TradeCityPro | Bitcoin Daily Analysis #65👋 Welcome to TradeCity Pro!
Let’s move on to the analysis of Bitcoin and key crypto indicators. In this analysis, as usual, I want to review the New York futures session triggers for you.
🔄 Yesterday, the market was range-bound again, and none of my triggers were activated. Today, a high has formed that could be suitable for opening an early position.
⏳ 1-Hour Timeframe
In the 1-hour timeframe, as you can see, the price is within a box between 83,233 and 85,550, and market volume has decreased compared to yesterday. I recommend keeping an eye on the market today because the volume is very low, and the likelihood of a sharp move is high.
✔️ Today, we have a new trigger for a long position. In yesterday's analysis, I said that the price is creating a new high that could be used as a trigger if it reacts to this area again. As you can see today, the price reacted to this area and was rejected from it.
💥 So, considering that a sharp move is likely, it wouldn’t be bad to open a long position on the breakout of 85,126 so that if we can’t get a proper confirmation from the candle on the breakout of 85,550, we already have a position open.
⚡️ However, for a short position, the 83,233 trigger is still valid and this area is very important. If the price stabilizes below this support, the next supports the price could reach are the areas of 80,595 and 78,778.
👑 BTC.D Analysis
Let’s move on to Bitcoin dominance. As you can see in the chart, I told you yesterday that if the price is supported from the 63.87 area and breaks the previous high, the next bullish leg could begin. However, although dominance was supported at this area, it failed to break the previous high, formed a lower high, and is now again at the 63.87 support.
🔼 If this support is broken, we can temporarily confirm a bearish move in dominance. The next key supports for Bitcoin dominance are the areas of 63.61 and 63.23.
📈 For Bitcoin dominance to become bullish again, in my opinion, we need to wait for it to break the previous high at 64.12.
📅 Total2 Analysis
Let’s move on to the Total2 analysis. The condition of this index is very similar to Bitcoin, but because Bitcoin dominance is bullish, Total2 is one level lower than Bitcoin. Although Bitcoin is struggling with its main resistance, Total2 has moved away from the 980 area and has formed its box between 954 and 932.
🔽 If the 954 area is broken and Bitcoin dominance is bearish, you can open a long position. But if dominance is bullish, Bitcoin will be a better choice.
🎲 If the 932 bottom is broken, you can confirm a bearish trend in altcoins. In this case, I think dominance will become bullish and altcoins will drop more than Bitcoin.
📅 USDT.D Analysis
Let’s look at Tether dominance. The entire market is waiting to see what Tether dominance does with the 5.39 area. If it is supported at this area and breaks the 5.59 high, we can say that dominance is bullish and the market may drop.
🔍 But if dominance can first break the 5.48 area and then the 5.39 area, the market could start a new bullish move and Bitcoin will definitely break the 85,550 high.
❌ 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.
