Bitcoin experienced a sharp drop in the last 24 hours, and recorded a strong daily candle that broke a lot of support. During the day, the price hit a very important support in the range of 40,500 to 39,500 dollars. And stopped. The first uptrend line of the previous day was broken by heavy selling pressure. If the second uptrend line is broken, we will see a drop in prices this time to at least $ 36,500.
But in the 4-hour timeframe, the price has hit the bottom of the short-term bullish channel with the failure of its support, and due to the high slope of the support to the bottom of the channel, there is a possibility of failure of the channel support and static support.
So until the high above the $ 41880 price returns, it will not be possible for the price to rise, and we will have a bearish scenario. , And prices need to break these two ranges to continue growing.
Bitcoin dominance decreased significantly with the fall in bitcoin prices. In fact, this time we are witnessing a decrease in bitcoin dominance due to the outflow of capital from the market. At the time of writing this analysis, the Dominance Index is at 42.26 percent, which is in a vague position as it exits the uptrend channel and encounters support at 42 percent. If this support is lost, we will see a decline in the dominance trend again.
The overall market index also fell 6.88 percent to a significant support in the range of 1.80 to 1.75, and stopped in this range. If this support is lost, we will expect more prices to fall for the market. The close resistance of this index is 1.85.
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But in the 4-hour timeframe, the price has hit the bottom of the short-term bullish channel with the failure of its support, and due to the high slope of the support to the bottom of the channel, there is a possibility of failure of the channel support and static support.
So until the high above the $ 41880 price returns, it will not be possible for the price to rise, and we will have a bearish scenario. , And prices need to break these two ranges to continue growing.
Bitcoin dominance decreased significantly with the fall in bitcoin prices. In fact, this time we are witnessing a decrease in bitcoin dominance due to the outflow of capital from the market. At the time of writing this analysis, the Dominance Index is at 42.26 percent, which is in a vague position as it exits the uptrend channel and encounters support at 42 percent. If this support is lost, we will see a decline in the dominance trend again.
The overall market index also fell 6.88 percent to a significant support in the range of 1.80 to 1.75, and stopped in this range. If this support is lost, we will expect more prices to fall for the market. The close resistance of this index is 1.85.
zoomarz.com