Is bitcoin falling ?!
Hello traders
Here's a weekly time-frame of BTC : USD and as you can see the levels that were covered on prior analysis are currently holding pretty well.
We anticipated a massive sell-off from the already mentioned 13,000 region which confluences with monthly resistance, and it is this same exact region which started the bear market in 2017/18, forming a huge indecisive candle on the weekly. That being said we can now expect three major outcomes from BTC, the price can retest the prior support region at around 9800 or even extend a bit lower and then push up for another leg higher and try once again to break the 13,000 resistance, thus the BTC dominance should stay above 50% and the alts will still be bleeding.
The second outcome is BTC dominance starting to fall, and BTC capital would then start to shift into altcoins, kick starting the alt season, thus whales would make a significant profit from alts before moving their capital back to BTC (this is the exact scenario that was used in 2017 bull run).
The third and the 'worst' one would be if the gains that were made from the big players of the market during the current surge will be cashed out, and not re-invested back into the market, which would take the prices back to around 8500 support region.
Technically speaking it looks like we could see some consolidation around the current region, judging by the last weeks indecisive candle, this weeks closure would be the confirmation of the trend, a bullish engulfing candle could pretty much take us to 16,000 in no time. However if the current support region breaks, we can extend all the way up to 8500 or even lower.
Here's a weekly time-frame of BTC : USD and as you can see the levels that were covered on prior analysis are currently holding pretty well.
We anticipated a massive sell-off from the already mentioned 13,000 region which confluences with monthly resistance, and it is this same exact region which started the bear market in 2017/18, forming a huge indecisive candle on the weekly. That being said we can now expect three major outcomes from BTC, the price can retest the prior support region at around 9800 or even extend a bit lower and then push up for another leg higher and try once again to break the 13,000 resistance, thus the BTC dominance should stay above 50% and the alts will still be bleeding.
The second outcome is BTC dominance starting to fall, and BTC capital would then start to shift into altcoins, kick starting the alt season, thus whales would make a significant profit from alts before moving their capital back to BTC (this is the exact scenario that was used in 2017 bull run).
The third and the 'worst' one would be if the gains that were made from the big players of the market during the current surge will be cashed out, and not re-invested back into the market, which would take the prices back to around 8500 support region.
Technically speaking it looks like we could see some consolidation around the current region, judging by the last weeks indecisive candle, this weeks closure would be the confirmation of the trend, a bullish engulfing candle could pretty much take us to 16,000 in no time. However if the current support region breaks, we can extend all the way up to 8500 or even lower.
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