Today we wanna show you our view of BTC/USD and situation on the market.
We move inside the falling wedge , we just reached the price of $7280 and it is a good support and at this point several indicators intersect:
1. 61.8% fibonacci level;
2. Falling wedge support line;
3. Diagonal support line formed by 4 points.
I think we will continue to move inside this wedge and even a possible false break up this wedge .
Soon we will talk about the New Year rally, which is likely to be in the black triangle in the range $6800-8400.
Now you can observe the intersection of the two main MA 200 and 50 - and this is called death cross - a signal for falling.
We move inside the falling wedge , we just reached the price of $7280 and it is a good support and at this point several indicators intersect:
1. 61.8% fibonacci level;
2. Falling wedge support line;
3. Diagonal support line formed by 4 points.
I think we will continue to move inside this wedge and even a possible false break up this wedge .
Soon we will talk about the New Year rally, which is likely to be in the black triangle in the range $6800-8400.
Now you can observe the intersection of the two main MA 200 and 50 - and this is called death cross - a signal for falling.
After that we will break the line of support - the black line.
Most likely we will continue to move down to the zone of the largest volumes of $6600-6200 where you will see a flat, and there is even a chance that we will break this strong level down, and this will cause panic in the market, after that we will find support and this will be a good entry point to the market I showed this area with a yellow box.
The second option and it is more optimal - if we move up from the black triangle and the zone $6800-8400 will be the accumulation zone. A good signal for us would be breaking $9200.
Until this time, the dominance of Bitcoin will decrease, we're waiting for domination in the region of 60-58% .
Many "crypto traders" will see the opportunity to increase their number of bitcoins by trading second-class altcoins in pair with bitcoins that are so at the bottom. But be aware that the altoin market is dangerous for long-term investment, only short-term speculation. If you are a beginner stay away from them.
This analysis is done with the help of EXCAVO, #1 team of analytics on Trading View.