Crypto

BITCOIN BTC / USD Technical / Chart Analysis: The Beginning?

Bitcoin (BTC) made a bit more.

It wasn’t a bomb, but the price was only a few hundred dollars below the previous all-time high. Therefore, the progression stopped here. It got me thinking of an idea that could come true over time, or even invalidate in the next few hours.

If you want to get started in cryptocurrency trading and acquire BITCOIN, we recommend the eToro platform: find out here.

The dominance of bitcoin

Now it is very important to monitor the bitcoin domain. The dominance for several weeks has continued to strengthen, which naturally depletes the altcoins. But it sucks them a lot more and for quite a long time than I remember from previous periods. Either way, altcoins will have their chance when dominance approaches 50%. Currently, the prevalence is around 47.5%.

bitcoin domination

It may take a few days to reach around 50%. It may take a few weeks, depending on the impulse. However, I personally hope that when the final breakthrough of the new ATH occurs, the momentum will be maximum. So the alts could wake up in a few days. However, I would like to emphasize once again that nothing is safe. Things can always go wrong.

Current situation in 1D BTC / USD

Looking at the BTC price chart, the rate finally bounced off the S / R level of $ 61,000. It was very uncertain, but the market tended to push for higher prices. Then we arrive. However, the advance stopped again, a few hundred dollars from the previous all-time high. It seems unnecessary to me and I really don’t understand why the rate didn’t skyrocket right away. I didn’t expect there to be an auction of around $ 65,000. Holt, if you don’t see something, that doesn’t mean it doesn’t exist.

BTC

In any case, we should see the result soon. We are right behind ATH so I don’t expect bitcoin to consolidate here for long. I am going to allow myself a reflection that came to me a few weeks ago. I drew a side range on the chart with the lower bound near $ 30,000 while the upper bound is the current high.

Price Analysis of Bitcoin ($ 61k), Ethereum ($ 3.8k)

Like I said, in a matter of hours, this scenario could easily be undone. However, we can stay within that range until the end of the year. So we would end up at a disadvantage and could recover around $ 30,000. We see such lateral consolidations all the time, but they are much smaller.

The lateral consolidation described, of course, would mean a massive increase in accumulation or vice versa, distribution. But that would have to stop the process now.

Also read: How to store large amounts of Bitcoin?

Indicators

The MACD still has these divergences on the histogram, but the daily RSI looks relatively good. But even by this indicator, momentum is fading significantly. Also, we are already quite high and there are small changes of around 80 points.

eToro is the most used platform in Europe to buy cryptocurrencies. The editorial team advises you on this ideal platform for those who prefer to invest in a diversified way. Go to eToro for a secure wallet (here for a free unlimited demo account).

In conclusion

Hopefully we will see very soon if the market will be able to break through. Bitcoin has come a long way, so it makes sense that everyone is leaning more towards a breakout to new all-time highs. But as I usually say, things can always go wrong.

Also read: Price analysis of Bitcoin ($ 61k), Ethereum ($ 3.8k)

DISCLAIMER: Nothing in this article constitutes investment advice. The analysis does not attempt to predict future price trends. It serves only as an educational text on how to approach the market in a thoughtful way. Do your own research and analysis before making an investment, you always trade at your own risk. The cryptomagazin.cz team strongly recommends taking individual risks into account!

Rank Math Seo Pro Weadown, Wordfence Premium Nulled, Yoast Nulled, PHP Script, Fs Poster Plugin Nulled, Astra Pro Nulled,Woodmart Theme Nulled, Wpml Nulled, Avada 7.4 Nulled, Woodmart Theme Nulled, PW WooCommerce Gift Cards Pro Nulled, Elementor Pro Weadown, Newspaper – News & WooCommerce WordPress Theme, Nulledfire, Slider Revolution Nulled, Elementor Pro Weadown, Jnews 8.1.0 Nulled, WeaPlay, Business Consulting Nulled, WP Reset Pro, Newspaper 11.2, Flatsome Nulled, Woocommerce Custom Product Ad, Premium Addons for Elementor, Jannah Nulled, Consulting 6.1.4 Nulled, Plugins, WordPress Theme, Dokan Pro Nulled

Back to top button