BTC Macros - Where is bitcoin heading?
Whats up eveybody.
Just wanted to make a quick update on the macros of BTC, where do we see a possible bottom.
We know that BTC and USDT dominance have a strong correlation. We can see on the left chart that dominance is approaching a strong resistance at about 5.5%. We can have a double top there and dominance goes down, BTC goes up.
On the right chart we have BTC on a log chart with the Bitcoin Logarithmic Growth Curves & Zones indicator which has been very accurate when BTC hits the last bands. historically we can see that it always held and bounced from the last bands. As we can see now we are approaching these same bands now giving a big support on BTC price. So having this in mind and seeing the USDT dominance also approaching a big resistance, we can see that the zone between 25k-30k is a strong support where BTC can potentially bounce from there.
Let me know your thoughts on this, where do you guys think BTC bouncing point is?
Cheers!!!
Just wanted to make a quick update on the macros of BTC, where do we see a possible bottom.
We know that BTC and USDT dominance have a strong correlation. We can see on the left chart that dominance is approaching a strong resistance at about 5.5%. We can have a double top there and dominance goes down, BTC goes up.
On the right chart we have BTC on a log chart with the Bitcoin Logarithmic Growth Curves & Zones indicator which has been very accurate when BTC hits the last bands. historically we can see that it always held and bounced from the last bands. As we can see now we are approaching these same bands now giving a big support on BTC price. So having this in mind and seeing the USDT dominance also approaching a big resistance, we can see that the zone between 25k-30k is a strong support where BTC can potentially bounce from there.
Let me know your thoughts on this, where do you guys think BTC bouncing point is?
Cheers!!!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.