Hello Dear Traders,
(Crypto Market Cap : 992 Billion , BTC Dominance:67.9%)
As we can see in chart today BTC was continuously dropping with heavy selling pressure. there are 2 reasons for this drop
1) DXY is Pumping hard and Dollar is becoming strong. when ever this type move happens in dxy bitcoin starts correction and tests lower demand zones.
right now btc is targeting demand zone of 30-33k, from here we can see recovery in price, if sellers breaks this demand zone then next demand zone will be near 25000$.
DXY CHART :
2) also we have a chart pattern called double top, btc made high of 42k zone and rejected hard it was obvious tht whenever price again tests this 40-42k zone we are going to see selling pressure. btc is creating double top chart pattern bt confirmation of pattern will be after daily candle closing.
if btc creates double top then we might see 25k soon. also overall crypto market will become quite bearish on higher time frame.
In 2 days weekly candle will be closed , if weekly candle closes below 38k then we can say that btc is going for heavy correction.
on other side btc dominance is also rapidly decreasing and ALTS are showing very good pumping.
(Crypto Market Cap : 992 Billion , BTC Dominance:67.9%)
As we can see in chart today BTC was continuously dropping with heavy selling pressure. there are 2 reasons for this drop
1) DXY is Pumping hard and Dollar is becoming strong. when ever this type move happens in dxy bitcoin starts correction and tests lower demand zones.
right now btc is targeting demand zone of 30-33k, from here we can see recovery in price, if sellers breaks this demand zone then next demand zone will be near 25000$.
DXY CHART :
2) also we have a chart pattern called double top, btc made high of 42k zone and rejected hard it was obvious tht whenever price again tests this 40-42k zone we are going to see selling pressure. btc is creating double top chart pattern bt confirmation of pattern will be after daily candle closing.
if btc creates double top then we might see 25k soon. also overall crypto market will become quite bearish on higher time frame.
In 2 days weekly candle will be closed , if weekly candle closes below 38k then we can say that btc is going for heavy correction.
on other side btc dominance is also rapidly decreasing and ALTS are showing very good pumping.
