Bitcoin bottom is getting closer
The crypto market will soon reach a bottom according to the USDT Market cap DOMINANCE, giving whales and investors the chance to accumulate more bitcoin in preparation for the big leg up. As of this writing the Btc Fear and greed index is at 11, also indicating a potential reversal coming on the horizon.
On the chart we can see that the USDT DOMINANCE weekly candle closed above the green resistance, confirming a breakout to the upside (reminder that when USDT DOMINANCE goes up’ the price of bitcoin goes down). The targets expecting for the end of this move is at around 6.7% (green circle), meaning bitcoin could bottom at approx. 29,000$ and start reversing to the upper side.
Indicators and why:
For those who’d like to dive deeper. Some of the most important indicators imo which I always take into account before trading are the RSI and OBV. Ones for momentum’ the order indicates volume. As shown the RSI is forming a bearing divergence at the current top showing that selling momentum is decreasing. While the OBV broke out of a 2 year resistance looking to reach same levels as March 2020.
The green circled area is an ideal place to buy on spot as I wouldn’t recommend leverage trading between these levels as high volatility is expected.
So far bearish short term and always bullish long term
NFA
E.
On the chart we can see that the USDT DOMINANCE weekly candle closed above the green resistance, confirming a breakout to the upside (reminder that when USDT DOMINANCE goes up’ the price of bitcoin goes down). The targets expecting for the end of this move is at around 6.7% (green circle), meaning bitcoin could bottom at approx. 29,000$ and start reversing to the upper side.
Indicators and why:
For those who’d like to dive deeper. Some of the most important indicators imo which I always take into account before trading are the RSI and OBV. Ones for momentum’ the order indicates volume. As shown the RSI is forming a bearing divergence at the current top showing that selling momentum is decreasing. While the OBV broke out of a 2 year resistance looking to reach same levels as March 2020.
The green circled area is an ideal place to buy on spot as I wouldn’t recommend leverage trading between these levels as high volatility is expected.
So far bearish short term and always bullish long term
NFA
E.
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