Macro Overview
- Weekly US Unemployment Claims: Weekly US unemployment claims have been reported at 218K, surpassing expectations of 221K and showing improvement from the previous 227K. While this is positive for the overall market, it is slightly negative for the crypto market historically due to its inverse relation.
Crypto Markets Overview
Top Tokens Update
“Big Picture: Upcoming Weeks’ Key Economic Events”
| DATE | TIME | EVENT | USUAL EFFECT |
| Feb 13 | 7:00 PM | US CPI (yearly) | Actual’ less than ‘Forecast’ is good for crypto |
| Feb 15 | 7:00 PM | US Unemployment Claims | Actual’ greater than ‘Forecast’ is good for crypto |
| Feb 16 | Tentative | US Fed Monetary Policy Report | More dovish than expected is good for crypto |
Note: “Events in red font signify severe impact, while those in yellow indicate moderate.”
Bitcoin Technical Analysis
Summary:
- The current sentiment around BTC is bullish.
- This week, BTC broke out of a two-month sideways range, signaling strong bullish momentum. However, traders should remain cautious as there may be a retest of this range’s high level. Monitoring the RSI for potential overbought conditions can help minimise risks. Additionally, observing the weekly and daily price action, especially candles with no wicks, indicates robust bullish sentiment. With the halving approaching, BTC is poised for further bullishness in the coming weeks. Notably, February historically tends to be one of the best months for BTC, with 9 out of 11 years closing in the green.
- Key support levels to consider are around $44,400 (S/R Flip) , $42,500 , and $40,600 (Range low). On the upside, resistance levels include $47,940 , $48,900 and $51,850.
- It is advisable to evaluate potential entry points around the mentioned support levels for long entries and at resistance levels for short entries. Additionally, setting limits to manage potential losses is prudent.
- For profit-taking, strategically selling near the outlined resistance levels/support levels is a recommended approach. Always exercise caution and implement sound risk management practices in trading endeavors.
Ethereum Technical Analysis
Summary:
- The current sentiment around ETH appears bullish.
- This week, ETH experienced a significant upward movement by breaking and closing above its previous range. This clear path indicates potential for a 10-15% upside move. Similar to the delay of the BTC spot ETF causing price rise, we’re witnessing a rally in ETH as the ETH ETFs face delays. ETH appears bullish, with the possibility of retesting its range high.
- Significant support levels include $2450, $2390, and $2175, while resistance levels to watch are at $2700 and $2900.
- These levels play a crucial role in determining potential price movements. It is advisable to evaluate potential entry points around the mentioned support levels for long entries and at resistance levels for short entries. Additionally, setting limits to manage potential losses is prudent.
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