Bitcoin & Cryptocurrency Market Update [Feb. 16, 2024]

Happy Friday everybody!

Bitcoin and Ethereum are quite high at the moment, while altcoins are showing weakness unable to make higher highs.

Is this the first sign of a sell off?

Bitcoin Weekly Analysis

Big picture game plan here is clear.
$52-53K is a Low-Volume Node.
Price will reject or blast through.

If we reject, price will re-test $40K or potentially much lower for the "pre-halving dump."

If we close the weekly above $53K however, we will blast on through to $57-58K and we will hang out up there quite a while as it is a High-Volume Node.

Traders should stay long.
Hedge with options.
Hold your spot positions through draw down.
Swing longs could be trimmed.

Bitcoin Daily Analysis

Bitcoin is quite overbought on the Daily.
Momentum oscillators are overbought.
Laguerre PPO is flashing red warning signs.
Not a good time to go long.
Trim swing longs, hedge with options, hold long-term positions.

Bitcoin Day-Trading Analysis

Price swept about $70M in long liquidations on Binance along this morning.

Went for another drive down and holding.

Break below $51.2K is very bearish.
I expect price will move to grab liquidity at $53K.

Altcoin Summary

ETH - Same as BTC. Breakout will send us to 3600. Breakdown to 1800. Stay long, hedge with options.

SOL - Alts look topped out with BTC.D rising. Look for support at $101 or $94.

ARB - Topped out. Pullback to $1.78.

OP - Topped out. Pullback to $3.20.

SUI - Probably topped out. Pullback to $1.60.

LINK - Topped. Pullback to $16.

BNB - Stay long.

MATIC - Stay long.

APE - Stay long.

XRP - Stay long.

APT - Neutral.

ADA - Pullback to $0.48.

DOGE - Stay long.

DOT - Pullback to $6.50.

UNI - Unclear.