BTC analytics, May 11
Greetings!
Let's start with the fundamentals. The crypto market cap at the moment is 1130bn and the BTC dominance index is 48.06%. The Fear and Greed Index is 59 (Greed).
There have been changes since our last review. We went for the priority downside variant with the lower limit of the channel support at around 27200. At the moment, BTC is being traded around that support zone. The CPI news on 10.05.2023 caused increased volatility and "stop hunt" (marked with a pink marker on the chart). However, after a short-term excitement, the price returned to the previous channel and continued to decline. It's worth noting that this move did collect liquidity at the level of 27235.
Now, we have a narrow price corridor of 26500 - 28300 and several options of further price movements.
Option 1 - Decline (priority, gold on the chart).
Any price moves below the 28300 level prioritize further declines. If the BTC price after the movement in the above corridor breaks down the level of 26500, it will break the daily structure and send us to the discount zone of 25000 and lower. There we can already think about spot buying. A false breakdown or a bounce of 26500 should be postponed for a long position (read below).
Option 2 - Rising (blue on the chart).
The BTC price, after moving in the above corridor, will break through the 28300 level and consolidate higher. In this case, the road to the upper boundary of the 29000+ channel will be opened. Before reaching the level of 28300 and fixing above, it is illogical to look for entry points into long.
Remember about risk management and patience.
Always in touch,
Relictum Analytics
RELATED IDEAS
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BTC analytics on 08.05.2023
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about BTCUSDT May 8
Let's start with the fundamentals. The crypto market cap at the moment is 1130bn and the BTC dominance index is 48.06%. The Fear and Greed Index is 59 (Greed).
There have been changes since our last review. We went for the priority downside variant with the lower limit of the channel support at around 27200. At the moment, BTC is being traded around that support zone. The CPI news on 10.05.2023 caused increased volatility and "stop hunt" (marked with a pink marker on the chart). However, after a short-term excitement, the price returned to the previous channel and continued to decline. It's worth noting that this move did collect liquidity at the level of 27235.
Now, we have a narrow price corridor of 26500 - 28300 and several options of further price movements.
Option 1 - Decline (priority, gold on the chart).
Any price moves below the 28300 level prioritize further declines. If the BTC price after the movement in the above corridor breaks down the level of 26500, it will break the daily structure and send us to the discount zone of 25000 and lower. There we can already think about spot buying. A false breakdown or a bounce of 26500 should be postponed for a long position (read below).
Option 2 - Rising (blue on the chart).
The BTC price, after moving in the above corridor, will break through the 28300 level and consolidate higher. In this case, the road to the upper boundary of the 29000+ channel will be opened. Before reaching the level of 28300 and fixing above, it is illogical to look for entry points into long.
Remember about risk management and patience.
Always in touch,
Relictum Analytics
RELATED IDEAS
Relictum-Analytics
BTC analytics on 08.05.2023
Relictum-Analytics
about BTCUSDT May 8
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