BTCUSD Sideways after Quick rise. what to do?
Hi, this is NEXGEN Investment.
Since the 15th tether issue, the BTC is still undergoing adjustments.
At this time, the price difference between Bitfinex and Bitmex charts is about $ 1000.
Currently, there is a difference of about $ 142.3 with the Bitmex $ 6389.5 and the Bitfinex $ 6531.8.
The price difference between these two exchanges is continuously decreasing. Especially, when the price of BTC declined, it has further reduced the gap.
The overall market and volume of transactions are mostly unchanged.
Current coin market cap information.
Market Cap: $ 208,918,180,387
24h Vol: $ 9,978,875,639
BTC Dominance: 53.8%
The Market Capitalization is in a range of $211 to 208 B
The trading volume is also in the range of $10 ~ 9B.
The BTC Dominance is not moving as well and is moving between 53% and 54%.
Given these circumstances, BTC seems to be digesting what has risen sharply, reducing the gap between exchanges.
It is the ratio of the longs and shorts pitches of the pin.
Blue has 22315 longs ratios
Red is 30965 in shorts ratio.
Both ratios were reduced on the day of the last rally.
However, the shorts ratio is still prevalent.
Analysis of Daily chart
Let's start from a trend perspective.
On the 15th of a sudden rise, both of the downward trend lines were broken out.
However, as the adjustment came back to about $ 1000 again, BTC made a long tail and went under the long-term downward trend line.
After that, BTC showed support to turn the downward trend line (red line) into the support line.
It is certainly positive that the downward trend line has a breakout. However, there is still not enough trading volume to break through the resistance of the parallel volume resistance and the long-term downward trend line.
BTC does not show much movement at this time, whereas Altcoins are cyclically increasing.
Let's look at the indicators.
RSI is keeping the 46.77 line as support.
It is supportive, but there is not enough movement to change the trend.
MACD is in a situation where large convergence is in progress and dead cross again.
Even if we look at the overall picture, the adjustment for the rapid rise is proceeding, but the direction is not visible.
It is the main point of the pattern perspective in the weekly chart.
The symmetric triangular convergence of the red triangle seems to have proceeded positively towards the upper side.
However, when BTC was breaking out, the amount of trading volume and the amount of price rise are not sufficient, so it seems that the pattern is half-completed.
The shape of the Falling Wedge of the blue triangle is still underway.
From the Falling Wedge pattern, it is dangerous now.
It is unclear whether it will break the resistance or resist again and drop.
This situation can be divided into conservative trading and aggressive trading.
Conservative trading strategy is to make sure that the long-term downtrend, a red dotted line, turns into a resistance line after the breakout with volume.
The aggressive trading strategy is to bet on the assumption that it will break out the long-term resistance line.
Both have advantages and disadvantages.
Conservative trading strategies may not be profitable, but they can at least reduce the risk of freefall.
An aggressive trading strategy may be profitable but requires a quick response when BTC hit long-term resistance line and drop.
If you look at the current situation and see that there will be a sideways movement, BTC movement will be decided within two weeks.
summary:
1. The price difference between Bitfinex and Bitmex chart on 15th tether issue.
2. The price difference between the two exchanges is steadily declining.
3. The situation where the short ratio still prevails.
4. Breakthrough the downward trend lines and confirm with support line.
5. Long-term downward trend line effectiveness.
6. Located above the downward wedge.
7. Conservative/aggressive marketing strategy.
Thanks.
Since the 15th tether issue, the BTC is still undergoing adjustments.
At this time, the price difference between Bitfinex and Bitmex charts is about $ 1000.
Currently, there is a difference of about $ 142.3 with the Bitmex $ 6389.5 and the Bitfinex $ 6531.8.
The price difference between these two exchanges is continuously decreasing. Especially, when the price of BTC declined, it has further reduced the gap.
The overall market and volume of transactions are mostly unchanged.
Current coin market cap information.
Market Cap: $ 208,918,180,387
24h Vol: $ 9,978,875,639
BTC Dominance: 53.8%
The Market Capitalization is in a range of $211 to 208 B
The trading volume is also in the range of $10 ~ 9B.
The BTC Dominance is not moving as well and is moving between 53% and 54%.
Given these circumstances, BTC seems to be digesting what has risen sharply, reducing the gap between exchanges.
It is the ratio of the longs and shorts pitches of the pin.
Blue has 22315 longs ratios
Red is 30965 in shorts ratio.
Both ratios were reduced on the day of the last rally.
However, the shorts ratio is still prevalent.
Analysis of Daily chart
Let's start from a trend perspective.
On the 15th of a sudden rise, both of the downward trend lines were broken out.
However, as the adjustment came back to about $ 1000 again, BTC made a long tail and went under the long-term downward trend line.
After that, BTC showed support to turn the downward trend line (red line) into the support line.
It is certainly positive that the downward trend line has a breakout. However, there is still not enough trading volume to break through the resistance of the parallel volume resistance and the long-term downward trend line.
BTC does not show much movement at this time, whereas Altcoins are cyclically increasing.
Let's look at the indicators.
RSI is keeping the 46.77 line as support.
It is supportive, but there is not enough movement to change the trend.
MACD is in a situation where large convergence is in progress and dead cross again.
Even if we look at the overall picture, the adjustment for the rapid rise is proceeding, but the direction is not visible.
It is the main point of the pattern perspective in the weekly chart.
The symmetric triangular convergence of the red triangle seems to have proceeded positively towards the upper side.
However, when BTC was breaking out, the amount of trading volume and the amount of price rise are not sufficient, so it seems that the pattern is half-completed.
The shape of the Falling Wedge of the blue triangle is still underway.
From the Falling Wedge pattern, it is dangerous now.
It is unclear whether it will break the resistance or resist again and drop.
This situation can be divided into conservative trading and aggressive trading.
Conservative trading strategy is to make sure that the long-term downtrend, a red dotted line, turns into a resistance line after the breakout with volume.
The aggressive trading strategy is to bet on the assumption that it will break out the long-term resistance line.
Both have advantages and disadvantages.
Conservative trading strategies may not be profitable, but they can at least reduce the risk of freefall.
An aggressive trading strategy may be profitable but requires a quick response when BTC hit long-term resistance line and drop.
If you look at the current situation and see that there will be a sideways movement, BTC movement will be decided within two weeks.
summary:
1. The price difference between Bitfinex and Bitmex chart on 15th tether issue.
2. The price difference between the two exchanges is steadily declining.
3. The situation where the short ratio still prevails.
4. Breakthrough the downward trend lines and confirm with support line.
5. Long-term downward trend line effectiveness.
6. Located above the downward wedge.
7. Conservative/aggressive marketing strategy.
Thanks.
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