A short market-update video by Alberto Costa analyzing Bitcoin and Ethereum price action (Feb 9, 2020). The speaker highlights that Bitcoin recently broke the $10,000 resistance (price ~10,073), notes bullish moving-average relationships (50 MA above 150 MA; price above 200 MA), and outlines entry ideas (stop-loss below new support, DCA/accumulation). Ethereum is contrasted as less bullish: it has not broken its resistance, the 50 MA is below the 150, and its recent move is more parabolic; the speaker recommends waiting on ETH.
Chapters
Hi guys. Welcome to this new video. And today the topic is bitcoin. As you can see from the chart. Now, why I wanted to do a video on bitcoin is because recently it broke the 10,000 level. You can see here, the price is 10,073. And 10,000 was an important level in my opinion because first is a kind of psychological level, right? And at the same time, if you look at the chart, you can see that there was a strong resistance that was broken. And I want to show you the level. The resistance level now is basically something like this, this red line. So what happened? You see here, it was tested as a support a few times here, here and again. And then there was a breakdown. The price went down and it was not able to go above this resistance level. He tried here, it didn't work. And then slowly there was a phase here where the price was not moving much. And then he started to go up, go up. And then eventually, boom, it broke this level. On top of that, notice something here, the blue line. I zoom here, the 50 moving average just crossed above the 150. And the 150 is, I think flat, kind of flat. And this is a bullish indicator. Usually when the 50 is above the 150, that's a bullish situation. And at the same time the price is above the 200. So that's also a bullish situation. So just to recap what happened for bitcoin, we broke the 10,000 level first. Good thing. Number two, the 50 is above the 150. Number three, the price is above the 200 moving average. And number four, we are above the previous resistance that is now support. So what to do in this situation? Again, if you follow my videos, you know that you need to have a strategy. Do you want to buy bitcoin for a trade, for an investment, whatever it is, you should know. But in my opinion, if you want to enter for a trade, let's say you can place the stop loss below this support level and then you can enter above here. Even though I don't like too much trading bitcoin because the volatility is very high. So it's very difficult in my opinion to place a good stop loss. But anyway, you can do that. The other option, if you are accumulating as I'm doing, this could be a right time to buy something. Of course, when you are doing this DCA approach where you buy the same amount of time periodically, you can do it without considering the trend at all. What I do is I wait and First I want to see a situation that is interesting, like now. So what I will do, I will buy at this level some coins, I mean some fractions of coins. And then I will wait if the price is going down, I will wait for the next bullish indication, maybe testing one of the moving average. Or again this support level. If the price keep going up, same thing the next time there is a retracement to some interesting level I could buy. And the next level I think is around. Well, there is this one around 11,000. Okay, that could be a resistance maybe. And then we go up to the previous high, like the 12 and 14. On the other hand, I want to show you what happens with Ethereum. Okay? Because the situation in my opinion is different. I mean, if you look at the last day's movement, it seems quite close to Bitcoin. But notice the difference. First to me, the previous support that is now. Sorry, previous resistance that is now support is around here because here it was tested, you see, as support. Then here it was broken and then it became a resistance and the price was never able to go above here. And then the trend was down and then currently is approaching this level of resistance. So we are in Ethereum, we are not in the situation where the resistance has been broken. As for Bitcoin, on the other hand, if you look at the moving averages, they are different from Bitcoin. Yes, the price is above the 200, but the 200 kind of is flat here. But the 150 is below the. Sorry, the 50 is below the 150. So the moving averages are not as bullish as for Bitcoin. The price has not broken the resistance level as for Bitcoin. And also if you look at the last candles, is very, very bullish going up. But for Bitcoin, for Bitcoin it seems here that you know the. Yes, they are still bullish, but it was not as parabolic as Ethereum. Right here, this area there was a kind of consolidation and then it went up. But if you look Ethereum again, then you will realize that, well, is moving is moving up much faster. So for this reason what I will do if I want to accumulate is I will do for Bitcoin first, I will not do for Ethereum. For Ethereum I will wait either the price to break above this resistance and maybe retrace, or if it's going down, I will wait for the next opportunity, maybe near a moving average. Because if we buy here, we are basically buying near a resistance that is not a great idea. So this was just an update for those of you who are following the cryptocurrencies. Basically I wanted to share with you the way at least I see the crypto market again, I'm not trading, I'm just accumulating when the opportunity is there. And again, it seems that for Bitcoin it could be a good opportunity for Ethereum we should wait a little more. And with that I thank you for watching this video. If you like it, put a like subscribe to this channel to be updated and if you have any question, write me a comment and I will reply to you. And with that, see you next time.
