Our expectation to continue the upward movement of Bitcoin after crossing $23,400 did not happen. It was activated by breaking into the range of $23,000. Currently, the price of Bitcoin is in a very important range both in terms of time and price, and we expect it to start a new growth again by reacting to the support of $19,500.
USDT Dominance
Dominance Tether also started to grow after reaching the 5% range as we expected and it brought us a timely sell signal. With the movement of Dominance Tether from the range of 5% to 7% that was mentioned in the analysis, the market correction was completed and this indicator also shows us an upward signal. We expect that upon reaching August 31, if Dominance Tether is below 7%, we will witness a new and sharp downward wave in this index, which will cause the market to grow again.
TOTAL
By examining the total market cap chart, the limit of August 31 is an important time cycle, and by reacting to the mentioned support, the market volume can increase and grow significantly.
TOTAL2
Also, the market cap chart of altcoins has also reacted to the bottom of the channel and we can expect the growth of this index and the increase in the price of altcoins.
BTC Dominance
The only index that has not met our expectations is the Bitcoin Dominance index, which if it fails to reach at least 42% in the coming days, we will witness a weaker market movement.
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Finally, we expect to see relatively strong growth from the market after August 31, and this upward movement will continue at least until the middle of September. We believe that the long-term downward trend of Hanur market has not ended and after this positive movement, the final downward wave will occur below the previous floor. Targets around $14,000 to $16,000 will be available.