RLinda ! BTCUSD-> Consolidation in the short zone. Falling?
The total market capitalization of cryptocurrencies is about $890 billion. These numbers show a $10 billion increase in market capitalization. However, bitcoin's dominance has declined and now stands at 36.6%.
(Chart 1. Daily timeframe. Global trend)
With the current volatility, players are likely to proceed cautiously as events unfold.
Nonetheless, Flagman is likely to lead the rally if prices recover in the coming days.
Key resistance for a bullish rally:
Bitcoin's recent price readings show that the coin is in a downtrend. The FTX collapse may also have contributed to this downward spiral. Investors have cut their losing positions to cut their losses and prevent an outright bankruptcy.
Investor reaction:
(Chart 2. Daily Timeframe. Technical Analysis)
Bitcoin daily chart:
[I](Chart 3: Hourly chart Technical Analysis)
On the hourly chart, we see the formation of a descending triangle. The price is in a phase of reduced volatility and after the retest of the resistance (upper boundary of the strong range) the price continued its consolidation in the short zone. The key targets in our case will be the support of 15000 and the upper border of the risk zone for miners - 13582.
Regards R. Linda!
(Chart 1. Daily timeframe. Global trend)
With the current volatility, players are likely to proceed cautiously as events unfold.
Nonetheless, Flagman is likely to lead the rally if prices recover in the coming days.
Key resistance for a bullish rally:
- - 17622
- - 21480
- - 22799
- - 25211
Bitcoin's recent price readings show that the coin is in a downtrend. The FTX collapse may also have contributed to this downward spiral. Investors have cut their losing positions to cut their losses and prevent an outright bankruptcy.
Investor reaction:
- Glassnode report says wallets with 10,000+ BTC balances are up amid a downtrend
- Salvador began buying 1 BTC daily
- Edward Snowden feels with his body that bitcoin is testing the bottom))
- Glassnode: Wallets with balance of 0-1000 BTC actively bought out the fall
- Glassnode: Wallets with balances of 1000+ are on hold
(Chart 2. Daily Timeframe. Technical Analysis)
Bitcoin daily chart:
- Price is under pressure from resistance from the daily moving averages MA-50 and MA-200, the former was tested by a false breakdown, followed by a collapse to a low of $15588
- The daily MACD shows a short rally for Bitcoin and its descent into a full bearish phase. The moving signal line and MACD line in tandem with the histogram are in the red zone. The histogram is beginning to fade, but only while the price is reducing its volatility during the consolidation
- The daily RSI shows a bullish signal after exiting the oversold zone, but at the same time the price is not ready to react.
[I](Chart 3: Hourly chart Technical Analysis)
On the hourly chart, we see the formation of a descending triangle. The price is in a phase of reduced volatility and after the retest of the resistance (upper boundary of the strong range) the price continued its consolidation in the short zone. The key targets in our case will be the support of 15000 and the upper border of the risk zone for miners - 13582.
Regards R. Linda!
🌹TRADING is a CASINO💔!?
NO‼️
You❗️CAN and ❗️SHOULD make money in trading!
Join me, I'll guide you to PROFITABLE TRADING💵!
🟢Free Telegram Channel:
t.me/RLindaTrade
🔴Contact:
t.me/RLindaSignals
🧿Web: rlinda.com
NO‼️
You❗️CAN and ❗️SHOULD make money in trading!
Join me, I'll guide you to PROFITABLE TRADING💵!
🟢Free Telegram Channel:
t.me/RLindaTrade
🔴Contact:
t.me/RLindaSignals
🧿Web: rlinda.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.