Market Analysis (2nd Feb 2024)

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Bitcoin (BTC)
Defying our previous bearish expectations, Bitcoin has shown a significant upward trend, currently trading at $43,375. Last week, we anticipated continued downward movement further into our S-DCA zone. However, the market has taken a different path and only shortly moved into our buying zone.
My order at $39,000 got filled, the rest of the orders are still open.

Despite this rise, we still identify key liquidity zones around approximately $38,500 – $39,500, where the price may experience downward pressure. Currently, it appears that the selling activity from Greyscale, a major factor in our previous analysis, has subsided for the time being.
I will leave my buy limit orders open for the time being.

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Ethereum (ETH)
The liquidation heatmap data shows liquidity at $2,190. The old S-DCA levels are still valid for the time being, but if you want move the lowest orders to $2,190.

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Solana (SOL)
For those looking to scoop some cheap SOL, you can set your limit orders slightly above $85.

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Polkadot (DOT)
The last price level at 6.88 USDT is now in profit. For those looking to scoop more, 6.26 USDT is where I would place my orders.

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From our last position at $39,380, Bitcoin has notably increased to $43,375. This upswing, while unexpected, should be approached with cautious optimism.

It’s worth noting that, barring the materialization of other selling pressures mentioned in our blog update, the price could continue its upward trajectory. However, given the market’s unpredictable nature and the factors at play, I maintain a slightly bearish stance for the next phase.

Although this contradicts our short-term bearish outlook, our medium and long-term investment strategies remain unaffected.

Bitcoin price is currently trading at USD 43,375.
What are your expectations for the next few days? (⬆️ / ➡️ / ⬇️)

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