Hello all. Briefly about the situation on the BTC market
On the daily timeframe we can see that BTC price is approaching the main critical point, where the correction can end. Earlier in our video we posted two scenarios of events in the BTC market. Because buyers failed to hold the $58000-60000 range, the main scenario remains a test of the $52000-53000 range. This range is currently below the buyers' global trend line. However, in our opinion, most of the investors' stop orders are just below that trend line.
If the buyers are planning to start a powerful wave of growth with a high probability, we will see a false-breaking of the lower trendline on heavy volumes, but the daily candlestick should hold in the range of $52000-53000. This will be a powerful signal for the reversal of the entire cryptocurrency market.
If you analyze the trading volumes, you can see from the delta that sellers are starting to make more and more efforts to push the price down. Buyers are responding to this and are constantly organizing bounces. This is a signal for a market reversal. In addition, we see that other altcoins are not falling much. Some are even rising. Everyone is waiting for the correction to be completed to start a new growth wave. We are busy picking altcoins in the medium term.
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On the daily timeframe we can see that BTC price is approaching the main critical point, where the correction can end. Earlier in our video we posted two scenarios of events in the BTC market. Because buyers failed to hold the $58000-60000 range, the main scenario remains a test of the $52000-53000 range. This range is currently below the buyers' global trend line. However, in our opinion, most of the investors' stop orders are just below that trend line.
If the buyers are planning to start a powerful wave of growth with a high probability, we will see a false-breaking of the lower trendline on heavy volumes, but the daily candlestick should hold in the range of $52000-53000. This will be a powerful signal for the reversal of the entire cryptocurrency market.
If you analyze the trading volumes, you can see from the delta that sellers are starting to make more and more efforts to push the price down. Buyers are responding to this and are constantly organizing bounces. This is a signal for a market reversal. In addition, we see that other altcoins are not falling much. Some are even rising. Everyone is waiting for the correction to be completed to start a new growth wave. We are busy picking altcoins in the medium term.
__________________
We create both short-term ideas (for a local understanding of the market situation) and medium-term forecasts of price movements.
Subscribe to us and get daily concise analytics!
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👍Crypto activities and free💲 cutt.ly/0w9VqL2X
💰Trade here + take Bonuses linktr.ee/ps_trade
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1) the buyers couldn't reach $60,000 and even broke the sellers' stop orders near the $59444 mark
2) The 12-hour candlestick has not closed yet, but the sellers absorbed the previous buyers candlestick with these small volumes. This fact indicates the weakness of the buyers in this price area
3) The bitcoin dominance is falling, and the USDT dominance is growing. This suggests that investors are not interested in holding crypto right now.
4) The critical point is in the $54500-55000 range.
5) Our main target of $52000-53000 is in force
Have a great day everyone!