Today I wanna show you my view of BTCUSD and situation on the market
We move inside the , we just reached the price of 7280 is a good support and at this point several indicators intersect:
1. 61.8% fibonacci level
2. support line
3. Diagonal support line formed by 4 points
I think we will continue to move inside this and even a possible false break up this
Soon we will talk about the New Year rally, which is likely to be in the black triangle in the range 6800-8400
Now you can observe the intersection of the two main MA 200 and 50 - and this is called death cross - a signal for falling
After that we will break the line of support - the black line
Most likely we will continue to move down to the zone of the largest volumes of 6600-6200 where you will see a flat, and there is even a chance that we will break this strong level down, and this will cause panic in the market, after that we will find support and this will be a good entry point to the market I showed this area with a yellow box.
The second option and it is more optimal if we move up from the black triangle and the zone 6800-8400 will be the accumulation zone. a good signal for me would be breaking 9200
Until this time, the dominance of Bitcoin will decrease, I am waiting for domination in the region of 60-58%
Many "crypto traders" will see the opportunity to increase their number of bitcoins by trading second-class altcoins in pair with bitcoins that are so at the bottom. But be aware that the altoin market is dangerous for long-term investment, only short-term speculation. If you are a beginner stay away from them.
Sincerely yours EXCAVO