"Bitcoin and BTC Dominance Analysis: Breaking 70k and a Pump?"💹 Let's dive into the analysis and review of Bitcoin, which has been making a lot of noise lately, and implement this new program in our channel.
🌟 Unfortunately, today, two of my good analyses on DOGE and TON got deleted from the channel due to some issues on my part. I will fix these problems and repost them for you. Because of this, a new idea came to my mind.
🏆 From this week, we will have a new schedule:
😊 Monday: Bitcoin and Bitcoin Dominance Analysis , Tuesday: Gold Analysis , Wednesday: Ethereum and Ethereum vs Bitcoin Analysis
This will be in addition to our daily analyses, and we will update them together every week.
📈 Weekly Timeframe Analysis:
In the past week, nothing significant has happened on the Bitcoin chart, and it has merely been fluctuating between the box of 71468 to 67185, which is completely natural. In my opinion, it's trying to tire people out and gather liquidity for the next move.
📅 Daily Timeframe Analysis:
On the daily timeframe, our situation is clear. Within the boxes, we take long positions when the box ceiling is broken and short positions when the box floor is broken. We do not expect high risk-reward ratios inside the box. Which way will this daily box break? I don't know because I'm not a fortune teller, but since we made a fake breakout from the box floor, the probability of breaking the box ceiling is slightly higher.
📈 Weekly Timeframe Analysis Continued:
On the weekly timeframe, however, we are completely bullish. After hitting the 71468 resistance and a short-term correction, we are moving back towards this resistance. If the volume increases, we can expect a potential break of this ceiling and new ATHs. Also, in this timeframe, if our RSI breaks the 70.15 line, it can be a confirmation of the continuation of the trend, but it is better if the volume is also increasing.
💰 Long-term Investors:
For long-term investors, I suggest being patient and at least waiting until we stabilize below 60648 and break the box floor. After the break, review your altcoins. We will also talk about dominances after the 4-hour timeframe analysis.
⏳ Four-hour Timeframe Analysis:
On the 4-hour timeframe, our trigger for short positions is clear: after breaking the 67185 support, we can open short positions, and after breaking the 71468 trigger, we can open long positions.
🛠️ Short Position Strategy:
For short positions, because we are moving back into the box, try to set small but logical stop losses and exit quickly in your risk-reward zones. For long positions, when approaching the 71468 resistance, even setting a stop buy order using your exchange's order book is logical because we might see a sharp move and break the box ceiling. You can consider RSI entering the overbought zone as a sign.
📊 Bitcoin Dominance (BTC.D) Analysis:
Regarding Bitcoin Dominance (BTC.D) or the percentage of Bitcoin's market cap relative to the total crypto market cap, it’s not always viewed from a buyer or seller perspective but can be analyzed. When Bitcoin is moving up and BTC.D is also moving up, it's clear that opening positions on Bitcoin will yield more profit, except for some coins that are also bullish against Bitcoin pairs. For example, if ADABTC is bullish, ADAUSDT will also give us a reasonable percentage profit and move more than Bitcoin.
📈 BTC.D Trend Analysis:
If Bitcoin is moving up but BTC.D is showing red candles, we try to open long positions on altcoins. You can always open positions on Bitcoin, but if you are looking for more movement and higher profits, checking BTC.D will not disappoint you. After breaking 54.71%, we can move upwards with mid-term resistances at 55.15% and 55.71%.
💡 The previous Bitcoin candle had decent volume. I suggest setting alarms and staying behind the chart. Don’t just come in after the move is over to take profits from others :)) Wishing you a great week ahead!
🔮 Key Support and Resistance Levels:
Support Levels: 67,185, 64,512
Resistance Levels: 71,468, 73,438
😊 If you'd like me to analyze a specific coin or currency pair, be sure to comment so that I can allocate the next analysis for you!
⚠️ Also, please remember that I'm just an analyst, and this isn't financial advice. We're here to stay in the market and maximize profits by adhering to risk and capital management principles.