global reserve currency is also enhanced through stablecoins, which many see as complementary to the dollar and is replacing the old reserve asset – gold. Currency analyst Tan Yu Kai also believes that Bitcoin is undergoing a price discovery process, and prudent diversification will allow Bitcoin to maintain an upward trend.

Bitcoin is becoming more and more mature in the price discovery process, but we see increasing demand, decreasing supply and an increasingly favorable macroeconomic environment in the uptrend, a simple analysis can conclude that Bitcoin will hold its own pace of. After reaching an initial threshold of just over $50,000 in 2021 and a market cap of $1 trillion, Bitcoin is poised to stabilize for a while, with $40,000 being the support level for the initial retracement.

In the long run, Bitcoin and gold are not risky. Money is flowing out of gold and more money is flowing into Bitcoin, and we don't have enough reason to reverse this trend. Bitcoin is becoming a global reserve asset, its price has exceeded 10 times the price of gold, and is heading towards 100 times. Independent of price, we view the upward trend in Bitcoin adoption as prudent, especially for historical allocators of gold, which appears to be becoming redundant in a rapidly digitizing world. The risks are mounting.

Bitcoin (BTC): The next day it rose strongly and broke through the $50,000 mark. Today, it was under pressure and fell below the $50,000 mark and continued to drop. Looking at the daily line, Bitcoin closed negatively and directly gave up the gains of the next day. At present, the price of the currency has fallen below the middle rail position of BOLL. The lower moving average MA5/MA10 crosses the golden cross at 49,300 and 48,500 US dollars to provide support, and the upper part still focuses on the suppression of 52,000 US dollars. The short-cycle KDJ technical indicators are running moderately, and the downward momentum of MACD in the attached picture is shrinking. It is expected that Bitcoin will continue to maintain a volatile trend. In the short-term, the price of the currency in the Asian market rose and fell, and the European market continued to decline. The bottom once tested the support of the $49,000 mark. If the support is effective, it will reverse upward. If it continues to break down, it will increase the risk of its fall. However, Mr. Tan is optimistic about the upward trend. Wei wrxx7788’s downward upward trend in the Asian-European market is gradually coming to an end. If you are uncertain about the interpretation of technical market and news, or you have a set list, you can discuss it with Mr. Tan. Subscribe to the official account; Currency Circle Retail Alliance.

Short-term upper resistance level: 50000/51000 Short-term lower support level: 49000/48000

Ethereum (ETH): Down on Bitcoin, but bulls are firm. The daily line is slightly negative, but the overall trend is still in an upward channel. In the short term, focus on the resistance around the intraday high of $1,750, and below that focus on the support of the BOLL middle rail at $1,655. The short-cycle KDJ technical indicators are running moderately, and the upward momentum of MACD in the attached figure is heavy. It is expected that Ethereum will maintain a volatile upward trend. The Asian-European market has risen twice and then fell back under pressure. At present, it has lost the $1,700 mark and continues to drop. In the short term, there is still a tendency to fall back. Below, we will focus on the support of BOLL’s lower track at $1,620. If we take advantage of the trend, we will You can rely on this position for defense. For today's operation, Mr. Tan still recommends low and many.

Short-term upper resistance level: 1700/17500 Short-term lower support level: 1650/1620

(Text/Talk about Yu Kai)

This article comes from the author Tan Yu Kai, please indicate the source when reprinting, please respect personal opinions, and do not plagiarize. The intraday market is changeable, and the article is time-sensitive and lagging. No express or implied guarantee is provided for the accuracy, reliability or completeness of the contained content.

(Text/Talk about Yu Kai)