BTC Analytics Jul 7
Greetings!
Let's start with the fundamentals. The market capitalization is $1.17 trillion, the dominance index is 51.51. The Fear and Greed Index is at 55 (showing greed).
Yesterday the price of BTC reached a new price high of 31,436, but did not consolidate at this level, which led to a "false breakdown" and a sharp decline. Over the past two weeks, the price has fluctuated between 29,500 and 31,400. There is accumulated liquidity outside this range, which will start to be removed sooner or later. To continue rising, we expect manipulation below 29,500, where we will look for entry points on lower timeframes. If that does not happen and the price continues to decline, we can expect BTC to go into the discount zone, to the previous high around 28,000 (note that the 233 MA is around there), which may be the expected manipulation.
Also of note is the imbalance zone on the four-hour timeframe that formed during the fall in the range of 30,450 to 30,680. If we get confirmation on the lower timeframes in this zone, we can consider a short position. It is important to see what happens first, a downside manipulation or a return to imbalance zone to continue falling.
Non-farm payrolls will be released today. This data may determine the direction of the market and increase volatility. In addition, today is the last day of the trading week, we are facing a weekend, during which we do not recommend trading.
The movement options are shown on the chart.
Good luck and patience to everyone!
Always in touch,
Relictum Analytics.
Let's start with the fundamentals. The market capitalization is $1.17 trillion, the dominance index is 51.51. The Fear and Greed Index is at 55 (showing greed).
Yesterday the price of BTC reached a new price high of 31,436, but did not consolidate at this level, which led to a "false breakdown" and a sharp decline. Over the past two weeks, the price has fluctuated between 29,500 and 31,400. There is accumulated liquidity outside this range, which will start to be removed sooner or later. To continue rising, we expect manipulation below 29,500, where we will look for entry points on lower timeframes. If that does not happen and the price continues to decline, we can expect BTC to go into the discount zone, to the previous high around 28,000 (note that the 233 MA is around there), which may be the expected manipulation.
Also of note is the imbalance zone on the four-hour timeframe that formed during the fall in the range of 30,450 to 30,680. If we get confirmation on the lower timeframes in this zone, we can consider a short position. It is important to see what happens first, a downside manipulation or a return to imbalance zone to continue falling.
Non-farm payrolls will be released today. This data may determine the direction of the market and increase volatility. In addition, today is the last day of the trading week, we are facing a weekend, during which we do not recommend trading.
The movement options are shown on the chart.
Good luck and patience to everyone!
Always in touch,
Relictum Analytics.
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.