Market Analysis: Bitcoin and Some Outstanding Altcoins (February 20 – Feb 27)

Technical analysis of the top coins in the market including BTC, ETH, SOL, AVAX,… for the week (February 20 – February 27).

1. Bitcoin

W Frame (Week)

First, the main trend in the weekly frame is still downtrend with the Key-level (important area to determine whether the trend is broken or not?) at 42975 – 43700.

The previous 2 candles showed that the bulls tried to push the price through this key-level area but failed, creating candlesticks that retreated and closed below. Last week’s candle closed quite bearish for the market.

However, the price still shows that BTC is still respecting the 30,000 support area. Therefore, I am inclined towards the direction that BTC will accumulate in this price range in the near future before following a certain trend.

Frame D (date)

Frame D has formed a double top pattern right at the strong resistance area. At this point, if you use Futures, you can consider looking for a short opportunity when the price pulls back to the neck-line of the double top pattern (price area 41800). Of course, be careful and only short when there are candlestick patterns showing selling pressure.

2. BTC.D (Bitcoin Dominance)

BTC.D is currently sideways with a narrowing range in a triangle. We can see BTC.D holding the support (yellow zone) quite firmly. Also, a convergence signal appeared when BTC.D made lower lows but AO made higher lows. I expect BTC.D to sideway for another 1-2 weeks => break the triangle in the bullish direction. This is also quite consistent with the expectation that BTC sideways in the range then bounces back as noted above.

Thus, from the analysis of BTC and BTC.D, if you play the spot, you can patiently wait for the price to return to the area from 29K – 31K to buy.

Note: always allocate capital properly.

3. Some other prominent Altcoins

Ethereum

ETH weekly frame is quite similar to Bitcoin, has fallen into a downtrend, has been rejected at key-level and will likely swing sideways in the range from 2300 to 2700 before the trend clears up.

To buy ETH, I will split the capital at 2300 and 2000.

Avalanche

AVAX has been rejected for 2 weeks in a row (area 91-95), the buying force has now begun to appear.

If you pay attention, you will see, before that AVAX sideways in a triangle, then broke down but did not decrease but recovered from the $55 area => the buying force for AVAX was very large, causing the triangle pattern to fail.

In addition, 2 pinbars pulled down continuously but this week AVAX opened a beautiful green candle => sellers failed to push the price lower.

Therefore, in the near future, AVAX may recover up to the 90-95 zone, here we can close a part and observe the price behavior to make the next decision.

Solana

Solana is showing signs of bottoming (convergence with AO) frame D. You can watch to buy at zone 90 (wait for price to return according to 4H frame), stop loss of 84 (7%) and TP at areas 114 – 135.

The buying force of SOL in recent days is quite strong. I expect SOL to be one of the coins with strong growth in the near future (when BTC is sideways).

ATOM

Daily (D) and weekly (W) frames still respect the black trendline. The price is sideways in a narrowing band, the selling force is decreasing. I will buy spot at the price range 25-26, stop loss 9% and take profit at zone 29-33.

Note: If possible, please patiently wait for 1D to close well (pinbar, bullish engulfing…)

Above is my opinion and some of my bets (spot) in the near future. If you have any trading ideas or comments, don’t forget to leave a comment to discuss!

Poseidon

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