TradeCityPro | Bitcoin Daily Analysis #56👋 Welcome to TradeCity Pro!
Let's dive into the analysis of Bitcoin and key crypto indices. Today, as usual, I will review the New York futures session triggers.
✔️ Yesterday, the short trigger we discussed was activated, and the price moved downward to the area of 74760.
👀 Today, the market conditions are favorable for opening positions, both long and short.
⏳ 1-Hour Timeframe
As I mentioned yesterday, the price executed another downward leg after pulling back to the 80595 area, activating our trigger at 78913 and moving to the main support floor. Today, I have adjusted this area, and we will explore why this adjustment was made.
📚 Positions like the one yesterday, which are opened for scalping, I usually set with a risk to reward ratio of 2 or 3, and I don’t leave them open for long, opting instead to secure profits. If you also open such positions, I recommend not holding them long term.
💥 However, today, as you can see, the price is forming more structure and giving us more logical triggers. The SMA99 indicator is nearing the price, and the RSI is showing divergence compared to the first bottom that the price made at 74650, which was accompanied by divergence.
🔼 For the divergence in RSI to activate, it needs to break the area of 59.87. If this happens, we can say that the divergence is active, and we can look for a price trigger for a long position.
⚡️ The first trigger for a long position is the 77735 area, which is considered risky, and with the breaking of this area, you can open a scalping position. The main long trigger is the breaking of 80595, which, if broken, activates a Double Bottom pattern that could change the market trend.
⭐ Keep in mind, there is currently no Double Bottom, and only if the 80595 area breaks will this pattern form.
📉 For a short position, the 74760 trigger is still appropriate, and you can enter a short position if this area breaks. However, it is important to note that this area is very close to the 71779 area, and opening a position on the break of 74760 will be risky.
👑 BTC.D Analysis
Let's now analyze Bitcoin dominance, which continues to range between the areas of 63.30 and 63.50. Breaking this box could define the positions we open today.
💫 If the 63.30 area breaks, dominance might temporarily decline, allowing more capital to flow into altcoins. Conversely, if the dominance breaks upwards at 63.50, more capital will flow into Bitcoin. Soon, we will have a comprehensive analysis of Bitcoin dominance that I highly recommend not to miss.
📅 Total2 Analysis
Moving on to the analysis of Total2, yesterday the Total2 trigger at the 896 area was activated, and altcoins, like Bitcoin, declined, causing this index to drop to the area of 860.
🔍 Today, for a short position, breaking the 860 area is appropriate. However, for a long position, I recommend seeking confirmation from Bitcoin itself and its dominance.
📅 USDT.D Analysis
Finally, for the Tether dominance analysis, this index activated its upward trigger at the 5.84 area and performed an upward leg to 6.13.
📊 Currently, confirmation for the next upward leg in dominance will be with the breaking of 6.13, and the confirmation for a downward turn remains at the 5.73 area.
❌ 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.
