Bitcoin (BTC) - December 16
Updated
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We'll have support at 19300.0 and see if we can climb above 19798.68.
If it falls at 18719.11, it is a short-term Stop Loss.
The volatility around December 17th (December 16th-18th) should be watched to see if any movement deviates from 18719.11-19798.68.
In the wRSI_SR indicator, a red inverted triangle is displayed.
This indication can be interpreted as overbought by saying that the RSI value has reached over 100.
However, it is not known how many days the red inverted triangle will appear.
After this, if the RS line falls below the overbought period, i.e. 80 or less, you can see that the price is also likely to have high volatility.
Since the RS line is in the overbought zone, it is expected to enter a short-term downturn cycle not far away.
At this point, you need to see where the BTC price is gaining support.
When transitioning from a short down cycle to a short up cycle, an attempt to break above 19798.68 is expected if supported at 19300.0.
According to the CCI-RC indicator, CCI is not showing an increase even when prices are rising.
This is because the flow after the closing price is formed is lagging.
So, you need to check the flow after new candles are created.
It remains to be seen if the CCI line starts rising and if it can break above the EMA line.
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(Coinbase BTCUSD 1D chart)
We have to see if we can get support at 19385.0 and rise above 19891.99.
If it falls from 18721.93, it is a short-term Stop Loss.
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(OKEX BTCUSDT 1D chart)
We must see if we can ascend above the 19667.3 point.
If it falls, you need to make sure you get support at 19050.4.
If it falls from 18688.8, it is a short-term Stop Loss.
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(BTC Dominance 1D Chart)
We have to see if we can get resistance and move downward at the downtrend line (3) and uptrend line (5).
If it rises above 64.86 points, the price of altcoins is expected to fall again.
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(USDT Dominance 1D Chart)
We must see if we can get resistance at 3.596 and move below the downtrend line (2).
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If you look at the charts below, you can see that the TOTAL2 chart, that is, the prices of major coins, are falling a little further.
If you watch the TOTAL2 and OTHERS charts rise when the TOTAL chart rises above any point, I think you can roughly know when to invest in altcoins.
(TOTAL 1D chart)
Market cap of all coins
--------------------------------------
(TOTAL2 1D chart)
Market cap of remaining coins minus BTC market cap
----------------------------------------
(OTHERS 1D chart)
Market capitalization of remaining coins minus BTC and major coins
-------------------------------------------------- -------------------------------------------
** All indicators are lagging indicators.
So, it's important to be aware that the indicator moves accordingly with the movement of price and volume.
Just for convenience, we are talking upside down for interpretation of the indicators.
** Check support, resistance, and abbreviation points.
** Support or resistance is based on the closing price of the 1D chart.
** All explanations are for reference only and do not guarantee profit or loss on investment.
Explanation of abbreviations displayed on the chart
R: A point or section of resistance that requires a response to preserve profits
S-L: Stop-Loss point or section
S: A point or segment that can be bought for profit generation as a support point or segment
(Short-term Stop Loss can be said to be a point where profits and losses can be preserved or additionally entered through installment trading. You should trade from a short-term investment perspective.)
GAP refers to the difference in prices that occurred when the stock market, CME and BAKKT exchanges were closed because they are not trading 24 hours a day.
G1: Closed price
G2: Market price at the time of opening
(Example) Gap (G1-G2)
Dear traders, nice to meet you.
"Like" is a huge force for me.
By "following" you can always get new information quickly.
Thank you for always supporting me.
-------------------------------------------------- -----
We'll have support at 19300.0 and see if we can climb above 19798.68.
If it falls at 18719.11, it is a short-term Stop Loss.
The volatility around December 17th (December 16th-18th) should be watched to see if any movement deviates from 18719.11-19798.68.
In the wRSI_SR indicator, a red inverted triangle is displayed.
This indication can be interpreted as overbought by saying that the RSI value has reached over 100.
However, it is not known how many days the red inverted triangle will appear.
After this, if the RS line falls below the overbought period, i.e. 80 or less, you can see that the price is also likely to have high volatility.
Since the RS line is in the overbought zone, it is expected to enter a short-term downturn cycle not far away.
At this point, you need to see where the BTC price is gaining support.
When transitioning from a short down cycle to a short up cycle, an attempt to break above 19798.68 is expected if supported at 19300.0.
According to the CCI-RC indicator, CCI is not showing an increase even when prices are rising.
This is because the flow after the closing price is formed is lagging.
So, you need to check the flow after new candles are created.
It remains to be seen if the CCI line starts rising and if it can break above the EMA line.
-------------------------------------------------- -
(Coinbase BTCUSD 1D chart)
We have to see if we can get support at 19385.0 and rise above 19891.99.
If it falls from 18721.93, it is a short-term Stop Loss.
------------------------------------------------
(OKEX BTCUSDT 1D chart)
We must see if we can ascend above the 19667.3 point.
If it falls, you need to make sure you get support at 19050.4.
If it falls from 18688.8, it is a short-term Stop Loss.
---------------------------------------------
(BTC Dominance 1D Chart)
We have to see if we can get resistance and move downward at the downtrend line (3) and uptrend line (5).
If it rises above 64.86 points, the price of altcoins is expected to fall again.
-----------------------------------------------
(USDT Dominance 1D Chart)
We must see if we can get resistance at 3.596 and move below the downtrend line (2).
----------------------------------------------
If you look at the charts below, you can see that the TOTAL2 chart, that is, the prices of major coins, are falling a little further.
If you watch the TOTAL2 and OTHERS charts rise when the TOTAL chart rises above any point, I think you can roughly know when to invest in altcoins.
(TOTAL 1D chart)
Market cap of all coins
--------------------------------------
(TOTAL2 1D chart)
Market cap of remaining coins minus BTC market cap
----------------------------------------
(OTHERS 1D chart)
Market capitalization of remaining coins minus BTC and major coins
-------------------------------------------------- -------------------------------------------
** All indicators are lagging indicators.
So, it's important to be aware that the indicator moves accordingly with the movement of price and volume.
Just for convenience, we are talking upside down for interpretation of the indicators.
** Check support, resistance, and abbreviation points.
** Support or resistance is based on the closing price of the 1D chart.
** All explanations are for reference only and do not guarantee profit or loss on investment.
Explanation of abbreviations displayed on the chart
R: A point or section of resistance that requires a response to preserve profits
S-L: Stop-Loss point or section
S: A point or segment that can be bought for profit generation as a support point or segment
(Short-term Stop Loss can be said to be a point where profits and losses can be preserved or additionally entered through installment trading. You should trade from a short-term investment perspective.)
GAP refers to the difference in prices that occurred when the stock market, CME and BAKKT exchanges were closed because they are not trading 24 hours a day.
G1: Closed price
G2: Market price at the time of opening
(Example) Gap (G1-G2)
Note
(Binance BTCUSDT 1D chart)If it is supported above 19798.68, it is expected to determine the next direction in the 21632.57-22256.0 section.
Note
(BTC Dominance 1D Chart)When BTC price calms down and shows a sideways flow, it is expected that the altcoin price can rise only when the BTC dominance declines.
Therefore, if you are investing in altcoins, you should also watch the movement of BTC dominance.
We believe that altcoins should fall below 63.38 for the overall upward trend.
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