Insights > Technical analysis > Is Bitcoin already doing a clear break above $50,000?

Is Bitcoin already doing a clear break above $50,000?

17 February 2021

temps de lecture 4 minutes

avatar-auteur Julien Moretto

The bull market continues in cryptocurrencies, with Bitcoin seemingly crossing the psychological threshold of $50,000, or €41,000. Its price was trading slightly above this level on the morning of February 17, up 10% over a week. An uptrend that continues to be fueled, in particular, by the company MicroStrategy, which has just announced an additional raising of nearly $700 million to invest in the queen of cryptocurrencies.

Also noteworthy is Twitter CEO Jack Dorsey, who is teaming up with rapper Jay-Z to launch a fund called Btrust, funded to grow by 500 Bitcoins. This news is likely to bring a new wave of individual investors to the market. Our detailed technical analysis will give you some clues as to whether or not you should take partial profits on this psychological price level, based on your risk profile and current asset exposure.

On the altcoins side, Ethereum remains well oriented and consolidates around $1800 (€1500). The last few days have been marked by the awakening of the “cryptocurrencies of the first hour” such as Litecoin, (LTC), Bitcoin Cash (BCH) or IOTA which often show a performance above 50%. However, these projects were lagging behind the DeFi ecosystem, for example. They are currently being driven by the powerful bull market, but there is no guarantee that the trend will last for these assets. Now more than ever it is important to choose the right cryptocurrencies to put in your portfolio.

  • According to CoinGecko, market capitalization now exceeds the threshold of 1500 billion against 1400 last week.
  • Bitcoin’s dominance declined slightly to 60.2% market share.
  • The best performance of the top 50 is to be attributed to The Graph (GRT) with +96% over one week.

We invite you to discover our analysis in video (in french and dated February 16) :

Bitcoin (BTC)

The Coinhouse recommendation :
Hold

  • The price of Bitcoin broke through the $50,000 resistance to trade around €42,700 ($51,500) on February 17, up 10% in one week. We will be watching to see if the day ends well above $50,000 to further validate this signal. If this is the case, the next zone of resistance will certainly be between €44,000 and 49,000 ($53,000 and $59,000). A more significant correction could be triggered from this price level, we will monitor the RSI indicator on the weekly time unit for a signal. In case of a correction, a return of the price between 33,000 and 34,000 ($40,000 and $42,000) will be interesting to buy again.

Ethereum (ETH)

The Coinhouse recommendation :
Buy on breakout

  • Ethereum (ETH) consolidates this week and earns 2.5%, at €1500 ($1810). The price action is bullish because it looks like a consolidation in a resistance zone. There are no reversal signals at this stage. A break of the symbolic $2000 threshold on the daily time unit will be a buy signal on Ethereum. A correction of the price with a return to the €1150 ($1400) level will also be conducive to repositioning oneself to buy.

Augur (REP)

The Coinhouse recommendation :
Buy on support

  • Augur (REP) is one of those cryptocurrencies that have suffered since March 2020 and which did not show the best performance compared to DeFi projects for example. Since the beginning of the year, the upward trend seems to have resumed. Assets have gained 30% in one week to be trading around €32 ($39). Augur has freed itself from the resistance of the $37 which had been holding since August 2020. If the asset builds its uptrend in the $33 to $37 zone, it could be a strategic area to position itself upwards. We will be watching the $60 zone as a possible major resistance.

Tops & flops of the week (top 50 marketcap)


Tops

1- The Graph (GRT) : +96%
2- DASH: +94%
3- IOTA: +76%


Flops

1- Elrond (EGLD) : -30%
2- Dogecoin (DOGE): -23%
3- Terra (LUNA) : -10%

In this article, all information is given for information purposes only, even if it has been established from serious and reputable sources. It does not constitute an offer by Coinhouse to buy or sell digital assets, or an offer to provide services on digital assets, nor does it constitute advice, encouragement or a recommendation to operate on the digital assets in question. It constitutes simple information over which the user holds absolute control. We inform you that if you choose to invest in digital assets, you must be aware of our general terms and conditions of sale (https://bit.ly/2FGW2ek) and accept the various risks listed and defined on our legal warning page (https://bit.ly/3c4sQKc).

You will also like.

Devenez un investisseur averti !

Nous n'avons pas pu confirmer votre inscription.
Votre inscription est confirmée.