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Today, we'll delve into the analysis of Bitcoin and key crypto indices. As usual, I want to review the triggers for the New York futures session.
🔄 Yesterday, the price broke through the support zone between 80,595 and 81,522, retracing down to 78,778. Let's see what triggers the market could offer us today.
⌛️ 1-Hour Timeframe
On the 1-hour timeframe, as you can see, after breaking the 78,778 level, the price quickly recovered and climbed back above the 81,522 zone. Currently, it is hovering near 83,349.
🔍 Today, for a long position, we can consider opening a trade upon breaking the 83,349 resistance. The next resistance level at 84,572 could act as the following trigger point.
🔽 For short positions, we need to wait for a new market structure to form and observe whether the 81,522 or 80,595 zones can serve as our triggers.
⭐️ The RSI oscillator is near the Overbought zone, and a breakout above 70 into Overbought territory would provide good confirmation for a long position.
📊 Market volume has been increasing since the bullish leg started from 78,778. If this volume growth continues, the probability of breaking through the 83,349 resistance will rise.
👑 BTC.D Analysis
Now, let's move to Bitcoin Dominance (BTC.D). Yesterday, the 63.50 resistance was broken, and as Bitcoin's price climbed, its dominance also rose. This has caused altcoins to underperform compared to Bitcoin.
🔼 Currently, the next resistance for BTC.D is at 63.86. A break above this level would confirm the next bullish leg in Bitcoin Dominance.
📉 For a bearish move in dominance, the Futures triggers are at 63.50 and 63.30. However, for a confirmation in spot trading, we would need a break below 62.65.
📅 Total2 Analysis
Moving on to the Total2 (altcoin market cap excluding Bitcoin), I've slightly adjusted the zones and updated the triggers for altcoins.
✨ As I mentioned in the Bitcoin Dominance analysis, altcoins have been lagging behind Bitcoin. Even though Bitcoin reached 83,349, Total2 failed to retest its previous highs and instead formed a lower high.
✔️ For long positions on altcoins, a break above 940 would be ideal. For short positions, you can look for confirmation if 903 is broken.
📅 USDT.D Analysis
Finally, let's analyze USDT Dominance (USDT.D). Yesterday, it bounced from the 5.53 support level, climbing to 5.84 before starting a new downtrend, now approaching 5.53 again.
⚡️ To continue the bearish move, a break below 5.53 would be significant. Conversely, for a bullish move, the first trigger is at 5.84.
❌ 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.
Today, we'll delve into the analysis of Bitcoin and key crypto indices. As usual, I want to review the triggers for the New York futures session.
🔄 Yesterday, the price broke through the support zone between 80,595 and 81,522, retracing down to 78,778. Let's see what triggers the market could offer us today.
⌛️ 1-Hour Timeframe
On the 1-hour timeframe, as you can see, after breaking the 78,778 level, the price quickly recovered and climbed back above the 81,522 zone. Currently, it is hovering near 83,349.
🔍 Today, for a long position, we can consider opening a trade upon breaking the 83,349 resistance. The next resistance level at 84,572 could act as the following trigger point.
🔽 For short positions, we need to wait for a new market structure to form and observe whether the 81,522 or 80,595 zones can serve as our triggers.
⭐️ The RSI oscillator is near the Overbought zone, and a breakout above 70 into Overbought territory would provide good confirmation for a long position.
📊 Market volume has been increasing since the bullish leg started from 78,778. If this volume growth continues, the probability of breaking through the 83,349 resistance will rise.
👑 BTC.D Analysis
Now, let's move to Bitcoin Dominance (BTC.D). Yesterday, the 63.50 resistance was broken, and as Bitcoin's price climbed, its dominance also rose. This has caused altcoins to underperform compared to Bitcoin.
🔼 Currently, the next resistance for BTC.D is at 63.86. A break above this level would confirm the next bullish leg in Bitcoin Dominance.
📉 For a bearish move in dominance, the Futures triggers are at 63.50 and 63.30. However, for a confirmation in spot trading, we would need a break below 62.65.
📅 Total2 Analysis
Moving on to the Total2 (altcoin market cap excluding Bitcoin), I've slightly adjusted the zones and updated the triggers for altcoins.
✨ As I mentioned in the Bitcoin Dominance analysis, altcoins have been lagging behind Bitcoin. Even though Bitcoin reached 83,349, Total2 failed to retest its previous highs and instead formed a lower high.
✔️ For long positions on altcoins, a break above 940 would be ideal. For short positions, you can look for confirmation if 903 is broken.
📅 USDT.D Analysis
Finally, let's analyze USDT Dominance (USDT.D). Yesterday, it bounced from the 5.53 support level, climbing to 5.84 before starting a new downtrend, now approaching 5.53 again.
⚡️ To continue the bearish move, a break below 5.53 would be significant. Conversely, for a bullish move, the first trigger is at 5.84.
❌ 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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🤵 Business Contact: Tradecityproteam@gmail.com
🏆 Best Crypto Exchange: bitunix.com/register?vipCode=TCPINT
💰 Join the Telegram Channel Now: t.me/Tradecityproint
🤵 Business Contact: Tradecityproteam@gmail.com
Related publications
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!
🏆 Best Crypto Exchange: bitunix.com/register?vipCode=TCPINT
💰 Join the Telegram Channel Now: t.me/Tradecityproint
🤵 Business Contact: Tradecityproteam@gmail.com
🏆 Best Crypto Exchange: bitunix.com/register?vipCode=TCPINT
💰 Join the Telegram Channel Now: t.me/Tradecityproint
🤵 Business Contact: Tradecityproteam@gmail.com
Related publications
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.