BTCUSD chart is adjusted as part of the price channel in which it has been trading since mid-June. In the middle of last week, bulls tried to break through its upper border, but, as expected, this did not happen. As a result of the correction, bitcoin lost about 15%, and altcoins even more in dollar terms. BTC dominance index continues to grow and has already come close to 70%, the last time this value was in April 2017.
Local support was found at $10000. However, the most important task for the bulls in the nearest future will be to keep zone of $9000-9400 safe. If successful, this will be the third defense in a month, and the focus of the medium-term movement will be finally shifted from the price channel towards a converging triangle. Nevertheless, in case of breaking through the zone, the next strong support will be around $8000, as indicated by volumes. Quite often, the price returns to the area of large volumes, providing an excellent entry point to the long, so this option should not be excluded.
In general, the market is quite bullish. The psychological indicator of fear and greed (FGI) recently updated the local minimum and again entered the oversold zone. Over the past month, it has been in this zone several times, when the price of the main cryptocurrency was approaching $9400, confirming the level.
Market players are also set to grow. The ratio of long/short positions on Bitfinex since mid-July is more than 3 to 1. Similar results on Coinbase among the “whales” - 67% of customers with large Bitcoin holdings (top 10%) buy rather than sell within last 24 hours. There is quite an upside potential. Price is consolidating, range of movement/volatility is decreasing. If a downtrend line (the upper boundary of the triangle) is broken, then the nearest price target for buyers will be the maximum of the year in the region of $13800.
Local support was found at $10000. However, the most important task for the bulls in the nearest future will be to keep zone of $9000-9400 safe. If successful, this will be the third defense in a month, and the focus of the medium-term movement will be finally shifted from the price channel towards a converging triangle. Nevertheless, in case of breaking through the zone, the next strong support will be around $8000, as indicated by volumes. Quite often, the price returns to the area of large volumes, providing an excellent entry point to the long, so this option should not be excluded.
In general, the market is quite bullish. The psychological indicator of fear and greed (FGI) recently updated the local minimum and again entered the oversold zone. Over the past month, it has been in this zone several times, when the price of the main cryptocurrency was approaching $9400, confirming the level.
Market players are also set to grow. The ratio of long/short positions on Bitfinex since mid-July is more than 3 to 1. Similar results on Coinbase among the “whales” - 67% of customers with large Bitcoin holdings (top 10%) buy rather than sell within last 24 hours. There is quite an upside potential. Price is consolidating, range of movement/volatility is decreasing. If a downtrend line (the upper boundary of the triangle) is broken, then the nearest price target for buyers will be the maximum of the year in the region of $13800.
