#BTC (Update 2) [April, 2nd]
Updated
#BTC (Update)
Bitcoin Bulls Cleared the EAM100 (Resistance), Now Heading towards the Major Resistance..!!
Expecting Breakout..!!
https://www.tradingview.com/x/cfLg35w7/
Bitcoin Bulls Cleared the EAM100 (Resistance), Now Heading towards the Major Resistance..!!
Expecting Breakout..!!
https://www.tradingview.com/x/cfLg35w7/
Note
Breakout done.Note
Bulls need to hold above ema200.Note
After closing the CME gap BTC saw a quick drop towards 6120 zone..BTC monthly open was 6420..
As per monthly close of March, BTC can see a drop till 5560 zone this month (Fundamentals are not considered here)
Currently BTC is trading at 6660 zone..
As stated in prior analysis and conditions for BTC to be bullish - BTC has completed the condition of closing at least 3 times above 6300 on 1D..
But it still has not completed the condition on 1W TF..
BTC saw the drop before the recent weekly close.. So this condition is yet to be fulfilled to be sure as Bullish Sentiment..
As gaps on CME charts gets filled 94 times in 100, BTC can still Fill the gap of 9100 in upcoming weeks (Need Weekly close above 6426).
In analysis of 13th August 2019, 16th August 2019, 18th September 2019, We told that BTC need a weekly close above 11610 so that it can reach 15000.. BTC pumped till 13800 but failed to Close a weekly above 11610 which resulted in correction.. (Search '11610' in this channel or search by date)
So same like that, we need a weekly close above 6426..
Supports -
$6444-6505 local
$6120-6300 weak
$5805-5850 neutral
$5220-5310 short term important
Resistances-
$6730-6820 weak
$7110-7200 yearly open + neutral resistance
$7810-7900 short term strong
CMC (crypto market cap) analysis -
Cryptomarketcap is currently at $182 Billion as per Tradingview charts and it will face resistance weak at $187-189 Billion..
$200 Billion is important psychological resistance.. If it gets broken then we can see BTC testing 8k zone sooner..
As per our CMC analysis given on 17th March 2020, we said we needed a Daily Close above $144-150 Billion for short term stability..
It closed above $150 billion on 18th march and from then didn't dropped below that so $144-150 billion is behaving as good support for now..
Supports -
$169-171 Billion
$144-150 billion important
$126-130 billion
Resistances -
$187-190 billion local
$200 billion psychological
$225-230 Short term strong
Alts analysis -
Alts marketcap increased by $12 Billion in last two weeks but BTC is over performing alts so we can see that alts are dropping in their Satoshi value and it can continue further if BTC.D breaks 66.60% resistance and closes above 66.80%.
BTC dominance analysis -
BTC dominance is exactly at the resistance value of 66.60% and a daily Close above 66.80% can make it bullish.. So be careful with alts in Satoshi pair..
As per current scenario BTC is looking to test 71xx yearly open..
Crypto market is currently decoupling with stock market..
Upcoming Fundamentals will play some important role so don't expose much funds in any trades and trade with proper risk management..
Note
As stated in Last paragraph, BTC exactly tested the yearly open 71xx Binance high was 7198..
$7110-7200 was neutral resistance so it dropped back exactly from there..
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