mcakir73

mcakir73

Zooming into the 4 Hourly charts of Bitcoin we can see the big RED candle right after the daily close which took the price action from Lower-High to the 19,650 levels. Although a Doji candle, It has got one of the significant volume candles. At the moment the price action is still below the Point of Control and Value Area Low. You can see the VRVP values...

mcakir73

The Daily chart of Bitcoin clearly shows us that we are in a downtrend. Because the price action shows us that we are still below the EMA(200), EMA(50), and the Point of Control. Actually, the price was pumped at the daily close. Despite all this price action, yesterday's candle was closed RED. We will analyze this price action better in the 1 Hourly...

mcakir73

The 4 Hourly Bitcoin chart shows us that after putting a Lower-High the price action came down below the EMA(50) and printed a second Lower-High. Now the price action is even below the "Value Area Low" This is a clear indication that the Bears are in control of the price action. Below are the VRVP values for Bitcoin on the 4 Hourly. Point of Control:21,398 Value...

mcakir73

The Bitcoin price closed the day as GREEN. The price action is below the EMA(200) and EMA(50). Also, the price action is below the Pont of Control. Below you can see the VRVP levels for Bitcoin on the Daily timeframe. Point of Control:21224 Value Area High:43328 Value Area Low:17606

mcakir73

The Dollar Index (DXY) is in control of the market and just put a new record and is now at the 110 level.

mcakir73

Here is the weekly chart for Bitcoin. As you can see we closed the week as GREEN. However, we are below the major Moving averages including the SMA(200). The volume of this weekly candle is still low and below the MA(30) Below you can see the weekly chart.

mcakir73

The EMA50 and EMA 200 crosses over while the RSI is at 69.

mcakir73

Based on weekly data the Bitcoin Dominance is in a falling trend. It started with 70s and now came down all the way to 57. I believe the critical level to watch will be 52. Because if we go all the way back to the July 2017 (where altcoins outperformed BTC) If the BTC price stays between 55K to 60K we may see the ALT coins increase. However we are not yet ready...

mcakir73

USDTRY will fly higher. :) :) :)

mcakir73

BTC Dominance 1 Hour Chart (Still higher than 60)