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Bitcoin (BTC) - July 21 (volatility period July 20-24)

BINANCE:BTCUSDT   Bitcoin / TetherUS
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( BTCUSDT 1W Chart)
If the price is maintained above the 28130.0-29300.0 range, it is expected that the uptrend will continue.

In particular, it remains to be seen if it can move above the 35286.51 point and turn into a short-term uptrend.


During this period of volatility (July 20-24), one thing to watch out for is the increase in volume .
As the trading volume increases, I think that the price must rise or fall to get out of the tedious movement that has been going on until now.


Unlike other years, this year's coin market has concentrated a lot of money in ETH.

When the BTC price was bearish , we believe that the concentration of funds in ETH had an effect on the BTC price.

During this period of volatility , we need to see if we can see any changes in the dominance of ETH and the price of BTC .


(1D chart)
The section 28657.98-31640.22 is an important section that determines the direction.

However, it is important to find support and rise above the 27048.05-31640.22 section.

It remains to be seen whether the CCI line can break above the -100 point and the EMA line on the CCI-RC indicator. (https://www.tradingview.com/x/3aA7J6LA/)
At this time, volatility may occur, so careful trading is required.

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( BTCUSDTPERP 1D Chart)
The section 28344.79-31292.61 is the section that determines the new direction.
Accordingly, if it touches 28344.79-31292.61 and moves up, we expect a sharp uptrend.

If it declines from the 28344.79 point, we expect a surge in the 27K range.

I think this move will be a good opportunity to show a new uptrend.

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( XBTUSD 1W Chart)
If the price is maintained above the 27650.0-29350.0 range, it is expected that the uptrend will continue.

In particular, it remains to be seen if the price can sustain above the 33101.0 point.

In the CCI-RC indicator, the CCI line is falling below the +100 point. (https://www.tradingview.com/x/wyXRGXDB/)
As a result, it is out of the highs section.
You should see a flow rising above the 33101.0 point.

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( BTC Dominance ( BTC .D) 1D Chart)
I think it should either rise to the 47.64-48.81 section and either go sideways or find resistance at the 50.86 point.

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(USDT Dominance (USDT.D) 1D Chart)
If the USDT dominance declines, the price of BTC will rise, and the price of altcoins is likely to rise as well.

We'll have to wait and see if we can get resistance in the 5.220-5.466 section.

It is important to see if USDT dominance can decline during this period of volatility .

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(USDT 1D Chart)
I think USDT's rise shows that money is coming into the coin market.

It is still falling along the downtrend line.

We need to see if we can find support at the 61.765B level and move above the 62.079B level.

It is important to see if USDT can turn into an uptrend during this period of volatility .

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(ETH Dominance (ETH.D) 1D Chart)
A rise in ETH dominance could lead to a rise in ETH price.
Also, it may affect the price of BTC to some extent.

It remains to be seen if ETH dominance can continue to influence BTC price by continuing its uptrend.

The strong support zone for ETH dominance is the 12.14-14.26 zone.
If we maintain dominance above this range, we expect the uptrend to continue.

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We recommend that you trade with your average unit price.
This is because, if the price is below your average unit price, whether it is in an uptrend or in a downtrend, there is a high possibility that you will not be able to get a big profit due to psychological burden.

The center of all trading starts with the average unit price at which you start trading.
If you ignore this, you may be trading in the wrong direction.

Therefore, it is important to find a way to lower the average unit price and adjust the proportion of the investment, ultimately allowing the funds corresponding to the profits to regenerate themselves.

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** All indicators are lagging indicators.
Therefore, it is important to be aware that the indicator moves accordingly with the movement of price and volume .
However, for the sake of convenience, we are talking in reverse for the interpretation of the indicator.
** The wRSI_SR indicator is an indicator created by adding settings and options to the existing Stochastic RSI indicator.
Therefore, the interpretation is the same as the traditional Stochastic RSI indicator. (K, D line -> R, S line)
** The OBV indicator was re-created by applying a formula to the DepthHouse Trading indicator, an indicator disclosed by oh92. (Thanks for this.)
** See support, resistance, and abbreviation points.
** Support or resistance is based on the closing price of the 1D chart.
** All descriptions are for reference only and do not guarantee a profit or loss in investment.

Explanation of abbreviations displayed in the chart
R: A point or section of resistance that requires a response to preserve profits.
S-L: Stop Loss point or section
S: A point or section where you can buy to make a profit as a support point or section

(Short-term Stop Loss can be said to be a point where profit and loss can be preserved or additional entry can be made through split trading. It is a short-term investment perspective.)

GAP refers to the difference in prices that occurred when the stock market, CME , and BAKKT exchanges were closed because they are not traded 24 hours a day.
G1 : Closing price when closed
G2: Opening price
(Example) Gap (G1-G2)
Comment: (BTC Dominance (BTC.D) 1D Chart)
A rise in BTC dominance can be seen as a fall in the price of altcoins.

However, for the BTC price to turn from a downtrend to an uptrend, the BTC dominance must rise.

This is a natural occurrence as funds are concentrated towards BTC.


BTC dominance rising as BTC price declines is another matter and I think this is one of the steps towards a bear market.

In such a move, it is important whether the funds exit the coin market, or whether the funds are still there.

Whether funds are coming in or out of the coin market can be simply checked with a USDT chart.


In the USDT chart (https://www.tradingview.com/x/XI11Hxzs/), I think that the rise in the gap will cause funds to flow into the coin market as USDT is newly issued.

(XBTUSD 1D Chart)
With the current price increase, trading volume is still low.
With this volume, I don't think any further uptrend will be sustainable.


However, the rise in ETH dominance (https://www.tradingview.com/x/vq91CFab/) is affecting BTC.

(USDT 1h chart)
Also, although it is still a small amount of money, you can see that there is money coming into the coin market.


It is important to see if there is an increase in the volume of BTC and an increase in the gap in USDT during this period of volatility (July 20-24).

With the rise of ETH dominance to support this, we expect it to be an important period of volatility leading to a reversal of the coin market's trend.
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Excellent as usual !
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