Today, we're going to dive into the analysis of Bitcoin and the crucial crypto indices. I will review the significant futures triggers for today's New York session. The market conditions haven't changed much from yesterday and continue to range between 83,779 and 87,070.
⏳ 1-Hour Timeframe
In the 1-hour timeframe, as you can see, I've outlined the Fibonacci levels because it seems that the previous bearish leg has ended, and the market is ranging, preparing for either a trend reversal or the next bearish leg.
🔄 Yesterday, I mentioned that it appeared the price was pulling back to the SMA 99 and that if the trigger at 83,779 was breached, we could confirm a pullback to the SMA 99 from the market. As you see, this did not happen, and the trigger at 83,779 was not activated.
🔍 As observed, there is a cross between the SMA 99 and the SMA 25, which has led the market to start ranging. Currently, there's a very important PRZ (Potential Reversal Zone) above the price, overlapping with the 0.5 Fibonacci zone and the resistance at 87,070. This makes it a critical area, and I suggest you stay behind the chart to see how the price reacts to this area.
🔽 If the price gets rejected from this area, we can take an early trigger for a short position, and if this area is breached, you can proceed to take a long position. However, be mindful that today is Sunday, and as you can see, the market volume has significantly decreased. This happens because the bearish leg has ended and the market is correcting, but also because it's Sunday and during weekends, market volume typically decreases. I recommend keeping an eye on risky positions such as the one at 87,070 during holidays or when the market volume is low.
⚡️ However, there are areas that are still good for opening positions even on holidays like Sunday when the market volume is low, such as the area at 83,779. In my opinion, this could cause the price to move towards its next bearish leg if this area is breached, so even if the market volume is low and it's a holiday, I think if this area is breached, significant selling volume will enter the market and for this reason, I try to keep a short position open if this area is broken.
💥 The RSI oscillator, as you see, has moved above the 50 area, and breaking this area could be a good momentum confirmation for opening a short position. If the RSI enters the oversell area, we can have momentum confirmation for the start of the next bearish leg.
👑 BTC.D Analysis
As you can see, I had marked a trigger at 61.21 yesterday, which the price didn't manage to break convincingly, showing little respect for this area, so I have removed this line. Currently, it seems that Bitcoin dominance is ranging between 61.91 and 61.49, and I believe that sooner or later, the large box ranging from 60.48 to 62.19 will be broken.
✨ If this break is from above, Bitcoin dominance could even experience more bullish legs, increasing Bitcoin's dominance in the market. However, if dominance breaks from below and the market turns bullish, altcoins could perform very well.
🔼 The trigger for today's dominance is that if 60.91 is broken, we can confirm a bearish turn in dominance, and conversely, if 61.49 is broken, we can confirm a bullish turn.
📅 Total2 Analysis
As you see, Total2 was supported from 1.01 and has moved upwards to 1.09, where it is currently being rejected. The SMA 99 in Total2 has also reached the price, and the price has reacted to it.
📉 We have a very risky trigger for a short position on Total2, which is the break of 1.06; this position is very risky and can be opened as a scalp in lower timeframes.The primary target I can consider for this position will be the area of 1.01.
📅 USDT.D Analysis
As you observe, Tether's dominance was rejected from 5.21 and could not stabilize above this area, creating a very small ranging box between 5.08 and 5.21. Currently, it's near the area of 5.08, and if this area is broken, dominance could drop to 4.92.
🎲 This drop would likely boost the market upwards, and if this area is broken, depending on Bitcoin's dominance, you can decide to open positions on altcoins or Bitcoin.
💫 Conversely, if dominance is supported from this area and moves towards 5.22, and if this area is broken, you can open short positions on altcoins or Bitcoin.
❌ Disclaimer ❌
Trading futures is highly risky and dangerous. If you're not an expert, these triggers may not be suitable for you. You should first learn risk and capital management. You can also use the educational content from this channel.
Finally, these triggers reflect my personal opinions on price action, and the market may move completely against this analysis. So, do your own research before opening any position.
⏳ 1-Hour Timeframe
In the 1-hour timeframe, as you can see, I've outlined the Fibonacci levels because it seems that the previous bearish leg has ended, and the market is ranging, preparing for either a trend reversal or the next bearish leg.
🔄 Yesterday, I mentioned that it appeared the price was pulling back to the SMA 99 and that if the trigger at 83,779 was breached, we could confirm a pullback to the SMA 99 from the market. As you see, this did not happen, and the trigger at 83,779 was not activated.
🔍 As observed, there is a cross between the SMA 99 and the SMA 25, which has led the market to start ranging. Currently, there's a very important PRZ (Potential Reversal Zone) above the price, overlapping with the 0.5 Fibonacci zone and the resistance at 87,070. This makes it a critical area, and I suggest you stay behind the chart to see how the price reacts to this area.
🔽 If the price gets rejected from this area, we can take an early trigger for a short position, and if this area is breached, you can proceed to take a long position. However, be mindful that today is Sunday, and as you can see, the market volume has significantly decreased. This happens because the bearish leg has ended and the market is correcting, but also because it's Sunday and during weekends, market volume typically decreases. I recommend keeping an eye on risky positions such as the one at 87,070 during holidays or when the market volume is low.
⚡️ However, there are areas that are still good for opening positions even on holidays like Sunday when the market volume is low, such as the area at 83,779. In my opinion, this could cause the price to move towards its next bearish leg if this area is breached, so even if the market volume is low and it's a holiday, I think if this area is breached, significant selling volume will enter the market and for this reason, I try to keep a short position open if this area is broken.
💥 The RSI oscillator, as you see, has moved above the 50 area, and breaking this area could be a good momentum confirmation for opening a short position. If the RSI enters the oversell area, we can have momentum confirmation for the start of the next bearish leg.
👑 BTC.D Analysis
As you can see, I had marked a trigger at 61.21 yesterday, which the price didn't manage to break convincingly, showing little respect for this area, so I have removed this line. Currently, it seems that Bitcoin dominance is ranging between 61.91 and 61.49, and I believe that sooner or later, the large box ranging from 60.48 to 62.19 will be broken.
✨ If this break is from above, Bitcoin dominance could even experience more bullish legs, increasing Bitcoin's dominance in the market. However, if dominance breaks from below and the market turns bullish, altcoins could perform very well.
🔼 The trigger for today's dominance is that if 60.91 is broken, we can confirm a bearish turn in dominance, and conversely, if 61.49 is broken, we can confirm a bullish turn.
📅 Total2 Analysis
As you see, Total2 was supported from 1.01 and has moved upwards to 1.09, where it is currently being rejected. The SMA 99 in Total2 has also reached the price, and the price has reacted to it.
📉 We have a very risky trigger for a short position on Total2, which is the break of 1.06; this position is very risky and can be opened as a scalp in lower timeframes.The primary target I can consider for this position will be the area of 1.01.
📅 USDT.D Analysis
As you observe, Tether's dominance was rejected from 5.21 and could not stabilize above this area, creating a very small ranging box between 5.08 and 5.21. Currently, it's near the area of 5.08, and if this area is broken, dominance could drop to 4.92.
🎲 This drop would likely boost the market upwards, and if this area is broken, depending on Bitcoin's dominance, you can decide to open positions on altcoins or Bitcoin.
💫 Conversely, if dominance is supported from this area and moves towards 5.22, and if this area is broken, you can open short positions on altcoins or Bitcoin.
❌ Disclaimer ❌
Trading futures is highly risky and dangerous. If you're not an expert, these triggers may not be suitable for you. You should first learn risk and capital management. You can also use the educational content from this channel.
Finally, these triggers reflect my personal opinions on price action, and the market may move completely against this analysis. So, do your own research before opening any position.
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💰 Join the Telegram Channel Now:
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🤵 Business Contact: t.me/FireHoseReel
💰 Join the Telegram Channel Now:
t.me/FireHoseReelCrypto
🏆 Best Crypto Exchange: promote.mexc.com/r/QFghw8yb
🤵 Business Contact: t.me/FireHoseReel
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.
💥 Don’t Miss Out!
💰 Join the Telegram Channel Now:
t.me/FireHoseReelCrypto
🏆 Best Crypto Exchange: promote.mexc.com/r/QFghw8yb
🤵 Business Contact: t.me/FireHoseReel
💰 Join the Telegram Channel Now:
t.me/FireHoseReelCrypto
🏆 Best Crypto Exchange: promote.mexc.com/r/QFghw8yb
🤵 Business Contact: t.me/FireHoseReel
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.