Hi guys,
Full TA in the video as usual. Some notes:
In this video I have done a bit of a run-through of a number of charts that I look at to try and predict where bitcoin is likely to go next.
In the 20-minute I quickly cover the following:
OVERALL
My overarching impression is that bitcoin is likely to move lower or continue to move sideways and range for the foreseeable future. We have to keep an eye on the SPX and the NASDAQ as they are about to test critical support. As you know there is a degree of correlation between the SPX and Bitcoin and if the SPX continues to move lower and/or loses support then we may well see bitcoin move lower with it or continue to move sideways.
BITCOIN DOMINANCE
Bitcoin dominance is looking extremely strong at the moment haven't broken major resistance and also retested. I believe bitcoin dominance will continue to move up and potentially reach 53% to 54% providing it holds support (previous resistance). If bitcoin dominance continues to move upwards then my expectation would be that the altcoin market will continue to move lower or range sideways.
TOTAL2
Looking at TOTAL2 - my opinion here is that the TOTAL2 market will likely move lower and or range sideways for a considerable period of time and therefore the majority of altcoins will do the same. I am looking at the TOTAL2 chart to identify key support levels at which we might see a bounce and therefore altcoin opportunities may present themselves. Similarly I am looking at bitcoin dominance for key resistance levels where the price action might get rejected. If this coincides with the TOTAL2 market hitting a key level of support then we are likely to see all coins move upwards in the short term.
BITCOIN VOLATILITY INDEX
Bitcoin volatility has been increasing over the last few weeks and if it continues higher we may start to see some bigger swings and moves from Bitcoin. One to watch.
DXY
The DXY continues to move upwards and has just broken critical fib resistance. I am watching this to see if there is a strong retest which will flip previous resistance into support. Should this happen then the DXY will likely to continue moving upwards. As you know a strong dollar is not great for bitcoin movements and is another reason why bitcoin will likely to continue moving sideways or move lower.
AS ALWAYS
This is not trading advice and is my own opinion
Thanks for taking the time to watch the video.
Be patient and stick to your strategy!
Please hit the boost button if you like this update.
Thanks
SIMON BPOI
Full TA in the video as usual. Some notes:
In this video I have done a bit of a run-through of a number of charts that I look at to try and predict where bitcoin is likely to go next.
In the 20-minute I quickly cover the following:
- BTC
- BTCD
- TOTAL2
- BVOL
- CTC1 (CME)
- DXY
- SPX
- NASDAQ
OVERALL
My overarching impression is that bitcoin is likely to move lower or continue to move sideways and range for the foreseeable future. We have to keep an eye on the SPX and the NASDAQ as they are about to test critical support. As you know there is a degree of correlation between the SPX and Bitcoin and if the SPX continues to move lower and/or loses support then we may well see bitcoin move lower with it or continue to move sideways.
BITCOIN DOMINANCE
Bitcoin dominance is looking extremely strong at the moment haven't broken major resistance and also retested. I believe bitcoin dominance will continue to move up and potentially reach 53% to 54% providing it holds support (previous resistance). If bitcoin dominance continues to move upwards then my expectation would be that the altcoin market will continue to move lower or range sideways.
TOTAL2
Looking at TOTAL2 - my opinion here is that the TOTAL2 market will likely move lower and or range sideways for a considerable period of time and therefore the majority of altcoins will do the same. I am looking at the TOTAL2 chart to identify key support levels at which we might see a bounce and therefore altcoin opportunities may present themselves. Similarly I am looking at bitcoin dominance for key resistance levels where the price action might get rejected. If this coincides with the TOTAL2 market hitting a key level of support then we are likely to see all coins move upwards in the short term.
BITCOIN VOLATILITY INDEX
Bitcoin volatility has been increasing over the last few weeks and if it continues higher we may start to see some bigger swings and moves from Bitcoin. One to watch.
DXY
The DXY continues to move upwards and has just broken critical fib resistance. I am watching this to see if there is a strong retest which will flip previous resistance into support. Should this happen then the DXY will likely to continue moving upwards. As you know a strong dollar is not great for bitcoin movements and is another reason why bitcoin will likely to continue moving sideways or move lower.
AS ALWAYS
This is not trading advice and is my own opinion
Thanks for taking the time to watch the video.
Be patient and stick to your strategy!
Please hit the boost button if you like this update.
Thanks
SIMON BPOI
BPOI - CRYPTO TRADING GROUP